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OMB APPROVAL
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OMB Number: 3235-0145
UNITED STATES Expires: December 31, 2005
SECURITIES AND EXCHANGE COMMISSION Estimated average burden
Washington, D.C. 20549 Hours per response........11
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Security National Financial Corporation
________________________________________________________________________________
(Name of Issuer)
Class A Common Stock
________________________________________________________________________________
(Title of Class Securities)
814785309
_______________________________________________________________________________
(CUSIP Number)
Lynne Silverstein (310) 752-1442
Ault Glazer & Company Investment Management LLC,
100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications
December 30, 2002
________________________________________________________________________________
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.
SEC 1746 (2-98) Page 1 of 11 pages
CUSIP No. 814785309
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Ault Glazer & Company Investment Management LLC
________________________________________________________________________________
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [_]................................................................
(b) [_]................................................................
________________________________________________________________________________
3. SEC Use Only............................................................
________________________________________________________________________________
4. Source of Funds (See Instructions) OO...................................
________________________________________________________________________________
5. Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e)......................................................
________________________________________________________________________________
6. Citizenship or Place of Organization Delaware.........................
________________________________________________________________________________
7. Sole Voting Power 245,655................................
_______________________________________________________________
Number of
Shares Bene- 8. Shared Voting Power 0...................................
ficially Owned _______________________________________________________________
by Each
Reporting 9. Sole Dispositive Power 245,655 ..........................
Person With: _______________________________________________________________
10. Shared Dispositive Power ...............................
________________________________________________________________________________
11. Aggregate Amount Beneficially Owned by Each Reporting Person 245,655..
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) .................................................
13. Percent of Class Represented by Amount in Row (11) 6.0%...............
________________________________________________________________________________
14. Type of Reporting Person (See Instructions)
________________________________________________________________________________
IA...........................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
Page 2 of 11 pages
CUSIP No. 814785309
1. Name of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Milton C. Ault, III
________________________________________________________________________________
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [_]................................................................
(b) [_]................................................................
________________________________________________________________________________
3. SEC Use Only............................................................
________________________________________________________________________________
4. Source of Funds (See Instructions) OO...................................
________________________________________________________________________________
5. Check if Disclosure of Legal Proceeding Is Required Pursuant to
Items 2(d) or 2(e)......................................................
________________________________________________________________________________
6. Citizenship or Place of Organization USA..............................
________________________________________________________________________________
7. Sole Voting Power 245,655................................
_______________________________________________________________
Number of
Shares Bene- 8. Shared Voting Power 0...................................
ficially Owned _______________________________________________________________
by Each
Reporting 9. Sole Dispositive Power 294,155 ..........................
Person With: _______________________________________________________________
10. Shared Dispositive Power 0..............................
________________________________________________________________________________
11. Aggregate Amount Beneficially Owned by Each Reporting Person 294,155..
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) .................................................
13. Percent of Class Represented by Amount in Row (11) 7.2%...............
________________________________________________________________________________
14. Type of Reporting Person (See Instructions)
________________________________________________________________________________
IN/HC........................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
.......................................................................
Page 3 of 11 pages
Page 4 of 11
Item 1 Security and Issuer
This statement relates to the Class A Common Stock, $2.00 par value
("Common Stock"), issued by Security National Financial Corporation,
a Utah Corporation ("SNF"). The address of the principal executive
offices of SNF is 5300 South 360 West, Salt Lake City, Utah, 84123.
Item 2 Identity and Background
Name: Ault Glazer & Company Investment Management LLC ("Adviser")
Place of Organization: Delaware
Principal Business: Investment Adviser
Address: 100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Name: Milton C. Ault, III ("Ault")
Address: 100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States
Ault is the controlling and managing member of Adviser. Adviser's
beneficial ownership of the Common Stock is direct as a result of
Adviser's discretionary authority to buy, sell and vote shares of
such Common Stock for its investment advisory clients. Ault's
beneficial ownership of the Common Stock is both indirect and direct.
Ault's beneficial ownership is indirect as a result of Ault's control
of Adviser. Ault is a registered representative of a registered
broker-dealer, and in this capacity, Ault has direct beneficial
ownership of certain shares as a result of his discretionary
authority to buy and sell shares of Common Stock for certain
brokerage clients.
Item 3 Source and amount of Funds or other Consideration
The aggregate amount of funds used by Adviser to purchase 245,655
shares of Common Stock was approximately $1,367,822. Such amount was
derived from advisory client accounts.
The aggregate amount of funds used by Ault to purchase 48,500 shares
of Common Stock was approximately $221,173. Such amount was derived
from brokerage customer accounts.
Item 4 Purpose of Transaction
The shares were originally purchased by the Reporting Persons for
investment purposes.
Page 5 of 11
The Reporting Persons have concerns regarding the ability of SFN to
maximize shareholder value. The Adviser has made recommendation to
SFN on behalf of the Reporting Persons that management of SFN work
with the Adviser to unlock the true shareholder value of SFN and that
the Adviser be allowed to appoint two members of the board of
directors.
The Adviser currently is contemplating additional recommendations to
SFN that may result in some of the following changes: the acquisition
by any person of additional securities of the issuers, or the
disposition of securities of the issuer; an extraordinary corporate
transaction; a sale or transfer of a material amount of assets of the
issuer; and a material change in the present capitalization or
dividend policy of the issuer.
Subject to availability at prices deemed favorable, the Reporting
Persons may acquire additional shares of Common Stock of SFN from
time to time in the open market, in privately negotiated transactions
or otherwise. The Reporting Persons may dispose of shares of Common
Stock of SFN from time to time in the open market, in privately
negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to SFN and the
Common Stock, it should be noted that the possible activities of the
Reporting Persons as subject to change at any time.
Except as set forth above, the Reporting Persons has no present plans
or intentions that relate to or that would result in any of the
transactions described in clauses (a) through (j) of Item 4 of
Schedule 13D.
Item 5 Interest in Securities of the Issuer
(a) As of December 31, 2002, the Reporting Persons directly or
indirectly beneficially owned 294,155 shares, or 7.2%, of Common
Stock of SFN (the percentage of the shares of Common Stock owned is
based on 4,091,395 shares of Common Stock outstanding reported by SFN
on September 30, 2002).
(1) Adviser owned 245,655 shares (6.0%)
(2) Ault owned 294,155 shares (7.2%)
(b) The responses of the Reporting Persons to Items 7 through 11 of
the portions of the cover page of this Schedule 13D which relate to
beneficial ownership of shares of the Common Stock are incorporated
herein by reference.
(c) A list of transactions in the past 60 days.
- ---------------- ------------- ---------------- -------------- -----------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
- ---------------- ------------- ---------------- -------------- -----------------
Adviser 12/12/02 30 4.03 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/16/02 35 3.87 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 1,000 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
Page 6 of 11
- ---------------- ------------- ---------------- -------------- -----------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
- ---------------- ------------- ---------------- -------------- -----------------
11/26/02 600 3.93 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 134 4.42 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 125 4.31 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 634 4.58 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/03/02 37 4.13 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/12/02 60 4.03 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/16/02 70 3.87 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/17/02 150 3.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/18/02 210 4.28 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 890 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 800 5.30 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/20/02 690 5.29 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/23/02 520 4.82 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/24/02 750 5.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/26/02 100 5.18 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 10,510 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 11,321 5.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 1,500 6.32 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 200 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 570 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 341 6.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 1,000 6.76 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 1,780 6.76 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 500 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 3,500 6.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/05/02 900 2.89 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/06/02 500 3.17 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/07/02 1,000 3.17 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 8,100 3.66 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 5,500 3.65 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/22/02 1,000 3.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/25/02 500 3.95 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 2,500 4.05 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 1,118 4.42 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 1,048 4.31 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 5,310 4.58 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/02/02 1,600 4.49 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/03/02 345 4.13 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/04/02 500 4.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/05/02 500 4.22 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/06/02 1,000 4.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/09/02 1,500 4.18 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/11/02 1,500 4.04 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/12/02 360 4.03 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/13/02 600 4.01 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/16/02 420 3.87 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/17/02 2,100 3.97 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/17/02 1,050 3.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/18/02 1,470 4.28 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 5,340 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
Page 7 of 11
- ---------------- ------------- ---------------- -------------- -----------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 4,800 5.30 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/20/02 4,140 5.29 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/23/02 3,120 4.82 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/24/02 4,500 5.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/26/02 600 5.19 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 5,400 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 5,586 5.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 9,200 6.08 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 9,000 6.32 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 1,200 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 3,420 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 2,046 6.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 6,000 6.77 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 10,680 6.76 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 3,000 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 21,000 6.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/26/02 600 3.93 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 2,500 4.05 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 348 4.42 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 327 4.31 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/29/02 1,656 4.58 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/03/02 118 4.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/12/02 120 4.03 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/12/02 (4,000) 4.00 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/16/02 140 3.87 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/17/02 300 3.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/18/02 420 4.28 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 2,670 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 1,600 5.30 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/20/02 2,070 5.29 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/23/02 1,560 4.82 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/24/02 2,250 5.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/26/02 300 5.19 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 2,500 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 2,593 5.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 600 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 1,710 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 4,500 6.33 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 1,023 6.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 3,000 6.77 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 5,340 6.76 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 1,500 6.46 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/31/02 10,500 6.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
- ---------------- ------------- ---------------- -------------- -----------------
Ault 12/16/02 35 3.87 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/17/02 (35) 3.96 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 800 5.31 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 1,000 3.90 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 500 4.71 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 1,000 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
Page 8 of 11
- ---------------- ------------- ---------------- -------------- -----------------
Party Date Amount Bought Price per Where & How
(Sold) Share Effected
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 1,000 3.90 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/19/02 1,000 4.67 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 6,800 3.90 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 (600) 4.20 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/22/02 8,000 4.02 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/02/02 5,000 4.14 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/10/02 500 4.13 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/12/02 4,000 4.00 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 4,900 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/27/02 5,100 5.57 Open market
- ---------------- ------------- ---------------- -------------- -----------------
12/30/02 2,000 6.47 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 1,000 3.89 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 1,000 3.89 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 750 3.91 Open market
- ---------------- ------------- ---------------- -------------- -----------------
11/21/02 1,000 3.90 Open market
- ---------------- ------------- ---------------- -------------- -----------------
(d) Not Applicable
(e) Not Applicable
Item 6 Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Ault controls and manages the Adviser who makes voting and
dispositive decisions for its investment advisory clients.
Item 7 Material to Be Filed as Exhibits
Exhibit A: Joint Filing Agreement Pursuant to Rule 13d-1
Exhibit B: Letter to Mr. Scott Quist, President of SFN
Page 9 of 11
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: January 8, 2003
Ault Glazer & Company Investment
Management LLC
/s/ Milton C. Ault
-----------------------------------------------
Milton C. Ault, III, Managing Member
Milton C. Ault, III
/s/ Milton C. Ault
-----------------------------------------------
Page 10 of 11
EXHIBIT A
---------
Joint Filing Agreement Pursuant to Rule 13d-1
---------------------------------------------
This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer." The Joint Filers agree that a statement
of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13G or
Schedule 13D, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.
Dated: January 8, 2003
Ault Glazer & Company Investment
Management LLC
/s/ Milton C. Ault
--------------------------------------------
Milton C. Ault, III, Managing Member
Milton C. Ault, III
/s/ Milton C. Ault
--------------------------------------------
Page 11 of 11
EXHIBIT B
---------
VIA FACSIMILE: (801) 265-9882
- -----------------------------
January 8, 2003
Mr. Scott Quist
President
Security National Financial Corporation
5300 South 360 West
Salt Lake City, UT 84123
Dear Mr. Quist,
Ault Glazer & Company Investment Management LLC, with its related accounts, is a
significant shareholder of Security National Financial Corporation ("SNFCA" or
"the Company"). We have acquired shares in the Company throughout 2002 and
currently hold approximately 7.2% of SNFCA's outstanding Class A common stock,
making us the Company's largest single shareholder outside the Quist Family.
We are pleased with the current management of the Company by the Quist Family
and senior management and would like to have a closer relationship with the
Company. We consider SNFCA to be a vital business with great potential. However,
Ault Glazer & Company would like to enhance further shareholder value. We
believe that your management, coupled with some of our business strategies and
strategic alternatives, could unlock the true shareholder value of the Company.
Further, we would like to discuss placing two members of Ault Glazer & Company
on the board of SFNCA, which is not an unreasonable request due to our
significant holdings and our desire to contribute to SNFCA's future.
We feel that while the Company has enormous future potential it is tremendously
undervalued at the moment, based on our belief that the Company has a net asset
value of $14 to $16 per share. We believe that working together we can achieve
improved revenues and profits, a fairly valued stock price and recognition on
the street for the Company. Please contact me to discuss a meeting.
Sincerely,
/s/ Milton C. Ault, III
Milton C. Ault, III
Managing Partner
