The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes appearing elsewhere in this Report. This discussion and analysis may contain forward-looking statements based on assumptions about our future business. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under “Risk Factors” and elsewhere in this Report.
Unless required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Report or to reflect the occurrence of unanticipated events. Shareholders and potential shareholders should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Report. Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside of our control, and involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made, including, but not limited to, the following:
● unanticipated fluctuations in the number of licenses sold to Web Store Owners;
● unanticipated changes in our cost of operations and in the availability of financing to fund our operations;
● decreased demand for products sold on Web Stores;
● product and services announcements by us or our competitors;
● loss of any of our key executives;
● regulatory announcements, proceedings or changes;
● competitive product developments;
● unfavorable intellectual property and legal developments;
● mergers or strategic alliances in the Internet and e-commerce sectors;
● any business combination we may propose or complete;
● any financing transactions we may propose or complete; or
● broader industry and market trends unrelated to our performance.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Although Duke Mining acquired Kaching Nevada in the Merger, for accounting purposes, the Merger was accounted for as a reverse merger/recapitalization since the stockholders of Kaching Nevada acquired a majority of the issued and outstanding shares of this Company’s common stock. Accordingly, the financial statements contained in this report, and the description of our results of operations and financial condition, reflect (i) the operations of Kaching Nevada alone prior to the Merger, and (ii) the combined results of this company and Kaching Nevada and Duke Mining since the Merger.
Unless stated otherwise, references in this prospectus to the terms “KaChing,” the “Company,” “we,” “us,” or “our” refer to the ongoing operations of KaChing KaChing, Inc., a Delaware corporation, formerly known as Duke Mining Company, Inc; “KaChing Nevada” refers to KaChing KaChing, Inc., the Nevada corporation with which we merged and whose operations we currently conduct.
Business
KaChing Nevada commenced operations in September 2009. The ability of the Company to achieve its business objectives is contingent upon its success in raising additional capital until, if ever, adequate revenues are realized by KaChing Nevada from operations, and to rapidly increase the number of active Web Stores in operation.
KaChing is an e-commerce solution that provides individual Store Owners with the ability to create, manage and earn money from product sales generated from their individual online web stores. KaChing leverages today’s social shopping trends by allowing customers to contribute reviews and ratings on each product sold in the store. These reviews are aggregated across KaChing storefronts. Store Owners subscribe to a monthly license and can sell products from their site and earn commissions. The goal of this company is to generate revenues primarily from license fees, website advertising and from a percentage of all E-commerce transactions effected through KaChing web stores.
The following is Management’s Discussion and Analysis of the result from operations for the three months ended September 30, 2010 compared against the three month period ended June 30, 2010. The Company has not presented a comparison against the three and nine month period ended September 30, 2009 as the inception date of the Company was September 17, 2009, and the Company had very little activity in the 13 days it was in existence during that period, which would make any comparison not meaningful.
Results of Operations — Revenues
We generate revenues from the monthly license fees paid by the Web Store Owners in which the amount of the initial month license fee is larger than the amount of each subsequent monthly license fee, and revenues from products sold on the Web Stores. For the three-month period ended September 30, 2010, we had revenues of $356,983, of which $344,214 was for licenses and $12,769 for product sales compared to revenues from licenses of $100,667 for the previous three months (and no product sales). Since this Company was formed in September 2009, it did not conduct operations in the comparable periods in 2009. In August 2010, we launched our fully functional online platform that was able to effect large scale online sales through the Web Stores. Our revenues for the September 30, 2010 period increased compared with revenues for the prior three-month period as more new Web Stores were opened following our August 2010 platform launch, and as sales of products at the existing Web Stores began to materialize through the functional online platform. Concurrently with the launch of the fully functional online platform, we launched a campaign to increase the number of Web Store owners (thereby increasing our licensing fees and possible future online sales proceeds).
Cost of Revenues
The Company pays commissions to (i) existing Web Store Owners who successfully enlist people or entities to become new Web Store Owners in the category who pay monthly license fees and to (ii) Web Store Owners for product sales made through their Web Stores. Cost of goods sold for the three and nine month periods ending September 30, 2010 are as follows:
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Three month period ended
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Nine month period ended
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|
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September 30,
2010
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|
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September 30,
2010
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|
|
Commissions - licenses
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$
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309,884
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|
|
$
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462,005
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|
|
Commissions - product
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|
|
577
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|
|
|
577
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|
|
Purchases - product
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|
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17,913
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|
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17,913
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Total
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$
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328,374
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|
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$
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480,495
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Cost of goods sold for the three month period ended September 30, 2010 increased $291,269 to $328,374 from $37,105 in the previous three months due to the new Web Stores opened and the start of products being sold through those Web Stores.
During the 3 months ended September 30, 2010, as part of the rollout of our new Brand Builder plan, we offered to our new store owners a significantly higher commission rate for introducing new customers to us. The commission rate incentive was started on August 1, 2010 and was effective through October 31, 2010. Thus, the commission rate incurred for the three month period ended September 30, 2010 was significantly higher as a percentage of license revenue than had we not had a temporary incentive. In the future under our standard commission structure, depending on the mix of license revenues, we expect our commission incurred rate to decrease from these rollout period levels.
Operating Expenses
Selling, general and administrative expenses (SG&A), including related party expenditures, for the three and nine month periods ending September 30, 2010 were $1,257,924 and $2,310,191 respectively. During the 3 months ended September 30, 2010 the Company recorded an expense of $230,000 for stock issued to consultants for services performed. Advertising and marketing expenses increased $319,647 which included compensation of approximately $141,000 for the value of warrants issued for the three months ended September 30, 2010 over the three months ended June 30, 2010. Professional fees for the three month period ended September 30, 2010 was $12,900 and the nine month period ended September 30, 2010 was $166,573. Professional expenses include legal and accounting services. Payroll and related costs, including stock based compensation were $321,921 during the quarter ended September 30, 2010, a reduction of approximately $54,000 from the previous quarter. The reduction was primarily the result of the Company not having any stock based compensation in this current quarter.
Our SG&A expenses are expected to continue increasing during the quarter ending December 31, 2010 as we increase our operations, increase advertising, and hire employees.
Interest Expense
Interest expenses increased to $135,071 and $222,098 for the three and nine month periods ended September 30, 2010 due to the increased amount of convertible notes issued by the Company to fund its operations. Because the Company has issued additional convertible notes since the end of the third quarter, the amount of interest payable by the Company in future periods is expected to increase.
Expense Related to Derivative Liability
Due to having warrants and convertible debt with reset/down round provisions we have a derivative liability which gets marked to fair value each reporting period. We recorded $3,285,357 and $3,236,053 of expenses for the three and nine month periods ended September 30, 2010, respectively.
Net Loss
Our Net Loss for the three- and nine- month periods ending September 30, 2010 was $4,701,750 and $5,873,908, respectively. Compared to the second quarter of 2010, our Net Loss increased due to an increase in operating expenses and expenses related to derivative liabilities.
Liquidity and Capital Resources
As shown in the accompanying consolidated financial statements, we incurred a loss of $4,701,750 for three month period ended September 30, 2010 and a net loss of $5,873,908 for the nine months then ended. Our current liabilities exceeded current assets by $1,736,470 at September 30, 2010, and we had virtually no cash on hand from which to pay our current obligations. In addition, our negative cash flow from operating activities for the nine month period ended September 30, 2010 was $1,031,851.
In order to fund our on-going operations, since September 30, 2010 we have borrowed a total of $350,000 by issuing short-term secured convertible notes and warrants to four lenders. These notes bear interest at 10% per annum and are all due and payable between November 11, 2010 and January 27, 2011.
We currently do not have sufficient funds on hand to fund our anticipated on-going operating expenses or the repayment of any of the loans that we have outstanding. Our current level of operations is not sufficient to fund our operating costs. Accordingly, we will have to obtain additional debt or equity funding in the near future in order to continue our operations. Although the amount of revenues generated from our operations is expected to increase during the remainder of 2010 and thereafter, we do not anticipate that we will generate sufficient cash from operations to fund our working capital needs until February 2011, at the earliest. Accordingly in order to fund operations for the next several months, we intend to continue to seek additional financing from various sources, including from the sale of convertible debt or equity securities. We have not yet identified, and cannot be sure that we will be able to obtain any additional funding from either of these sources, or that the terms under which we may be able to obtain such funding will be beneficial to us.. If we do not obtain sufficient additional funds in the near future, we will have to suspend some of our operations, scale down our current and proposed future operations or, if those actions are not sufficient, terminate our operations.
Until the third quarter of this year, we funded our operating expenses from the net proceeds of a private placement that we closed on April 23, 2010. In that private placement, we issued secured convertible promissory notes in the aggregate principal amount of $1,255,875 (the “Notes”). Of this amount, $255,875 represented secured convertible promissory notes we issued to certain creditors as payment for obligations owed to them from KaChing Delaware. Accordingly, the amount of cash proceeds that we actually received from the sale of these notes was $1,000,000. The Notes mature on October 23, 2011, and are convertible, in whole or part, at each holder’s option into shares of our common stock at an initial conversion price of $0.30 per share. Accordingly, in the event that we are unable to make all payments on these Notes as they become due, we could lose all of our assets in a foreclosure by the holders of the Notes.
Although we raised almost $1.0 million of cash in the Private Placement in April 2010, $385,000 during the quarter ended September 30, 2010, and $350,000 since then, those funds have been used to fund our operations to date, and we will, therefore, need to obtain additional financing to fund our future operating expenses and the implementation of our business plan. Our capital requirements for scaling up our current operations and the transition to full commercial operations are currently projected to be between $750,000 and $1,500,000 through June 2011. The infrastructure to fully develop our business is already in place. However, in order for our business to succeed, we need to significantly increase the number revenue generating Web Stores, and increase the number of transactions effected on those Web Stores. Accordingly, our plan calls for a significant increase in our marketing activities and business promotion/brand awareness expenditures. If our marketing efforts and recruitment efforts succeed, in order to handle the increase in website traffic, we will also have to increase the number of customer service representatives that we employ and add additional back-office support staff for the additional Web Stores/transactions. Additionally, as the number of our Web Stores (and the number of customers each serves) increases, we expect to incur additional expenses relating to improving Internet experience of our Web Stores and their customers, including accelerating the speeds at which transactions are processed at these websites, and expanding our existing catalog of products available for sale.
Operating Activities
Net cash used in operating activities for the nine month period ended September 30, 2010 was $1,025,913. This was mainly attributable to the small amount of revenues we have generated to date and the significant expenses we have incurred as we establish our new business and operations.
We expect to have losses from operations in the upcoming months, through December 31, 2010 at a minimum, as we anticipate that we will continue to spend heavily to promote and expand the rollout of our new storefronts and Brand Builder strategy.
Investing Activities
The company invested during the three and nine month periods ended September 30, 2010 $231,596 and $378,081, respectively into website development as the Company builds out its e-commerce “store fronts”.
We expect to continue to spend on website development comparable amounts in the coming quarters as we rollout our web stores.
Financing Activities
Cash flows from investment and financing activities consisted of activities related to the private placement we closed in April 2010. As described above, in April 2010, we sold an aggregate of $1,255,875 of Convertible Promissory Notes (the “Notes”) and five-year warrants to purchase an aggregate of 3,333,333 shares of common stock at an initial exercise price of $0.30 per share in exchange for aggregate cash proceeds of $1,000,000 and the agreement of certain creditors of Duke Delaware to convert prior obligations of Duke Delaware into Notes. Since the issuance of the Notes in April 2010, we have raised an additional $385,000 of financing by issuing additional secured convertible promissory notes and warrants to purchase a total of 378,333 shares of our common stock.
As we noted above, subsequent to September 30, 2010, the Company raised additional proceeds of approximately $350,000 from the sale of convertible notes to investors. The Company anticipates that it will need to raise, in addition to the amounts raised up to the date of this filing, between $750,000 and $1,500,000 in additional capital in order to allow the Company to expand its customer base and continue operating without interruption at which time it expects its operations to become self-funding. In addition to the operating funding needs, the Company will need to either raise additional funding or negotiate extensions of its short-term borrowings, as the funds raised since the original April 22, 2010 offering have all been in the form of short-term obligations. In total as of September 30, 2010, the Company will need to raise approximately $400,000 to retire short-term obligation plus accrued interest in the next six months or seek to enter into agreements to extend the maturity dates of those notes.
Other
We do not believe that inflation has had a material impact on our business or operations.
Off-Balance Sheet Arrangements
We are not a party to any off-balance sheet arrangements, and we do not engage in trading activities involving non-exchange traded contracts. In addition, we have no financial guarantees, debt or lease agreements or other arrangements that could trigger a requirement for an early payment or that could change the value of our assets
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ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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Not applicable to a “smaller reporting company” as defined in Item 10(f)(1) of SEC Regulation S-K.
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ITEM 4.
CONTROLS AND PROCEDURES
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Evaluation of disclosure controls and procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report (the “Evaluation Date”). Based upon the evaluation, our principal executive officer and principal financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were not effective as of September 30, 2010. Disclosure controls are controls and procedures designed to reasonably ensure that information required to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls include controls and procedures designed to reasonably ensure that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
There has been no change in the Company’s internal control over financial reporting during the quarter ended September 30, 2010 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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ITEM 5.
OTHER INFORMATION
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None.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 1A. RISK FACTORS UPDATE
There has been no material change in the Risk Factors set forth in the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2009 other than as set forth below:
We will need significant additional capital, which we may be unable to obtain.
Although we have recently raised $385,000 through the sale of secured convertible notes, we still do not have sufficient cash available to operate our company for more than a few weeks. Our capital requirements in connection with our expanding commercial operations have been, and will continue to be, significant. We need to obtain a significant amount of additional funds to fund our working capital needs, to continue to market our Web site, to offer a broader range of products on our e-commerce site, and to otherwise expand our business. There can be no assurance that financing will be available in amounts or on terms acceptable to us, if at all. If we are not able to raise additional funds in the near future, we may have to severely reduce our operations or even terminate our business. There can be no assurance that we will be able to obtain additional funds.
We face many of the risks normally associated with a new business.
Our operating subsidiary has only been in existence for approximately one year, and our operating online Website platform has only been fully functional since August 2010. Accordingly, we have not history of operations on which to base our current and future operations. In addition, as a new company with a brand new website, we face all the risks inherent in a new business, including the expenses, difficulties, complications and delays frequently encountered in connection with conducting new operations. These uncertainties include establishing our internal organization structure, overcoming technology issues related to new Internet operations, maintaining good customer relations, developing our brand name, penetrating a new market, raising capital to meet our initial working capital requirements, developing a customer base, and otherwise effectively implementing our business plan. If we are not effective in addressing these risks, we will not be able to operate profitably in the future, and we may not have adequate working capital to meet our obligations as they become due.
We may not be able to effectively control and manage our growth, which would negatively impact our operations.
Our fully functional website platform was officially launched in August 2010, and we expect to grow rapidly in the near future as our business develops and becomes established. If our business grows as we anticipate, it will be necessary for us to manage our expansion in an orderly fashion. Any significant growth in our activities or in the market for our services will require extension of our managerial, operational, marketing and other resources. Future growth will also impose significant added responsibilities upon the members of management to identify, recruit, maintain, integrate, and motivate new employees. Aside from increased difficulties in the management of human resources, we may face challenges in managing expanding our service offerings. For effective growth management, we will have to continue improving our operations and services. Our failure to manage growth effectively may lead to operational inefficiencies that will have a negative effect on our profitability.
Our ability to implement our business plan and grow our business infrastructure will depend on our ability to successfully execute numerous operations, some of which may be hindered by factors beyond our control.
We currently have a limited corporate infrastructure. Among other things, we will need to continue to build our infrastructural and operational capabilities as our business grows. Our ability to execute our business plan successfully could be affected by any one or more of the following factors:
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our ability to raise capital, as needed, to fund the implementation of our business plan;
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●
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our ability to execute our business strategy as contemplated;
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●
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the ability of our brand and products and services to achieve market acceptance;
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●
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our ability to attract and retain qualified personnel;
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●
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our ability to accurately address our target marketplace; and
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●
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our ability to accurately predict and respond to rapid technological changes in our industry.
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Our failure to adequately address any one or more of the foregoing factors could have a significant impact on our ability to execute our business plan.
Our success may depend on the development of a strong brand, and if we do not develop and enhance our brand, our ability to attract and retain Web Store Owners may be impaired.
We believe that our brand will be a critical part of our success. Developing and enhancing our brand may require us to make substantial investments with no assurance that these investments will yield the expected benefits. If we fail to promote and develop the ‘‘KaChing KaChing’’ or other brands we may utilize, our ability to attract and retain Web Store Owners may be impaired, which would in turn adversely impact our profitability. We anticipate that developing, maintaining, enhancing and protecting our brand will become increasingly important, difficult and expensive.
Our business may be adversely affected by malicious applications that interfere with, or exploit security flaws in, our services.
Our business is entirely dependent upon transactions and interactions that occur over the Internet. As a result, our business may be adversely affected by malicious applications that alter, change, modify Web Store Owners’ (or their customers’) computers and interfere with the “KaChing KaChing” experience. Any future interference with our Internet operations is expected to occur without disclosure to or consent, and may result in a negative experience a user may associate with KaChing. These applications may be difficult or impossible to uninstall or disable, may reinstall themselves and may circumvent other applications’ efforts to block or remove them. In addition, we offer a number of services that Web Store Owners download to their computers or that they rely on to store information and transmit information to others over the Internet. These services are subject to attack by viruses, worms and other malicious software programs, which could jeopardize the security of information stored in a Web Store Owner’s computer or in our computer systems and networks. The ability to reach Web Store Owners and provide them with a superior experience is critical to our success. If our efforts to combat these malicious applications are unsuccessful, or if our services have actual or perceived vulnerabilities, our reputation may be harmed and our website traffic could decline, which would damage our business.
We rely on bandwidth providers and others in providing services to our Web Store Owners, and any failure or interruption in the services provided by these third parties could harm our reputation and ability to operate our business.
We rely on bandwidth providers to provide the services we offer. Any disruption in the network access services provided by these providers or any failure of these providers to handle current or higher volumes of use could significantly harm our business. Any financial or other difficulties such providers face may also have negative effects on our business. We exercise no control over these vendors, which increases our vulnerability to problems with the services they provide. Any errors, failures, interruptions or delays in connection with these technologies and information services could harm our relationship with Web Store Owners, and adversely affect our brand.
Our business depends on continued and unimpeded access to the Internet by Web Store Owners, their customers and us.
We provide our services primarily via the Internet. Therefore, our (and our Web Store Owners’) continued and unimpeded access to the Internet is critical to the viability of our operations. Currently, access is provided by companies that have significant and increasing market power in the broadband and Internet access marketplace, which consists of incumbent telephone companies, cable companies and mobile communications companies. If Internet access providers block, degrade or charge for access to certain of our products and services, it could lead to additional expenses to us, and the loss of Web Store Owners.
We face intense competition from similar Internet businesses that have greater resources, and we may not be able to successfully compete.
Our business, and the business of the Web Store Owners, is to offer and sell merchandise over the Internet. While we believe that our business model of enabling individuals to operate their own Web Store is different than the business model used by other online retailers, our Web Store Owners compete directly with such Internet retailers. Accordingly, we have many competitors that provide competing retail, e-commerce and Internet services. Many of our current and potential competitors, including Amazon.com and Overstock.com, have greater resources, longer histories, more customers, and greater brand recognition. They may secure better terms from vendors, adopt more aggressive pricing and devote more resources to technology, fulfillment, and marketing. The Internet facilitates competitive entry and comparison-shopping, and increased competition may reduce our sales and profits.
Government regulation of the Internet, E-commerce and other aspects of our business is evolving and unfavorable changes could harm our business.
We are subject to general business regulations and laws, as well as regulations and laws specifically governing the Internet and E-commerce. Existing and future laws and regulations may impede our growth. These regulations and laws may cover taxation, privacy, data protection, pricing, content, electronic contracts and other communications, consumer protection, the provision of online payment services, unencumbered Internet access to our services, the design and operation of websites, and the characteristics and quality of products and services sold on the Internet. Additionally, it is not clear how existing laws governing issues such as property ownership, libel, and personal privacy apply to the Internet and e-commerce. Unfavorable regulations and laws affecting the Internet or E-commerce could diminish the demand for our services and increase the cost of doing business online.
If we do not continue to innovate and offer services that are useful and convenient to Web Store Owners and their customers, we may not remain competitive, and our revenues and operating results could suffer.
Our success depends on providing products and services that make the “Internet shopping experience” more useful, convenient and enjoyable for Web Store Owners and their customers. Our competitors are constantly developing innovations in web based products and services, and the avenue via which they offer such services. As a result, we must continue to invest significant resources in research and development in order to enhance our operations, including improving the means by which we deliver our services. If we are unable to provide quality products and services, then Web Store Owners and their customers may become dissatisfied and move to a competitor for their Internet shopping needs. Our operating results would also suffer if our innovations are not responsive to the needs of our Web Store Owners and their customers, are not appropriately timed with market opportunities or are not effectively brought to market. As Internet broadcasting technology and social networks continue to develop, our competitors may be able to offer products and services that are, or that are perceived to be, substantially similar to or better than ours. This may force us to compete in different ways and expend significant resources in order to remain competitive.
We rely on highly skilled personnel and, if we are unable to hire, motivate and retain qualified personnel, we may not be able to grow effectively.
Our success depends in large part upon the abilities and continued service of our executive officers and other key employees, including our Chief Executive Officer, Robert McNulty, and Chief Financial Officer, Mark Noffke. There can be no assurance that we will be able to retain the services of such officers and employees. Our failure to retain the services of Messrs. McNulty and Noffke, and other key personnel could have a material adverse effect on the Company. We currently have employment agreements with Messrs. McNulty and Noffke; however, we have not procured key person life insurance policies. If Mr. McNulty ceases to be our Chief Executive Officer, or otherwise become disabled or unable to perform as our principal executive officer for any period of time, the holders of the Notes could declare that to be an “event of default” under the Notes and declare such obligations payable immediately. In order to support any future growth, we may need to effectively recruit, hire, train and retain additional qualified management personnel. Our inability to attract and retain the necessary personnel could have a material adverse effect on our business.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During the three month period ended September 30, 2010 we issued secured convertible notes in the aggregate principal amount of $385,000 in exchange for aggregate cash proceeds of $385,000 and five-year warrants to purchase an aggregate of 375,000 shares of common stock at an initial exercise price of $0.30 per share and five-year warrants to purchase an aggregate 3,333 shares of common stock at an initial exercise price of $1.50. These Notes are due between November 11, 2010 and March 14, 2011, and are convertible, in whole or in part, at each holder’s option, into 375,000 shares of our common stock at an initial conversion price of $0.30 per share and 10,000 shares of our common stock at an initial conversion price of $0.75.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
N/A
ITEM 4. RESERVED
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
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Exhibit Number
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Description
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31.1
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Certification of the Chairman of the Board and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
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31.2
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Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
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32.1
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act
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32.2
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 22nd day of November 2010.
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By:
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/s/ Robert J. McNulty
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Robert J. McNulty, Chief Executive Officer
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(Principal Executive Officer)
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