Note 9 – Treasury Stock

On December 1, 2011, the Company's Board of Directors authorized management at its discretion to repurchase up to one million (1,000,000) shares of the Company's outstanding common stock. The repurchases must be effectuated through open market purchases, privately negotiated block trades, unsolicited negotiated transactions, and/or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission or in such other manner as will comply with the provisions of the Securities Exchange Act of 1934.

On December 7, 2011, the Company engaged in a repurchase of 383,617 shares of the Company's common stock at $1.80 per share in a privately negotiated transaction. On December 16, 2011, the Company repurchased 5,000 shares of the Company's common stock at $2.00 per share through an open market purchase and on February 26, 2012, the Company repurchased 26,500 shares of the Company's common stock at $2.00 per share in a privately negotiated transaction. The repurchased shares were all purchased at the fair market value at the time that the transaction was closed.

The repurchased shares will be held as treasury stock and have been removed from common shares outstanding as of February 29, 2012.