]>
CeNeS announces preliminary results for the year ended 31 December
2002.
Cambridge, UK 16 April 2003 - CeNeS Pharmaceuticals plc (LSE:CEN)
today announced its results for the year ended 31 December 2002 and
an update on its restructuring plan.
Key events since January 2002
Highlights
* Sale of pharmaceutical products in deal worth over �9
million
* M6G for post-operative pain ready to start Phase III
trials after successful completion of Phase II trials
* CNS5161 for neuropathic pain ready to start extended Phase
II trials
* Disposed of all non-core assets to complete restructuring
plan: Cambridge Cognition, Channelwork
Financial and corporate
* Retained loss for 2002 of �6.3 million. Retained loss for
2001 was �64.6 million
* Turnover down slightly to �5.2 million in 2002 from �5.3
million in 2001
Commenting on the results, Alan Goodman Chairman said: "These results
demonstrate that the Board were right to restructure the company in
light of market conditions in October 2001. The company is now in a
strong position to meet the challenges of the next two years".
Chairman's statement
I am pleased to report that CeNeS has effected a successful financial
restructuring whilst maintaining momentum in our key clinical assets.
CeNeS is now well placed to progress its late stage clinical pipeline
focused on the treatment of pain and thereby deliver increased
shareholder value.
The year of 2002 has seen the successful completion of the main
objectives of the restructuring plan commenced in late 2001. This
success has been followed early in 2003 by the completion, subject to
shareholder approval, of the disposal of our main pharmaceutical
products in return for a significant cash consideration of over �9m.
As a result, CeNeS is now in its strongest financial position for
over four years. The pharmaceuticals products division had continued
to perform to plan in 2002/2003 but, following the receipt of several
unsolicited offers, the Board took the view that, in light of the
poor funding environment, the investment needed in CeNeS late stage
clinical assets and the financial restructuring of CeNeS partner,
Elan, the realisation of a significant amount of cash was the best
option.
CeNeS now has sufficient cash resources for at least the next two
years and the capability to take forward its two late stage clinical
projects in post-operative and neuropathic pain into their Phase III
and Phase II programmes respectively. CeNeS also has interests in
several non-core assets that have been sold/partnered under the
restructuring programme.
The attainment of this secure, focused status is a major achievement
and has been carried out against the background of extremely adverse
conditions in the public markets and the biopharma sector in
particular. In addition, CeNeS has had to deal with the implications
of the financial restructuring plan implemented by its key corporate
partner Elan.
The successful restructuring of CeNeS and the continued progress of
our key clinical assets would not have been possible without the
efforts of everyone at CeNeS and I would like to thank the Board,
management and employees of CeNeS for all their hard work and
commitment.
The Board now look forward to increasing investor interest and
confidence in CeNeS starting from a sound financial base with a clear
therapeutic focus. It is the Board's view that increased shareholder
value will best be attained by the progression of CeNeS existing
clinical assets in pain. However, the Board will also continue to
examine realistic in-licensing and corporate transactions when it is
felt that a successful conclusion will enhance the delivery of
shareholder value.
The continuing depressed state of the biopharmaceutical sector
remains an extremely challenging operating environment for the
smaller companies such as CeNeS. The difficult decisions that the
CeNeS Board has taken in the past eighteen months mean that CeNeS is
well placed to cope with the ongoing uncertainty.
Chief Operating Officer's review
Strategy
After a difficult eighteen months CeNeS is now securely established
as a small, well funded biotechnology company focused on its late
stage clinical candidates - morphine-6-glucuronide (M6G) and CNS
5161- that are targeted at the treatment of post-operative and
neuropathic pain respectively. CeNeS plans to eventually license
these potential products to pharmaceutical companies who will then
complete their clinical development, gain marketing approvals and
commercialise the products.
CeNeS medium term strategy is to take M6G and CNS 5161 through
further Phase III and Phase II trials respectively in the next 18
months with the intention of assembling comprehensive data packages
which will enhance the ability of the Company to locate suitable
partners for the final development and commercialisation of these
planned drugs. Concurrently, CeNeS will manage its cash resources
prudently and plans to carry out the M6G and CNS 5161 clinical
programmes referred to above and still have cash resources to fund
operations into late 2005. CeNeS management will also continue to
examine in-licensing opportunities with the intention of expanding
the portfolio if suitable drug candidates and acceptable financial
deal structures/clinical investment plans can be agreed. CeNeS Board
will also, with the assistance of its advisors, continue to review
corporate transactions that it judges to be in the interests of CeNeS
shareholders. CeNeS improved financial position means that it is
better placed to obtain value for shareholders should any transaction
proceed to completion.
CeNeS continues to have a diverse range of interests in non-core
assets that have been sold or partnered under the restructuring
programme. In the longer term this portfolio could generate up to $20
million plus royalty streams if various milestones and targets are
achieved under the agreed contracts. Under its strategic plan CeNeS
management will continue to monitor the progress of these interests.
Pharmaceutical products sale
Raising funds from the disposal of the pharmaceutical products
reduces the Company's dependence on Elan in the continuing late stage
development of M6G and enables the Company alone to continue the
clinical development of M6G until a new partner is secured.
The proceeds of the disposals will also allow the Company to develop
its second clinical candidate, CNS 5161, targeted at the treatment of
neuropathic pain. Phase II clinical trials of CNS 5161 are planned to
commence as soon as practicable in 2003 assuming the passing of the
Ordinary Resolution at the Disposals EGM. The funds raised from the
Disposal will also remove any perceived short term risk associated
with the Company's cash resources and will enable the Board to
negotiate further partnership deals from a more financially secure
position, thereby increasing the prospects of the Board realising
greater value to shareholders.
Elan Joint Venture
CeNeS is continuing discussions with its partner Elan with the
intention of simplifying the joint venture. Further details will be
announced in due course as the details of the new arrangement are
finalised.
Restructuring
During the period under review CeNeS management completed the sale of
two non-core divisions and several out-licensing deals.
Cambridge Cognition sale
This neuropsychological testing business was sold to a management buy
out team backed by venture capitalists in May 2002 to create a new
company called Cambridge Cognition Limited. Under the terms of the
sale, CeNeS will realise a maximum of �1m in stage payments and CeNeS
retains rights to use the CANTAB cognitive testing system in its
clinical trials. CeNeS had owned the business since early 1997 and
revenues had grown to �1.1m in 2001 from �0.4m in 1997. The division
was not core to the strategy going forward and required further
investment to realise the full potential of the technology and
software that CeNeS had developed. In mid 2001, CeNeS established the
necessary management team to lead the spinout.
CeNeS Channelwork spinout
In August 2002, CeNeS announced the spinout of its ion channel
technology development business (Channelwork). Channelwork was
acquired by a new company called Xention Discovery Ltd in a
transaction led by a venture capital fund manager specialising in
life sciences start-up companies. In addition to a minority
shareholding in the new company, CeNeS retains certain option rights
over clinical candidates for the treatment of pain disorders that
arise from the research undertaken by Xention.
Under the terms of the transaction, Xention has acquired the
AutoPatchTM technology and all related intellectual property. The
CeNeS employees working on the project also transferred to Xention.
AutoPatch is a pioneering technology that enables high-throughput
functional screening of ion channel drug targets at speeds and in
volumes not possible with conventional technology. This enhanced
throughput will be exploited by Xention to address more targets and
to create more novel chemistry than would be possible using
traditional methods. On completion, CeNeS received consideration of a
minority shareholding in Xention and a loan note of �375,000.
Disposal of other non-core assets
In late 2001, CeNeS completed the disposal of the ion-channel focused
chemical library to Scion Pharmaceuticals, Inc. for consideration of
up to $2.8m. In early 2002 CeNeS assigned a Parkinson's disease
research programme to our partner Shire Pharmaceuticals plc and again
retained an interest in the form of milestones of up to �2m and
royalties in this programme should it proceed through clinical
development.
In November 2002, CeNeS out-licensed its recombinant glial growth
factor (GGF2) for the potential treatment of multiple sclerosis (MS)
to Acorda Therapeutics, Inc. a leading US based research and
development company specialising in spinal cord injury and central
nervous system (CNS) disorders.
GGF2 is involved in controlling the cells that form and maintain the
myelin sheath insulating nerve axons in the CNS. These cells are
thought to be involved early in the demyelination of nerve fibres
seen in MS. A recombinant version of GGF2, rhGGF2, is currently in
late stage pre-clinical trials for multiple sclerosis. Cambridge
Neuroscience, which was acquired by CeNeS in December 2000, along
with Bayer, had originally developed the growth factor.
Under the terms of the agreement, Acorda acquired CeNeS rights
relating to GGF2 and its earlier stage research candidate neuregulin
2 (NRG2). In return, CeNeS will receive up to $13m consisting of
$0.5m upfront together with up to $12.5m further stage payments
dependent on the achievement of clinical milestones. CeNeS will also
receive royalties on any product sales.
In December 2002, CeNeS signed an agreement to out-licence CEE
03-310, its selective antagonist of dopamine D1-like receptors, which
CeNeS had been developing for the potential treatment of sleep
disorders and substance abuse. The compound was out-licensed to Addex
Pharmaceuticals, a biopharmaceutical company committed to the
discovery, development and marketing of novel therapeutic compounds
for the treatment of addiction and other neuropsychiatric conditions
in spinal cord injury and central nervous (CNS) disorders. Addex will
focus on the development of the compound in the treatment of drug
abuse.
Under the terms of the agreement, Addex acquired CeNeS rights
relating to CEE 03-310 and in return, CeNeS will receive up to $4.5m
consisting of $0.3m upfront together with up to $4.2m further stage
payments dependent on the achievement of clinical milestones. CeNeS
will also receive royalties on any product sales.
Financial Review
Results of operations
The retained loss for the year ended 31 December 2002 was �6.3
million (2001: �64.6 million). The cash balance at 31 December 2002
was �0.5 million (31 December 2001: �2.2 million).
Turnover decreased to �5.2 million in the year to 31 December 2002
compared to turnover of �5.3 million in the previous financial year.
A fall in the revenues generated by the Cambridge Cognition Limited
and Channelwork divisions - which were both sold during the year -
was largely offset by the continued steady growth in sales of the
portfolio of pharmaceutical products and also non-recurring revenues
generated in 2002 from the divestment of non-core assets under the
restructuring plan. Gross profits have increased as a result of
changes in pharmaceutical product manufacturing arrangements and the
recognition of certain licensing revenues. The discontinued turnover
and gross profit figures relate to the activities of Cambridge
Cognition and the Channelworks division which were disposed of during
the year.
Research and development costs in total decreased significantly to
�3.5 million (2001: �8.3 million) as a result of the cut backs and
divestments made in non-core activities. Research and development
costs in continuing operations have decreased to �2.1 million (2001:
�2.5 million). The majority of this spend relates to the clinical
development of M6G undertaken by the CeNeS/Elan joint venture. CeNeS
has reclaimed its joint venture spend by calling down funds under the
7% Convertible Unsecured Loan Stock 2007 instrument issued to Elan
under the joint venture arrangement. Research and development costs
in discontinued operations have decreased to �1.5 million (2001: �5.8
million) principally as a result of the discontinuation of non-core
research and development activities. The reduction in discontinued
research and development cost is offset by the inclusion of an amount
of �1.0 million paid in December 2002 to British Technology Group
(BTG) for drug delivery licences originally acquired from BTG in
1997. At the same time BTG subscribed for 4 million CeNeS ordinary 10
pence shares at 25 pence per share.
Administrative expenses, excluding exceptional goodwill write downs
of �1.7 million (2001: �33.7 million), have significantly decreased
to �6.2 million (2001: �13.8 million), reflecting cut backs made
under the restructuring process. Included in these numbers is the
charge for amortisation of intangible assets which for the year to 31
December 2002 was �2.8million (2001 �3.5 million).
Administrative costs relating to discontinued activities were �0.8
million (2001: �5.3 million). Following the disposals of Cambridge
Cognition Limited and the Channelworks division during 2002, staff
numbers have reduced to 11 from 85 as at 31 December 2001.
Following the disposals of Cambridge Cognition Limited and the
Channelworks division and as a result of the prevailing market
conditions, the directors have reviewed the carrying value of the
goodwill held on the balance sheet as an intangible asset at 31
December 2002. Accordingly, the directors have decided that the
balance of goodwill should be written down to �7.5 million, resulting
in a write down of �1.7 million. The goodwill arose on CeNeS
Limited's merger with Core Group in December 1999.
Other operating income of �1.6 million (2001: �0.5 million) relates
to the development spend reclaimed by CeNeS in the period under the
CeNeS/Elan joint venture arrangements. A profit on disposal of �0.6
million (2001: �nil) was made on the sales of Cambridge Cognition
Limited and the Channelworks division. Other interest receivable and
similar income of �1.2 million (2001: �nil) relates to the gain on
foreign currency translation made on conversion of the dollar
denominated long term convertible debt.
A provision of �0.9 million (2001: �0.9 million) has been made for
the expected liability relating to the leases of premises in Scotland
that are no longer required by the group. The sites in Scotland are
being actively marketed. Of this provision, �0.6 million (2001: �0.7
million) is included in creditors due after more than one year and
�0.3 million (2001: �0.2 million) is included in creditors due within
one year.
During the 2002 financial year CeNeS received �962,000 under the
research and development tax credit scheme in respect of the year to
31 December 2001. It is estimated that the claim for 2002 will be
�85,000. This amount has yet to be agreed with the Inland Revenue.
The amount to be claimed in 2002 is lower because CeNeS has received
funding via the CeNeS/Elan joint venture and this receipt reduces the
amount of qualifying research and development expenditure.
The tax credit in the profit and loss account for 2002 of �226,000
includes �85,000 in respect of 2002, �162,000 received in respect of
2001 and �21,000 repayable in respect of 2000. The tax credit for
2001 of �1,493,000 included amounts received in respect of 2000 of
�693,000 and a provision for �800,000 in respect of the anticipated
claim for 2001.
Fixed assets
The decrease in intangible assets to �13.3 million (2001: �18.0
million) is a result of amortisation of product licences and goodwill
of �2.8 million, excluding the BTG licence, the disposal of Cambridge
Cognition Limited and the impairment of CeNeS Limited goodwill of
�1.7 million.
Tangible fixed assets have decreased to �43,000 (2001: �596,000) as a
result of the disposals of Cambridge Cognition Limited and the
Channelworks division, and the closure of the Scottish premises.
Debtors
Debtors due after more than one year of �2.1 million (2001: �nil)
include amounts advanced to CeNeS (Bermuda) Limited of �1.8million,
deferred consideration owed following the disposal of Cambridge
Cognition Limited and the loan note due following the disposal of the
Channelworks division. Debtors due within one year are lower at �1.2
million (2001: �2.6 million) mainly because of lower trade debtors
following the group restructuring and a lower tax debtor in respect
of the research and development tax credit.
Creditors
Creditors due within one year are lower at �2.1 million (2001: �4.5
million). Included in 2001 creditors were payments in advance of �0.5
million (2002: �nil), restructuring provisions of �0.8 million (2002:
�0.4 million) and obligations under finance leases of �0.2 million
(2002: �8,000). Trade creditors, accruals and tax and social security
creditors are also lower in 2002 as a result of the restructuring
process.
The share of net liabilities of joint venture of �1.8 million (2001:
�0.5 million) reflects the losses made by CeNeS (Bermuda) Limited in
carrying out development work on M6G.
Cash resources
Net cash outflow for the year ended 31 December 2002 was �1.7m (2001:
�8.4m). Cash at bank and in hand at 31 December 2002 was �0.5m (2001:
�2.2m).
Convertible debt
The 5% convertible unsecured exchangeable loan stock 2009 has
decreased to �8.0 million (2001: �8.7 million) after interest of �0.4
million and a gain on retranslation of �1.1 million. The movement on
the 7% Convertible Unsecured Loan stock 2007 of �1.8 million reflects
the draw downs made by CeNeS under the CeNeS/Elan joint venture to
fund CeNeS portion of the development work undertaken in 2001/2002 on
the joint ventures development of M6G.
Financial outlook for 2003 and 2004
One of the key objectives of the restructuring process initiated in
2001 was for the company to be self funding to the end of 2003. As a
result of the progress to date, the directors are now confident that
this target will be exceeded. This was achieved during 2002 with the
disposals of non-core assets. The disposal of the pharmaceutical
products, generating cash of approximately �9 million, means that the
company will have sufficient funds to progress its late stage
clinical portfolio and to fund other corporate activities over the
next two years.
Consolidated Profit and Loss Account
For the year ended 31 December 2002 Unaudited Audited
2002 * 2001
�'000 �'000
Turnover - continuing 4,146 3,145
- discontinued 1,086 2,159
5,232 5,304
Cost of - continuing (1,590) (1,795)
sales
- discontinued (212) (1,019)
(1,802) (2,814)
Gross profit - continuing 2,556 1,350
- 874 1,140
discontinued
3,430 2,490
Research and development - continuing (2,058) (2,543)
costs
- (1,478) (5,803)
discontinued
(3,536) (8,346)
Administrative - continuing (5,400) (8,514)
expenses
- exceptional (1,731) (9,231)
goodwill write
down in continuing
operations
- discontinued (788) (5,271)
- exceptional (24,479)
goodwill write -
down in
discontinued
operations
(7,919) (47,495)
Other operating 1,574 519
income
Operating - continuing (5,059) (18,419)
loss
- (1,392) (34,413)
discontinued
(6,451) (52,832)
Share of operating loss (1,391) (9,057)
of joint venture
Profit on disposal of discontinued 553
operations -
Provision for loss on disposal of (4,216)
discontinued operations -
Interest payable (445) (106)
Other interest receivable and similar 1,186
income -
Loss on ordinary activities before (6,548) (66,211)
taxation
Taxation 226 1,493
Loss on ordinary activities after (6,322) (64,718)
taxation
Minority 64 121
interest
Loss for the year (6,258) (64,597)
Loss per ordinary (3.7p) (40.7p)
share
* Results for this year have been re-presented to show the group's
interest in CeNeS (Bermuda) Limited as a joint venture, see note 5.
Consolidated statement of total
recognised gains and losses
For the year ended 31 Unaudited Audited
December 2002
2002 2001
�'000 �'000
Loss for the year (6,258) (64,597)
Gain on foreign currency 18 124
translation
Total recognised gains and losses for (6,240) (64,473)
the year
Consolidated Balance
Sheet
As at 31 December 2002
Unaudited Audited
2002 *2001
�'000 �'000
Fixed assets
Intangible assets 13,309 17,992
Tangible assets 43 596
13,352 18,588
Current assets
Stocks 888 473
Debtors - amounts falling 2,142 -
due after more than one
year
Debtors - amounts falling 1,247 2,591
due within one year
Cash at bank and in hand 480 2,161
4,757 5,225
Creditors - amounts (2,145) (4,515)
falling due within one
year
Net current assets 2,612 710
Total assets less current 15,964 19,298
liabilities
Creditors - amounts
falling due
after more than one year
5% convertible unsecured (7,995) (8,717)
exchangeable loan stock
2009
7% convertible unsecured (1,801) -
loan stock 2007
Other creditors (663) (1,013)
Share of net liabilities (1,793) (512)
of joint venture
Net assets 3,712 9,056
Capital and reserves
Called up share capital 17,441 17,016
Share capital to be 5,219 5,262
issued
Share premium account 86,235 85,603
Profit and loss account (115,590) (109,350)
Other reserves 10,407 10,421
Equity shareholders' 3,712 8,952
funds
Minority interests - 104
Total capital employed 3,712 9,056
* The prior year has been re-presented to show the group's interest
in CeNeS (Bermuda) Limited
as a joint venture, see note 5.
Consolidated
Cash Flow
Statement
For the year Unaudited Audited
ended 31
December 2002
2002 2001
�'000 �'000
Net cash outflow (5,005) (14,834)
from operating
activities
Returns on
investments and
servicing of
finance
Interest 49 199
received
Interest paid (15) (20)
Interest element (8) (57)
of finance lease
rental payments
Net cash inflow 26 122
from returns on
investment
and servicing of
finance
Taxation
Corporation tax 962 693
refund
Capital
expenditure and
financial
investment
Payment to (16) (223)
acquire tangible
fixed assets
Payment to (1,000) -
acquire
intangible fixed
assets
Receipts from 354 724
sale of tangible
fixed assets
Net cash (662) 501
(outflow)/inflow
from capital
expenditure
and financial
investment
Acquisitions and
disposals
Investment in (8,542)
joint venture -
Proceeds from 488
sale of -
subsidiary
undertaking
Net cash 20
acquired with -
subsidiary
Net cash 488 (8,522)
inflow/(outflow)
from
acquisitions and
disposals
Net cash outflow (4,191) (22,040)
before financing
Financing
Issue of 1,005 5,742
ordinary share
capital
Repayment of (61) (64)
loans
Issue of 1,794 8,502
convertible loan
note
Capital element (228) (540)
of finance lease
rentals
Net cash inflow 2,510 13,640
from financing
Decrease in cash (1,681) (8,400)
Reconciliation
of Net Cash Flow
to Movement in
Net Debt
2002 2001
�'000 �'000
Decrease in cash (1,681) (8,400)
in the period
Cash inflow due (1,505) (7,898)
to changes in
debt and finance
leasing
Change in net (3,186) (16,298)
debt resulting
from cash flows
Exchange 1,186 -
adjustment
Non-cash items (471) (215)
Movement in net (2,471) (16,513)
debt
Net (debt)/funds (7,032) 9,481
brought forward
Net (debt) (9,503) (7,032)
carried forward
Notes to preliminary results for the year ended 31 December 2002
1. Basis of Preparation
Other than as explained in note 5, these preliminary results have
been prepared on a consistent basis with the financial statements for
the year ended 31 December 2001, except that FRS 19 'Deferred tax'
has been adopted. The adoption of FRS 19 has had no effect on the
amounts disclosed.
The financial information set out in the preliminary statement does
not comprise the Company's statutory accounts within the meaning of
section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2002 is
unaudited, and has been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 31 December
2001. The auditors have not yet reported on the accounts for the year
ended 31 December 2002, nor have any such accounts been delivered to
the Registrar of Companies for Scotland. The financial information
for the year ended 31 December 2001 has been extracted from the full
report and accounts for that year which have been filed with the
Registrar of Companies. The statutory accounts for the year ended 31
December 2002 will be sent to shareholders with the notice of the
Annual General Meeting and filed with the Registrar of Companies in
due course.
These preliminary results were approved by the Board on 15th April
2003
2. Loss per share
The loss per share is based on losses of �6.3m (2001: �64.6m) and the
weighted average number of shares in issue during the year of
170,361,713 shares (2001: 158,906,546).
3. Discontinued operations
In the consolidated profit and loss account, discontinued activities
refer to Cambridge Cognition Limited and the Channelworks division
which have been sold, as well as the drug delivery division based in
Scotland and the site in Boston, USA whose operations were
discontinued in 2001.
4. Reconciliation of operating loss to net cash
outflow from operating activities
Unaudited Audited
2002 2001
�'000 �'000
Operating loss (6,451) (52,832)
Depreciation 184 1,429
Release of grant (96) (38)
Amortisation of goodwill/licences 3,820 5,355
(Profit)/loss on sale of tangible (207) 256
fixed assets
Impairment of goodwill 1,731 33,710
Benefits and options settled by shares - 109
(Increase) in stocks (460) (100)
(Increase)/decrease in debtors (1,559) 2,182
(Decrease) in creditors (1,967) (4,905)
Net cash outflow from operating (5,005) (14,834)
activities
5. Accounting for joint venture arrangement
Due to its 80.1% shareholding in CeNeS (Bermuda) Limited, the Group
accounted for CeNeS (Bermuda) Limited as a subsidiary in the
Financial Statements for the year ended 31 December 2001.
The Directors continually review the method of accounting for this
arrangement and now believe that to account for CeNeS (Bermuda)
Limited as a joint venture rather than as a subsidiary better
presents the substance of the relationship. As a result, CeNeS
(Bermuda) Limited has been accounted for using the gross equity
method of accounting in these preliminary results. The comparative
figures for have also been adjusted to reflect this method of
accounting.
6. Reconciliation of movements in Unaudited Audited
group shareholders' funds
2002 *2001
�'000 �'000
Loss for the financial year (6,258) (64,597)
Gain on foreign currency translation 18 124
Movement in share option reserve (14) -
Movement in share capital to be issued (43) (45)
Issue of shares 1,057 5,874
Net decrease in shareholders' funds (5,240) (58,644)
for the year
Opening shareholders' funds 8,952 67,596
Closing shareholders' funds 3,712 8,952
* The prior year has been re-presented to show the group's interest
in CeNeS (Bermuda) Limited
as a joint venture.
- ---END OF MESSAGE---
Copyright � Hugin ASA 2003. All rights reserved.-----BEGIN PGP SIGNATURE-----
Version: PGP 6.5.8
iQA/AwUBPp0VFO6RaHz0nSHVEQIxWQCglw6oxT7XSWata2flV4AhuKG79akAnRIv
tMrXtmB+OyjAC4j2QOiFF3KG
=eBP6
-----END PGP SIGNATURE-----