Delaware
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58-1972600
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
Number)
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Page
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PART
I
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FINANCIAL
INFORMATION
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||||
Item
1.
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Financial
Statements
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|||||
Condensed
Consolidated Balance Sheets – March 31, 2009 (unaudited) and December 31,
2008
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1 | |||||
Condensed
Consolidated Statements of Operations (unaudited) - Three months ended
March 31, 2009 and 2008
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2 | |||||
Condensed
Consolidated Statements of Cash Flows (unaudited) - Three months ended
March 31, 2009 and 2008
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3 | |||||
Notes
to Unaudited Condensed Consolidated Financial Statements - March 31,
2009
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4 | |||||
Item
2.
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Management's
Discussion and Analysis of Financial Condition and Results of
Operations
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9 | ||||
Item
3.
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Quantitative
and Qualitative Disclosures about Market Risk
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11 | ||||
Item
4.
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Procedures
and Controls
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12 | ||||
PART
II
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OTHER
INFORMATION
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|||||
Item
1A.
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Risk
Factors
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13 | ||||
Item
6.
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Exhibits
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14 | ||||
SIGNATURE
PAGE
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14 | |||||
EXHIBIT
INDEX
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15 |
MARCH 31,
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DECEMBER 31,
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|||||||
2009
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2008
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|||||||
(unaudited)
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||||||||
ASSETS
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||||||||
CURRENT
ASSETS:
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||||||||
Cash
and cash equivalents
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$ | 56,314 | $ | 19,342 | ||||
Marketable
securities
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28,777 | 66,670 | ||||||
Interest
receivable
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29 | 24 | ||||||
Prepaids
and other current assets
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151 | 109 | ||||||
Total
current assets
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85,271 | 86,145 | ||||||
PROPERTY
AND EQUIPMENT, NET
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946 | 1,032 | ||||||
TOTAL
ASSETS
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$ | 86,217 | $ | 87,177 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES:
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||||||||
Accounts
payable and accrued liabilities
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$ | 188 | $ | 383 | ||||
Total
current liabilities
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188 | 383 | ||||||
Deferred
rent
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409 | 410 | ||||||
Total
liabilities
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597 | 793 | ||||||
STOCKHOLDERS'
EQUITY:
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||||||||
Preferred
stock, $.0001 par value; 5,000,000 shares authorized; none
issued
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— | — | ||||||
Common
stock, $.0001 par value; 100,000,000 shares authorized; 17,441,747 and
17,441,747 shares issued and 17,366,747 and 17,366,747 outstanding in 2009
and 2008, respectively
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2 | 2 | ||||||
Additional
paid-in capital
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370,643 | 370,504 | ||||||
Accumulated
deficit
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(285,124 | ) | (284,523 | ) | ||||
Treasury
stock, at cost
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(2 | ) | (2 | ) | ||||
Accumulated
other comprehensive gain
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101 | 403 | ||||||
Total
stockholders' equity
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85,620 | 86,384 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 86,217 | $ | 87,177 |
THREE MONTHS ENDED
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||||||||
MARCH 31,
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||||||||
2009
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2008
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|||||||
REVENUES:
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$ | — | $ | — | ||||
Total
revenues
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— | — | ||||||
OPERATING
EXPENSES:
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||||||||
General
and administrative
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923 | 1,150 | ||||||
Depreciation
expense
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89 | 89 | ||||||
Total
operating expenses
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1,012 | 1,239 | ||||||
OPERATING
LOSS
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(1,012 | ) | (1,239 | ) | ||||
INTEREST
INCOME
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411 | 822 | ||||||
NET
(LOSS)
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$ | (601 | ) | $ | (417 | ) | ||
(Loss)
per common share:
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||||||||
Basic
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$ | (0.04 | ) | $ | (0.02 | ) | ||
Diluted
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$ | (0.04 | ) | $ | (0.02 | ) | ||
Weighted
average common shares outstanding:
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||||||||
Basic
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16,867 | 16,867 | ||||||
Diluted
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16,867 | 16,867 |
THREE MONTHS ENDED
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||||||||
MARCH 31,
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||||||||
2009
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2008
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|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
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||||||||
Net
(loss)
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$ | (601 | ) | $ | (417 | ) | ||
Adjustments
to reconcile net (loss)to net cash used in operating
activities:
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||||||||
Depreciation
on property and equipment
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89 | 89 | ||||||
Amortization
of equity compensation plans
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139 | 198 | ||||||
Amortization
of discount on securities, net
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(324 | ) | (595 | ) | ||||
Changes
in operating assets and liabilities:
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||||||||
(Increase)/decrease
in interest receivable, prepaids and other current
assets
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(47 | ) | 104 | |||||
Decrease
in accounts payable and accrued liabilities
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(195 | ) | (248 | ) | ||||
(Decrease)/increase
in deferred rent
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(1 | ) | 17 | |||||
NET
CASH USED IN OPERATING ACTIVITIES
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(940 | ) | (852 | ) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
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||||||||
Purchase
of marketable securities
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— | (27,641 | ) | |||||
Proceeds
from maturity of marketable securities
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37,915 | 9,000 | ||||||
Purchase
of property and equipment
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(3 | ) | — | |||||
NET
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
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37,912 | (18,641 | ) | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
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||||||||
NET
CASH PROVIDED BY FINANCING ACTIVITIES
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— | — | ||||||
CHANGE
IN CASH AND CASH EQUIVALENTS
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36,972 | (19,493 | ) | |||||
CASH
AND CASH EQUIVALENTS, beginning of period
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19,342 | 41,886 | ||||||
CASH
AND CASH EQUIVALENTS, end of period
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$ | 56,314 | $ | 22,393 | ||||
SUPPLEMENTAL
DISCLOSURE:
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||||||||
Cash
paid for franchise and property taxes
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$ | 70 | $ | 161 |
Three Months Ended
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||||||||
March 31,
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||||||||
2009
|
2008
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|||||||
Basic
earnings per share calculation:
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||||||||
Net
(loss) income
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$ | (601 | ) | $ | (417 | ) | ||
Weighted
average common shares – basic
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16,867 | 16,867 | ||||||
Basic
net (loss) income per share
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$ | (0.04 | ) | $ | (0.02 | ) | ||
Diluted
earnings per share calculation:
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||||||||
Net
(loss) income
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$ | (601 | ) | $ | (417 | ) | ||
Weighted
average common shares – basic
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16,867 | 16,867 | ||||||
Effect
of dilutive stock options
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— | — | ||||||
Effect
of dilutive restricted stock
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— | — | ||||||
Weighted
average common shares diluted
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16,867 | 16,867 | ||||||
Diluted
net (loss) income per share
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$ | (0.04 | ) | $ | (0.02 | ) |
Weighted
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||||||||
Average
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||||||||
Options
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Exercise Price
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|||||||
Outstanding
at December 31, 2008
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1,908,750 | $ | 7.17 | |||||
Granted
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— | — | ||||||
Exercised
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— | — | ||||||
Forfeited
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— | — | ||||||
Outstanding
at March 31, 2009
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1,908,750 | $ | 7.17 | |||||
Options
exercisable at March 31, 2009
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1,683,750 | $ | 7.34 |
Weighted
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||||||||||||||||
Remaining Life
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Average
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|||||||||||||||
Exercise Price Range
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Outstanding
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Exercisable
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In Years
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Exercise Price
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||||||||||||
$3.85
- $ 4.08
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— | — | — | — | ||||||||||||
$4.09
- $10.00
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1,908,750 | 1,683,750 | 5.9 | $ | 7.34 | |||||||||||
Total
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1,908,750 | 1,683,750 | 5.9 | $ | 7.34 |
Three Months Ended
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||||||||
March 31,
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||||||||
(in thousands)
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2009
|
2008
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||||||
Net
(loss)/income
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$ | (601 | ) | $ | (417 | ) | ||
(Decrease)/increase
in unrealized gain(loss) on marketable securities
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(302 | ) | 102 | |||||
Comprehensive
(loss)/income
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$ | (903 | ) | $ | (315 | ) |
Net Operating
Loss
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||||
Expiration Dates
December 31
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Amount
(000’s)
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|||
2009
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$ | 1,911 | ||
2010
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7,417 | |||
2011
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7,520 | |||
2012
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5,157 | |||
2020
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29,533 | |||
2021
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50,430 | |||
2022
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115,000 | |||
2023
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5,712 | |||
2024
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3,566 | |||
2025
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1,707 | |||
2026
|
476 | |||
2028
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1360 | |||
2029
|
423 | |||
Total
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230,212 | |||
Section 382 limitation
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(4,229 | ) | ||
After
Limitations
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$ | 225,983 |
Exhibit
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||
Number
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Exhibit
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31.1
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Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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31.2
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Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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32.1
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Certification
of Principal Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
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32.2
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Certification
of Principal Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
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CLARUS
CORPORATION
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Date:
May 4, 2009
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/s/ Warren B. Kanders
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Warren
B. Kanders,
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Executive
Chairman of the Board of Directors
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(Principal
Executive Officer)
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/s/ Philip A. Baratelli
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Philip
A. Baratelli,
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Chief
Financial Officer
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(Principal
Accounting Officer)
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Number
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Exhibit
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31.1
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Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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31.2
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Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
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32.1
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Certification
of Principal Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
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32.2
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Certification
Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
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