Currently at 550,000 shares at average price of 4.02. Our projections are that IAR will be trading in the 6.5 to 7.3 range by end of year. We will continue acquiring shares until the stock reaches 4.5. We see signifcant upside to the stock based on speculation and anticipation of significant cash flow. Debt load is of little concern, in that we believe that IAR will continue servicing debt comfortably through 2013. We retain a buy position on IAR.