<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 4/24/2013 1:52:15 PM-->
<html>
	<head>
		<title>
			02e4f4c95eba4cd
		</title>
	</head>
	<body><div style="margin-left:50pt;margin-right:50pt;">
		<p style="margin:1pt 0pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">UNITED STATES</font>
		</p>
		<p style="margin:1pt 0pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;line-height:100%;font-family:Arial;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">FORM S-1</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 14pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:14pt;text-decoration:none;">ARI Network Services, Inc.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (Exact name of registrant as specified in its charter) </font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 7pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, (414) 973-4300</font>
		</p>
		<p style="margin:0pt 0pt 15pt;text-align:center;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-size:9pt;"> (Address, including zip code, and telephone number, including area code, of registrant&#x2019;s principal executive offices) </font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-bottom:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">Darin Janecek, Vice President of Finance and Chief Financial Officer, </font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-top:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, (414) 973-4300</font>
		</p>
		<p style="margin:0pt 0pt 15pt;text-align:center;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-size:9pt;"> (Name, address, including zip code, and telephone number, including area code, of agent for service) </font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Copies to:</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">C.J. Wauters, Godfrey &amp; Kahn, S.C.</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">780 North Water Street, Milwaukee, Wisconsin 53202, (414) 273-3500</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-align:center;border-top:1pt none #D9D9D9 ;text-decoration:none;font-family:Times New Roman;font-size: 9pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;text-decoration:none;">As soon as practicable after the effective date of this Registration Statement.</font>
		</p>
		<p style="margin:0pt 0pt 15pt;text-align:center;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-size:9pt;"> (Approximate date of commencement of proposed sale to the public) </font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><a name="Check1"></a><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#x201C;large accelerated filer,&#x201D; &#x201C;accelerated filer&#x201D; and &#x201C;smaller reporting company&#x201D; in Rule 12b2 of the Exchange Act. </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="text-indent:0pt;margin-left:0pt; width:135pt;"><font style="display: inline;font-family:Times New Roman;font-size:8pt;">Large accelerated filer</font></font><font style="text-indent:0pt;margin-left:0pt; width:225pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:8pt;">Accelerated filer&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font></font>
		</p>
		<p style="margin:0pt 0pt 3.6pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="text-indent:0pt;margin-left:0pt; width:135pt;"><font style="display: inline;font-family:Times New Roman;font-size:8pt;">Non-accelerated filer </font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"> (Do not check if a smaller reporting company) </font></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:-52pt"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;">Smaller reporting company&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;line-height:100%;margin-top:1pt;margin-bottom:1pt;font-family:Times New Roman;font-size:10pt;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:95.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:426.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:95.40pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:9pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 9pt">
						<font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:426.60pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 1pt">
			<font style="display: inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:24.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Calculation of Registration Fee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.58%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:37pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Title of each Class of Securities to be Registered</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:37pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Amount to be Registered (1)</font></p>
				</td>
				<td valign="bottom" style="width:20.66%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:37pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Proposed Maximum Offering Price Per Unit (2)</font></p>
				</td>
				<td valign="bottom" style="width:21.70%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:37pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Proposed Maximum Aggregate Offering Price (2)</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:37pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Amount of Registration Fee (2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:48pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Common Stock, par value $0.001 per share</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:48pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">4,330,667 shares</font></p>
				</td>
				<td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:48pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$2.60</font></p>
				</td>
				<td valign="bottom" style="width:21.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:48pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">11259734</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;height:48pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$1,536</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.58%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Preferred Share Purchase Rights</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">(3)</font></p>
				</td>
				<td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">(3)</font></p>
				</td>
				<td valign="bottom" style="width:21.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">(3)</font></p>
				</td>
				<td valign="bottom" style="width:16.52%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">(3)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 7pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
				<font style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:8pt;"> (1)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">Represents shares of Common Stock, par value $0.001 per share, that may be sold by the selling s</font><font style="display: inline;font-size:8pt;">hare</font><font style="display: inline;font-size:8pt;">holders named in this registration statement, which shares consist of (i) 3,200,000 shares of Common Stock which were issued pursuant to a Securities Purchase Agreement we entered into on March 12, 2013 with selected accredited investors (the &#x201C;Securities Purchase Agreement&#x201D;); (ii) 1,066,667 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Securities Purchase Agreement; and (iii) 64,000 shares of Common Stock issuable upon exercise of the warrants issued to </font><font style="display: inline;font-size:8pt;">affiliates of </font><font style="display: inline;font-size:8pt;">the placement agent in connection with the private placement as consideration for</font><font style="display: inline;font-size:8pt;"> the placement agent&#x2019;s</font><font style="display: inline;font-size:8pt;"> services.&nbsp;&nbsp;Pursuant to Rule 416 of the Securities Act of 1933, as amended, this registration statement also covers such an indeterminate amount of shares of Common Stock as may become issuable to prevent dilution resulting from stock splits, stock dividends and similar events.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
				<font style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:8pt;"> (2)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">Pursuant to Rule 457(c), calculated on the basis of the average of the bid and asked prices of the registrant&#x2019;s Common Stock quoted on the OTC</font><font style="display: inline;font-size:8pt;">Q</font><font style="display: inline;font-size:8pt;">B &nbsp;</font><font style="display: inline;font-size:8pt;">on April </font><font style="display: inline;font-size:8pt;">22</font><font style="display: inline;font-size:8pt;">, 2013.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
				<font style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:8pt;"> (3)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">There is attached</font><font style="display: inline;font-size:7.5pt;">&nbsp;</font><font style="display: inline;font-size:7.5pt;">to each share of Common Stock one Preferred Share Purchase Right (a &#x201C;Right&#x201D;) issued pursuant to the Registrant&#x2019;s Rights Agreement, dated as of August 7, 2003 (the &#x201C;Rights Agreement&#x201D;), subject to adjustment in accordance with the terms of the Rights Agreement.&nbsp;&nbsp;The value attributable to a Right is reflected in the market price of the Common Stock to which the Right is attached.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">The information in this prospectus is not complete and may be changed.&nbsp;&nbsp;The security holders identified in this prospectus may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.&nbsp;&nbsp;This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">PROSPECTUS (Subject to Completion)</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">dated April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">ARI Network Services, Inc.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">4,</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">330</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">,667 shares of Common Stock</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">This prospectus covers the sale of an aggregate of up to 4,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">330</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,667 shares of our common stock, $0.001 par value per share (the &#x201C;Common Stock&#x201D;), by the selling security holders identified in this prospectus (collectively with any such holder&#x2019;s transferee, pl</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">dgee, don</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">e or successor, referred to below as the &#x201C;Selling </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Shareholders</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;).&nbsp;&nbsp;The Common Stock covered by this prospectus consists of (i) 3,200,000 shares of Common Stock which were issued </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">in a private placement </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">pursuant to a Securities Purchase Agreement we entered into on March 12, 2013 with selected accredited investors (the &#x201C;Securities Purchase Agreement&#x201D;)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (ii) 1,066,667 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Securities Purchase Agreement (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Purchaser </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Warrants</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;) ; and (iii) 64,000 shares of Common Stock issuable upon exercise of the warrants issued to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> affiliates of</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> the placement agent in connection with the private placement as consideration for </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">the placement agent&#x2019;s </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">services (the &#x201C;Placement Agent Warrants&#x201D; and, together with the Purchaser Warrants, the &#x201C;Warrants&#x201D;)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We will not receive any proceeds from the sale by the Selling Stockholders of the shares covered by this prospectus.&nbsp;&nbsp;We are paying the cost of registering the shares covered by this prospectus, as well as various related expenses.&nbsp;&nbsp;The Selling Stockholders are responsible for all selling commissions, transfer taxes and other costs related to the offer and sale of their shares under this prospectus.&nbsp;&nbsp;If required, the number of shares to be sold, the public offering price of those shares, the names of any broker-dealers and any applicable commission or discount will be included in a supplement to this prospectus, called a prospectus supplement.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our common stock is quoted on the OTC Bulletin Board</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (the &#x201C;OTCQB&#x201D;)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> under the symbol &#x201C;ARIS&#x201D;.&nbsp;&nbsp;The last reported market price of our common stock on the OTC</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">QB</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> on </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April 22, 2013 wa</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$2.51</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> per sh</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">are.&nbsp;&nbsp;Our executive offices are located at 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, and our telephone number is (414) 973-4300.</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Investing in our securities involves risks.&nbsp;&nbsp;You should carefully consider the </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">R</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">isk </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">F</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">actors beginning on page </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">2</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"> of this prospectus before you make an investment in our securities.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Neither the Securities and exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.&nbsp;&nbsp;Any representation to the contrary is a criminal offense.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The date of this prospectus is </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">___________</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.</font>
		</p></div><div style="margin-left:50pt">
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 9pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;;font-size: 9pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:24pt 0pt 0pt;line-height:115%;font-family:Cambria;text-align:center;font-weight:bold;font-family:Calibri;line-height:115%;font-size: 11pt">
			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">Table of Contents</font><br /><font style="display: inline;font-family:Times New Roman;"></font><font style="display: inline;font-family:Times New Roman;font-weight:normal;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:normal;font-size:9pt;"></font>
		</p>
		<p style="margin:1pt 0pt 5pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529505"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">NOTE REGARDING FORWARD-LOOKING STATEMENTS</font>...............................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529506"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">PROSPECTUS SUMMARY</font>......................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529507"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Overview</font>...........................................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529508"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">The Offering</font>.....................................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529509"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Corporate Information</font>...............................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529510"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">RISK FACTORS</font>..............................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529511"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Market for the Common Equity and Related Shareholder Matters</font>...........................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529512"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Security Ownership of Certain Beneficial Owners</font>...........................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529513"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Use of Proceeds</font>...........................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529514"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Selling Security Holders</font>..........................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529515"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Plan of Distribution</font>.......................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529516"><font style="text-indent:0pt;margin-left:0pt; width:363.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Description of Securities to be Registered</font>..............................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;">2</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529527"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Legal Matters</font>...................................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529528"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Experts</font>.................................................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529529"><font style="text-indent:0pt;margin-left:0pt; width:363.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Information with Respect to the Registrant</font>.............................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;">5</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529530"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Material Changes</font>..........................................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529531"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Where You Can Find Additional Information</font>.............................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529532"><font style="text-indent:0pt;margin-left:0pt; width:366.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Incorporation of Certain Information by Reference</font>............................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529533"><font style="text-indent:0pt;margin-left:0pt; width:358.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">PART II&nbsp;&nbsp;INFORMATION NOT REQUIRED IN PROSPECTUS</font>..........................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529534"><font style="text-indent:0pt;margin-left:0pt; width:358.7pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Item 13.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"> &nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"> Other Expenses of Issuance and Distribution.</font>..........................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529535"><font style="text-indent:0pt;margin-left:0pt; width:44pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Item 14.</font></font><font style="text-indent:0pt;margin-left:0pt; width:312.7pt; overflow: hidden; white-space: nowrap;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Indemnification of Directors and Officers</font>........................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529536"><font style="text-indent:0pt;margin-left:0pt; width:44pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Item 15.</font></font><font style="text-indent:0pt;margin-left:0pt; width:312.7pt; overflow: hidden; white-space: nowrap;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Recent Sales of Unregistered Securities</font>.........................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529537"><font style="text-indent:0pt;margin-left:0pt; width:44pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Item 16.</font></font><font style="text-indent:0pt;margin-left:0pt; width:312.7pt; overflow: hidden; white-space: nowrap;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Exhibits and Financial Statements</font>.........................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt 5pt 7pt;line-height:100%;font-family:Arial;font-family:Calibri;line-height:115%;font-size: 9pt">
			<a href="#_Toc353529538"><font style="text-indent:0pt;margin-left:0pt; width:44pt; overflow: hidden; white-space: nowrap;"><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Item 17.</font></font><font style="text-indent:0pt;margin-left:0pt; width:312.7pt; overflow: hidden; white-space: nowrap;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">Undertakings</font>..........................................................................................................................</font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:right"><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;">Error! Bookmark not defined.</font><font style="display: inline;font-family:Times New Roman;font-size:9pt;"></font></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></a>
		</p>
		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;text-align:center;font-family:Arial;font-size: 9pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">1</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;text-align:center;font-family:Arial;;font-size: 9pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:9pt;"></font>
		</p></div><div style="margin-left:50pt">
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Y</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ou should read this prospectus, any applicable prospectus supplement and the information incorporated by reference in this prospectus before making an investment in the securities of ARI Network Services, Inc. See &#x201C;Where You Can Find Additional Information&#x201D; on page </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> for more information. You should rely only on the information contained in or incorporated by reference in this prospectus or a prospectus supplement. The Company has not authorized anyone to provide you with different information. This document may be used only in jurisdictions where offers and sales of these securities are permitted. You should assume that information contained in this prospectus, or in any document incorporated by reference, is accurate only as of any date on the front cover of the applicable document. Our business, financial condition, results of operations and prospects may have changed since that date.</font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">This prospectus and the documents incorporated by reference into it contain forward-looking statements that involve risks and uncertainties. The statements contained or incorporated by reference in this prospectus that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#x201C;Securities Act&#x201D;) and Section 21E of the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;). The Company has made these statements in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements.&nbsp;&nbsp;These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management.&nbsp;&nbsp;Words such as &#x201C;expects,&#x201D; &#x201C;anticipates,&#x201D; &#x201C;targets,&#x201D; &#x201C;goals,&#x201D; &#x201C;projects,&#x201D; &#x201C;intends,&#x201D; &#x201C;plans,&#x201D; &#x201C;believes,&#x201D; &#x201C;seeks,&#x201D; &#x201C;estimates,&#x201D; &#x201C;endeavors,&#x201D; &#x201C;strives,&#x201D; &#x201C;may,&#x201D; variations of such words, and similar expressions are intended to identify such forward-looking statements.&nbsp;&nbsp;In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Forward-looking statements are not guarantees of future performance and are subject to various risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">R</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">isk </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">F</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">actors </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">included</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> in this prospectus and in our periodic filings with the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Securities and Exchange Commission (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">SEC</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, incorporated by reference or included in this prospectus. All forward-looking statements contained in this prospectus are made only as of the date on the prospectus cover or as of the date of the filings incorporated herein by reference, as applicable. We expressly disclaim any intent to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Before deciding to buy or sell our securities, you should be aware that the occurrence of the events described in these risk factors could harm our business, operating results and financial condition, which consequences could materially diminish the trading price of our securities and/or their value.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Unless the context requires otherwise, in this Prospectus, the &#x201C;Company,&#x201D; &#x201C;ARI Network Services,&#x201D; &#x201C;we,&#x201D; &#x201C;us&#x201D; and &#x201C;our&#x201D; refer to ARI Network Services, Inc.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 8pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">2</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;;font-size: 8pt"><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:8.5pt;"></font>
		</p>
		<p style="margin:6pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:50pt">
		<p style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">PROSPECTUS SUMMARY</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">This summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider in making your investment decision. You should read this entire prospectus carefully, especially the risks of investing in our </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">tock </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">described</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;"> under &#x201C;Risk Factors&#x201D; and the consolidated financial statements and related notes </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">incorporated by reference</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;"> in this prospectus, before making an investment decision. </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Overview</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">ARI Network Services, Inc. (&#x201C;ARI&#x201D; or the &#x201C;Company&#x201D;) provides technology-enabled services that help our customers effectively and efficiently sell more whole goods, parts, garments and accessories (&#x201C;PG&amp;A&#x201D;).&nbsp;&nbsp;Our customer base of more than 22,000 dealers, 195 distributors, and 140 manufacturers utilize ARI&#x2019;s products and services to drive and manage leads, efficiently service consumers at the parts counter, and enable eCommerce sales of PG&amp;A.&nbsp;&nbsp;ARI&#x2019;s solutions are aimed at markets with complex equipment requiring service and sold through an independent dealer channel including the outdoor power, powersports, marine, RV, automotive wheel and tire, and white goods markets.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Most of our solutions leverage our library of electronic content that we have published and aggregated into a large content management system, which contains data related to more than 10 million active parts across more than 469,000 models; more than 500,000 active accessories; SKUs across more than 73,000 active products; more than 300 actively updated whole goods brands; and holds full model data and images for more than 175,000 active models. </font>
		</p>
		<p style="margin:1pt 0pt 6pt;line-height:100%;font-family:Arial;font-size: 7pt">
			<font style="display: inline;font-family:Calibri;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We market our products primarily through software-as-a-service (&#x201C;SaaS&#x201D;) and data-as-a-service (&#x201C;DaaS&#x201D;) business models that typically contain both an annual auto-renewing subscription component as well as a variable usage-based revenue component. It is the nature of our products, along with the content and the continual management and updating of the content, which allows us to sell the majority of our products and services in a recurring revenue model.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Today, more than 85% of our revenues are recurring.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">For additional information relating to the Company and its operations, please refer to the reports incorporated herein by reference as described under the caption &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Incorporation of Certain </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Information by Reference&#x201D; beginning on page </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our Common Stock is quoted on the OTC</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Q</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">B under the symbol &#x201C;ARIS&#x201D;. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">The Offering</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">This prospectus relates to the resale by the Selling S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">hare</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">holders identified in this prospectus of up to 4,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">330</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,667 shares of Common Stock, which consists of 3,200,000 shares of Common Stock and 1,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">130</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,667 shares of Common Stock issuable upon exercise of the Warrants (such shares collectively being referred to herein as the &#x201C;Shares&#x201D;). All of the Shares, if and when sold, will be sold by the Selling S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">hare</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">holders. The Selling S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">hare</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">holders may sell their Shares from time to time at market prices prevailing at the time of sale, at prices related to the prevailing market price, or at negotiated prices. We will not receive any proceeds from the sale of Shares by the Selling Stockholders.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The total value of the 4,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">330</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,667 </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">hares </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">covered by this prospectus</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> is </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">10,869</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,974</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, based on the last quoted sale price for our Common Stock of $</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2.51 </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">on April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">22, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2013.</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Corporate Information</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our executive offices are located at 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, and our telephone number is (414) 973-4300.&nbsp;&nbsp;Additional information regarding our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ompany, including our audited financial statements and descriptions of our business, is contained in the documents incorporated by reference in this prospectus.&nbsp;&nbsp;See &#x201C;Where You Can Find Additional Information&#x201D; on page </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16 </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">and &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Incorporation of Certain Information</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> by Reference&#x201D; beginning on page </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16.</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 7pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">1</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 7pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">RISK FACTORS</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Investing in our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including our consolidated financial statements and related notes </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">incorporated by reference</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> in</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> this prospectus, before making an investment decision. If any of the following risks is realized, our business, financial condition, results of operations and prospects could be materially and adversely affected. In that event, the trading price of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock could decline and you could lose part or all of your investment.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> &nbsp;In assessing these risks, investors should also refer to the other information contained or incorporated by reference in our other filings with the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">SEC</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The risks and uncertainties described below are not the only ones facing us. Other events that we do not currently anticipate or that we currently deem immaterial also may affect our results of operations and financial condition.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Continued unfavorable economic conditions or reduced investments in technology spending may harm our business.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our business depends on the overall demand for technology services spending, and on the economic health and general willingness of our current and prospective customers to make capital and expense commitments. If the conditions in the U.S. and global economic environment remain uncertain or continue to be volatile, or if they deteriorate further, our business, operating results and financial condition may be adversely affected. Our customers sell capital goods, some of which are considered &#x201C;luxury&#x201D; in nature, which are highly dependent on the disposable income of end consumers.&nbsp;&nbsp;Continued weak or volatile economic conditions, or a reduction in consumer spending may weaken our customers&#x2019; demand for electronic catalogs, websites, lead management or other technology-enabled services, or their general information technology spending, which would likely harm our business and operating results in a number of ways, including longer sales cycles, potential lower prices for our services, reduced sales, and reduced subscription renewal rates.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">We may become liable to our customers and lose customers if we have defects or disruptions in our service or if we provide poor service.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Because we deliver some of our technology as a service, errors or defects in the software applications underlying our service, or a failure of our hosting infrastructure, may make our services, in particular our eCommerce services, unavailable to our customers. Since our customers use our eCommerce services to facilitate their sales, any errors, defects, disruptions in service or other performance problems with our services, whether in connection with the day-to-day operation of our services, upgrades or otherwise, could damage our customers&#x2019; businesses. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Despite the implementation of security measures, the core of our network infrastructure is vulnerable to unauthorized access, computer viruses, equipment failure and other disruptive problems, including the following:&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">we and our users may experience interruptions in service as a result of the accidental or intentional actions of Internet users, current and former employees or others; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">unauthorized access may jeopardize the security of confidential information stored in our computer systems and our customers&#x2019; computer systems, which may result in liability to our customers and also may deter potential customers; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">we may face liability for transmitting to third parties viruses that damage or impair their access to computer networks, programs, data or information; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">there may be a systemic failure of Internet communications, leading to claims associated with the general unavailability of some of our products; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">eliminating computer viruses and alleviating other security or technical problems may require interruptions, delays or cessation of service to our customers. </font></p></td></tr></table></div>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">If we have any errors, defects, disruptions in service or other performance problems with our services, customers could elect not to renew, or delay or withhold payment to us, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">or </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">we could lose future sales or customers may make claims against us, which could result in an increase in our provision for doubtful accounts, an increase in collection cycles for accounts receivable or litigation costs. </font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">2</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our core markets and verticals are competitive, and if we do not compete effectively, our operating results may be harmed. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The markets for electronic catalog, websites, lead management and other technology-enabled services targeted at the equipment industry are competitive, and the eCommerce area, specifically, is rapidly changing with relatively low barriers to entry. With the introduction of new technologies and market entrants, we expect competition to remain intense. In addition, increased competition generally could result in reduced sales, reduced margin or the failure of our services to achieve or maintain more widespread market acceptance. Competition in our market is based principally upon service breadth and functionality; service performance, security and reliability; ability to tailor and customize services for a specific company, vertical market or industry; ease of use of the service; speed and ease of deployment, integration and configuration; total cost of ownership, including price and implementation and support costs; professional services implementation; strength of customer relationships; and financial resources of the vendor. To compete effectively, we also must be able to frequently update our services to meet market demand.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our principal competitors include Snap-on Business Solutions and Powersports Network, owned by Dominion Enterprises. Some of our actual and potential competitors enjoy competitive advantages over us, such as greater name recognition within our target vertical markets, larger marketing budgets, as well as substantially greater financial, technical and other resources. If we are not able to compete effectively, our operating results </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">may</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">be harmed. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">The impact of negative factors on the business may not be immediately reflected in our financial results.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Because we recognize subscription revenue over the term of the applicable agreement, non-renewal of subscriptions or reductions in new service agreements may not be reflected immediately in our operating results. The majority of our revenue in any given period is attributable to service agreements entered into during previous periods. A decline in new or renewed service agreements in any one period will not be fully reflected in our revenue in that period but will harm our revenue in future periods. As a result, the effect of significant downturns in sales and market acceptance of our services in a particular period may not be fully reflected in our operating results until future periods. Our subscription model also makes it difficult for us to rapidly increase our revenue through additional sales in any period, because revenue from new customers must be recognized over the applicable subscription term. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our operating results may fluctuate from quarter to quarter.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We expect that a portion of our revenue in the future will be derived from non-recurring fee income, which consists primarily of revenues from professional services such as software customization and training, software sales and one-time network installation fees.&nbsp;&nbsp;The timing of this revenue is dependent upon several factors that we cannot predict.&nbsp;&nbsp;These factors include:</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the time required to close large license fee and development agreements, which can be delayed due to customer requirements and decision-making processes;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the seasonality of certain sectors of the equipment industry in which we operate;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">delays in the introduction of new products or services and their acceptance by customers; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">delays in delivering customized software to our customers.</font></p></td></tr></table></div>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our costs are not entirely predictable and may vary from quarter-to-quarter due to acquisitions or non-recurring expenditures.&nbsp;&nbsp;Cash flows may also vary from quarter to quarter, depending on the timing of disbursements and customer payments, which exhibit considerable seasonality. These fluctuations may make period-to-period comparisons of our results of operations more complex.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and harm our operating results. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">A change in accounting standards or practices could harm our operating results and may even affect our reporting of transactions completed before the change is effective. New accounting pronouncements and varying interpretations of </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">3</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">accounting pronouncements have occurred and may occur in the future. Changes to existing rules or the questioning of current practices may harm our operating results or the way we conduct our business and may increase our compliance costs. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our business could suffer if we are unable to protect our intellectual property rights or become liable for infringing the intellectual property rights of others.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We regard our trademarks, proprietary technology and similar intellectual property as critical to our success, and we rely upon trademark law, trade secret protection, and confidentiality and license agreements with our employees, strategic partners, and others to protect our proprietary rights, but these measures can have only limited effectiveness. Prevalent use of the Internet has also increased the ease with which third parties can distribute our intellectual property without our authorization.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We intend to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> continue to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> pursue </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">and maintain </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">the registration of our material trademarks as necessary. We may not be entitled to the benefits of any such registration until such registration takes effect. In addition, effective protection may not be available in every country in which our products are available. Other parties may assert claims of infringement of intellectual property or other proprietary rights against us. These claims, even if without merit, could require us to expend significant financial and managerial resources. Furthermore, if claims like this were successful, we might be required to change our trademarks, alter our content, products or services, or pay financial damages, any of which could substantially increase our operating expenses. We also may be required to obtain licenses from others to refine, develop, market and deliver new services. We may be unable to obtain any needed license on commercially reasonable terms or at all, and rights granted under any licenses may not be valid and enforceable. In the future we could be subject to legal proceedings and claims from time to time in the ordinary course of our business, including claims of alleged infringement of trademarks and other intellectual property rights of third parties by us and our licensees. Any such claims could have a material adverse effect on our business, financial condition and operating results.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">We are dependent on our management and employees.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We are dependent on the services of our executive officers and other key employees. There can be no assurance, however, that we can obtain executives of comparable expertise and commitment in the event of death, disability, or voluntary departure of one </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">or some </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">of our executive officers or other key employees, or that our business would not suffer material adverse effects as the result of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">a</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">death, disability, or voluntary departure.&nbsp;&nbsp;Further, the loss of the services of any one or more of these employees could have an adverse effect on our business. In addition, we will also need to attract and retain other highly skilled technical and managerial personnel for whom competition is intense. If we are unable to do so, our business, results of operations and financial condition could be materially adversely affected.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">tock </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">may be traded infrequently and in low volumes, so you may be unable to sell your shares at or near the quoted bid prices if you need to sell your shares</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock is traded on the OTC</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">QB</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, which typically provides less liquidity than the NASDAQ Stock Market or other national securities exchanges. In addition, trading in our common stock has historically been extremely limited. Because of the thinness of the market for our stock, the price of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock may be subject to manipulation.&nbsp;&nbsp;This limited trading may adversely affect the liquidity of our common stock, not only in terms of the number of shares that can be bought and sold at a given price, but also through delays in the timing of transactions and reduction in security analysts&#x2019; and the media&#x2019;s coverage of us. As a result, there could be a larger spread between the bid and the ask prices of our common stock and an investor may not be able to sell shares of our common stock when or at prices they desire.</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Sales of a substantial number of shares of our </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">tock in the public market, or the perception that they may occur, may depress the market price of our Common Stock.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The registration statement of which this prospectus is a part registers an additional 3,200,000 shares of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock and 1,130,667 shares of common stock issuable upon the exercise of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">the W</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">arrants. In addition to the shares of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock covered by </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">th</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> registration statement, approximately 8.9 million of our outstanding shares are freely transferable or may be publicly resold pursuant to Rule 144 under the Securities Act. Any substantial sale of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock pursuant to the registration statement, Rule 144 or otherwise may have an adverse effect on the market price of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock by creating an excessive supply. Likewise, the availability for sale of substantial amounts of our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock could reduce the prevailing market price. In addition, we have</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> previously</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> filed registration statements on Form S-8 to register the shares issuable upon exercise of outstanding options or reserved for issuance under our stock option plans, which became effective when filed.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">4</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our shareholder rights</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;"> agreement</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;"> may permit our board to block a takeover attempt and adversely affect the value of our </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">tock.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our board of directors a</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">dopted a shareholder rights agreement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, which expires August 18, 2013,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and declared a dividend of an associated right, which together are expected to have the effect of deterring any takeover of the Company that is not preceded by board approval of the proposed transaction.&nbsp;&nbsp;The existence of such shareholder rights </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">agreement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> may deter potential tender offers for our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock or other acquisition offers and may have the effect of delaying or preventing a change of control.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">We may not be able to identify, acquire and successfully integrate acquisitions, including the recently acquired 50 Below retail division and Ready2Ride businesses. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">A key component of our growth strategy has been and will continue to be acquisitions and other business development opportunities that solidify or accelerate our market position in our core offerings and vertical markets.&nbsp;&nbsp;The successful implementation of this strategy depends upon our ability to identify suitable acquisition candidates, acquire such businesses on acceptable terms, finance the acquisition</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and integrate their operations successfully into ARI.&nbsp;&nbsp;There can be no assurance that such candidates will be available or, if such candidates are available, that the price will be attractive or that we will be able to identify, acquire, finance </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">and</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">integrate such businesses successfully.&nbsp;&nbsp;In addition, in pursuing such acquisition opportunities, we may compete with other entities with similar growth strategies; these competitors may be larger and have greater financial and other resources than ARI.&nbsp;&nbsp;Competition for these acquisition targets could also result in increased prices of acquisition targets and/or a diminished pool of companies available for acquisition. </font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp; &nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The successful integration of these acquisitions also may involve a number of additional risks, including: (i) the inability to retain the clients of the acquired business; (ii) the lingering effects of poor client relations or service performance by the acquired business, which also may taint our existing business; (iii) the inability to retain the desirable management, key personnel and other employees of the acquired business; (iv) the inability to fully realize the desired efficiencies and economies of scale; (v) the inability to establish, implement or monitor ARI&#x2019;s existing standards, controls, procedures and policies on the acquired business; (vi) diversion of management attention; and (vii) exposure to client, employee and other legal claims for activities of the acquired business prior to acquisition.&nbsp;&nbsp;In addition, any acquired business could perform significantly worse than expected. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">ARI recently acquired two new businesses:&nbsp;&nbsp;the retail division of 50 Below, which was acquired in a transaction pursuant to Sections 363 and 365 of the United States Bankruptcy Code in November 2012, and Ready2Ride, which we acquired in October 2012.&nbsp;&nbsp;We consider the successful integration and performance of these businesses to be material to the future success of ARI as a whole.&nbsp;&nbsp;The integration and future performance of these businesses are subject to the significant risks and uncertainties described above, and there can be no assurance that we will be able to successfully integrate these businesses to the extent and in the timeframes that we currently anticipate, or that their financial performance will ultimately meet our current expectations.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Future acquisitions may result in dilution to existing shareholders.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The timing, size and success of acquisition efforts and any associated capital commitments cannot be readily predicted. Future acquisitions may be financed by issuing shares of common stock, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">debt, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">cash, or a combination thereof.&nbsp;&nbsp;To the extent our </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock is used for all or a portion of the consideration to be paid for future acquisitions, dilution may be experienced by existing stockholders. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">5</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;"></font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">We face risks with our international strategy.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our business strategy includes increasing our presence in the non-U.S. equipment markets.&nbsp;&nbsp;This strategy presents a number of special risks, including:</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">managing more geographically diverse operations;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">dealing with currency fluctuations;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the increased costs of operation;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">only having a small number of employees in these markets;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">our dependence on value-added resellers and contractors to sell and service our products;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">a much smaller and more concentrated current customer base; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the assumption that U.S. international policy will remain favorable towards the countries in which we sell our products and services.</font></p></td></tr></table></div>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Our historical losses have resulted in accumulated deficits on the balance sheet.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">While we have been profitable in recent years, we have experienced net losses in numerous fiscal years since our organization</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> was formed</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> in 1981, resulting in an accumulated deficit of $88 million at January 31, 2013.&nbsp;&nbsp;We may not be able to maintain profitability or increase profitability in the future.&nbsp;&nbsp;As a result of our historical losses, our financial position has been weakened, and our ability to finance our growth is constrained.</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">We will require a significant amount of cash to service our indebtedness.&nbsp;&nbsp;Our ability to generate cash depends on certain factors beyond our control.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Our ability to make principal and interest payments on our indebtedness and to fund planned capital expenditures and product development efforts will depend on our ability to generate cash in the future. Our future operating performance and financial results will be subject, in part, to factors beyond our control, including dealer bankruptcies in the vertical markets we serve, and general economic, financial and business conditions. We cannot assure that our business will generate sufficient cash flow from operations or that future financing facilities will be available to us in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">If we are unable to generate sufficient cash flow to service our debt, we may be required to: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">refinance all or a portion of our debt or obtain additional financing, neither of which can be assured</font><font style="display: inline;font-size:10pt;"> and if it can be obtained, it may not be on terms that are acceptable to the Company</font><font style="display: inline;font-size:10pt;">; &nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">sell some of our assets or operations; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">reduce or delay capital expenditures, research and development efforts and acquisitions; or </font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">revise or delay our strategic plans. </font></p></td></tr></table></div>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">If we are required to take any of these actions, it could have a material adverse effect on our business, financial condition and results of operations. In addition, we cannot assure that we would be able to take any of these actions, that these actions would enable us to continue to satisfy our capital requirements or that these actions would be permitted under the terms of our various debt instruments. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;background-color:yellow;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;background-color:yellow;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">6</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="text-indent:0pt;margin-left:0pt; width:229.5pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;background-color:yellow;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Market for </font><font style="display: inline;">the</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Common Equity</font><font style="display: inline;"> and</font><font style="display: inline;"> Related S</font><font style="display: inline;">hare</font><font style="display: inline;">holder Matters </font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Calibri;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">ARI&#x2019;s common stock</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> is currently quoted on the OTCQB </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">under the symbol ARIS.&nbsp;&nbsp;The following table sets forth the high and low sales price </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">for the periods indicated.&nbsp;&nbsp;OTCQB </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily reflect actual transactions. </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 7pt">
			<font style="display: inline;font-family:Calibri;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:center;line-height:100%;font-family:Arial;font-size: 1pt">
			<font style="display: inline;font-family:Calibri;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Fiscal Quarter Ended:</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">High</font></p>
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Low</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">10/31/2010</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.75&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.31&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">1/31/2011</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.75&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.45&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">4/30/2011</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.80&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.47&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">7/31/2011</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.99&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.48&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">10/31/2011</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.99&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.66&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">1/31/2012</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.00&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.00&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">4/30/2012</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.95&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.27&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">7/31/2012</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.66&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.90&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">10/31/2012</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.30&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.90&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">1/31/2013</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.14&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Period from 2/1/2013 to 4/22/2013:</font></p>
				</td>
				<td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.75&nbsp;
				</td>
				<td valign="bottom" style="width:03.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:15.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.56&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">As of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April 22</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 201</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> there were </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">218</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">holders of record of ARI </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">C</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ommon </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">tock.&nbsp;&nbsp;We have not paid cash dividends to date and have no current intention to pay cash</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> dividends.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">During fiscal 2012</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and for the period from August 1, 2012 to April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">22</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, the Company did not repurchase any of its equity securities. </font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Security</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Ownership</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Certain</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Beneficial</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Owners</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The following table sets forth certain information regarding the beneficial ownership of shares of Common Stock</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">by each person known by the Company to beneficially own 5% or more of the Common Stock, by each director or</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">nominee of the Company, by certain executive officers of the Company, and by all directors and executive officers</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">of the Company as a group as of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">March 31, 2013</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (unless otherwise indicated). </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">The address for each of the</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">persons listed below is 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, unless otherwise</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">specified.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:center;line-height:100%;font-family:Arial;font-size: 1pt">
			<font style="display: inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Name and Address of Beneficial Owners</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Amount and Nature of Beneficial Ownership (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;"> Percent of Class</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Briggs &amp; Stratton Corporation (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">12301 West Wirth Street</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Milwaukee, WI 53201</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>840,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.2&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Peter H. Kamin (3)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">One Avery Street, 17B</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Boston, MA 02111</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,056,981&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.8&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Michael D. Sifen, Inc. (4)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">500 Central Drive, Suite 106</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Virginia Beach, VA 23454</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,138,461&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.5&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">12 West Capital Management Funds (5)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">90 Park Avenue, 41st Floor</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">New York, NY&nbsp;&nbsp;10016</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,030,290&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.6&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Wynnefield Funds (6)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">450 Seventh Avenue, Suite 509</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">New York, NY&nbsp;&nbsp;10123</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,200,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.9&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Roy W. Olivier (7)&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,171,619&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.7&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Brian E. Dearing (8)&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>437,905&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.3&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Gordon J. Bridge&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>203,953&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.5&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">William C. Mortimore</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,298&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Darin R. Janecek</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,274&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Jon M. Lintvet</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,848&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">P. Lee Poseidon</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,481&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">James R. Johnson</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">William H. Luden, III</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,245&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Robert Y. Newell, IV</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,253&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">*&nbsp;&nbsp;&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">All current executive officers and directors</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">as a group (12 persons)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,240,657&nbsp;
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.6&nbsp;
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:17pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">* denotes less than 1%</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:25.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">7</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (1)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Except as otherwise noted, the persons named in the above table have sole voting and investment power with respect to all shares shown as beneficially owned by them. Includes options exercisable within 60 days of </font><font style="display: inline;font-size:10pt;">April 22, 2013</font><font style="display: inline;font-size:10pt;"> as </font><font style="display: inline;font-size:10pt;">follows: Mr. Olivier (</font><font style="display: inline;font-size:10pt;">350</font><font style="display: inline;font-size:10pt;">,000 shares), Mr. Janecek (</font><font style="display: inline;font-size:10pt;">53,750</font><font style="display: inline;font-size:10pt;"> shares), Mr. Lintvet (</font><font style="display: inline;font-size:10pt;">37,500 </font><font style="display: inline;font-size:10pt;">shares), Mr. Dearing (</font><font style="display: inline;font-size:10pt;">140,166</font><font style="display: inline;font-size:10pt;"> shares), Mr. Bridge (</font><font style="display: inline;font-size:10pt;">123,685 </font><font style="display: inline;font-size:10pt;">shares), Mr. Johnson (</font><font style="display: inline;font-size:10pt;">5,000</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">shares), Mr. Luden (</font><font style="display: inline;font-size:10pt;">5,000</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">shares), Mr. Mortimore (</font><font style="display: inline;font-size:10pt;">94,875</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">shares), Mr. Poseidon (</font><font style="display: inline;font-size:10pt;">14,500</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">shares), and all executive officers and directors as a group (</font><font style="display: inline;font-size:10pt;">853,851</font><font style="display: inline;font-size:10pt;"> shares).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (2)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Ownership information is provided as of March 16, 2000 based upon Schedule 13D amendment filed April 3, 2000.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 0pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (3)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Total includes 349,740 shares of Common Stock held by Mr. Kamin, 151,900 shares held by the Peter H. Kamin Children&#x2019;s Trust, 218,040 shares held by the Peter H. Kamin Profit Sharing Plan, 30,700 shares held by the Peter H. Kamin Family Foundation, 250,000 shares held by the Peter H. Kamin Revocable Trust and 56,601 shares held by 3K Limited Partnership.&nbsp;&nbsp;Ownership information is provided as of January 31, 2013 based on an amended Schedule 13G filed on such date, except with respect to shares held by the Peter H. Kamin Revocable Trust (the &#x201C;Revocable Trust&#x201D;), which were issued to the Revocable Trust as of March 12, 2013 in connection with the Company&#x2019;s private placement.&nbsp;&nbsp;In addition, as of March 12, 2013, the Revocable Trust held Warrants entitling it to purchase up to 83,333 shares of Common Stock at an exercise price of $2.00 per share.&nbsp;&nbsp;The</font><font style="display: inline;font-size:10pt;">se</font><font style="display: inline;font-size:10pt;"> Warrants are subject to beneficial ownership limitations that render each</font><font style="display: inline;font-size:10pt;"> such</font><font style="display: inline;font-size:10pt;"> Warrant unexercisable if, after the exercise of the Warrant, the holder (together with the holder&#x2019;s affiliates, and any other persons acting as a group together with the holder or any of the holder&#x2019;s affiliates) would beneficially own more than 4.99% of the number of shares of Common Stock outstanding immediately after the exercise of the Warrant (the &#x201C;Issuance Limitation&#x201D;).&nbsp; The Revocable Trust may&nbsp;modify the Issuance Limitation upon 61 days&#x2019; prior written notice to the Company.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (4)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Total includes 498,461 shares of Common Stock held by Michael D. Sifen</font><font style="display: inline;font-size:10pt;"> and</font><font style="display: inline;font-size:10pt;"> 640,000 shares of Common Stock held by Michael D. Sifen, Inc., an entity controlled by Mr. Sifen.&nbsp;&nbsp;Ownership information is based on the Company&#x2019;s information with respect to (i) share certificates transferred to Mr. Sifen by the Company&#x2019;s transfer agent on October 17, 2011 related to shares of Common Stock acquired by Channel Blade Technologies Corporation (&#x201C;Channel Blade&#x201D;) on April 29, 2009 in connection with the Company&#x2019;s acquisition of substantially all of the assets of Channel Blade; (ii) shares of Common Stock issued by the Company to Michael D. Sifen, Inc., an entity controlled by Mr. Sifen, as of December 4, 2012; and (iii) shares of Common Stock issued to Michael D. Sifen, Inc. as of March 12, 2013 in connection with the Company&#x2019;s private placement.&nbsp;&nbsp;In addition, as of March 12, 2013, Michael D. Sifen, Inc. held Warrants entitling it to purchase up to 66,667 shares of Common Stock at an exercise price of $2.00 per share.&nbsp;&nbsp;The Warrants are subject to the Issuance Limitation, which may be modified by the holder upon 61 days&#x2019; prior written notice to the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (5)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Ownership information is provided as of March 12, 2013 based upon Schedule 13G filed on March 22, 2013 by 12 West Capital Management LP (&#x201C;12 West Management&#x201D;).&nbsp;&nbsp;12 West Management serves as the investment manager to 12 West Capital Fund LP, a Delaware limited partnership (&#x201C;12 West Onshore Fund&#x201D;), and 12 West Capital Offshore Fund LP, a Cayman Islands exempted limited partnership (&#x201C;12 West Offshore Fund&#x201D;), and possesses the sole power to </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">8</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;;font-size: 10pt"><font style="display: inline;font-size:10pt;">vote and the sole power to direct the disposition of all securities of the Company held by 12 West Onshore Fund and 12 West Offshore Fund.&nbsp;&nbsp;Joel Ramin, as the sole member of 12 West Capital Management, LLC, the general partner of 12 West Management, possesses the voting and dispositive power with respect to all securities beneficially owned by 12 West Management.&nbsp;&nbsp;Total includes </font><font style="display: inline;font-size:10pt;">706,792</font><font style="display: inline;font-size:10pt;"> shares of Common Stock held by 12 West Onshore Fund and </font><font style="display: inline;font-size:10pt;">323,498</font><font style="display: inline;font-size:10pt;"> shares of Common Stock held by 12 West Offshore Fund.&nbsp;&nbsp;In addition, as of March 12, 2013, 12 West Onshore Fund and 12 West Offshore Fund held Warrants entitling 12 West Onshore Fund and 12 West Offshore Fund to purchase up to 205,800 and 94,200 shares of Common Stock, respectively, at an exercise price of $2.00 per share.&nbsp;&nbsp;The Warrants are subject to the Issuance Limitation.&nbsp; 12 West Onshore Fund and 12 West Offshore Fund may&nbsp;modify the Issuance Limitation upon 61 days&#x2019; prior written notice to the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (6)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Ownership information is provided as of </font><font style="display: inline;font-size:10pt;">April 17</font><font style="display: inline;font-size:10pt;">, 2013 based in part upon Schedule 13D</font><font style="display: inline;font-size:10pt;">/A</font><font style="display: inline;font-size:10pt;"> filed by Wynnefield Partners Small Cap Value, L.P. (&#x201C;Partners&#x201D;), Wynnefield Partners Small Cap Value, L.P. I (&#x201C;Partners I&#x201D;), Wynnefield Small Cap Value Offshore Fund, Ltd. (&#x201C;Offshore&#x201D;), Wynnefield Capital Management, LLC (&#x201C;WCM&#x201D;), Wynnefield Capital, Inc. (&#x201C;WCI&#x201D;), Nelson Obus and Joshua Landes (collectively the &#x201C;Wynnefield Reporting Persons&#x201D;).&nbsp;&nbsp;According to the filing, Partners, Partners I, Offshore, WCM, and WCI are each separate and distinct entities with different beneficial owners (whether designated as limited partners, shareholders or members).&nbsp;&nbsp;WCM, a New York limited liability company, is the general partner of Partners and Partners I, each a private investment company organized as a limited partnership under the laws of the State of Delaware.&nbsp;&nbsp;Nelson Obus and Joshua Landes are the co-managing members of WCM.&nbsp;&nbsp;WCM is the sole general partner of Partners and Partners I and, accordingly, may be deemed to be the indirect beneficial owner of the shares of Common Stock that Partners and Partners I beneficially own.&nbsp;&nbsp;WCM, as the sole general partner of Partners and Partners I, has the sole power to direct the voting and disposition of the shares of Common Stock that Partners and Partners I beneficially own.&nbsp;&nbsp;Messrs. Obus and Landes are the co-managing members of WCM and, accordingly, they may be deemed to be the indirect beneficial owners of the shares of Common Stock that WCM may be deemed to beneficially own.&nbsp;&nbsp;Messrs. Obus and Landes, as co-managing members of WCM, have the sole power to direct the voting and disposition of the shares of Common Stock that WCM may be deemed to beneficially own.&nbsp;&nbsp;Total includes </font><font style="display: inline;font-size:10pt;">359,559</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">571,881</font><font style="display: inline;font-size:10pt;"> and 2</font><font style="display: inline;font-size:10pt;">68</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;">560</font><font style="display: inline;font-size:10pt;"> shares of Common Stock held by Partners, Partners I and Offshore, respectively.&nbsp;&nbsp;In addition, as of the reporting date, Partners, Partners I and Offshore held Warrants entitling Partners, Partners I and Offshore to purchase up to 90,000, 143,100 and 66,900 shares of Common Stock, respectively, at an exercise price of $2.00 per share.&nbsp;&nbsp;The Warrants are subject to the Issuance Limitation.&nbsp; Partners, Partners I and Offshore may&nbsp;modify the Issuance Limitation upon 61 days&#x2019; prior written notice to the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (7)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Mr. Olivier&#x2019;s total includes 686,369 shares held in the Company&#x2019;s 401(k) plan, of which Mr. Olivier is a trustee with voting power. Mr. Olivier disclaims any beneficial ownership in these shares in excess of his pecuniary interest 13,246 shares).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;border-top:1pt none #D9D9D9;font-family:Times New Roman;line-height:100%;font-size:10pt;"> (8)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Mr. Dearing&#x2019;s total includes 73,860 shares held in family trust.</font></p></td></tr></table></div>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 7pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">9</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 7pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Use of Proceeds</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">We will not receive any proceeds from the sale of the </font><font style="display: inline;font-size:10pt;">C</font><font style="display: inline;font-size:10pt;">ommon </font><font style="display: inline;font-size:10pt;">S</font><font style="display: inline;font-size:10pt;">tock offered through this prospectus by the </font><font style="display: inline;font-size:10pt;">S</font><font style="display: inline;font-size:10pt;">elling </font><font style="display: inline;font-size:10pt;">Share</font><font style="display: inline;font-size:10pt;">holders.&nbsp;&nbsp;We may receive proceeds from the issuance of shares of our </font><font style="display: inline;font-size:10pt;">C</font><font style="display: inline;font-size:10pt;">ommon </font><font style="display: inline;font-size:10pt;">S</font><font style="display: inline;font-size:10pt;">tock upon the exercise of the Warrants, if exercised for cash. We intend to use any proceeds from exercise of the Warrants for working capital and other general corporate purposes.</font>
		</p>
		<p style="margin:0pt;text-indent:38.5pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Selling Security Holders</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company has included in this prospectus up to 4,</font><font style="display: inline;font-size:10pt;">330</font><font style="display: inline;font-size:10pt;">,667 Shares, which consists of (i) 3,200,000 shares of Common Stock</font><font style="display: inline;font-size:10pt;">;</font><font style="display: inline;font-size:10pt;"> (ii) 1,067,667 shares of Common Stock issuable upon exercise of the </font><font style="display: inline;font-size:10pt;">Purchaser </font><font style="display: inline;font-size:10pt;">Warrants, each of (i) and (ii) as issued pursuant to the Securities Purchase Agreement</font><font style="display: inline;font-size:10pt;">; and (iii) 64,000 shares of Common Stock issuable upon exercise of the Placement Agent Warrants</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;See &#x201C;Description of Securities to be Registered&#x201D; beginning on page </font><font style="display: inline;font-size:10pt;">14</font><font style="display: inline;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-size:10pt;">The Company received</font><font style="display: inline;font-size:10pt;"> gross proceeds of approximately $4.5 million</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">and </font><font style="display: inline;font-size:10pt;">the extinguishment</font><font style="display: inline;font-size:10pt;"> of $300,000</font><font style="display: inline;font-size:10pt;"> of debt</font><font style="display: inline;font-size:10pt;"> from </font><font style="display: inline;font-size:10pt;">the</font><font style="display: inline;font-size:10pt;"> private placement.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Each investor in the private placement represented to us that it was an accredited investor and that it was acquiring the Shares and the Warrants for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof in a manner that would violate the Securities Act or any applicable state securities laws.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The following table sets forth certain information regarding the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders, the Shares that may be offered by this prospectus, as well as other shares of Common Stock beneficially owned by them. Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may offer Shares under this prospectus from time to time and may elect to sell none, some or all of the Shares set forth below. As a result, we cannot estimate the number of Shares of Common Stock that a Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holder will beneficially own after termination of sales under this prospectus. However, for the purposes of the table below, we have assumed that, after completion of the offering, none of the Shares covered by this prospectus will be held by the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders. In addition, a Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holder may have sold, transferred or otherwise disposed of all or a portion of that holder&#x2019;s Shares since the date on which they provided information for this table. We are relying on the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders to notify us of any changes in their beneficial ownership after the date they originally provided this information. See &#x201C;Plan of Distribution&#x201D; beginning on page </font><font style="display: inline;font-size:10pt;">11</font><font style="display: inline;font-size:10pt;">. Unless otherwise disclosed in the footnotes to the table below, except for the ownership of the Common Stock and Warrants, the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders have not had any material relationship with us within the past three years.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Under the terms of the Warrants, a Warrant holder (each a &#x201C;Holder&#x201D;) may not exercise the Warrants held by such Holder to the extent that, after giving effect to such exercise, such Holder would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of the shares of Common Stock issuable upon exercise of such Holder&#x2019;s Warrant.&nbsp;&nbsp;Holders may, upon not less than 61 days&#x2019; prior written notice to the Company, increase or decrease the foregoing limitation, provided that, unless expressly waived in writing by the Company prior to the 61st day after such written notice is delivered to the Company, the beneficial ownership limitation in no event exceeds 9.99% </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">(19.99% for certain Holders) </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of the Warrant held by the Holder.&nbsp;&nbsp;These limitations will apply to any successor Holder; provided, however, that any increase in the beneficial ownership limitation in excess of 9.99% will not apply to any permitted assignee or other transferee of the Holder.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 8pt">
			<font style="display: inline;font-family:Times New Roman;font-size:8.5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;font-family:Arial;font-size: 9pt">
			<font style="display: inline;font-family:Verdana;font-size:9pt;background-color:yellow;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 1pt">
			<font style="display: inline;font-family:Verdana;font-size:1pt;background-color:yellow;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;text-decoration:underline;">Selling Shareholder (1)</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Number of Shares Owned before Offering (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Number of Shares Covered by This Prospectus</font></p>
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Number of Shares Owned after Offering (3)</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Percentage of Shares Owned after Offering (4)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Peter H. Kamin Revocable Trust</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,333&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,333&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Cooper Family Trust dtd 8/1/04 (5)</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>428,217&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,467&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">(6)</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>332,750&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.52&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Michael D. Sifen, Inc.</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>706,667&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>266,667&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>440,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.34&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Common Stock, par value $0.001 per share</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133,333&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133,333&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Lake Street Fund, LLC</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>666,667&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>666,667&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">12 West Capital Fund, LP </font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>912,592&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>823,200&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,392&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.68&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">12 West Capital Offshore Fund, LP</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>417,698&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376,800&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,898&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.31&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Wynnefield Partners Small Cap Value, LP</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>449,559&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,559&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.68&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Wynnefield Partners Small Cap Value, LP I </font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>714,981&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>572,400&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,581&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.08&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Wynnefield Small Cap Value Offshore Fund, Ltd.</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335,460&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>267,600&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,860&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.51&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Special Situations Private Equity Fund </font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>400,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>400,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Ascendiant Capital Partners, LLC (7)</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,200&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,200&nbsp;
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;-</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:9pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">10</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (1)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">If required, information about other selling security holders, except for any future transferees, pledges, donees or successors of Selling Shareholders named in the table above, will be set forth in a prospectus supplement or amendment to the registration statement of which this prospectus is a part.&nbsp;&nbsp;Additionally, post-effective amendments to the registration statement will be filed to disclose any material changes to the plan of distribution from the description contained in the final prospectus.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (2)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Amounts include the number of shares of Common Stock issuable upon exercise of the Warrants.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (3)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Amounts assume the sale of all Shares offered by this prospectus</font><font style="display: inline;font-size:10pt;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (4)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">P</font><font style="display: inline;font-size:10pt;">ercentage</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">are</font><font style="display: inline;font-size:10pt;"> based upon </font><font style="display: inline;font-size:10pt;">12,055,921</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">shares of Common Stock outstanding</font><font style="display: inline;font-size:10pt;"> as of April 22, 2013</font><font style="display: inline;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-size:10pt;">plus 1,130,667 shares</font><font style="display: inline;font-size:10pt;"> of Common Stock issuable </font><font style="display: inline;font-size:10pt;">upon exercise of the Warrants</font><font style="display: inline;font-size:10pt;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (5)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Chad J. Cooper, a Co-Trustee of the Cooper Family Trust dtd 8/1/04 (the &#x201C;Cooper Trust&#x201D;), is an affiliate of Ascendiant Capital Markets, LLC (&#x201C;Ascendiant</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">Capital Markets</font><font style="display: inline;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;Ascendiant Capital Markets served as</font><font style="display: inline;font-size:10pt;"> the placement agent for the private placement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (6)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Includes 28,800 Placement Agent Warrants issued to Selling Shareholder in its capacity as an affiliate of Ascendiant</font><font style="display: inline;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-size:10pt;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> (7)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company and Ascendiant</font><font style="display: inline;font-size:10pt;"> Capital Markets, an affiliate of </font><font style="display: inline;font-size:10pt;">the </font><font style="display: inline;font-size:10pt;">S</font><font style="display: inline;font-size:10pt;">elling </font><font style="display: inline;font-size:10pt;">S</font><font style="display: inline;font-size:10pt;">hareholder</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> are parties to an engagement letter dated February 5, 2013 (the &#x201C;Engagement Letter&#x201D;) pursuant to which Ascendiant</font><font style="display: inline;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-size:10pt;"> agreed to act as financial advisor and non-exclusive placement agent for the Company in connection with potential sales of securities, in accordance with the terms of the Engagement Letter.&nbsp;&nbsp;Pursuant to the Engagement Letter, Ascendiant</font><font style="display: inline;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-size:10pt;"> served as the placement agent in connection with the private placement in which the Shares to which this prospectus relates were issued.&nbsp;&nbsp;In consideration for such services, the Company paid Ascendiant</font><font style="display: inline;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-size:10pt;"> a fee in the amount of $288,000 and issued to </font><font style="display: inline;font-size:10pt;">the Selling Shareholder</font><font style="display: inline;font-size:10pt;"> and the Cooper Trust </font><font style="display: inline;font-size:10pt;">W</font><font style="display: inline;font-size:10pt;">arrants to purchase, in the aggregate, 64,000 shares of Common Stock, which are covered by this prospectus.</font></p></td></tr></table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Plan of Distribution</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Each Selling Shareholder </font><font style="display: inline;font-size:10pt;">and any of their </font><font style="display: inline;font-size:10pt;">pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the </font><font style="display: inline;font-size:10pt;">OTCQ</font><font style="display: inline;font-size:10pt;">B or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.&nbsp;&nbsp;These sales may be at fixed or negotiated prices.&nbsp;&nbsp;A Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holder may use any one or more of the following methods when selling securities:</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transactions;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">an exchange distribution in accordance with the rules of the applicable exchange;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">privately negotiated transactions;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">settlement of short sales;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">in transactions through broker-dealers that agree with the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders to sell a specified number of such securities at a stipulated price per security;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">a combination of any such methods of sale; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 6pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">any other method permitted pursuant to applicable law.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">11</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;;font-size: 10pt"><font style="display: inline;font-size:10pt;">The Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may also sell securities under Rule 144 under the Securities Act, if available, rather than under this prospectus.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 9pt">
			<font style="text-indent:0pt;margin-left:0pt; width:315.65pt;"></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-size:9pt;"></font></font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Broker-dealers engaged by the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may arrange for other brokers-dealers to participate in sales.&nbsp;&nbsp;Broker-dealers may receive commissions or discounts from the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">In connection with the sale of the securities or interests therein, the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume.&nbsp;&nbsp;The Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities.&nbsp;&nbsp;The Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to thi</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> prospectus (as supplemented or amended to reflect such transaction).</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders and any broker-dealers or agents that are involved in selling the securities may be deemed to be &#x201C;underwriters&#x201D; within the meaning of the Securities Act in connection with such sales.&nbsp;&nbsp;In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.&nbsp;&nbsp;Each Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities.&nbsp;&nbsp;The Company has agreed to indemnify the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders and the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders have agreed to indemnify the Company against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Because Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders may be deemed to be &#x201C;underwriters&#x201D; within the meaning of the Securities Act, they will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.&nbsp;&nbsp;The Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale of the resale securities by the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.&nbsp;&nbsp;The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.&nbsp;&nbsp;In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.&nbsp;&nbsp;In addition, the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of securities of the common stock by the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders or any other person.&nbsp;&nbsp;We will make copies of this prospectus available to the Selling S</font><font style="display: inline;font-size:10pt;">hare</font><font style="display: inline;font-size:10pt;">holders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act</font><font style="display: inline;font-size:10pt;">)</font><font style="display: inline;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Description of Securities to be Registered</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">As of the date of this prospectus, our authorized capital stock consists of 25,000,000 shares of Common Stock, $0.001 par value per share</font><font style="display: inline;font-size:10pt;">;</font><font style="display: inline;font-size:10pt;"> 1,000,000 shares of cumulative preferred stock, $0.001 par value per share</font><font style="display: inline;font-size:10pt;">;</font><font style="display: inline;font-size:10pt;"> and 100,000 shares of junior preferred stock, $0.001 par value per share.&nbsp;&nbsp;No shares of cumulative preferred stock or junior preferred stock are issued or outstanding.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">12</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Common Stock</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-style:italic;font-size:10pt;">Voting Rights</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;In connection with the election of directors of the Company and for all other corporate purposes, each holder of Common Stock is entitled to one vote for each share of Common Stock held of record by such shareholder.&nbsp;&nbsp;The holders of Common Stock are not entitled to cumulative voting rights.&nbsp;&nbsp;Generally, all matters to be voted on by shareholders must be approved by a majority, or, in the case of election of directors, by a plurality, of the shares of Common Stock present in person or represented by proxy and entitled to vote.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-style:italic;font-size:10pt;">Dividends</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;Subject to preferences that may be applicable to any outstanding series of preferred stock, holders of Common Stock are entitled to receive such dividends as may be declared thereon from time to time by the Company&#x2019;s Board of Directors, in its discretion, out of funds legally available for payment of dividends on Common Stock.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company has not paid </font><font style="display: inline;font-size:10pt;">cash </font><font style="display: inline;font-size:10pt;">dividends on the Common Stock in the past and does not intend pay dividends in the foreseeable future.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-style:italic;font-size:10pt;">Classification of Board of Directors</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;The Company&#x2019;s Board of Directors is divided into three classes, and the term of office of directors of each class is three years.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-style:italic;font-size:10pt;">Other Rights of Common Stock</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;In the event of the voluntary or involuntary dissolution, liquidation or winding up of the Company, after there have been paid to or set aside for the holders of shares of any outstanding series of preferred stock the full preferential amounts to which such holders may be entitled, the holders of outstanding shares of Common Stock will be entitled to share ratable, according to the number of shares held by each, in the remaining assets of the Company available for distribution.&nbsp;&nbsp;Holders of Common Stock have no preemptive or other subscription rights, and the shares of Common Stock are not subject to further calls or assessment by the Company.&nbsp;&nbsp;There are no conversion rights or sinking fund provisions applicable to the shares of Common Stock.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Shareholder Rights </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Agreement</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">On August 7, 2003, </font><font style="display: inline;font-size:10pt;">the Company</font><font style="display: inline;font-size:10pt;"> adopted a Shareholder Rights </font><font style="display: inline;font-size:10pt;">Agreement</font><font style="display: inline;font-size:10pt;"> designed to protect the interests of common shareholders from an inadequate or unfair takeover, but not affect a takeover proposal which the Board of Directors believes is fair to all shareholders. Under the Shareholder Rights </font><font style="display: inline;font-size:10pt;">Agreement</font><font style="display: inline;font-size:10pt;"> adopted by the Board of Directors</font><font style="display: inline;font-size:10pt;">, as amended</font><font style="display: inline;font-size:10pt;">, all shareholders of record on August 18, 2003 received one Preferred Share Purchase Right</font><font style="display: inline;font-size:10pt;"> (the &#x201C;Rights&#x201D;)</font><font style="display: inline;font-size:10pt;"> for each share of common stock they owned. These Rights trade in tandem with the common stock until and unless they are triggered</font><font style="display: inline;font-size:10pt;">.&nbsp;&nbsp;Except as may be permitted pursuant to amendments to the Shareholder Rights </font><font style="display: inline;font-size:10pt;">Agreement</font><font style="display: inline;font-size:10pt;"> from time to time,</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;">hould a person or group acquire more than 10% of ARI&#x2019;s common stock (or if an existing holder of 10% or more of the common stock were to increase its position by more than 1%), the Rights would become exercisable for every shareholder except the acquirer that triggered the exercise. The Rights, if triggered, would give the rest of the shareholders the ability to purchase additional stock of ARI at a substantial discount</font><font style="display: inline;font-size:10pt;"> to the then current market price of the Common Stock</font><font style="display: inline;font-size:10pt;">. The Rights will expire on August 18, 2013, and can be redeemed by us for $0.01 per Right at any time prior to a person or group becoming a 10% shareholder.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Anti-takeover Provisions of Wisconsin Business Corporation Law</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 10pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Business combination statute</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company is subject to Sections 180.1140 to 180.1144 of the WBCL, which prohibit a Wisconsin corporation from engaging in a &#x201C;business combination&#x201D; with an interested shareholder for a period of three years following the date such person became an interested shareholder, unless before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in such person becoming an interested shareholder.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company may engage in a business combination with an interested shareholder after the expiration of the three-year period with respect to such shareholder only if one or more of the following is satisfied:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the Company&#x2019;s board of directors approved the acquisition of stock before such shareholder&#x2019;s acquisition date;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the business combination is approved by a majority of the outstanding voting stock not beneficially owned by such shareholder; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the consideration to be received by shareholders meets certain fair price requirements of the statute with respect to form and amount.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">13</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;;font-size: 10pt"><font style="display: inline;font-size:10pt;">In general, Sections 180.1140 to 180.1144 define business combinations between a &#x201C;resident domestic corporation&#x201D; and an &#x201C;interested shareholder&#x201D; to include the following:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">a merger or share exchange with an interested shareholder or a corporation that is, or after the merger or share exchange would be, an affiliate or associate of an interested shareholder;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets to or with an interested shareholder or affiliate or associate of an interested shareholder equal to 5% or more of the aggregate market value of the assets or outstanding stock of the resident domestic corporation or 10% of its earning power or income;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the issuance or transfer of stock or rights to purchase stock with a market value equal to 5% or more of the outstanding stock of the resident domestic corporation;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the adoption of a plan of liquidation or dissolution; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">certain other transactions involving an interested shareholder.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Section 180.1140(8)(a) defines an &#x201C;interested shareholder&#x201D; as a person who beneficially owns, directly or indirectly, at least 10% of the voting power of the outstanding voting stock of a resident domestic corporation or who is an affiliate or associate of the resident domestic corporation and beneficially owned at least 10% of the voting power of the then-outstanding voting stock within the last </font><font style="display: inline;font-size:10pt;">three</font><font style="display: inline;font-size:10pt;"> years.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Section 180.1140(9)(a) defines a &#x201C;resident domestic corporation&#x201D; as a Wisconsin corporation that has a class of voting stock that is registered or traded on a national securities exchange or that is registered under Section 12(g) of the Exchange Act and that, as of the relevant date, satisfies any of the following: (i) its principal offices are located in Wisconsin, (ii) it has significant business operations located in Wisconsin, (iii) more than 10% of the holders of record of its shares are residents of Wisconsin or (iv) more than 10% of its shares are held of record by residents in Wisconsin.&nbsp;&nbsp;The Company is a resident domestic corporation for purposes of these statutory provisions.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 10pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Fair price statute</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Sections 180.1130 to 180.1133 of the WBCL provide that certain mergers, share exchanges or sales, leases, exchanges or other dispositions of assets in a transaction involving a &#x201C;significant shareholder&#x201D; and a resident domestic corporation require a supermajority vote of shareholders in addition to any approval otherwise required, unless shareholders receive a fair price for their shares that satisfies a statutory formula.&nbsp;&nbsp;A &#x201C;significant shareholder&#x201D; for this purpose is defined as a person or group who beneficially owns, directly or indirectly, 10% or more of the voting stock of the corporation, or is an affiliate of the corporation and beneficially owned, directly or indirectly, 10% or more of the voting stock of the corporation within the last </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> years.&nbsp;&nbsp;Any business combination to which the statute applies must be approved by 80% of the voting power of the corporation&#x2019;s stock and at least two-thirds of the voting power of the corporation&#x2019;s stock not beneficially owned by the significant shareholder who is a party to the relevant transaction or any of its affiliates or associates, in each case voting together as a single group, unless the following standards have been met:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;border-top:1pt none #D9D9D9;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">the aggregate value of the per share consideration is equal to the highest of:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 72.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 10pt 54pt;font-family:Courier New;line-height:100%;font-size:10pt;"> o</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">the highest per share price paid for any shares of the same class of common stock of the corporation by the significant shareholder in the transaction in which it became a significant shareholder or within two years before the date of the business combination;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 72.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 10pt 54pt;font-family:Courier New;line-height:100%;font-size:10pt;"> o</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">the market value per share of the same class of the corporation&#x2019;s common stock on the date of commencement of any tender offer by the significant shareholder, the date on which the person became a significant shareholder or the date of the first public announcement of the proposed business combination, whichever is higher; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 72.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 10pt 54pt;font-family:Courier New;line-height:100%;font-size:10pt;"> o</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">the highest preferential amount per share of the same class of common stock in a liquidation or dissolution to which holders of the shares would be entitled; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="font-family:Times New Roman;line-height:100%;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 18pt;font-family:Symbol;line-height:100%;font-size:10pt;"> &#xB7;</font>
			</p>
		</td><td align="left" valign="top">
			<p style="font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">either cash, or the form of consideration used by the significant shareholder to acquire the largest number of shares, is offered.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">14</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Control share voting restrictions</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to Section 180.1150 of the WBCL, unless otherwise provided in the articles of incorporation or otherwise specified by the board of directors, the voting power of shares of a resident domestic corporation held by any person or group of persons acting together, including shares issuable upon conversion of convertible securities or upon exercise of options or warrants, in excess of 20% of the voting power in the election of directors is limited to 10% of the full voting power of those shares.&nbsp;&nbsp;The Company is governed by the provisions of this section because neither the Company&#x2019;s articles of incorporation, as amended, nor any resolution adopted by the Company&#x2019;s board of directors, provides or specifies otherwise.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 10pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Defensive action restrictions</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Section 180.1134 of the WBCL provides that, in addition to the vote otherwise required by law or the articles of incorporation of a resident domestic corporation, the approval of the holders of a majority of the shares entitled to vote on the proposal is required before such corporation can take certain actions while a takeover offer is being made or after a takeover offer has been publicly announced and before it is concluded.&nbsp;&nbsp;This statute requires shareholder approval for the corporation to do either of the following: (i) acquire more than 5% of its outstanding voting shares at a price above the market price from any individual or organization that owns more than 3% of the outstanding voting shares and has held such shares for less than two years, unless a similar offer is made to acquire all voting shares and all securities that may be converted into voting shares; or (ii) sell or option assets of the corporation that amount to 10% or more of the market value of the resident domestic corporation, unless the corporation has at least three independent directors (directors who are not officers or employees) and a majority of the independent directors vote not to have this provision apply to the resident domestic corporation.&nbsp;&nbsp;The Company has more than three independent directors.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 10pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">Constituency or stakeholder provision</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to Section 180.0827 of the WBCL, in discharging his or her duties to us and in determining what he or she believes to be in the Company&#x2019;s best interests, a director or officer may, in addition to considering the effects of any action on shareholders, consider the effects of the action on employees, suppliers, customers, the communities in which the Company operates and any other factors that the director or officer considers pertinent.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Transfer Agent and Registrar</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The transfer agent and registrar for our Common Stock is American Stock Transfer &amp; Trust Company, LLC.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Quotation</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Our Common Stock is quoted on the OTC</font><font style="display: inline;font-size:10pt;">Q</font><font style="display: inline;font-size:10pt;">B Market under the symbol &#x201C;ARIS&#x201D;.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Legal Matters</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Certain legal matters relating to the validity of the Shares offered by this prospectus will be passed upon for us by Godfrey &amp; Kahn, S.C., Milwaukee, Wisconsin.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Experts</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Wipfli LLP, an independent registered public accounting firm, has audited our financial statements included in our Annual Report on Form 10-K for the year ended July 31, 2012, as </font><font style="display: inline;font-size:10pt;">stated</font><font style="display: inline;font-size:10pt;"> in their report, which is incorporated by reference in this prospectus.&nbsp;&nbsp;Our financial statements are incorporated by reference in reliance on Wipfli LLP&#x2019;s report, given </font><font style="display: inline;font-size:10pt;">up</font><font style="display: inline;font-size:10pt;">on their authority as experts in accounting and auditing.</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Information with Respect to the Registrant </font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">A substantial portion of the information required to be disclosed in the registration statement of which this prospectus is a part is incorporated by reference to our latest report on Form 10-K and subsequent reports filed with the SEC.&nbsp;&nbsp;See &#x201C;Incorporat</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ion of Certain Information</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> by Reference</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D; beginning on page </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;font-size: 7pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 11pt">

			<font style="display: inline;font-family:Times New Roman;font-size:11pt;">15</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 10pt;line-height:115%;font-family:Arial;;font-size: 7pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Material Changes</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">There have been no material changes since July 31, 2012 that have not been described in our Annual Report on Form 10-K, our Quarterly Report</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> on Form 10-Q, our Definitive Proxy Statement on Schedule 14A, this prospectus or our Current Reports on Form 8-K filed prior to the date of this prospectus, which are incorporated by reference herein.</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Where You Can Find Additional Information</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company files annual, quarterly and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">current</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">reports, proxy statements and other information with the SEC. You may read and copy any document filed by the Company at the SEC&#x2019;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room. The Company&#x2019;s filings with the SEC are also available to the public at the SEC&#x2019;s Internet web site at http://www.sec.gov. You may also read and copy this information at the Financial Industry Regulatory Authority, 1735 K Street, N.W., Washington, D.C. 20006.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company has filed a registration statement, of which this prospectus is a part, covering the Shares offered hereby. As allowed by Commission rules, this prospectus does not include all of the information contained in the registration statement and the included </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">or incorporated </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">exhibits, financial statements and schedules. You are referred to the registration statement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> the included </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">or incorporated </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">exhibits, financial statements and schedules for further information. This prospectus is qualified in its entirety by such other information.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Incorporation of Certain Information by Reference </font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The SEC allows the Company to &#x201C;incorporate by reference&#x201D; the information that is filed by the Company with the SEC, which means that the Company can disclose important information to you be referred you to those documents.&nbsp;&nbsp;The documents incorporated by reference are:</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> 1.</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended July 31, 2012, filed with the SEC on October 29, 2012;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> 2.</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company&#x2019;s Quarterly Report</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> on Form 10-Q for the fiscal quarter</font><font style="display: inline;font-size:10pt;">ly periods</font><font style="display: inline;font-size:10pt;"> ended October 31, 2012</font><font style="display: inline;font-size:10pt;"> and January 31, 2013</font><font style="display: inline;font-size:10pt;">, filed with the SEC on December 17, 2012</font><font style="display: inline;font-size:10pt;"> and March 12, 2013, respectively</font><font style="display: inline;font-size:10pt;">;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> 3.</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company&#x2019;s Current Reports on Form 8-K, filed with the SEC on</font><font style="display: inline;font-size:10pt;"> August 23, 2012,</font><font style="display: inline;font-size:10pt;"> November 8, 2012, November 13, 2012, December 4, 2012 (as amended on February 11, 2013), January 3, 2013, January 14, 2013</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">and March 18, 2013.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 36.00pt; display: inline;">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
				<font style="margin:0pt 0pt 11.25pt 18pt;line-height:normal;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:10pt;"> 4.</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:normal;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Company&#x2019;s Definitive Proxy Statement on Schedule 14A, filed with the SEC on November 26, 2012.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon such person&#x2019;s written or oral request, a copy of any and all of the information incorporated by reference in this prospectus, other than exhibits to such documents, unless such exhibits are specifically incorporated by reference into the information that this prospectus incorporates. Requests should be directed to the Secretary at ARI Network Services, Inc., 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, telephone number (414) 973-4300. You may also find these documents in the &#x201C;Investors&#x201D; section of our website, www.arinet.com. The information on our website is not incorporated into this prospectus.</font>
		</p></div><div style="margin-left:50pt">
		<p style="margin:6pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:50pt">
		<p style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">16</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;;font-size: 10pt"><font style="display: inline;text-decoration:underline;">PART II</font><br /><font style="display: inline;"></font><br /><font style="display: inline;"></font><font style="display: inline;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Item 13. Other Expenses of Issuance and Distribution. </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The following table sets forth the costs and expenses, payable by the Company in connection with the registration and sale of the Common Stock being registered. All amounts are estimates except the SEC registration fee.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;text-align:center;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:18pt;text-align:center;font-family:Arial;font-size: 1pt">
			<font style="display: inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:center;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Amount to be paid</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">SEC registration fee</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,483&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Printing expense</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Legal fees and expenses</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Common Stock, par value $0.001 per share</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Transfer Agent fees</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">Miscellaneous fees</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;Total</font></p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;text-align:right;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-family:Times New Roman;font-size:8pt;">$</font></p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #DCE6F2;height:12pt;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,483&nbsp;
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:46.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.98%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.72%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:7pt;padding:0pt;">
					<p style="margin:1pt 0pt 0.05pt;line-height:100%;font-family:Arial;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Item 14.</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Indemnification of Directors and Officers</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Section 180.0851 of the Wisconsin Business Corporation Law (the &#x201C;WBCL&#x201D;) requires a corporation to indemnify a director or officer, to the extent such person is successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding, if such person was a party to such proceeding because he or she was a director or officer of the corporation.&nbsp;&nbsp;In cases where a director or officer is not successful on the merits or otherwise in the defense of a proceeding, a corporation is required to indemnify a director or officer against liability incurred by the director or officer in a proceeding if such person was a party to such proceeding because he or she is a director or officer of the corporation unless it is determined that he or she breached or failed to perform a duty owed to the corporation and such breach or failure to perform constitutes:&nbsp;&nbsp;(i) a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director or officer has a material conflict of interest; (ii) a violation of criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful; (iii) a transaction from which the director or officer derived an improper personal profit; or (iv) willful misconduct.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Section 180.0858 of the WBCL provides that subject to certain limitations, the mandatory indemnification provisions do not preclude any additional right to indemnification or allowance of expenses that a director or officer may have under a corporation&#x2019;s articles of incorporation or by-laws, a written agreement between the director or officer and the corporation or a resolution of the board of directors or the shareholders.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Unless otherwise provided in the articles of incorporation or by-laws, or by written agreement between the director or officer and the corporation, an officer or director seeking indemnification is entitled to indemnification if approved in any of the following manners as specified in Section 180.0855 of the WBCL:&nbsp;&nbsp;(i) by majority vote of a quorum of disinterested members of the board of directors, or if such disinterested quorum cannot be obtained, by a majority vote of a committee of two or more disinterested directors; (ii) by independent legal counsel chosen by a quorum of disinterested directors or its committee (or if unable to obtain such a quorum or committee, by a majority vote of the full board of directors); (iii) by a panel of three arbitrators (one of which is chosen by a quorum of disinterested directors); (iv) by the vote of the shareholders; (v) by a court; or (vi) by any other method provided for in any additional right to indemnification under Section 180.0858 of the WBCL.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Reasonable expenses incurred by a director or officer who is a party to a proceeding may be reimbursed by a corporation, pursuant to Section 180.0853 of the WBCL, at such time as the director or officer furnishes to the corporation written affirmation of his or her good faith belief that he or she has not breached or failed to perform his or her duties, and a written undertaking to repay any amounts advanced if it is determined that indemnification by the corporation is not required.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">1</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Section 180.0859 of the WBCL provides that it is the public policy of the State of Wisconsin to require or permit indemnification, allowance of expenses and insurance to the extent required or permitted under Sections 180.0850 to 180.0858 of the WBCL for any liability incurred in connection with any proceeding involving a federal or state statute, rule or regulation regulating the offer, sale or purchase of securities.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">As permitted by Section 180.0858, the Company has adopted indemnification provisions in its by-laws which closely track the statutory indemnification provisions with certain exceptions.&nbsp;&nbsp;In particular, Section 7.1 of the Company&#x2019;s by-laws, among other items, provides that (i) an individual shall be indemnified unless it is proved by a final judicial adjudication that indemnification is prohibited and (ii) payment or reimbursement of expenses, subject to certain limitations, will be mandatory rather than permissive.&nbsp;&nbsp;The Company has purchased directors&#x2019; and officers&#x2019; liability insurance, which insures the Company&#x2019;s officers and directors against certain liabilities that may arise under the Securities Act.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Under Section 180.0828 of the WBCL, a director of the corporation is not personally liable to the corporation or its shareholders for a breach of or failure to perform any duty resulting solely from his or her status as a director, unless it is proven that the director&#x2019;s conduct falls into one of the categories described in the first paragraph of this item.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Item 15.</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Recent Sales of Unregistered Securities</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">On August&nbsp;17, 2012, the Company issued 100,000 shares of Common Stock to RJ Longacre, Inc.&nbsp;&nbsp;The shares constituted a portion of the consideration paid by the Company in connection with the Company&#x2019;s acquisition of substantially all of the assets of Ready2Ride, Incorporated (&#x201C;Ready2Ride&#x201D;) pursuant to the terms of an Asset Purchase Agreement dated August&nbsp;17, 2012 by and among the Company, Ready2Ride, Jamie A</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">m</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">y-Longacre and Ronald&nbsp;L. Longacre, Jr., the owners of all of the outstanding capital stock of Ready2Ride.&nbsp;&nbsp;The Company believes that this transaction was exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.&nbsp;&nbsp;The recipient of the shares represented its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">On November&nbsp;28, 2012, the Company, through its wholly-owned subsidiary, Project Viking II Acquisition, Inc., completed the acquisition of substantially all of the assets of the Retail Services Division of Fifty Below Sales &amp; Marketing, Inc., pursuant to Sections 363 and 365 of the United States Bankruptcy Code, for an aggregate purchase price of $5.0 million</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and the assumption of certain liabilities</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (the &#x201C;Asset Purchase&#x201D;).&nbsp;&nbsp;A portion of the purchase price for the Asset Purchase was funded through a Secured Non-Negotiable Subordinated Promissory Note dated as of November&nbsp;28, 2012 (the &#x201C;Note&#x201D;) issued to Michael&nbsp;D. Sifen, Inc. (the &#x201C;Holder&#x201D;), an affiliate of an existing shareholder of the Company, in aggregate principal amount of $3.5 million.&nbsp;&nbsp;As partial consideration for the Note, on December&nbsp;4, 2012, the Company issued 440,000 shares of Common Stock to the Holder.&nbsp;&nbsp;The Company believes that this issuance was exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.&nbsp;&nbsp;The Holder represented its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates.</font>
		</p>
		<p style="margin:0pt 0pt 11.25pt;line-height:normal;text-indent:18pt;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">On March&nbsp;12, 2013, the Company entered into a Securities Purchase Agreement (the &#x201C;Purchase Agreement&#x201D;) with certain institutional and accredited investors (the &#x201C;Purchasers&#x201D;) whereby the Company agreed to sell and the Purchasers agreed to purchase</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> in</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> a private placement (the &#x201C;Private Placement&#x201D;) (1) an aggregate of 3,200,000 shares of Common Stock, for an amount equal to a per share purchase price of $1.50, and (2) </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">W</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">arrants to purchase an aggregate of 1,066,667 shares of Common Stock (the &#x201C;Warrant Shares&#x201D;).&nbsp;&nbsp;The Warrants were exercisable immediately upon issuance at an exercise price of $2.00 per share and will expire on March&nbsp;15, 2018.&nbsp;&nbsp;In connection with the transaction, the Company received gross cash proceeds of $4,500,000 and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">the extinguishment</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> of $300,000 of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">debt from the Private Placement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.&nbsp;&nbsp;A portion of the gross cash proceeds from the Private Placement were used by the Company to pay $288,000 in placement agent fees and reimbursement of legal fees to </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Ascendiant Capital Markets, a</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> registered broker-dealer and the placement agent for the Private Placement.&nbsp;&nbsp;In addition, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">as of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">March&nbsp;1</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013, the Company issued </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">W</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">arrant</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> to purchase in the aggregate 64,000 shares of Common Stock to affiliate</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Ascendiant</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> on the same terms as the Warrants described above pursuant to the terms of the Company&#x2019;s placement agency arrangement with </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Ascendiant</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> Capital Markets</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.&nbsp;&nbsp;The Company believes that each of these transactions was exempt from registration requirements under the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.&nbsp;&nbsp;Each of the Purchasers, and the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Ascendiant</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> affiliate</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> represented that it was an accredited investor and its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates and the Warrants.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Item 16.</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Exhibits and Financial Statements</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 12pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">(a)</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:499.50pt;margin-left:5.4pt;">
			<tr>
				<td valign="bottom" style="width:49.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:450.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.50pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Exhibit </font><font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Number</font></p>
				</td>
				<td valign="bottom" style="width:450.00pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Asset Purchase Agreement dated March&nbsp;1, 2011 between ARI Network Services, Inc. and Globalrange Corporation, incorporated herein by reference to Exhibit 2.1 to the Company&#x2019;s Current report on Form 8-K filed on March&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Asset Purchase Agreement dated August&nbsp;17, 2012 by and among ARI Network Services, Inc., Ready2Ride, Incorporated, Jamie Amy-Longacre and Ronald&nbsp;L. Longacre, Jr., incorporated by reference to Exhibit 2.1 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;23, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Bill of Sale dated as of November&nbsp;28, 2012, incorporated by reference to Exhibit 2.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.4</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Assumption and Assignment and Transition Services Agreement dated as of November&nbsp;28, 2012, incorporated by reference to Exhibit 2.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Articles of Incorporation of the Company, as amended, incorporated herein by reference to Exhibit 3.1 of the Company&#x2019;s Quarterly Report on Form 10-Q for the fiscal quarter ended April&nbsp;30, 1999.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:18pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:18pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Articles of Amendment of the Company, incorporated herein by reference to Exhibit 3.2 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;18, 2003.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">By-laws of the Company incorporated herein by reference to Exhibit 3.1 of the Company&#x2019;s Registration Statement on Form S-l (Reg. No. 33-43148).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Secured Non-Negotiable Subordinated Promissory Note dated November&nbsp;28, 2012 issued to Michael&nbsp;D. Sifen, Inc., incorporated by reference to Exhibit 4.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">First Amendment to Secured Non-Negotiable Subordinated Promissory Note dated as of March&nbsp;15, 2013, between ARI Network Services, Inc. and Michael&nbsp;D. Sifen, Inc., incorporated by reference to Exhibit 4.2 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Common Stock Purchase Warrant dated March&nbsp;15, 2013, incorporated by reference to Exhibit 4.1 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">5.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Opinion of Godfrey &amp; Kahn, S.C. regarding the legality of the Common Stock being registered.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Rights Agreement dated as of August&nbsp;7, 2003, between the Company and American Stock Transfer &amp; Trust Company, as Rights Agent, incorporated herein by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;18, 2003.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">First Amendment to Rights Agreement dated November&nbsp;10, 2005, between the Company and American Stock Transfer &amp; Trust Company, as Rights Agent, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;14, 2005.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Rights Agreement, dated as of November&nbsp;28, 2012, between ARI Network Services, Inc. and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.4</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Third Amendment to Rights Agreement, </font><font style="display: inline;font-size:10pt;">dated as of March&nbsp;12, 2013, between ARI Network Services, Inc. and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.5</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Securities Purchase Agreement dated March&nbsp;12, 2013, between ARI Network Services, Inc. and the Purchasers identified therein, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.6</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Registration Rights Agreement dated as of March&nbsp;12, 2013, among ARI Network Services, Inc., the Ascendiant Affiliate and each of the several Purchasers signatory thereto, incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:22pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.7*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:22pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Summary of Executive Bonus Arrangements (Fiscal 2012), incorporated by reference to Exhibit 10.2 of the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.8*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement dated December&nbsp;10, 2010 between Darin&nbsp;R. Jan</font><font style="display: inline;font-size:10pt;">e</font><font style="display: inline;font-size:10pt;">cek and the Company, incorporated by reference to Exhibit 10.1 to the Form 8-K filed on December&nbsp;16, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.9*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement dated December&nbsp;10, 2010 between Darin&nbsp;R. Jan</font><font style="display: inline;font-size:10pt;">e</font><font style="display: inline;font-size:10pt;">cek and the Company, incorporated by reference to Exhibit 10.2 to the Form 8-K filed on December&nbsp;16, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.10*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">ARI Network Services, Inc. 2010 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Company&#x2019; Current Report on Form 8-K filed on December&nbsp;22, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.11*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">ARI Network Services, Inc. 2000 Employee Stock Purchase Plan, as Amended and Restated November&nbsp;4, 2010, incorporated herein by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;22, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.12</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Loan and Security Agreement dated as of July&nbsp;27, 2011 by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated herein by reference to Exhibit 10.1 to the Form 8-K filed on July&nbsp;28, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.13</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Membership Interests Security Agreement dated as of July&nbsp;27, 2011 by ARI Network Services, Inc. to and in favor of Fifth Third Bank, incorporated herein by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on July&nbsp;28, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.14</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Loan and Security Agreement and Other Loan Documents, dated as of November&nbsp;28, 2012, by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.15</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Third Amendment to the Loan and Security Agreement and Other Loan Documents, dated as of March&nbsp;8, 2013, by and between ARI Network Services, Inc. and Fifth Third Bank.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.16*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2000 Stock Option Plan, as amended, incorporated by reference to Exhibit 10.1 of the Company&#x2019;s Form 10-Q for the quarter ended April&nbsp;30, 2008.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.17*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Amended and Restated Employment Agreement, executed as of October&nbsp;31, 2011, between Roy&nbsp;W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.18*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Change of Control Agreement, dated October&nbsp;31, 2011, between Roy&nbsp;W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.19*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of December&nbsp;21, 2011, between Jeffrey&nbsp;E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.20*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated December&nbsp;21, 2011, between Jeffrey&nbsp;E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.21*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of December&nbsp;12, 2011, between Jon&nbsp;M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.22*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated December&nbsp;12, 2011, between Jon&nbsp;M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.4 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.23*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Independent Employee Sub-Contractor Agreement dated as of October&nbsp;25, 2012, between ARI Network Services, Inc. and Gordon&nbsp;J. Bridge, incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on December&nbsp;17, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.24*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of August&nbsp;14, 2012, between Marvin&nbsp;A. Berg and ARI Network Services, Inc., incorporated by reference to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.25*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated August&nbsp;14, 2012, between Marvin&nbsp;A. Berg and ARI Network Services, Inc., incorporated by reference to Exhibit 10.29 to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">21.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Subsidiaries of the Company, incorporated by reference to Exhibit 10.30 to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">23.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Wipfli LLP.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">23.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Godfrey &amp; Kahn, S.C. (included in Exhibit 5.1).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">24.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Powers of Attorney appear on the signature page hereof.</font></p>
				</td>
			</tr>
		</table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">3</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">4</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 7pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">*</font><font style="display: inline;font-size:10pt;"> Indicates Management Contract or Compensatory Plan or Agreement.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">Item 17.</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Undertakings</font>
		</p>
		<p style="margin:1pt 0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">The undersigned Company hereby undertakes:</font>
		</p>
		<p style="margin:1pt 0pt;border-top:1pt none #D9D9D9 ;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 12pt 63.35pt;text-indent: -27.35pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:-27.35pt; width:90pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">(1)</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</font></font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 90.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 63pt;line-height:100%;font-family:Arial;font-size:10pt;"> (i)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">to include any prospectus required by section 10(a)(3) of the Securities Act;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 90.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 63pt;line-height:100%;font-family:Arial;font-size:10pt;"> (ii)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">5</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt 90pt;line-height:100%;font-family:Arial;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#x201C;Calculation of Registration Fee&#x201D; table in the effective Registration Statement; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 90.00pt; display: inline;">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
				<font style="margin:0pt 0pt 12pt 63pt;line-height:100%;font-family:Arial;font-size:10pt;"> (iii)</font>
			</p>
		</td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</font></p></td></tr></table></div>
		<p style="margin:1pt 0pt 12pt 72pt;text-indent: -72pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-72pt;width:72pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">(2)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:60pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; </font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;">provided, however</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</font>
		</p>
		<p style="margin:1pt 0pt 12pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the provisions described in Item 14 of this Registration Statement, or otherwise, the Company has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">6</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"></font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">SIGNATURES</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;text-indent:18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of </font><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">Milwaukee, </font><font style="display: inline;font-size:10pt;">State of </font><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">Wisconsin</font><font style="display: inline;font-size:10pt;">, on </font><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">April </font><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">24</font><font style="display: inline;font-size:10pt;">, 20</font><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">13</font><font style="display: inline;font-size:10pt;">. &nbsp;</font>
		</p>
		<p style="margin:1pt 0pt 0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">ARI Network Services, Inc.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">/s/ Roy W. Olivier</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">Roy W. Olivier</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">President and Chief Executive Officer</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">/s/ Darin R. Janecek</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">Darin R. Janecek</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-indent:288pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:none;">Vice President of Finance and Chief Financial Officer</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">POWER OF ATTORNEY</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Roy W. Olivier and Darin R. Janecek</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as his</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">true and lawful attorney-in-fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign this</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">registration statement and any and all amendments thereto, including post-effective amendments, and to file the same, with all exhibits thereto, any related</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">registration filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and other documents in connection therewith, with the Securities and</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all the</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">persons in the capacities and on the dates indicated.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;">Signature</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;">Office(s)</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;">Date</font></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;text-decoration:underline;"></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Roy W. Olivier</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">President, Chief Executive Officer and Director</font></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Roy W. Olivier</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 12pt">
			<font style="display: inline;font-family:Calibri;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Brian E. Dearing</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chairman of the Board </font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Brian E. Dearing </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Gordon J. Bridge</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Gordon J. Bridge </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ William C. Mortimore</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">William C. Mortimore </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ P. Lee Poseidon</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">P. Lee Poseidon </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ William H. Luden, III</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">William H. Luden, III </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ James R. Johnson</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">James R. Johnson </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="text-indent:0pt;margin-left:0pt; width:180pt;"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Robert Y. Newell, IV</font></font><font style="text-indent:0pt;margin-left:0pt; width:216pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Director</font></font><font style="text-indent:0pt;margin-left:0pt; width:-1pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:10pt;">April </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">24</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2013</font></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Robert Y. Newell, IV</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">II-</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">7</font>

		</p>

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;;font-size: 10pt"><font style="font-family:Arial;font-size:8pt;text-decoration:underline;display: inline;font-family:Times New Roman;font-size:10pt;"></font>
		</p>
		<p style="margin:6pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:50pt">
		<p style="margin:6pt 0pt 0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-family:Times New Roman;font-weight:bold;line-height:100%;font-size: 10pt">
			<font style="display: inline;">EXHIBIT INDEX</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:499.50pt;margin-left:5.4pt;">
			<tr>
				<td valign="bottom" style="width:49.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Arial;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:450.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;height:1pt;overflow:hidden;font-size: 7pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.50pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Exhibit </font><font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Number</font></p>
				</td>
				<td valign="bottom" style="width:450.00pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:28pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Asset Purchase Agreement dated March&nbsp;1, 2011 between ARI Network Services, Inc. and Globalrange Corporation, incorporated herein by reference to Exhibit 2.1 to the Company&#x2019;s Current report on Form 8-K filed on March&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Asset Purchase Agreement dated August&nbsp;17, 2012 by and among ARI Network Services, Inc., Ready2Ride, Incorporated, Jamie Amy-Longacre and Ronald&nbsp;L. Longacre, Jr., incorporated by reference to Exhibit 2.1 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;23, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Bill of Sale dated as of November&nbsp;28, 2012, incorporated by reference to Exhibit 2.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2.4</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Assumption and Assignment and Transition Services Agreement dated as of November&nbsp;28, 2012, incorporated by reference to Exhibit 2.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Articles of Incorporation of the Company, as amended, incorporated herein by reference to Exhibit 3.1 of the Company&#x2019;s Quarterly Report on Form 10-Q for the fiscal quarter ended April&nbsp;30, 1999.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:18pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:18pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Articles of Amendment of the Company, incorporated herein by reference to Exhibit 3.2 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;18, 2003.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">3.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">By-laws of the Company incorporated herein by reference to Exhibit 3.1 of the Company&#x2019;s Registration Statement on Form S-l (Reg. No. 33-43148).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Secured Non-Negotiable Subordinated Promissory Note dated November&nbsp;28, 2012 issued to Michael&nbsp;D. Sifen, Inc., incorporated by reference to Exhibit 4.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">First Amendment to Secured Non-Negotiable Subordinated Promissory Note dated as of March&nbsp;15, 2013, between ARI Network Services, Inc. and Michael&nbsp;D. Sifen, Inc., incorporated by reference to Exhibit 4.2 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">4.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:25pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Common Stock Purchase Warrant dated March&nbsp;15, 2013, incorporated by reference to Exhibit 4.1 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">5.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Opinion of Godfrey &amp; Kahn, S.C. regarding the legality of the Common Stock being registered.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Rights Agreement dated as of August&nbsp;7, 2003, between the Company and American Stock Transfer &amp; Trust Company, as Rights Agent, incorporated herein by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on August&nbsp;18, 2003.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">First Amendment to Rights Agreement dated November&nbsp;10, 2005, between the Company and American Stock Transfer &amp; Trust Company, as Rights Agent, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;14, 2005.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.3</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Rights Agreement, dated as of November&nbsp;28, 2012, between ARI Network Services, Inc. and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.4</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Third Amendment to Rights Agreement, </font><font style="display: inline;font-size:10pt;">dated as of March&nbsp;12, 2013, between ARI Network Services, Inc. and American Stock Transfer &amp; Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.5</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Securities Purchase Agreement dated March&nbsp;12, 2013, between ARI Network Services, Inc. and the Purchasers identified therein, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.6</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Form of Registration Rights Agreement dated as of March&nbsp;12, 2013, among ARI Network Services, Inc., the Ascendiant Affiliate and each of the several Purchasers signatory thereto, incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on March&nbsp;18, 2013.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:22pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.7*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:22pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Summary of Executive Bonus Arrangements (Fiscal 2012), incorporated by reference to Exhibit 10.2 of the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.8*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement dated Decembe</font><font style="display: inline;font-size:10pt;">r&nbsp;10, 2010 between Darin&nbsp;R. Jane</font><font style="display: inline;font-size:10pt;">cek and the Company, incorporated by reference to Exhibit 10.1 to the Form 8-K filed on December&nbsp;16, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.9*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement dated Decembe</font><font style="display: inline;font-size:10pt;">r&nbsp;10, 2010 between Darin&nbsp;R. Jane</font><font style="display: inline;font-size:10pt;">cek and the Company, incorporated by reference to Exhibit 10.2 to the Form 8-K filed on December&nbsp;16, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.10*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">ARI Network Services, Inc. 2010 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Company&#x2019; Current Report on Form 8-K filed on December&nbsp;22, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.11*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">ARI Network Services, Inc. 2000 Employee Stock Purchase Plan, as Amended and Restated November&nbsp;4, 2010, incorporated herein by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;22, 2010.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.12</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Loan and Security Agreement dated as of July&nbsp;27, 2011 by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated herein by reference to Exhibit 10.1 to the Form 8-K filed on July&nbsp;28, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.13</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Membership Interests Security Agreement dated as of July&nbsp;27, 2011 by ARI Network Services, Inc. to and in favor of Fifth Third Bank, incorporated herein by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on July&nbsp;28, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.14</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Loan and Security Agreement and Other Loan Documents, dated as of November&nbsp;28, 2012, by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on December&nbsp;4, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.15</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Third Amendment to the Loan and Security Agreement and Other Loan Documents, dated as of March&nbsp;8, 2013, by and between ARI Network Services, Inc. and Fifth Third Bank.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.16*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">2000 Stock Option Plan, as amended, incorporated by reference to Exhibit 10.1 of the Company&#x2019;s Form 10-Q for the quarter ended April&nbsp;30, 2008.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.17*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Amended and Restated Employment Agreement, executed as of October&nbsp;31, 2011, between Roy&nbsp;W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.18*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Second Amendment to Change of Control Agreement, dated October&nbsp;31, 2011, between Roy&nbsp;W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Current Report on Form 8-K filed on November&nbsp;4, 2011.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.19*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of December&nbsp;21, 2011, between Jeffrey&nbsp;E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.20*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated December&nbsp;21, 2011, between Jeffrey&nbsp;E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.21*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of December&nbsp;12, 2011, between Jon&nbsp;M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.22*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated December&nbsp;12, 2011, between Jon&nbsp;M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.4 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on March&nbsp;15, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.23*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Independent Employee Sub-Contractor Agreement dated as of October&nbsp;25, 2012, between ARI Network Services, Inc. and Gordon&nbsp;J. Bridge, incorporated by reference to Exhibit 10.3 to the Company&#x2019;s Quarterly Report on Form 10-Q filed on December&nbsp;17, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.24*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Employment Agreement, executed as of August&nbsp;14, 2012, between Marvin&nbsp;A. Berg and ARI Network Services, Inc., incorporated by reference to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.25*</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Change of Control Agreement, dated August&nbsp;14, 2012, between Marvin&nbsp;A. Berg and ARI Network Services, Inc., incorporated by reference to Exhibit 10.29 to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">21.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Subsidiaries of the Company, incorporated by reference to Exhibit 10.30 to the Company&#x2019;s Form 10-K for the fiscal year ended July&nbsp;31, 2012.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">23.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Wipfli LLP.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">23.2</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Consent of Godfrey &amp; Kahn, S.C. (included in Exhibit 5.1).</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:49.50pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">24.1</font></p>
				</td>
				<td valign="top" style="width:450.00pt;height:26pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 7.2pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Powers of Attorney appear on the signature page hereof.</font></p>
				</td>
			</tr>
		</table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:normal;font-family:Arial;font-size: 7pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;line-height:100%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">*</font><font style="display: inline;font-size:10pt;"> Indicates Management Contract or Compensatory Plan or Agreement.</font>
		</p>
		<p style="margin:0pt 0pt 10pt;text-align:center;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:1pt 0pt;line-height:100%;font-family:Arial;font-size: 7pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
[{"type": "S-1", "sequence": "1", "filename": "aris-20130424xs1.htm", "description": "S-1", "secsgml_size_bytes": 561674}]
{"company-data": {"conformed-name": "ARI NETWORK SERVICES INC /WI", "cik": "0000879796", "assigned-sic": "7370", "irs-number": "391388360", "state-of-incorporation": "WI", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-188093", "film-number": "13779123"}, "business-address": {"street1": "10850 WEST PARK PLACE", "street2": "SUITE 1200", "city": "MILWAUKEE", "state": "WI", "zip": "53224", "phone": "414 973-4300"}, "mail-address": {"street1": "10850 WEST PARK PLACE", "street2": "SUITE 1200", "city": "MILWAUKEE", "state": "WI", "zip": "53224"}}
02e4f4c95eba4cd
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
ARI Network Services, Inc.
(Exact name of registrant as specified in its charter)
10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, (414) 973-4300
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Darin Janecek, Vice President of Finance and Chief Financial Officer,
10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, (414) 973-4300
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
C.J. Wauters, Godfrey & Kahn, S.C.
780 North Water Street, Milwaukee, Wisconsin 53202, (414) 273-3500
As soon as practicable after the effective date of this Registration Statement.
(Approximate date of commencement of proposed sale to the public)
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box:
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
Calculation of Registration Fee
Title of each Class of Securities to be Registered
Amount to be Registered (1)
Proposed Maximum Offering Price Per Unit (2)
Proposed Maximum Aggregate Offering Price (2)
Amount of Registration Fee (2)
Common Stock, par value $0.001 per share
4,330,667 shares
$2.60
11259734
$1,536
Preferred Share Purchase Rights
(3)
(3)
(3)
(3)
(1)
Represents shares of Common Stock, par value $0.001 per share, that may be sold by the selling s
hare
holders named in this registration statement, which shares consist of (i) 3,200,000 shares of Common Stock which were issued pursuant to a Securities Purchase Agreement we entered into on March 12, 2013 with selected accredited investors (the "Securities Purchase Agreement"); (ii) 1,066,667 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Securities Purchase Agreement; and (iii) 64,000 shares of Common Stock issuable upon exercise of the warrants issued to
affiliates of
the placement agent in connection with the private placement as consideration for
the placement agent's
services.  Pursuant to Rule 416 of the Securities Act of 1933, as amended, this registration statement also covers such an indeterminate amount of shares of Common Stock as may become issuable to prevent dilution resulting from stock splits, stock dividends and similar events.
(2)
Pursuant to Rule 457(c), calculated on the basis of the average of the bid and asked prices of the registrant's Common Stock quoted on the OTC
Q
B
on April
22
, 2013.
(3)
There is attached
to each share of Common Stock one Preferred Share Purchase Right (a "Right") issued pursuant to the Registrant's Rights Agreement, dated as of August 7, 2003 (the "Rights Agreement"), subject to adjustment in accordance with the terms of the Rights Agreement.  The value attributable to a Right is reflected in the market price of the Common Stock to which the Right is attached.
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The information in this prospectus is not complete and may be changed.  The security holders identified in this prospectus may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective.  This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PROSPECTUS (Subject to Completion)
dated April
24
, 2013
ARI Network Services, Inc.
4,
330
,667 shares of Common Stock
This prospectus covers the sale of an aggregate of up to 4,
330
,667 shares of our common stock, $0.001 par value per share (the "Common Stock"), by the selling security holders identified in this prospectus (collectively with any such holder's transferee, pl
e
dgee, don
e
e or successor, referred to below as the "Selling
Shareholders
").  The Common Stock covered by this prospectus consists of (i) 3,200,000 shares of Common Stock which were issued
in a private placement
pursuant to a Securities Purchase Agreement we entered into on March 12, 2013 with selected accredited investors (the "Securities Purchase Agreement")
;
(ii) 1,066,667 shares of Common Stock issuable upon exercise of warrants issued pursuant to the Securities Purchase Agreement (the "
Purchaser
Warrants
") ; and (iii) 64,000 shares of Common Stock issuable upon exercise of the warrants issued to
affiliates of
the placement agent in connection with the private placement as consideration for
the placement agent's
services (the "Placement Agent Warrants" and, together with the Purchaser Warrants, the "Warrants")
.
We will not receive any proceeds from the sale by the Selling Stockholders of the shares covered by this prospectus.  We are paying the cost of registering the shares covered by this prospectus, as well as various related expenses.  The Selling Stockholders are responsible for all selling commissions, transfer taxes and other costs related to the offer and sale of their shares under this prospectus.  If required, the number of shares to be sold, the public offering price of those shares, the names of any broker-dealers and any applicable commission or discount will be included in a supplement to this prospectus, called a prospectus supplement.
Our common stock is quoted on the OTC Bulletin Board
(the "OTCQB")
under the symbol "ARIS".  The last reported market price of our common stock on the OTC
QB
on
April 22, 2013 wa
s
$2.51
per sh
are.  Our executive offices are located at 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, and our telephone number is (414) 973-4300.
Investing in our securities involves risks.  You should carefully consider the
R
isk
F
actors beginning on page
2
of this prospectus before you make an investment in our securities.
Neither the Securities and exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.  Any representation to the contrary is a criminal offense.
The date of this prospectus is
___________
.
Table of Contents
NOTE REGARDING FORWARD-LOOKING STATEMENTS
...............................................
Error! Bookmark not defined.
PROSPECTUS SUMMARY
......................................................................................................................
Error! Bookmark not defined.
Overview
...........................................................................................................................................................
Error! Bookmark not defined.
The Offering
.....................................................................................................................................................
Error! Bookmark not defined.
Corporate Information
...............................................................................................................................
Error! Bookmark not defined.
RISK FACTORS
..............................................................................................................................................
Error! Bookmark not defined.
Market for the Common Equity and Related Shareholder Matters
...........................
Error! Bookmark not defined.
Security Ownership of Certain Beneficial Owners
...........................................................
Error! Bookmark not defined.
Use of Proceeds
...........................................................................................................................................
Error! Bookmark not defined.
Selling Security Holders
..........................................................................................................................
Error! Bookmark not defined.
Plan of Distribution
.......................................................................................................................................
Error! Bookmark not defined.
Description of Securities to be Registered
..............................................................................
Error! Bookmark not defined.
2
Legal Matters
...................................................................................................................................................
Error! Bookmark not defined.
Experts
.................................................................................................................................................................
Error! Bookmark not defined.
Information with Respect to the Registrant
.............................................................................
Error! Bookmark not defined.
5
Material Changes
..........................................................................................................................................
Error! Bookmark not defined.
Where You Can Find Additional Information
.............................................................................
Error! Bookmark not defined.
Incorporation of Certain Information by Reference
............................................................
Error! Bookmark not defined.
PART II  INFORMATION NOT REQUIRED IN PROSPECTUS
..........................................
II-
Error! Bookmark not defined.
Item 13.
Other Expenses of Issuance and Distribution.
..........................................
II-
Error! Bookmark not defined.
Item 14.
Indemnification of Directors and Officers
........................................................
II-
Error! Bookmark not defined.
Item 15.
Recent Sales of Unregistered Securities
.........................................................
II-
Error! Bookmark not defined.
Item 16.
Exhibits and Financial Statements
.........................................................................
II-
Error! Bookmark not defined.
Item 17.
Undertakings
..........................................................................................................................
II-
Error! Bookmark not defined.
1
Y
ou should read this prospectus, any applicable prospectus supplement and the information incorporated by reference in this prospectus before making an investment in the securities of ARI Network Services, Inc. See "Where You Can Find Additional Information" on page
16
for more information. You should rely only on the information contained in or incorporated by reference in this prospectus or a prospectus supplement. The Company has not authorized anyone to provide you with different information. This document may be used only in jurisdictions where offers and sales of these securities are permitted. You should assume that information contained in this prospectus, or in any document incorporated by reference, is accurate only as of any date on the front cover of the applicable document. Our business, financial condition, results of operations and prospects may have changed since that date.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated by reference into it contain forward-looking statements that involve risks and uncertainties. The statements contained or incorporated by reference in this prospectus that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company has made these statements in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements.  These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management.  Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," variations of such words, and similar expressions are intended to identify such forward-looking statements.  In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements.
Forward-looking statements are not guarantees of future performance and are subject to various risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including the
R
isk
F
actors
included
in this prospectus and in our periodic filings with the
Securities and Exchange Commission (the "
SEC
")
, incorporated by reference or included in this prospectus. All forward-looking statements contained in this prospectus are made only as of the date on the prospectus cover or as of the date of the filings incorporated herein by reference, as applicable. We expressly disclaim any intent to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Before deciding to buy or sell our securities, you should be aware that the occurrence of the events described in these risk factors could harm our business, operating results and financial condition, which consequences could materially diminish the trading price of our securities and/or their value.
Unless the context requires otherwise, in this Prospectus, the "Company," "ARI Network Services," "we," "us" and "our" refer to ARI Network Services, Inc.
2
PROSPECTUS SUMMARY
This summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider in making your investment decision. You should read this entire prospectus carefully, especially the risks of investing in our
C
ommon
S
tock
described
under "Risk Factors" and the consolidated financial statements and related notes
incorporated by reference
in this prospectus, before making an investment decision.
Overview
ARI Network Services, Inc. ("ARI" or the "Company") provides technology-enabled services that help our customers effectively and efficiently sell more whole goods, parts, garments and accessories ("PG&A").  Our customer base of more than 22,000 dealers, 195 distributors, and 140 manufacturers utilize ARI's products and services to drive and manage leads, efficiently service consumers at the parts counter, and enable eCommerce sales of PG&A.  ARI's solutions are aimed at markets with complex equipment requiring service and sold through an independent dealer channel including the outdoor power, powersports, marine, RV, automotive wheel and tire, and white goods markets.
Most of our solutions leverage our library of electronic content that we have published and aggregated into a large content management system, which contains data related to more than 10 million active parts across more than 469,000 models; more than 500,000 active accessories; SKUs across more than 73,000 active products; more than 300 actively updated whole goods brands; and holds full model data and images for more than 175,000 active models.
We market our products primarily through software-as-a-service ("SaaS") and data-as-a-service ("DaaS") business models that typically contain both an annual auto-renewing subscription component as well as a variable usage-based revenue component. It is the nature of our products, along with the content and the continual management and updating of the content, which allows us to sell the majority of our products and services in a recurring revenue model.
Today, more than 85% of our revenues are recurring.
For additional information relating to the Company and its operations, please refer to the reports incorporated herein by reference as described under the caption "
Incorporation of Certain
Information by Reference" beginning on page
16
.
Our Common Stock is quoted on the OTC
Q
B under the symbol "ARIS".
The Offering
This prospectus relates to the resale by the Selling S
hare
holders identified in this prospectus of up to 4,
330
,667 shares of Common Stock, which consists of 3,200,000 shares of Common Stock and 1,
130
,667 shares of Common Stock issuable upon exercise of the Warrants (such shares collectively being referred to herein as the "Shares"). All of the Shares, if and when sold, will be sold by the Selling S
hare
holders. The Selling S
hare
holders may sell their Shares from time to time at market prices prevailing at the time of sale, at prices related to the prevailing market price, or at negotiated prices. We will not receive any proceeds from the sale of Shares by the Selling Stockholders.
The total value of the 4,
330
,667
S
hares
covered by this prospectus
is
$
10,869
,974
, based on the last quoted sale price for our Common Stock of $
2.51
on April
22,
2013.
Corporate Information
Our executive offices are located at 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, and our telephone number is (414) 973-4300.  Additional information regarding our
C
ompany, including our audited financial statements and descriptions of our business, is contained in the documents incorporated by reference in this prospectus.  See "Where You Can Find Additional Information" on page
16
and "
Incorporation of Certain Information
by Reference" beginning on page
16.
1
RISK FACTORS
Investing in our
C
ommon
S
tock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including our consolidated financial statements and related notes
incorporated by reference
in
to
this prospectus, before making an investment decision. If any of the following risks is realized, our business, financial condition, results of operations and prospects could be materially and adversely affected. In that event, the trading price of our
C
ommon
S
tock could decline and you could lose part or all of your investment.
In assessing these risks, investors should also refer to the other information contained or incorporated by reference in our other filings with the
SEC
.
The risks and uncertainties described below are not the only ones facing us. Other events that we do not currently anticipate or that we currently deem immaterial also may affect our results of operations and financial condition.
Continued unfavorable economic conditions or reduced investments in technology spending may harm our business.
Our business depends on the overall demand for technology services spending, and on the economic health and general willingness of our current and prospective customers to make capital and expense commitments. If the conditions in the U.S. and global economic environment remain uncertain or continue to be volatile, or if they deteriorate further, our business, operating results and financial condition may be adversely affected. Our customers sell capital goods, some of which are considered "luxury" in nature, which are highly dependent on the disposable income of end consumers.  Continued weak or volatile economic conditions, or a reduction in consumer spending may weaken our customers' demand for electronic catalogs, websites, lead management or other technology-enabled services, or their general information technology spending, which would likely harm our business and operating results in a number of ways, including longer sales cycles, potential lower prices for our services, reduced sales, and reduced subscription renewal rates.
We may become liable to our customers and lose customers if we have defects or disruptions in our service or if we provide poor service.
Because we deliver some of our technology as a service, errors or defects in the software applications underlying our service, or a failure of our hosting infrastructure, may make our services, in particular our eCommerce services, unavailable to our customers. Since our customers use our eCommerce services to facilitate their sales, any errors, defects, disruptions in service or other performance problems with our services, whether in connection with the day-to-day operation of our services, upgrades or otherwise, could damage our customers' businesses.
Despite the implementation of security measures, the core of our network infrastructure is vulnerable to unauthorized access, computer viruses, equipment failure and other disruptive problems, including the following:
·
we and our users may experience interruptions in service as a result of the accidental or intentional actions of Internet users, current and former employees or others;
·
unauthorized access may jeopardize the security of confidential information stored in our computer systems and our customers' computer systems, which may result in liability to our customers and also may deter potential customers;
·
we may face liability for transmitting to third parties viruses that damage or impair their access to computer networks, programs, data or information;
·
there may be a systemic failure of Internet communications, leading to claims associated with the general unavailability of some of our products; or
·
eliminating computer viruses and alleviating other security or technical problems may require interruptions, delays or cessation of service to our customers.
If we have any errors, defects, disruptions in service or other performance problems with our services, customers could elect not to renew, or delay or withhold payment to us,
or
we could lose future sales or customers may make claims against us, which could result in an increase in our provision for doubtful accounts, an increase in collection cycles for accounts receivable or litigation costs.
2
Our core markets and verticals are competitive, and if we do not compete effectively, our operating results may be harmed.
The markets for electronic catalog, websites, lead management and other technology-enabled services targeted at the equipment industry are competitive, and the eCommerce area, specifically, is rapidly changing with relatively low barriers to entry. With the introduction of new technologies and market entrants, we expect competition to remain intense. In addition, increased competition generally could result in reduced sales, reduced margin or the failure of our services to achieve or maintain more widespread market acceptance. Competition in our market is based principally upon service breadth and functionality; service performance, security and reliability; ability to tailor and customize services for a specific company, vertical market or industry; ease of use of the service; speed and ease of deployment, integration and configuration; total cost of ownership, including price and implementation and support costs; professional services implementation; strength of customer relationships; and financial resources of the vendor. To compete effectively, we also must be able to frequently update our services to meet market demand.
Our principal competitors include Snap-on Business Solutions and Powersports Network, owned by Dominion Enterprises. Some of our actual and potential competitors enjoy competitive advantages over us, such as greater name recognition within our target vertical markets, larger marketing budgets, as well as substantially greater financial, technical and other resources. If we are not able to compete effectively, our operating results
may
be harmed.
The impact of negative factors on the business may not be immediately reflected in our financial results.
Because we recognize subscription revenue over the term of the applicable agreement, non-renewal of subscriptions or reductions in new service agreements may not be reflected immediately in our operating results. The majority of our revenue in any given period is attributable to service agreements entered into during previous periods. A decline in new or renewed service agreements in any one period will not be fully reflected in our revenue in that period but will harm our revenue in future periods. As a result, the effect of significant downturns in sales and market acceptance of our services in a particular period may not be fully reflected in our operating results until future periods. Our subscription model also makes it difficult for us to rapidly increase our revenue through additional sales in any period, because revenue from new customers must be recognized over the applicable subscription term.
Our operating results may fluctuate from quarter to quarter.
We expect that a portion of our revenue in the future will be derived from non-recurring fee income, which consists primarily of revenues from professional services such as software customization and training, software sales and one-time network installation fees.  The timing of this revenue is dependent upon several factors that we cannot predict.  These factors include:
·
the time required to close large license fee and development agreements, which can be delayed due to customer requirements and decision-making processes;
·
the seasonality of certain sectors of the equipment industry in which we operate;
·
delays in the introduction of new products or services and their acceptance by customers; and
·
delays in delivering customized software to our customers.
Our costs are not entirely predictable and may vary from quarter-to-quarter due to acquisitions or non-recurring expenditures.  Cash flows may also vary from quarter to quarter, depending on the timing of disbursements and customer payments, which exhibit considerable seasonality. These fluctuations may make period-to-period comparisons of our results of operations more complex.
Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and harm our operating results.
A change in accounting standards or practices could harm our operating results and may even affect our reporting of transactions completed before the change is effective. New accounting pronouncements and varying interpretations of
3
accounting pronouncements have occurred and may occur in the future. Changes to existing rules or the questioning of current practices may harm our operating results or the way we conduct our business and may increase our compliance costs.
Our business could suffer if we are unable to protect our intellectual property rights or become liable for infringing the intellectual property rights of others.
We regard our trademarks, proprietary technology and similar intellectual property as critical to our success, and we rely upon trademark law, trade secret protection, and confidentiality and license agreements with our employees, strategic partners, and others to protect our proprietary rights, but these measures can have only limited effectiveness. Prevalent use of the Internet has also increased the ease with which third parties can distribute our intellectual property without our authorization.
We intend to
continue to
pursue
and maintain
the registration of our material trademarks as necessary. We may not be entitled to the benefits of any such registration until such registration takes effect. In addition, effective protection may not be available in every country in which our products are available. Other parties may assert claims of infringement of intellectual property or other proprietary rights against us. These claims, even if without merit, could require us to expend significant financial and managerial resources. Furthermore, if claims like this were successful, we might be required to change our trademarks, alter our content, products or services, or pay financial damages, any of which could substantially increase our operating expenses. We also may be required to obtain licenses from others to refine, develop, market and deliver new services. We may be unable to obtain any needed license on commercially reasonable terms or at all, and rights granted under any licenses may not be valid and enforceable. In the future we could be subject to legal proceedings and claims from time to time in the ordinary course of our business, including claims of alleged infringement of trademarks and other intellectual property rights of third parties by us and our licensees. Any such claims could have a material adverse effect on our business, financial condition and operating results.
We are dependent on our management and employees.
We are dependent on the services of our executive officers and other key employees. There can be no assurance, however, that we can obtain executives of comparable expertise and commitment in the event of death, disability, or voluntary departure of one
or some
of our executive officers or other key employees, or that our business would not suffer material adverse effects as the result of
a
death, disability, or voluntary departure.  Further, the loss of the services of any one or more of these employees could have an adverse effect on our business. In addition, we will also need to attract and retain other highly skilled technical and managerial personnel for whom competition is intense. If we are unable to do so, our business, results of operations and financial condition could be materially adversely affected.
Our
C
ommon
S
tock
may be traded infrequently and in low volumes, so you may be unable to sell your shares at or near the quoted bid prices if you need to sell your shares
.
Our
C
ommon
S
tock is traded on the OTC
QB
, which typically provides less liquidity than the NASDAQ Stock Market or other national securities exchanges. In addition, trading in our common stock has historically been extremely limited. Because of the thinness of the market for our stock, the price of our
C
ommon
S
tock may be subject to manipulation.  This limited trading may adversely affect the liquidity of our common stock, not only in terms of the number of shares that can be bought and sold at a given price, but also through delays in the timing of transactions and reduction in security analysts' and the media's coverage of us. As a result, there could be a larger spread between the bid and the ask prices of our common stock and an investor may not be able to sell shares of our common stock when or at prices they desire.
Sales of a substantial number of shares of our
C
ommon
S
tock in the public market, or the perception that they may occur, may depress the market price of our Common Stock.
The registration statement of which this prospectus is a part registers an additional 3,200,000 shares of our
C
ommon
S
tock and 1,130,667 shares of common stock issuable upon the exercise of
the W
arrants. In addition to the shares of our
C
ommon
S
tock covered by
th
e
registration statement, approximately 8.9 million of our outstanding shares are freely transferable or may be publicly resold pursuant to Rule 144 under the Securities Act. Any substantial sale of
C
ommon
S
tock pursuant to the registration statement, Rule 144 or otherwise may have an adverse effect on the market price of our
C
ommon
S
tock by creating an excessive supply. Likewise, the availability for sale of substantial amounts of our
C
ommon
S
tock could reduce the prevailing market price. In addition, we have
previously
filed registration statements on Form S-8 to register the shares issuable upon exercise of outstanding options or reserved for issuance under our stock option plans, which became effective when filed.
4
Our shareholder rights
agreement
may permit our board to block a takeover attempt and adversely affect the value of our
C
ommon
S
tock.
Our board of directors a
dopted a shareholder rights agreement
, which expires August 18, 2013,
and declared a dividend of an associated right, which together are expected to have the effect of deterring any takeover of the Company that is not preceded by board approval of the proposed transaction.  The existence of such shareholder rights
agreement
may deter potential tender offers for our
C
ommon
S
tock or other acquisition offers and may have the effect of delaying or preventing a change of control.
We may not be able to identify, acquire and successfully integrate acquisitions, including the recently acquired 50 Below retail division and Ready2Ride businesses.
A key component of our growth strategy has been and will continue to be acquisitions and other business development opportunities that solidify or accelerate our market position in our core offerings and vertical markets.  The successful implementation of this strategy depends upon our ability to identify suitable acquisition candidates, acquire such businesses on acceptable terms, finance the acquisition
s
and integrate their operations successfully into ARI.  There can be no assurance that such candidates will be available or, if such candidates are available, that the price will be attractive or that we will be able to identify, acquire, finance
and
integrate such businesses successfully.  In addition, in pursuing such acquisition opportunities, we may compete with other entities with similar growth strategies; these competitors may be larger and have greater financial and other resources than ARI.  Competition for these acquisition targets could also result in increased prices of acquisition targets and/or a diminished pool of companies available for acquisition.
The successful integration of these acquisitions also may involve a number of additional risks, including: (i) the inability to retain the clients of the acquired business; (ii) the lingering effects of poor client relations or service performance by the acquired business, which also may taint our existing business; (iii) the inability to retain the desirable management, key personnel and other employees of the acquired business; (iv) the inability to fully realize the desired efficiencies and economies of scale; (v) the inability to establish, implement or monitor ARI's existing standards, controls, procedures and policies on the acquired business; (vi) diversion of management attention; and (vii) exposure to client, employee and other legal claims for activities of the acquired business prior to acquisition.  In addition, any acquired business could perform significantly worse than expected.
ARI recently acquired two new businesses:  the retail division of 50 Below, which was acquired in a transaction pursuant to Sections 363 and 365 of the United States Bankruptcy Code in November 2012, and Ready2Ride, which we acquired in October 2012.  We consider the successful integration and performance of these businesses to be material to the future success of ARI as a whole.  The integration and future performance of these businesses are subject to the significant risks and uncertainties described above, and there can be no assurance that we will be able to successfully integrate these businesses to the extent and in the timeframes that we currently anticipate, or that their financial performance will ultimately meet our current expectations.
Future acquisitions may result in dilution to existing shareholders.
The timing, size and success of acquisition efforts and any associated capital commitments cannot be readily predicted. Future acquisitions may be financed by issuing shares of common stock,
debt,
cash, or a combination thereof.  To the extent our
C
ommon
S
tock is used for all or a portion of the consideration to be paid for future acquisitions, dilution may be experienced by existing stockholders.
5
We face risks with our international strategy.
Our business strategy includes increasing our presence in the non-U.S. equipment markets.  This strategy presents a number of special risks, including:
·
managing more geographically diverse operations;
·
dealing with currency fluctuations;
·
the increased costs of operation;
·
only having a small number of employees in these markets;
·
our dependence on value-added resellers and contractors to sell and service our products;
·
a much smaller and more concentrated current customer base; and
·
the assumption that U.S. international policy will remain favorable towards the countries in which we sell our products and services.
Our historical losses have resulted in accumulated deficits on the balance sheet.
While we have been profitable in recent years, we have experienced net losses in numerous fiscal years since our organization
was formed
in 1981, resulting in an accumulated deficit of $88 million at January 31, 2013.  We may not be able to maintain profitability or increase profitability in the future.  As a result of our historical losses, our financial position has been weakened, and our ability to finance our growth is constrained.
We will require a significant amount of cash to service our indebtedness.  Our ability to generate cash depends on certain factors beyond our control.
Our ability to make principal and interest payments on our indebtedness and to fund planned capital expenditures and product development efforts will depend on our ability to generate cash in the future. Our future operating performance and financial results will be subject, in part, to factors beyond our control, including dealer bankruptcies in the vertical markets we serve, and general economic, financial and business conditions. We cannot assure that our business will generate sufficient cash flow from operations or that future financing facilities will be available to us in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs.
If we are unable to generate sufficient cash flow to service our debt, we may be required to:
·
refinance all or a portion of our debt or obtain additional financing, neither of which can be assured
and if it can be obtained, it may not be on terms that are acceptable to the Company
;
·
sell some of our assets or operations;
·
reduce or delay capital expenditures, research and development efforts and acquisitions; or
·
revise or delay our strategic plans.
If we are required to take any of these actions, it could have a material adverse effect on our business, financial condition and results of operations. In addition, we cannot assure that we would be able to take any of these actions, that these actions would enable us to continue to satisfy our capital requirements or that these actions would be permitted under the terms of our various debt instruments.
6
Market for
the
Common Equity
and
Related S
hare
holder Matters
ARI's common stock
is currently quoted on the OTCQB
under the symbol ARIS.  The following table sets forth the high and low sales price
for the periods indicated.  OTCQB
quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily reflect actual transactions.
Fiscal Quarter Ended:
High
Low
10/31/2010
$
0.75
$
0.31
1/31/2011
$
0.75
$
0.45
4/30/2011
$
0.80
$
0.47
7/31/2011
$
0.99
$
0.48
10/31/2011
$
0.99
$
0.66
1/31/2012
$
3.00
$
1.00
4/30/2012
$
1.95
$
1.27
7/31/2012
$
1.66
$
0.90
10/31/2012
$
1.30
$
0.90
1/31/2013
$
2.14
$
1.12
Period from 2/1/2013 to 4/22/2013:
$
2.75
$
1.56
As of
April 22
, 201
2
,
there were
218
holders of record of ARI
C
ommon
S
tock.  We have not paid cash dividends to date and have no current intention to pay cash
dividends.
During fiscal 2012
and for the period from August 1, 2012 to April
22
, 2013
, the Company did not repurchase any of its equity securities.
Security
Ownership
of
Certain
Beneficial
Owners
The following table sets forth certain information regarding the beneficial ownership of shares of Common Stock
by each person known by the Company to beneficially own 5% or more of the Common Stock, by each director or
nominee of the Company, by certain executive officers of the Company, and by all directors and executive officers
of the Company as a group as of
March 31, 2013
(unless otherwise indicated).
The address for each of the
persons listed below is 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, unless otherwise
specified.
Name and Address of Beneficial Owners
Amount and Nature of Beneficial Ownership (1)
Percent of Class
Briggs & Stratton Corporation (2)
12301 West Wirth Street
Milwaukee, WI 53201
840,000
6.2
%
Peter H. Kamin (3)
One Avery Street, 17B
Boston, MA 02111
1,056,981
7.8
%
Michael D. Sifen, Inc. (4)
500 Central Drive, Suite 106
Virginia Beach, VA 23454
1,138,461
8.5
%
12 West Capital Management Funds (5)
90 Park Avenue, 41st Floor
New York, NY  10016
1,030,290
7.6
%
Wynnefield Funds (6)
450 Seventh Avenue, Suite 509
New York, NY  10123
1,200,000
8.9
%
Roy W. Olivier (7)
1,171,619
8.7
%
Brian E. Dearing (8)
437,905
3.3
%
Gordon J. Bridge
203,953
1.5
%
William C. Mortimore
107,298
*
Darin R. Janecek
80,274
*
Jon M. Lintvet
46,848
*
P. Lee Poseidon
63,481
*
James R. Johnson
14,000
*
William H. Luden, III
31,245
*
Robert Y. Newell, IV
35,253
*
All current executive officers and directors
as a group (12 persons)
2,240,657
16.6
%
* denotes less than 1%
7
(1)
Except as otherwise noted, the persons named in the above table have sole voting and investment power with respect to all shares shown as beneficially owned by them. Includes options exercisable within 60 days of
April 22, 2013
as
follows: Mr. Olivier (
350
,000 shares), Mr. Janecek (
53,750
shares), Mr. Lintvet (
37,500
shares), Mr. Dearing (
140,166
shares), Mr. Bridge (
123,685
shares), Mr. Johnson (
5,000
shares), Mr. Luden (
5,000
shares), Mr. Mortimore (
94,875
shares), Mr. Poseidon (
14,500
shares), and all executive officers and directors as a group (
853,851
shares).
(2)
Ownership information is provided as of March 16, 2000 based upon Schedule 13D amendment filed April 3, 2000.
(3)
Total includes 349,740 shares of Common Stock held by Mr. Kamin, 151,900 shares held by the Peter H. Kamin Children's Trust, 218,040 shares held by the Peter H. Kamin Profit Sharing Plan, 30,700 shares held by the Peter H. Kamin Family Foundation, 250,000 shares held by the Peter H. Kamin Revocable Trust and 56,601 shares held by 3K Limited Partnership.  Ownership information is provided as of January 31, 2013 based on an amended Schedule 13G filed on such date, except with respect to shares held by the Peter H. Kamin Revocable Trust (the "Revocable Trust"), which were issued to the Revocable Trust as of March 12, 2013 in connection with the Company's private placement.  In addition, as of March 12, 2013, the Revocable Trust held Warrants entitling it to purchase up to 83,333 shares of Common Stock at an exercise price of $2.00 per share.  The
se
Warrants are subject to beneficial ownership limitations that render each
such
Warrant unexercisable if, after the exercise of the Warrant, the holder (together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates) would beneficially own more than 4.99% of the number of shares of Common Stock outstanding immediately after the exercise of the Warrant (the "Issuance Limitation").  The Revocable Trust may modify the Issuance Limitation upon 61 days' prior written notice to the Company.
(4)
Total includes 498,461 shares of Common Stock held by Michael D. Sifen
and
640,000 shares of Common Stock held by Michael D. Sifen, Inc., an entity controlled by Mr. Sifen.  Ownership information is based on the Company's information with respect to (i) share certificates transferred to Mr. Sifen by the Company's transfer agent on October 17, 2011 related to shares of Common Stock acquired by Channel Blade Technologies Corporation ("Channel Blade") on April 29, 2009 in connection with the Company's acquisition of substantially all of the assets of Channel Blade; (ii) shares of Common Stock issued by the Company to Michael D. Sifen, Inc., an entity controlled by Mr. Sifen, as of December 4, 2012; and (iii) shares of Common Stock issued to Michael D. Sifen, Inc. as of March 12, 2013 in connection with the Company's private placement.  In addition, as of March 12, 2013, Michael D. Sifen, Inc. held Warrants entitling it to purchase up to 66,667 shares of Common Stock at an exercise price of $2.00 per share.  The Warrants are subject to the Issuance Limitation, which may be modified by the holder upon 61 days' prior written notice to the Company.
(5)
Ownership information is provided as of March 12, 2013 based upon Schedule 13G filed on March 22, 2013 by 12 West Capital Management LP ("12 West Management").  12 West Management serves as the investment manager to 12 West Capital Fund LP, a Delaware limited partnership ("12 West Onshore Fund"), and 12 West Capital Offshore Fund LP, a Cayman Islands exempted limited partnership ("12 West Offshore Fund"), and possesses the sole power to
8
vote and the sole power to direct the disposition of all securities of the Company held by 12 West Onshore Fund and 12 West Offshore Fund.  Joel Ramin, as the sole member of 12 West Capital Management, LLC, the general partner of 12 West Management, possesses the voting and dispositive power with respect to all securities beneficially owned by 12 West Management.  Total includes
706,792
shares of Common Stock held by 12 West Onshore Fund and
323,498
shares of Common Stock held by 12 West Offshore Fund.  In addition, as of March 12, 2013, 12 West Onshore Fund and 12 West Offshore Fund held Warrants entitling 12 West Onshore Fund and 12 West Offshore Fund to purchase up to 205,800 and 94,200 shares of Common Stock, respectively, at an exercise price of $2.00 per share.  The Warrants are subject to the Issuance Limitation.  12 West Onshore Fund and 12 West Offshore Fund may modify the Issuance Limitation upon 61 days' prior written notice to the Company.
(6)
Ownership information is provided as of
April 17
, 2013 based in part upon Schedule 13D
/A
filed by Wynnefield Partners Small Cap Value, L.P. ("Partners"), Wynnefield Partners Small Cap Value, L.P. I ("Partners I"), Wynnefield Small Cap Value Offshore Fund, Ltd. ("Offshore"), Wynnefield Capital Management, LLC ("WCM"), Wynnefield Capital, Inc. ("WCI"), Nelson Obus and Joshua Landes (collectively the "Wynnefield Reporting Persons").  According to the filing, Partners, Partners I, Offshore, WCM, and WCI are each separate and distinct entities with different beneficial owners (whether designated as limited partners, shareholders or members).  WCM, a New York limited liability company, is the general partner of Partners and Partners I, each a private investment company organized as a limited partnership under the laws of the State of Delaware.  Nelson Obus and Joshua Landes are the co-managing members of WCM.  WCM is the sole general partner of Partners and Partners I and, accordingly, may be deemed to be the indirect beneficial owner of the shares of Common Stock that Partners and Partners I beneficially own.  WCM, as the sole general partner of Partners and Partners I, has the sole power to direct the voting and disposition of the shares of Common Stock that Partners and Partners I beneficially own.  Messrs. Obus and Landes are the co-managing members of WCM and, accordingly, they may be deemed to be the indirect beneficial owners of the shares of Common Stock that WCM may be deemed to beneficially own.  Messrs. Obus and Landes, as co-managing members of WCM, have the sole power to direct the voting and disposition of the shares of Common Stock that WCM may be deemed to beneficially own.  Total includes
359,559
,
571,881
and 2
68
,
560
shares of Common Stock held by Partners, Partners I and Offshore, respectively.  In addition, as of the reporting date, Partners, Partners I and Offshore held Warrants entitling Partners, Partners I and Offshore to purchase up to 90,000, 143,100 and 66,900 shares of Common Stock, respectively, at an exercise price of $2.00 per share.  The Warrants are subject to the Issuance Limitation.  Partners, Partners I and Offshore may modify the Issuance Limitation upon 61 days' prior written notice to the Company.
(7)
Mr. Olivier's total includes 686,369 shares held in the Company's 401(k) plan, of which Mr. Olivier is a trustee with voting power. Mr. Olivier disclaims any beneficial ownership in these shares in excess of his pecuniary interest 13,246 shares).
(8)
Mr. Dearing's total includes 73,860 shares held in family trust.
9
Use of Proceeds
We will not receive any proceeds from the sale of the
C
ommon
S
tock offered through this prospectus by the
S
elling
Share
holders.  We may receive proceeds from the issuance of shares of our
C
ommon
S
tock upon the exercise of the Warrants, if exercised for cash. We intend to use any proceeds from exercise of the Warrants for working capital and other general corporate purposes.
Selling Security Holders
The Company has included in this prospectus up to 4,
330
,667 Shares, which consists of (i) 3,200,000 shares of Common Stock
;
(ii) 1,067,667 shares of Common Stock issuable upon exercise of the
Purchaser
Warrants, each of (i) and (ii) as issued pursuant to the Securities Purchase Agreement
; and (iii) 64,000 shares of Common Stock issuable upon exercise of the Placement Agent Warrants
.  See "Description of Securities to be Registered" beginning on page
14
.
The Company received
gross proceeds of approximately $4.5 million
and
the extinguishment
of $300,000
of debt
from
the
private placement.
Each investor in the private placement represented to us that it was an accredited investor and that it was acquiring the Shares and the Warrants for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof in a manner that would violate the Securities Act or any applicable state securities laws.
The following table sets forth certain information regarding the Selling S
hare
holders, the Shares that may be offered by this prospectus, as well as other shares of Common Stock beneficially owned by them. Selling S
hare
holders may offer Shares under this prospectus from time to time and may elect to sell none, some or all of the Shares set forth below. As a result, we cannot estimate the number of Shares of Common Stock that a Selling S
hare
holder will beneficially own after termination of sales under this prospectus. However, for the purposes of the table below, we have assumed that, after completion of the offering, none of the Shares covered by this prospectus will be held by the Selling S
hare
holders. In addition, a Selling S
hare
holder may have sold, transferred or otherwise disposed of all or a portion of that holder's Shares since the date on which they provided information for this table. We are relying on the Selling S
hare
holders to notify us of any changes in their beneficial ownership after the date they originally provided this information. See "Plan of Distribution" beginning on page
11
. Unless otherwise disclosed in the footnotes to the table below, except for the ownership of the Common Stock and Warrants, the Selling S
hare
holders have not had any material relationship with us within the past three years.
Under the terms of the Warrants, a Warrant holder (each a "Holder") may not exercise the Warrants held by such Holder to the extent that, after giving effect to such exercise, such Holder would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of the shares of Common Stock issuable upon exercise of such Holder's Warrant.  Holders may, upon not less than 61 days' prior written notice to the Company, increase or decrease the foregoing limitation, provided that, unless expressly waived in writing by the Company prior to the 61st day after such written notice is delivered to the Company, the beneficial ownership limitation in no event exceeds 9.99%
(19.99% for certain Holders)
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of the Warrant held by the Holder.  These limitations will apply to any successor Holder; provided, however, that any increase in the beneficial ownership limitation in excess of 9.99% will not apply to any permitted assignee or other transferee of the Holder.
Selling Shareholder (1)
Number of Shares Owned before Offering (2)
Number of Shares Covered by This Prospectus
Number of Shares Owned after Offering (3)
Percentage of Shares Owned after Offering (4)
Peter H. Kamin Revocable Trust
333,333
333,333
-
-
%
Cooper Family Trust dtd 8/1/04 (5)
428,217
95,467
(6)
332,750
2.52
%
Michael D. Sifen, Inc.
706,667
266,667
440,000
3.34
%
Common Stock, par value $0.001 per share
133,333
133,333
-
-
%
Lake Street Fund, LLC
666,667
666,667
-
-
%
12 West Capital Fund, LP
912,592
823,200
89,392
0.68
%
12 West Capital Offshore Fund, LP
417,698
376,800
40,898
0.31
%
Wynnefield Partners Small Cap Value, LP
449,559
360,000
89,559
0.68
%
Wynnefield Partners Small Cap Value, LP I
714,981
572,400
142,581
1.08
%
Wynnefield Small Cap Value Offshore Fund, Ltd.
335,460
267,600
67,860
0.51
%
Special Situations Private Equity Fund
400,000
400,000
-
-
%
Ascendiant Capital Partners, LLC (7)
35,200
35,200
-
-
%
10
(1)
If required, information about other selling security holders, except for any future transferees, pledges, donees or successors of Selling Shareholders named in the table above, will be set forth in a prospectus supplement or amendment to the registration statement of which this prospectus is a part.  Additionally, post-effective amendments to the registration statement will be filed to disclose any material changes to the plan of distribution from the description contained in the final prospectus.
(2)
Amounts include the number of shares of Common Stock issuable upon exercise of the Warrants.
(3)
Amounts assume the sale of all Shares offered by this prospectus
.
(4)
P
ercentage
s
are
based upon
12,055,921
shares of Common Stock outstanding
as of April 22, 2013
,
plus 1,130,667 shares
of Common Stock issuable
upon exercise of the Warrants
.
(5)
Chad J. Cooper, a Co-Trustee of the Cooper Family Trust dtd 8/1/04 (the "Cooper Trust"), is an affiliate of Ascendiant Capital Markets, LLC ("Ascendiant
Capital Markets
")
.  Ascendiant Capital Markets served as
the placement agent for the private placement.
(6)
Includes 28,800 Placement Agent Warrants issued to Selling Shareholder in its capacity as an affiliate of Ascendiant
Capital Markets
.
(7)
The Company and Ascendiant
Capital Markets, an affiliate of
the
S
elling
S
hareholder
,
are parties to an engagement letter dated February 5, 2013 (the "Engagement Letter") pursuant to which Ascendiant
Capital Markets
agreed to act as financial advisor and non-exclusive placement agent for the Company in connection with potential sales of securities, in accordance with the terms of the Engagement Letter.  Pursuant to the Engagement Letter, Ascendiant
Capital Markets
served as the placement agent in connection with the private placement in which the Shares to which this prospectus relates were issued.  In consideration for such services, the Company paid Ascendiant
Capital Markets
a fee in the amount of $288,000 and issued to
the Selling Shareholder
and the Cooper Trust
W
arrants to purchase, in the aggregate, 64,000 shares of Common Stock, which are covered by this prospectus.
Plan of Distribution
Each Selling Shareholder
and any of their
pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the
OTCQ
B or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.  These sales may be at fixed or negotiated prices.  A Selling S
hare
holder may use any one or more of the following methods when selling securities:
·
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
·
block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transactions;
·
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
·
an exchange distribution in accordance with the rules of the applicable exchange;
·
privately negotiated transactions;
·
settlement of short sales;
·
in transactions through broker-dealers that agree with the Selling S
hare
holders to sell a specified number of such securities at a stipulated price per security;
·
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
·
a combination of any such methods of sale; or
·
any other method permitted pursuant to applicable law.
11
The Selling S
hare
holders may also sell securities under Rule 144 under the Securities Act, if available, rather than under this prospectus.
Broker-dealers engaged by the Selling S
hare
holders may arrange for other brokers-dealers to participate in sales.  Broker-dealers may receive commissions or discounts from the Selling S
hare
holders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440.
In connection with the sale of the securities or interests therein, the Selling S
hare
holders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume.  The Selling S
hare
holders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities.  The Selling S
hare
holders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to thi
s
prospectus (as supplemented or amended to reflect such transaction).
The Selling S
hare
holders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales.  In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.  Each Selling S
hare
holder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.
The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities.  The Company has agreed to indemnify the Selling S
hare
holders and the Selling S
hare
holders have agreed to indemnify the Company against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
Because Selling S
hare
holders may be deemed to be "underwriters" within the meaning of the Securities Act, they will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.  The Selling S
hare
holders have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale of the resale securities by the Selling S
hare
holders.
We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling S
hare
holders without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.  The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.  In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.
Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.  In addition, the Selling S
hare
holders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of securities of the common stock by the Selling S
hare
holders or any other person.  We will make copies of this prospectus available to the Selling S
hare
holders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act
)
.
Description of Securities to be Registered
As of the date of this prospectus, our authorized capital stock consists of 25,000,000 shares of Common Stock, $0.001 par value per share
;
1,000,000 shares of cumulative preferred stock, $0.001 par value per share
;
and 100,000 shares of junior preferred stock, $0.001 par value per share.  No shares of cumulative preferred stock or junior preferred stock are issued or outstanding.
12
Common Stock
Voting Rights
.  In connection with the election of directors of the Company and for all other corporate purposes, each holder of Common Stock is entitled to one vote for each share of Common Stock held of record by such shareholder.  The holders of Common Stock are not entitled to cumulative voting rights.  Generally, all matters to be voted on by shareholders must be approved by a majority, or, in the case of election of directors, by a plurality, of the shares of Common Stock present in person or represented by proxy and entitled to vote.
Dividends
.  Subject to preferences that may be applicable to any outstanding series of preferred stock, holders of Common Stock are entitled to receive such dividends as may be declared thereon from time to time by the Company's Board of Directors, in its discretion, out of funds legally available for payment of dividends on Common Stock.
The Company has not paid
cash
dividends on the Common Stock in the past and does not intend pay dividends in the foreseeable future.
Classification of Board of Directors
.  The Company's Board of Directors is divided into three classes, and the term of office of directors of each class is three years.
Other Rights of Common Stock
.  In the event of the voluntary or involuntary dissolution, liquidation or winding up of the Company, after there have been paid to or set aside for the holders of shares of any outstanding series of preferred stock the full preferential amounts to which such holders may be entitled, the holders of outstanding shares of Common Stock will be entitled to share ratable, according to the number of shares held by each, in the remaining assets of the Company available for distribution.  Holders of Common Stock have no preemptive or other subscription rights, and the shares of Common Stock are not subject to further calls or assessment by the Company.  There are no conversion rights or sinking fund provisions applicable to the shares of Common Stock.
Shareholder Rights
Agreement
On August 7, 2003,
the Company
adopted a Shareholder Rights
Agreement
designed to protect the interests of common shareholders from an inadequate or unfair takeover, but not affect a takeover proposal which the Board of Directors believes is fair to all shareholders. Under the Shareholder Rights
Agreement
adopted by the Board of Directors
, as amended
, all shareholders of record on August 18, 2003 received one Preferred Share Purchase Right
(the "Rights")
for each share of common stock they owned. These Rights trade in tandem with the common stock until and unless they are triggered
.  Except as may be permitted pursuant to amendments to the Shareholder Rights
Agreement
from time to time,
s
hould a person or group acquire more than 10% of ARI's common stock (or if an existing holder of 10% or more of the common stock were to increase its position by more than 1%), the Rights would become exercisable for every shareholder except the acquirer that triggered the exercise. The Rights, if triggered, would give the rest of the shareholders the ability to purchase additional stock of ARI at a substantial discount
to the then current market price of the Common Stock
. The Rights will expire on August 18, 2013, and can be redeemed by us for $0.01 per Right at any time prior to a person or group becoming a 10% shareholder.
Anti-takeover Provisions of Wisconsin Business Corporation Law
Business combination statute
The Company is subject to Sections 180.1140 to 180.1144 of the WBCL, which prohibit a Wisconsin corporation from engaging in a "business combination" with an interested shareholder for a period of three years following the date such person became an interested shareholder, unless before such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in such person becoming an interested shareholder.
The Company may engage in a business combination with an interested shareholder after the expiration of the three-year period with respect to such shareholder only if one or more of the following is satisfied:
·
the Company's board of directors approved the acquisition of stock before such shareholder's acquisition date;
·
the business combination is approved by a majority of the outstanding voting stock not beneficially owned by such shareholder; or
·
the consideration to be received by shareholders meets certain fair price requirements of the statute with respect to form and amount.
13
In general, Sections 180.1140 to 180.1144 define business combinations between a "resident domestic corporation" and an "interested shareholder" to include the following:
·
a merger or share exchange with an interested shareholder or a corporation that is, or after the merger or share exchange would be, an affiliate or associate of an interested shareholder;
·
a sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets to or with an interested shareholder or affiliate or associate of an interested shareholder equal to 5% or more of the aggregate market value of the assets or outstanding stock of the resident domestic corporation or 10% of its earning power or income;
·
the issuance or transfer of stock or rights to purchase stock with a market value equal to 5% or more of the outstanding stock of the resident domestic corporation;
·
the adoption of a plan of liquidation or dissolution; and
·
certain other transactions involving an interested shareholder.
Section 180.1140(8)(a) defines an "interested shareholder" as a person who beneficially owns, directly or indirectly, at least 10% of the voting power of the outstanding voting stock of a resident domestic corporation or who is an affiliate or associate of the resident domestic corporation and beneficially owned at least 10% of the voting power of the then-outstanding voting stock within the last
three
years.
Section 180.1140(9)(a) defines a "resident domestic corporation" as a Wisconsin corporation that has a class of voting stock that is registered or traded on a national securities exchange or that is registered under Section 12(g) of the Exchange Act and that, as of the relevant date, satisfies any of the following: (i) its principal offices are located in Wisconsin, (ii) it has significant business operations located in Wisconsin, (iii) more than 10% of the holders of record of its shares are residents of Wisconsin or (iv) more than 10% of its shares are held of record by residents in Wisconsin.  The Company is a resident domestic corporation for purposes of these statutory provisions.
Fair price statute
Sections 180.1130 to 180.1133 of the WBCL provide that certain mergers, share exchanges or sales, leases, exchanges or other dispositions of assets in a transaction involving a "significant shareholder" and a resident domestic corporation require a supermajority vote of shareholders in addition to any approval otherwise required, unless shareholders receive a fair price for their shares that satisfies a statutory formula.  A "significant shareholder" for this purpose is defined as a person or group who beneficially owns, directly or indirectly, 10% or more of the voting stock of the corporation, or is an affiliate of the corporation and beneficially owned, directly or indirectly, 10% or more of the voting stock of the corporation within the last
two
years.  Any business combination to which the statute applies must be approved by 80% of the voting power of the corporation's stock and at least two-thirds of the voting power of the corporation's stock not beneficially owned by the significant shareholder who is a party to the relevant transaction or any of its affiliates or associates, in each case voting together as a single group, unless the following standards have been met:
·
the aggregate value of the per share consideration is equal to the highest of:
o
the highest per share price paid for any shares of the same class of common stock of the corporation by the significant shareholder in the transaction in which it became a significant shareholder or within two years before the date of the business combination;
o
the market value per share of the same class of the corporation's common stock on the date of commencement of any tender offer by the significant shareholder, the date on which the person became a significant shareholder or the date of the first public announcement of the proposed business combination, whichever is higher; or
o
the highest preferential amount per share of the same class of common stock in a liquidation or dissolution to which holders of the shares would be entitled; and
·
either cash, or the form of consideration used by the significant shareholder to acquire the largest number of shares, is offered.
14
Control share voting restrictions
Pursuant to Section 180.1150 of the WBCL, unless otherwise provided in the articles of incorporation or otherwise specified by the board of directors, the voting power of shares of a resident domestic corporation held by any person or group of persons acting together, including shares issuable upon conversion of convertible securities or upon exercise of options or warrants, in excess of 20% of the voting power in the election of directors is limited to 10% of the full voting power of those shares.  The Company is governed by the provisions of this section because neither the Company's articles of incorporation, as amended, nor any resolution adopted by the Company's board of directors, provides or specifies otherwise.
Defensive action restrictions
Section 180.1134 of the WBCL provides that, in addition to the vote otherwise required by law or the articles of incorporation of a resident domestic corporation, the approval of the holders of a majority of the shares entitled to vote on the proposal is required before such corporation can take certain actions while a takeover offer is being made or after a takeover offer has been publicly announced and before it is concluded.  This statute requires shareholder approval for the corporation to do either of the following: (i) acquire more than 5% of its outstanding voting shares at a price above the market price from any individual or organization that owns more than 3% of the outstanding voting shares and has held such shares for less than two years, unless a similar offer is made to acquire all voting shares and all securities that may be converted into voting shares; or (ii) sell or option assets of the corporation that amount to 10% or more of the market value of the resident domestic corporation, unless the corporation has at least three independent directors (directors who are not officers or employees) and a majority of the independent directors vote not to have this provision apply to the resident domestic corporation.  The Company has more than three independent directors.
Constituency or stakeholder provision
Pursuant to Section 180.0827 of the WBCL, in discharging his or her duties to us and in determining what he or she believes to be in the Company's best interests, a director or officer may, in addition to considering the effects of any action on shareholders, consider the effects of the action on employees, suppliers, customers, the communities in which the Company operates and any other factors that the director or officer considers pertinent.
Transfer Agent and Registrar
The transfer agent and registrar for our Common Stock is American Stock Transfer & Trust Company, LLC.
Quotation
Our Common Stock is quoted on the OTC
Q
B Market under the symbol "ARIS".
Legal Matters
Certain legal matters relating to the validity of the Shares offered by this prospectus will be passed upon for us by Godfrey & Kahn, S.C., Milwaukee, Wisconsin.
Experts
Wipfli LLP, an independent registered public accounting firm, has audited our financial statements included in our Annual Report on Form 10-K for the year ended July 31, 2012, as
stated
in their report, which is incorporated by reference in this prospectus.  Our financial statements are incorporated by reference in reliance on Wipfli LLP's report, given
up
on their authority as experts in accounting and auditing.
Information with Respect to the Registrant
A substantial portion of the information required to be disclosed in the registration statement of which this prospectus is a part is incorporated by reference to our latest report on Form 10-K and subsequent reports filed with the SEC.  See "Incorporat
ion of Certain Information
by Reference
" beginning on page
16
.
15
Material Changes
There have been no material changes since July 31, 2012 that have not been described in our Annual Report on Form 10-K, our Quarterly Report
s
on Form 10-Q, our Definitive Proxy Statement on Schedule 14A, this prospectus or our Current Reports on Form 8-K filed prior to the date of this prospectus, which are incorporated by reference herein.
Where You Can Find Additional Information
The Company files annual, quarterly and
current
reports, proxy statements and other information with the SEC. You may read and copy any document filed by the Company at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the Public Reference Room. The Company's filings with the SEC are also available to the public at the SEC's Internet web site at http://www.sec.gov. You may also read and copy this information at the Financial Industry Regulatory Authority, 1735 K Street, N.W., Washington, D.C. 20006.
The Company has filed a registration statement, of which this prospectus is a part, covering the Shares offered hereby. As allowed by Commission rules, this prospectus does not include all of the information contained in the registration statement and the included
or incorporated
exhibits, financial statements and schedules. You are referred to the registration statement
and
the included
or incorporated
exhibits, financial statements and schedules for further information. This prospectus is qualified in its entirety by such other information.
Incorporation of Certain Information by Reference
The SEC allows the Company to "incorporate by reference" the information that is filed by the Company with the SEC, which means that the Company can disclose important information to you be referred you to those documents.  The documents incorporated by reference are:
1.
The Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2012, filed with the SEC on October 29, 2012;
2.
The Company's Quarterly Report
s
on Form 10-Q for the fiscal quarter
ly periods
ended October 31, 2012
and January 31, 2013
, filed with the SEC on December 17, 2012
and March 12, 2013, respectively
;
3.
The Company's Current Reports on Form 8-K, filed with the SEC on
August 23, 2012,
November 8, 2012, November 13, 2012, December 4, 2012 (as amended on February 11, 2013), January 3, 2013, January 14, 2013
and March 18, 2013.
4.
The Company's Definitive Proxy Statement on Schedule 14A, filed with the SEC on November 26, 2012.
The Company will provide, without charge, to each person, including any beneficial owner, to whom a copy of this prospectus is delivered, upon such person's written or oral request, a copy of any and all of the information incorporated by reference in this prospectus, other than exhibits to such documents, unless such exhibits are specifically incorporated by reference into the information that this prospectus incorporates. Requests should be directed to the Secretary at ARI Network Services, Inc., 10850 West Park Place, Suite 1200, Milwaukee, Wisconsin 53224, telephone number (414) 973-4300. You may also find these documents in the "Investors" section of our website, www.arinet.com. The information on our website is not incorporated into this prospectus.
II-
16
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth the costs and expenses, payable by the Company in connection with the registration and sale of the Common Stock being registered. All amounts are estimates except the SEC registration fee.
Amount to be paid
SEC registration fee
$
1,483
Printing expense
2,500
Legal fees and expenses
5,000
Common Stock, par value $0.001 per share
5,000
Transfer Agent fees
1,000
Miscellaneous fees
2,500
Total
$
17,483
Item 14.
Indemnification of Directors and Officers
Section 180.0851 of the Wisconsin Business Corporation Law (the "WBCL") requires a corporation to indemnify a director or officer, to the extent such person is successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding, if such person was a party to such proceeding because he or she was a director or officer of the corporation.  In cases where a director or officer is not successful on the merits or otherwise in the defense of a proceeding, a corporation is required to indemnify a director or officer against liability incurred by the director or officer in a proceeding if such person was a party to such proceeding because he or she is a director or officer of the corporation unless it is determined that he or she breached or failed to perform a duty owed to the corporation and such breach or failure to perform constitutes:  (i) a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director or officer has a material conflict of interest; (ii) a violation of criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful; (iii) a transaction from which the director or officer derived an improper personal profit; or (iv) willful misconduct.
Section 180.0858 of the WBCL provides that subject to certain limitations, the mandatory indemnification provisions do not preclude any additional right to indemnification or allowance of expenses that a director or officer may have under a corporation's articles of incorporation or by-laws, a written agreement between the director or officer and the corporation or a resolution of the board of directors or the shareholders.
Unless otherwise provided in the articles of incorporation or by-laws, or by written agreement between the director or officer and the corporation, an officer or director seeking indemnification is entitled to indemnification if approved in any of the following manners as specified in Section 180.0855 of the WBCL:  (i) by majority vote of a quorum of disinterested members of the board of directors, or if such disinterested quorum cannot be obtained, by a majority vote of a committee of two or more disinterested directors; (ii) by independent legal counsel chosen by a quorum of disinterested directors or its committee (or if unable to obtain such a quorum or committee, by a majority vote of the full board of directors); (iii) by a panel of three arbitrators (one of which is chosen by a quorum of disinterested directors); (iv) by the vote of the shareholders; (v) by a court; or (vi) by any other method provided for in any additional right to indemnification under Section 180.0858 of the WBCL.
Reasonable expenses incurred by a director or officer who is a party to a proceeding may be reimbursed by a corporation, pursuant to Section 180.0853 of the WBCL, at such time as the director or officer furnishes to the corporation written affirmation of his or her good faith belief that he or she has not breached or failed to perform his or her duties, and a written undertaking to repay any amounts advanced if it is determined that indemnification by the corporation is not required.
II-
1
Section 180.0859 of the WBCL provides that it is the public policy of the State of Wisconsin to require or permit indemnification, allowance of expenses and insurance to the extent required or permitted under Sections 180.0850 to 180.0858 of the WBCL for any liability incurred in connection with any proceeding involving a federal or state statute, rule or regulation regulating the offer, sale or purchase of securities.
As permitted by Section 180.0858, the Company has adopted indemnification provisions in its by-laws which closely track the statutory indemnification provisions with certain exceptions.  In particular, Section 7.1 of the Company's by-laws, among other items, provides that (i) an individual shall be indemnified unless it is proved by a final judicial adjudication that indemnification is prohibited and (ii) payment or reimbursement of expenses, subject to certain limitations, will be mandatory rather than permissive.  The Company has purchased directors' and officers' liability insurance, which insures the Company's officers and directors against certain liabilities that may arise under the Securities Act.
Under Section 180.0828 of the WBCL, a director of the corporation is not personally liable to the corporation or its shareholders for a breach of or failure to perform any duty resulting solely from his or her status as a director, unless it is proven that the director's conduct falls into one of the categories described in the first paragraph of this item.
Item 15.
Recent Sales of Unregistered Securities
On August 17, 2012, the Company issued 100,000 shares of Common Stock to RJ Longacre, Inc.  The shares constituted a portion of the consideration paid by the Company in connection with the Company's acquisition of substantially all of the assets of Ready2Ride, Incorporated ("Ready2Ride") pursuant to the terms of an Asset Purchase Agreement dated August 17, 2012 by and among the Company, Ready2Ride, Jamie A
m
y-Longacre and Ronald L. Longacre, Jr., the owners of all of the outstanding capital stock of Ready2Ride.  The Company believes that this transaction was exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.  The recipient of the shares represented its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates.
On November 28, 2012, the Company, through its wholly-owned subsidiary, Project Viking II Acquisition, Inc., completed the acquisition of substantially all of the assets of the Retail Services Division of Fifty Below Sales & Marketing, Inc., pursuant to Sections 363 and 365 of the United States Bankruptcy Code, for an aggregate purchase price of $5.0 million
and the assumption of certain liabilities
(the "Asset Purchase").  A portion of the purchase price for the Asset Purchase was funded through a Secured Non-Negotiable Subordinated Promissory Note dated as of November 28, 2012 (the "Note") issued to Michael D. Sifen, Inc. (the "Holder"), an affiliate of an existing shareholder of the Company, in aggregate principal amount of $3.5 million.  As partial consideration for the Note, on December 4, 2012, the Company issued 440,000 shares of Common Stock to the Holder.  The Company believes that this issuance was exempt from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.  The Holder represented its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates.
On March 12, 2013, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain institutional and accredited investors (the "Purchasers") whereby the Company agreed to sell and the Purchasers agreed to purchase
in
a private placement (the "Private Placement") (1) an aggregate of 3,200,000 shares of Common Stock, for an amount equal to a per share purchase price of $1.50, and (2)
W
arrants to purchase an aggregate of 1,066,667 shares of Common Stock (the "Warrant Shares").  The Warrants were exercisable immediately upon issuance at an exercise price of $2.00 per share and will expire on March 15, 2018.  In connection with the transaction, the Company received gross cash proceeds of $4,500,000 and
the extinguishment
of $300,000 of
debt from the Private Placement
.  A portion of the gross cash proceeds from the Private Placement were used by the Company to pay $288,000 in placement agent fees and reimbursement of legal fees to
Ascendiant Capital Markets, a
registered broker-dealer and the placement agent for the Private Placement.  In addition,
as of
March 1
2
, 2013, the Company issued
W
arrant
s
to purchase in the aggregate 64,000 shares of Common Stock to affiliate
s
of
Ascendiant
Capital Markets
on the same terms as the Warrants described above pursuant to the terms of the Company's placement agency arrangement with
Ascendiant
Capital Markets
.  The Company believes that each of these transactions was exempt from registration requirements under the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.  Each of the Purchasers, and the
Ascendiant
affiliate
s
represented that it was an accredited investor and its intention to acquire the securities for investment only and not with a view toward their distribution, and appropriate legends were affixed to the share certificates and the Warrants.
II-
2
Item 16.
Exhibits and Financial Statements
(a)
Exhibit
Number
Description
2.1
Asset Purchase Agreement dated March 1, 2011 between ARI Network Services, Inc. and Globalrange Corporation, incorporated herein by reference to Exhibit 2.1 to the Company's Current report on Form 8-K filed on March 4, 2011.
2.2
Asset Purchase Agreement dated August 17, 2012 by and among ARI Network Services, Inc., Ready2Ride, Incorporated, Jamie Amy-Longacre and Ronald L. Longacre, Jr., incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 23, 2012.
2.3
Bill of Sale dated as of November 28, 2012, incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
2.4
Assumption and Assignment and Transition Services Agreement dated as of November 28, 2012, incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on December 4, 2012.
3.1
Articles of Incorporation of the Company, as amended, incorporated herein by reference to Exhibit 3.1 of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 1999.
3.2
Articles of Amendment of the Company, incorporated herein by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on August 18, 2003.
3.3
By-laws of the Company incorporated herein by reference to Exhibit 3.1 of the Company's Registration Statement on Form S-l (Reg. No. 33-43148).
4.1
Secured Non-Negotiable Subordinated Promissory Note dated November 28, 2012 issued to Michael D. Sifen, Inc., incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
4.2
First Amendment to Secured Non-Negotiable Subordinated Promissory Note dated as of March 15, 2013, between ARI Network Services, Inc. and Michael D. Sifen, Inc., incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on March 18, 2013.
4.3
Form of Common Stock Purchase Warrant dated March 15, 2013, incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on March 18, 2013.
5.1
Opinion of Godfrey & Kahn, S.C. regarding the legality of the Common Stock being registered.
10.1
Rights Agreement dated as of August 7, 2003, between the Company and American Stock Transfer & Trust Company, as Rights Agent, incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 18, 2003.
10.2
First Amendment to Rights Agreement dated November 10, 2005, between the Company and American Stock Transfer & Trust Company, as Rights Agent, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 14, 2005.
10.3
Second Amendment to Rights Agreement, dated as of November 28, 2012, between ARI Network Services, Inc. and American Stock Transfer & Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 4, 2012.
10.4
Third Amendment to Rights Agreement,
dated as of March 12, 2013, between ARI Network Services, Inc. and American Stock Transfer & Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.5
Form of Securities Purchase Agreement dated March 12, 2013, between ARI Network Services, Inc. and the Purchasers identified therein, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.6
Form of Registration Rights Agreement dated as of March 12, 2013, among ARI Network Services, Inc., the Ascendiant Affiliate and each of the several Purchasers signatory thereto, incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.7*
Summary of Executive Bonus Arrangements (Fiscal 2012), incorporated by reference to Exhibit 10.2 of the Company's Form 10-K for the fiscal year ended July 31, 2012.
10.8*
Employment Agreement dated December 10, 2010 between Darin R. Jan
e
cek and the Company, incorporated by reference to Exhibit 10.1 to the Form 8-K filed on December 16, 2010.
10.9*
Change of Control Agreement dated December 10, 2010 between Darin R. Jan
e
cek and the Company, incorporated by reference to Exhibit 10.2 to the Form 8-K filed on December 16, 2010.
10.10*
ARI Network Services, Inc. 2010 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Company' Current Report on Form 8-K filed on December 22, 2010.
10.11*
ARI Network Services, Inc. 2000 Employee Stock Purchase Plan, as Amended and Restated November 4, 2010, incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 22, 2010.
10.12
Loan and Security Agreement dated as of July 27, 2011 by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated herein by reference to Exhibit 10.1 to the Form 8-K filed on July 28, 2011.
10.13
Membership Interests Security Agreement dated as of July 27, 2011 by ARI Network Services, Inc. to and in favor of Fifth Third Bank, incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on July 28, 2011.
10.14
Second Amendment to Loan and Security Agreement and Other Loan Documents, dated as of November 28, 2012, by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
10.15
Third Amendment to the Loan and Security Agreement and Other Loan Documents, dated as of March 8, 2013, by and between ARI Network Services, Inc. and Fifth Third Bank.
10.16*
2000 Stock Option Plan, as amended, incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q for the quarter ended April 30, 2008.
10.17*
Amended and Restated Employment Agreement, executed as of October 31, 2011, between Roy W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 4, 2011.
10.18*
Second Amendment to Change of Control Agreement, dated October 31, 2011, between Roy W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on November 4, 2011.
10.19*
Employment Agreement, executed as of December 21, 2011, between Jeffrey E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.20*
Change of Control Agreement, dated December 21, 2011, between Jeffrey E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.21*
Employment Agreement, executed as of December 12, 2011, between Jon M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.22*
Change of Control Agreement, dated December 12, 2011, between Jon M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.23*
Independent Employee Sub-Contractor Agreement dated as of October 25, 2012, between ARI Network Services, Inc. and Gordon J. Bridge, incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on December 17, 2012.
10.24*
Employment Agreement, executed as of August 14, 2012, between Marvin A. Berg and ARI Network Services, Inc., incorporated by reference to the Company's Form 10-K for the fiscal year ended July 31, 2012.
10.25*
Change of Control Agreement, dated August 14, 2012, between Marvin A. Berg and ARI Network Services, Inc., incorporated by reference to Exhibit 10.29 to the Company's Form 10-K for the fiscal year ended July 31, 2012.
21.1
Subsidiaries of the Company, incorporated by reference to Exhibit 10.30 to the Company's Form 10-K for the fiscal year ended July 31, 2012.
23.1
Consent of Wipfli LLP.
23.2
Consent of Godfrey & Kahn, S.C. (included in Exhibit 5.1).
24.1
Powers of Attorney appear on the signature page hereof.
II-
3
II-
4
*
Indicates Management Contract or Compensatory Plan or Agreement.
Item 17.
Undertakings
The undersigned Company hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)
to include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
II-
5
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
(2)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness;
provided, however
, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the provisions described in Item 14 of this Registration Statement, or otherwise, the Company has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
II-
6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of
Milwaukee,
State of
Wisconsin
, on
April
24
, 20
13
.
ARI Network Services, Inc.
/s/ Roy W. Olivier
Roy W. Olivier
President and Chief Executive Officer
/s/ Darin R. Janecek
Darin R. Janecek
Vice President of Finance and Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints
Roy W. Olivier and Darin R. Janecek
as his
true and lawful attorney-in-fact and agent, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign this
registration statement and any and all amendments thereto, including post-effective amendments, and to file the same, with all exhibits thereto, any related
registration filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all the
said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on Form S-1 has been signed by the following
persons in the capacities and on the dates indicated.
Signature
Office(s)
Date
/s/ Roy W. Olivier
President, Chief Executive Officer and Director
April
24
, 2013
Roy W. Olivier
/s/ Brian E. Dearing
Chairman of the Board
April
24
, 2013
Brian E. Dearing
/s/ Gordon J. Bridge
Director
April
24
, 2013
Gordon J. Bridge
/s/ William C. Mortimore
Director
April
24
, 2013
William C. Mortimore
/s/ P. Lee Poseidon
Director
April
24
, 2013
P. Lee Poseidon
/s/ William H. Luden, III
Director
April
24
, 2013
William H. Luden, III
/s/ James R. Johnson
Director
April
24
, 2013
James R. Johnson
/s/ Robert Y. Newell, IV
Director
April
24
, 2013
Robert Y. Newell, IV
II-
7
EXHIBIT INDEX
Exhibit
Number
Description
2.1
Asset Purchase Agreement dated March 1, 2011 between ARI Network Services, Inc. and Globalrange Corporation, incorporated herein by reference to Exhibit 2.1 to the Company's Current report on Form 8-K filed on March 4, 2011.
2.2
Asset Purchase Agreement dated August 17, 2012 by and among ARI Network Services, Inc., Ready2Ride, Incorporated, Jamie Amy-Longacre and Ronald L. Longacre, Jr., incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 23, 2012.
2.3
Bill of Sale dated as of November 28, 2012, incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
2.4
Assumption and Assignment and Transition Services Agreement dated as of November 28, 2012, incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on December 4, 2012.
3.1
Articles of Incorporation of the Company, as amended, incorporated herein by reference to Exhibit 3.1 of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 1999.
3.2
Articles of Amendment of the Company, incorporated herein by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on August 18, 2003.
3.3
By-laws of the Company incorporated herein by reference to Exhibit 3.1 of the Company's Registration Statement on Form S-l (Reg. No. 33-43148).
4.1
Secured Non-Negotiable Subordinated Promissory Note dated November 28, 2012 issued to Michael D. Sifen, Inc., incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
4.2
First Amendment to Secured Non-Negotiable Subordinated Promissory Note dated as of March 15, 2013, between ARI Network Services, Inc. and Michael D. Sifen, Inc., incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on March 18, 2013.
4.3
Form of Common Stock Purchase Warrant dated March 15, 2013, incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on March 18, 2013.
5.1
Opinion of Godfrey & Kahn, S.C. regarding the legality of the Common Stock being registered.
10.1
Rights Agreement dated as of August 7, 2003, between the Company and American Stock Transfer & Trust Company, as Rights Agent, incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 18, 2003.
10.2
First Amendment to Rights Agreement dated November 10, 2005, between the Company and American Stock Transfer & Trust Company, as Rights Agent, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 14, 2005.
10.3
Second Amendment to Rights Agreement, dated as of November 28, 2012, between ARI Network Services, Inc. and American Stock Transfer & Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 4, 2012.
10.4
Third Amendment to Rights Agreement,
dated as of March 12, 2013, between ARI Network Services, Inc. and American Stock Transfer & Trust Company, LLC, as Rights Agent, incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.5
Form of Securities Purchase Agreement dated March 12, 2013, between ARI Network Services, Inc. and the Purchasers identified therein, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.6
Form of Registration Rights Agreement dated as of March 12, 2013, among ARI Network Services, Inc., the Ascendiant Affiliate and each of the several Purchasers signatory thereto, incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on March 18, 2013.
10.7*
Summary of Executive Bonus Arrangements (Fiscal 2012), incorporated by reference to Exhibit 10.2 of the Company's Form 10-K for the fiscal year ended July 31, 2012.
10.8*
Employment Agreement dated Decembe
r 10, 2010 between Darin R. Jane
cek and the Company, incorporated by reference to Exhibit 10.1 to the Form 8-K filed on December 16, 2010.
10.9*
Change of Control Agreement dated Decembe
r 10, 2010 between Darin R. Jane
cek and the Company, incorporated by reference to Exhibit 10.2 to the Form 8-K filed on December 16, 2010.
10.10*
ARI Network Services, Inc. 2010 Equity Incentive Plan, incorporated herein by reference to Exhibit 10.1 to the Company' Current Report on Form 8-K filed on December 22, 2010.
10.11*
ARI Network Services, Inc. 2000 Employee Stock Purchase Plan, as Amended and Restated November 4, 2010, incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 22, 2010.
10.12
Loan and Security Agreement dated as of July 27, 2011 by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated herein by reference to Exhibit 10.1 to the Form 8-K filed on July 28, 2011.
10.13
Membership Interests Security Agreement dated as of July 27, 2011 by ARI Network Services, Inc. to and in favor of Fifth Third Bank, incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on July 28, 2011.
10.14
Second Amendment to Loan and Security Agreement and Other Loan Documents, dated as of November 28, 2012, by and between ARI Network Services, Inc. and Fifth Third Bank, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 4, 2012.
10.15
Third Amendment to the Loan and Security Agreement and Other Loan Documents, dated as of March 8, 2013, by and between ARI Network Services, Inc. and Fifth Third Bank.
10.16*
2000 Stock Option Plan, as amended, incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q for the quarter ended April 30, 2008.
10.17*
Amended and Restated Employment Agreement, executed as of October 31, 2011, between Roy W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 4, 2011.
10.18*
Second Amendment to Change of Control Agreement, dated October 31, 2011, between Roy W. Olivier and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on November 4, 2011.
10.19*
Employment Agreement, executed as of December 21, 2011, between Jeffrey E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.20*
Change of Control Agreement, dated December 21, 2011, between Jeffrey E. Horn and ARI Network Services, Inc., incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.21*
Employment Agreement, executed as of December 12, 2011, between Jon M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.22*
Change of Control Agreement, dated December 12, 2011, between Jon M. Lintvet and ARI Network Services, Inc., incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed on March 15, 2012.
10.23*
Independent Employee Sub-Contractor Agreement dated as of October 25, 2012, between ARI Network Services, Inc. and Gordon J. Bridge, incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q filed on December 17, 2012.
10.24*
Employment Agreement, executed as of August 14, 2012, between Marvin A. Berg and ARI Network Services, Inc., incorporated by reference to the Company's Form 10-K for the fiscal year ended July 31, 2012.
10.25*
Change of Control Agreement, dated August 14, 2012, between Marvin A. Berg and ARI Network Services, Inc., incorporated by reference to Exhibit 10.29 to the Company's Form 10-K for the fiscal year ended July 31, 2012.
21.1
Subsidiaries of the Company, incorporated by reference to Exhibit 10.30 to the Company's Form 10-K for the fiscal year ended July 31, 2012.
23.1
Consent of Wipfli LLP.
23.2
Consent of Godfrey & Kahn, S.C. (included in Exhibit 5.1).
24.1
Powers of Attorney appear on the signature page hereof.
*
Indicates Management Contract or Compensatory Plan or Agreement.