United States Securities & Exchange Commission EDGAR Filing

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VC5R8N3YeXeNaug2h45SjZJ+YDtveZ8wi5/FGG9YedXdmBTGrmPCC4GOvFhe3oO6 HqI75dI8E2zTnG+tBWdk6g== 0001116502-07-000092.txt : 20070112 0001116502-07-000092.hdr.sgml : 20070112 20070112161704 ACCESSION NUMBER: 0001116502-07-000092 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20070112 DATE AS OF CHANGE: 20070112 GROUP MEMBERS: DORIS GUNNERMAN GROUP MEMBERS: DR. RUDOLPH W. GUNNERMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SULPHCO INC CENTRAL INDEX KEY: 0001096560 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 880224817 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-82345 FILM NUMBER: 07528950 BUSINESS ADDRESS: STREET 1: 850 SPICE ISLANDS DRIVE CITY: SPARKS STATE: NV ZIP: 89431 BUSINESS PHONE: 775-829-1310 MAIL ADDRESS: STREET 1: 850 SPICE ISLANDS DRIVE CITY: SPARKS STATE: NV ZIP: 89431 FORMER COMPANY: FORMER CONFORMED NAME: FILMWORLD INC DATE OF NAME CHANGE: 19991008 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GUNNERMAN RUDOLF W CENTRAL INDEX KEY: 0001210619 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 6601 WINDY HILL WAY CITY: RENO STATE: NV ZIP: 89511 SC 13D 1 gunnerman13d.htm SC 13D United States Securities & Exchange Commission EDGAR Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13D

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)

(Amendment No. __ )*

SulphCo, Inc.

(Name of Issuer)

Common Stock, par value $.001 per share

(Title of Class of Securities)

865378103

(CUSIP Number)

Dr. Rudolph W. Gunnerman
6601 Windy Hill

Reno, Nevada 89511
775-829-9904

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

December 4, 2000

(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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 for other parties to whom copies are to be sent.

(Page 1 of 7)

_____________________

*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 disclosures provided in a prior cover page.

The information required on 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 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).


CUSIP No. 865378103				Page 2 of 7 Pages

1	NAME OF REPORTING PERSON SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Dr. Rudolph W. Gunnerman
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS* PF
5	CHECK BOX OF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 277,000
		8	SHARED VOTING POWER 32,277,913
		9	SOLE DISPOSITIVE POWER 277,000
		10	SHARED DISPOSITIVE POWER 32,277,913
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 35,554,913
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 44.9%
14	TYPE OF REPORTING PERSON* IN

*SEE INSTRUCTIONS BEFORE FILLING OUT!


CUSIP No. 865378103				Page 3 of 7 Pages

1	NAME OF REPORTING PERSON SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Doris Gunnerman
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) ¨
3	SEC USE ONLY
4	SOURCE OF FUNDS* PF
5	CHECK BOX OF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		7	SOLE VOTING POWER 0
		8	SHARED VOTING POWER 32,277,913
		9	SOLE DISPOSITIVE POWER 0
		10	SHARED DISPOSITIVE POWER 32,277,913
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,277,913
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* ¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 44.5%
14	TYPE OF REPORTING PERSON* IN

*SEE INSTRUCTIONS BEFORE FILLING OUT! *


CUSIP No. 865378103		Page 4 of 7 Pages

Item 1. Security and Issuer.

This Schedule 13D (this “Schedule 13D”) relates to the common stock, par value $.001 per share (the “Common Stock”), of SulphCo, Inc., a Nevada corporation (the “Company”), which has its principal executive offices at 850 Spice Islands Drive, Sparks, Nevada 89431.

Item 2. Identity and Background.

This statement is being filed jointly by Dr. Rudolph W. Gunnerman and his spouse, Doris Gunnerman (the “Reporting Persons”). Dr. Gunnerman is currently the Company’s Chairman and Chief Executive Officer. The Company’s address is set forth in Item 1. Mrs. Gunnerman is retired. The Reporting Persons’ address is 6601 Windy Hill Way, Reno, Nevada 89511.

During the last five years, neither of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws of finding any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration.

In January 1999, Dr. Gunnerman formed GRD, Inc. (“GRD”), a Nevada corporation owned by him and Mrs. Gunnerman. On December 4, 2000, pursuant to an Exchange Agreement between the Company and GRD, the Company acquired all of the outstanding stock of GRD, and Dr. Gunnerman and Mrs. Gunnerman were issued an aggregate of 12,000,000 shares of Common Stock in exchange for their shares of capital stock of GRD (the “GRD Acquisition”).

Subsequent to the GRD Acquisition, the Reporting Persons jointly acquired an additional 23,554,913 shares of Common Stock for an aggregate purchase price of $11,268,800. The source of all funds used to acquire shares of Common Stock purchased by the Reporting Persons since the date of the GRD Acquisition was the Reporting Persons’ own personal funds.

Item 4. Purpose of Transaction.

The shares of Common Stock reported herein were initially acquired by the Reporting Persons for investment purposes.

On January 12, 2007, Dr. Gunnerman delivered to the Company a written consent of the holders of a majority of the Company’s outstanding shares of Common Stock (the “Written Consent”), which was signed by, among others, the Reporting Persons. Pursuant to the Written Consent, various amendments were effected to the Company’s Amended and Restated Bylaws. These amendments include, among others, (a) the requirement that an Annual Meeting of the stockholders be held on the first Tuesday in April at 850 Spire Islands Drive, Sparks, Nevada; (b) modifications to the procedures for stockholder nominations of directors to serve on the Company’s Board of Directors; (c) the fixing of the number of Board members at six; (d) the elimination of “cause” as a requirement for the removal of directors; (e) the inability of the Board to remove any officer of the Company until the first annual Board meeting to be held following the next annual meeting of stockholders following January 11, 2007; (f) the inability of the Board of Directors to issue, prior to the next annual meeting of stockholders (i) any shares of capital stock of the Company entitled to more than one vote per share and, (ii) in the aggregate, in excess of 10% of the outstanding shares of capital stock of the Company; and (g) that the Amended and Restated Bylaws may be amended only by stockholders holding a majority of the Company’s voting stock. A full copy of the


CUSIP No. 865378103		Page 5 of 7 Pages

Amended and Restated Bylaws, as amended by the Written Consent, has been filed as Exhibit 99.2 to this Schedule 13D.

The Reporting Persons may propose their own slate of nominees for election at the Company’s next annual meeting of stockholders and may solicit the Company’s stockholders to vote in favor of the election of such nominees.

Other than as set forth above, at the present time, the Reporting Persons have no plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D. Depending on various factors including, without limitation, the Company's financial position and investment strategy, the price levels of the shares of Common Stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Company as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock, selling some or all of their shares of Common Stock, or changing their intention with respect to any and all matters referred to in this Item 4.

Item 5. Interest in Securities of the Issuer.

As of January 12, 2007, Dr. Gunnerman beneficially owned 35,554,913 shares of Common Stock constituting approximately 44.9% of the Company’s outstanding shares of Common Stock. The shares held by Dr. Gunnerman include 32,277,913 shares held jointly with Mrs. Gunnerman.

As of January 12, 2007, Mrs. Gunnerman beneficially owned 32,277,913 shares of Common Stock constituting approximately 44.5% of the Company’s outstanding shares of Common Stock, all of which are held jointly with Dr. Gunnerman.

The Reporting Persons share the power to vote and dispose of, or to direct the vote or disposition of, the 32,277,913 shares of Common Stock held by them jointly.

Dr. Gunnerman has the sole power to vote and dispose of the 277,000 shares of Common Stock held solely by him.

The following purchases of Common Stock were effected by Dr. Gunnerman in the past 60 days, constituting all transactions effected by the Reporting Persons in the Company’s Common Stock in the past 60 days. All of the purchases below were effected in the open market.


Date of Purchase	Shares Purchased	Price per Share
December 26, 2006	10,000	$4.63
December 27, 2006	15,000	$4.66
December 28, 2006	10,000	$4.56

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Except as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the persons named herein and any person with respect to any securities of the Company, including but not limited to transfer or voting of any other securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies.


CUSIP No. 865378103		Page 6 of 7 Pages

Item 7. Material to be Filed as Exhibits.

Exhibit No.

99.1

Joint Filing Agreement, as required by Rule 13d-1 under the Securities Exchange Act of 1934.

99.2

Amended and Restated Bylaws of SulphCo, Inc., dated January 11, 2007


CUSIP No. 865378103		Page 7 of 7 Pages

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, the undersigned certify that the information set forth in this Schedule 13D is true, complete and correct.


Dated: January 12, 2007	By:	/s/Rudolph W. Gunnerman
		Rudolph W. Gunnerman


Dated: January 12, 2007		/s/Doris Gunnerman
		Doris Gunnerman

EX-99.1 2 exhibit991.htm JOINT FILING AGREEMENT United States Securities & Exchange Commission EDGAR Filing

EXHIBIT 99.1

JOINT FILING AGREEMENT

The undersigned hereby consent to the joint filing by any of them of a Statement on Schedule 13D and any amendments thereto relating to the securities of SulphCo, Inc., and hereby affirm that this Schedule 13D is being filed on behalf of each of the undersigned.


Dated: January 12, 2007	By:	/s/Rudolph W. Gunnerman
		Rudolph W. Gunnerman


Dated: January 12, 2007		/s/Doris Gunnerman
		Doris Gunnerman

EX-99.2 3 exhibit992.htm AMENDED AND RESTATED BYLAWS AMENDED AND RESTATED BYLAWS

EXHIBIT 99.2

AMENDED AND RESTATED BYLAWS

SULPHCO, INC.

January 11, 2007

TABLE OF CONTENTS

PAGE

ARTICLE 1 OFFICES AND RECORDS

Section 1.1 Registered Agent and Registered Office

Section 1.2 Other Offices

Section 1.3 Books and Records

ARTICLE 2 STOCKHOLDERS

Section 2.1 Annual Meeting

Section 2.2 Special Meeting

Section 2.3 Place of Meeting

Section 2.4 Notice of Meeting

Section 2.5 Organization; Order of Business

Section 2.6 Quorum and Adjournment

Section 2.7 Voting; Manner of Acting

Section 2.8 Proxies

Section 2.9 Notice of Stockholder Business and Nominations

Section 2.10 Inspectors of Elections; Opening and Closing The Polls

Section 2.11 Consent of Stockholders In Lieu of Meeting

ARTICLE 3 BOARD OF DIRECTORS

Section 3.1 General Powers

Section 3.2 Number, Tenure and Qualifications

Section 3.3 Regular Meetings

Section 3.4 Special Meetings

Section 3.5 Notice

Section 3.6 Conference Telephone Meetings

Section 3.7 Quorum

Section 3.8 Vacancies

Section 3.9 Committees

Section 3.10 Removal

Section 3.11 Action By Unanimous Consent of Directors

ARTICLE 4 OFFICERS

Section 4.1 Elected Officers

-i-

TABLE OF CONTENTS

(CONTINUED)

PAGE

Section 4.2 Election and Term of Office

Section 4.3 Chairman of The Board

Section 4.4 Chief Executive Officer

Section 4.5 President

Section 4.6 Secretary

Section 4.7 Treasurer

Section 4.8 Removal

Section 4.9 Resignations

Section 4.10 Vacancies

ARTICLE 5 STOCK CERTIFICATES AND TRANSFERS

Section 5.1 Stock Certificates and Transfers

ARTICLE 6 INDEMNIFICATION

Section 6.1 Indemnification of Directors and Officers

Section 6.2 Indemnification of Employees and Other Persons

Section 6.3 Non-Exclusivity of Rights

Section 6.4 Insurance

Section 6.5 Other Financial Arrangements

Section 6.6 Other Matters Relating To Insurance Or Financial Arrangements

Section 6.7 Right of Indemnitee To Bring Suit

Section 6.8 Amendment

Section 6.9 Notice and Other Indemnification Procedures

Section 6.10 Exceptions

ARTICLE 7 MISCELLANEOUS PROVISIONS

Section 7.1 Fiscal Year

Section 7.2 Dividends; Issuance of Shares

Section 7.3 Seal

Section 7.4 Waiver of Notice

Section 7.5 Audits

Section 7.6 Contracts

-ii-

TABLE OF CONTENTS

(CONTINUED)

PAGE

Section 7.7 Proxies

ARTICLE 8 AMENDMENTS

Section 8.1 Amendments

ARTICLE 9 AMENDMENTS

Section 9.1 Changes In Nevada Law

-iii-

AMENDED AND RESTATED BYLAWS

SULPHCO, INC.

ARTICLE 1
OFFICES AND RECORDS

Section 1.1

Registered Agent and Registered Office. The registered agent will be determined from time to time by the Board of Directors. The office of the registered agent shall be the registered office of the Corporation in the State of Nevada.

Section 1.2

Other Offices. The Corporation shall have a principal executive office and may have such other offices, either within or without the State of Nevada, as the Board of Directors may designate or as the business of the Corporation may from time to time require.

Section 1.3

Books and Records. The books and records of the Corporation may be kept at the Corporation’s principal executive office or at such other location or locations as may from time to time be designated by the Board of Directors. Every director and officer shall have the absolute right at any reasonable time for a purpose reasonably related to the exercise of such individual’s duties to inspect and copy all of the Corporation’s books, records, and documents of every kind and to inspect the physical properties of the Corporation and/or its subsidiary corporations. Any such inspection may be made in person or by agent or attorney.

ARTICLE 2
STOCKHOLDERS

Section 2.1

Annual Meeting. Unless a written consent in lieu of the annual meeting is executed in accordance with Section 2.11 below, the annual meeting of the stockholders of the Corporation will be held at 10:00 a.m. local time on the first Tuesday in April.

Section 2.2

Special Meeting. Special meetings of stockholders of the Corporation may be called only by the Chairman of the Board, the Chief Executive Officer, the President or by the Board of Directors or at the request in writing of stockholders owning at least fifty percent (50%) of the entire capital stock of the Corporation issued and outstanding and entitled to vote.

Section 2.3

Place of Meeting. Meetings of stockholders will be held at 850 Spice Islands Drive Sparks, Nevada.

Section 2.4

Notice of Meeting. Except as otherwise required by law, written, printed, or electronic notice, stating the place, day and hour of the meeting and the purposes for which the meeting is called, will be prepared and delivered by the Corporation not less than ten

days nor more than sixty days before the date of the meeting, either personally, by mail, or in the case of stockholders who have consented to such delivery, by electronic transmission, to each stockholder of record entitled to vote at such meeting. If mailed, such notice will be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his or her address as it appears on the stock transfer books of the Corporation. Notice given by electronic transmission will be effective (i) if by facsimile, when faxed to a number where the stockholder has consented to receive such notice; (ii) if by electronic mail, when mailed electronically to an electronic mail address at which the stockholder has consented to receive such notice; (iii) if by posting on an electronic network together with a separate notice of such posting, upon the later to occur of (1) th e posting or (2) the giving of separate notice of the posting; or (iv) if by other form of electronic communication, when directed to the stockholder in the manner consented to by the stockholder. Such further notice will be given as may be required by law. Meetings may be held without notice if all stockholders entitled to vote are present (except as otherwise provided by law), or if notice is waived by those not present.

Section 2.5

Organization; Order of Business. Meetings of stockholders shall be presided over by a chairman chosen at the meeting by the stockholders entitled to cast a majority of the votes which all stockholders present in person or by proxy are entitled to cast, or in the absence of the foregoing, the Chairman of the Board, or in the absence of the Chairman of the Board by the Chief Executive Officer, or in the absence of the Chief Executive Officer by the President, or in the absence of the foregoing persons by a chairman designated by the Board of Directors. The Secretary, or in the absence of the Secretary an assistant secretary, shall act as secretary of the meeting, but in the absence of the Secretary and any assistant secretary the chairman of the meeting may appoint any person to act as secretary of the meeting. The order of business at each such meeting shall be as determined by the chair man of the meeting. The chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including, without limitation, the establishment of procedures for the maintenance of order and safety, limitation on the time allotted to questions or comments on the affairs of the Corporation, restrictions on entry to such meeting after the time prescribed for the commencement thereof and the opening and closing of the voting polls.

Section 2.6

Quorum and Adjournment. Except as otherwise provided by law or by the Articles of Incorporation, the holders of a majority of the voting power of the outstanding shares of the Corporation entitled to vote generally in the election of directors, represented in person or by proxy, will constitute a quorum at a meeting of stockholders, except that when specified business is to be voted on by a class or series voting separately as a class or series, the holders of a majority of the voting power of the shares of such class or series will constitute a quorum for the transaction of such business. The chairman of the meeting or, in the absence of a chairman of the meeting, stockholders entitled to cast a majority of the votes which all stockholders present in person or by proxy are entitled to cast may adjourn the meeting from time to time, only if there is not such a quorum, in which case the meeting may be adjourned for up to, but not more than, ten days. Notice of the time and place of adjourned meetings must be given by “public announcement” (as defined in Section 2.9). The stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

Section 2.7

Voting; Manner of Acting.

(a)

Unless otherwise provided in the Articles of Incorporation, or in any resolution providing for the issuance of the preferred stock adopted by the Board of Directors pursuant to authority expressly vested in it by the provisions of the Articles of Incorporation and in compliance with Section 7.2, each stockholder of record shall be entitled to one (1) vote for each share of voting stock standing registered in such stockholder’s name on the record date.

(b)

Except as otherwise provided herein, all votes with respect to shares standing in the name of an individual on the record date (including pledged shares) shall be cast only by that individual or such individual’s duly authorized proxy, attorney-in-fact, or voting trustee(s) pursuant to a voting trust. With respect to shares held by a representative of the estate of a deceased stockholder, guardian, conservator, custodian or trustee, votes may be cast by such holder upon proof of such representative capacity, even though the shares do not stand in the name of such holder. In the case of shares under the control of a receiver, the receiver may cast votes carried by such shares even though the shares do not stand in the name of the receiver; provided, that the order of a court of competent jurisdiction which appoints the receiver contains the authority to cast votes carried by such shares. I f shares stand in the name of a minor, votes may be cast only by a parent of such minor or such other guardian as may have provided the Corporation with written proof of appointment.

(c)

With respect to shares standing in the name of another corporation, partnership, limited liability company or other legal entity on the record date, votes may be cast: (i) in the case of a corporation, by such individual as the bylaws of such other corporation prescribe, by such individual as may be appointed by resolution of the board of directors of such other corporation or by such individual (including the officer making the authorization) authorized in writing to do so by the chairman of the board, if any, president or any vice president of such corporation and (ii) in the case of a partnership, limited liability company or other legal entity, by an individual representing such stockholder upon presentation to the Corporation of satisfactory evidence of his or her authority to do so.

(d)

Notwithstanding anything to the contrary herein contained, the Corporation shall not vote, directly or indirectly, shares of its own stock owned by it; and such shares shall not be counted in determining the total number of outstanding shares. If shares in the Corporation are held by the Corporation in a fiduciary capacity, no votes shall be cast with respect thereto on any matter except to the extent that the beneficial owner thereof possesses and exercises a right to vote and gives the Corporation binding instructions on how to vote.

(e)

Any holder of shares entitled to vote on any matter may cast a portion of the votes in favor of such matter and refrain from casting the remaining votes or cast the same against the proposal, except in the case of elections of directors. If such holder entitled to vote votes any of its shares affirmatively and fails to specify the number of affirmative votes, it will be conclusively presumed that the holder is casting affirmative votes with respect to all shares held.

(f)

With respect to shares standing in the name of two or more persons,

whether fiduciaries, members of a partnership, joint tenants, tenants in common, husband and wife as community property, tenants by the entirety, voting trustees, persons entitled to vote under a stockholder voting agreement or otherwise and shares held by two or more persons (including proxy holders) having the same fiduciary relationship in respect to the same shares, votes may be cast in the following manner:

(i)

If only one person votes, the vote of such person binds all.

(ii)

If more than one person casts votes, the act of the majority so voting binds all.

(iii)

If more than one person casts votes, but the vote is evenly split on a particular matter, the votes shall be deemed cast proportionately, as split.

(g)

If a quorum is present, unless the Articles of Incorporation provide for a different proportion, action by the stockholders entitled to vote on a matter other than the election of directors, is approved by and is the act of the stockholders, if the number of votes cast in favor of the action exceeds the number of votes cast in opposition to the action, unless voting by classes is required for any action of the stockholders by the laws of the State of Nevada, the Articles of Incorporation or these Bylaws, in which case the number of votes cast in favor of the action by the voting power of each such class must exceed the number of votes cast in opposition to the action by the voting power of each such class.

(h)

If a quorum is present, unless elected by written consent pursuant to these Bylaws and Section 78.320 of the Nevada Revised Statutes, directors shall be elected by a plurality of the votes cast.

Section 2.8

Proxies. At all meetings of stockholders, a stockholder may vote by proxy executed in writing by the stockholder or as may be permitted by law, or by his or her duly authorized attorney-in-fact. Such proxy must be filed with the Secretary of the Corporation or his or her representative, or otherwise delivered telephonically or electronically as set forth in the applicable proxy statement, at or before the time of the meeting.

Section 2.9

Notice of Stockholder Business and Nominations.

(a)

Nominations of persons for election to the Board of Directors and the proposal of business to be transacted by the stockholders may be made at an annual meeting of stockholders (1) pursuant to the Corporation’s notice with respect to such meeting, (2) by or at the direction of the Board of Directors or (3) by any stockholder of record of the Corporation who was a stockholder of record at the time of the giving of the notice provided for in the following paragraph, who is entitled to vote at the meeting and who has complied with the notice procedures set forth in this Section 2.9.

(b)

For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to paragraph (a)(3) of this Section 2.9, (1) the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and (2) such business must be a proper matter for stockholder action under the Nevada General Corporation Law. To be timely, a stockholder’s notice will be delivered to the principal executive offices of

the Corporation, addressed to the “Secretary of the Corporation” not more than 60 days following the last day of the Corporation’s prior fiscal year. Such stockholder’s notice will set forth (a) as to each person whom the stockholder proposes to nominate for election or reelection as a director, such person’s name, address and phone number; (b) as to any other business that the stockholder proposes to bring before the meeting, a brief description of such business, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and (c) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such stockholder and of such beneficial owner.

(c)

Only persons nominated in accordance with the procedures set forth in this Section 2.9 will be eligible to serve as directors and only such business will be conducted at an annual meeting of stockholders as will have been brought before the meeting in accordance with the procedures set forth in this Section 2.9. The chairman of the meeting will have the power and the duty to determine whether a nomination or any business proposed to be brought before the meeting has been made in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defective proposed business or nomination will not be presented for stockholder action at the meeting and will be disregarded.

(d)

Only such business will be conducted at a special meeting of stockholders as will have been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (i) by or at the direction of the Board of Directors or (ii) by any stockholder of record of the Corporation who is a stockholder of record at the time of giving of notice provided for in this paragraph, who will be entitled to vote at the meeting and who complies with the notice procedures set forth in this Section 2.9. Nominations by stockholders of persons for election to the Board of Directors may be made at such a special meeting of stockholders if the stockholder’s notice required by paragraph (b) of this Secti on 2.9 will be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the later of the 20th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting.

(e)

For purposes of this Section 2.9, “public announcement” will mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or a comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.

(f)

Notwithstanding the foregoing provisions of this Section 2.9, a stockholder will also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to matters set forth in this Section 2.9. Nothing in this Section 2.9 will be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

Section 2.10

Inspectors of Elections; Opening and Closing The Polls.

(a)

The chairman of the meeting will appoint one or more inspectors, which inspector or inspectors may include individuals who serve the Corporation in other capacities, including, without limitation, as officers, employees, agents or representatives of the Corporation, to act at the meeting and make a written report thereof. One or more persons may be designated as alternate inspectors to replace any inspector who fails to act.

(b)

The chairman of the meeting will fix and announce at the meeting the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting.

Section 2.11

Consent of Stockholders In Lieu of Meeting. Any action required or permitted to be taken at a meeting of the stockholders may be taken without a meeting if a written consent thereto is signed by the holders of the voting power of the Corporation that would be required at a meeting to constitute the act of the stockholders. Whenever action is taken by written consent, a meeting of stockholders need not be called or notice given. The written consent may be signed in counterparts, including, without limitation, facsimile counterparts, and shall be filed with the minutes of the proceedings of the stockholders.

ARTICLE 3
BOARD OF DIRECTORS

Section 3.1

General Powers. The business and affairs of the Corporation will be managed by or under the direction of the Board of Directors. In addition to the powers and authority expressly conferred upon them by statute or by the Articles of Incorporation or by these Bylaws, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.

Section 3.2

Number, Tenure and Qualifications. The number of directors shall be six, and each director elected will hold office until his or her successor is elected and qualified.

Section 3.3

Regular Meetings. The Board of Directors may, by resolution, provide the time and place for the holding of regular meetings without notice other than such resolution.

Section 3.4

Special Meetings. Special meetings of the Board of Directors will be called at the request of the Chairman of the Board, the Chief Executive Officer, the President, the Independent Director, or a majority of the Board of Directors. The person or persons authorized to call special meetings of the Board of Directors may fix the place and time of the meetings. The “Independent Director” means any independent director serving on the Audit Committee of the Board of Directors.

Section 3.5

Notice. Notice of any special meeting will be given to each director at his or her business or residence in writing or by facsimile transmission, telephone communication, electronic transmission (provided, with respect to electronic transmission, that the director has consented to receive the form of transmission at the address to which it is

directed), or overnight courier. If mailed, such notice will be deemed adequately delivered when deposited in the United States mails so addressed, with postage thereon prepaid, at least five days before such meeting. If by facsimile transmission or other electronic transmission, such notice will be transmitted at least twenty-four hours before such meeting. If by telephone, the notice will be given at least twelve hours prior to the time set for the meeting. If by overnight courier, the notice will be given to a nationally recognized overnight courier, with delivery costs prepaid and delivery scheduled for the business day preceding the day of the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice of such meeting. A meeting may be held at any time without notice if all the directors are present (except a s otherwise provided by law) or if those not present waive notice of the meeting in writing, either before or after such meeting.

Section 3.6

Conference Telephone Meetings. Members of the Board of Directors, or any committee thereof, may participate in a meeting of the Board of Directors or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting will constitute presence in person at such meeting.

Section 3.7

Quorum. A whole number of directors equal to at least a majority of the elected and qualified directors of the Corporation who are currently serving as such will constitute a quorum for the transaction of business, provided that a quorum may never be less than 1/3 of the total number of directors authorized (including any vacancies). If at any meeting of the Board of Directors there is less than a quorum present, a majority of the directors present may adjourn the meeting from time to time without further notice. The act of the majority of the directors present at a meeting at which a quorum is present will be the act of the Board of Directors.

Section 3.8

Vacancies. Subject to the rights of the holders of any series of preferred stock then outstanding, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause will, unless otherwise provided by law or by resolution of the Board of Directors, be filled only by a majority vote of the directors then in office, though less than a quorum, and directors so chosen will hold office until their respective successors are elected and qualified. No decrease in the authorized number of directors will shorten the term of any incumbent director.

Section 3.9

Committees.

(a)

The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, will have and may

exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; provided, however, that no committee will have power or authority in reference to the following matters: (1) approving, adopting, or recommending to stockholders any action or matter required by law to be submitted to stockholders for approval or (2) adopting, amending, or repealing any bylaw

(b)

Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee will conduct its business in the same manner as the Board of Directors conducts its business pursuant to these Bylaws.

Section 3.10

Removal. Subject to the rights of the holders of any series of Preferred Stock then outstanding, any directors, or the entire Board of Directors, may be removed from office at any time by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

Section 3.11

Action By Unanimous Consent of Directors. The Board of Directors may take action without the necessity of a meeting by unanimous consent of directors. Such consent may be in writing or given by electronic transmission.

ARTICLE 4
OFFICERS

Section 4.1

Elected Officers. The elected officers of the Corporation will be a Chairman of the Board, a Chief Executive Officer, a President, a Secretary, a Treasurer, and such other officers as the Board of Directors from time to time may deem proper. The Chairman of the Board must be chosen from the directors. An individual may hold more than one office. All officers chosen by the Board of Directors will each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article IV. Such officers will also have powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof.

Section 4.2

Election and Term of Office. The elected officers of the Corporation will be elected annually by the Board of Directors at the regular meeting of the Board of Directors held within 30 days after each annual meeting of the stockholders or held within 30 days after the execution of a written consent in lieu of the annual meeting (the “Annual Board Meeting”). Subject to Section 4.8 of these Bylaws, each officer will hold office until his or her successor is duly elected and qualified or until his or her death or until he or she resigns.

Section 4.3

Chairman of The Board. The Chairman of the Board or a director designated by the Chairman of the Board in his absence will preside at all meetings of the Board.

Section 4.4

Chief Executive Officer. The Chief Executive Officer will be the general manager of the Corporation, subject to the control of the Board of Directors, and as such will preside at all meetings of stockholders, will have general supervision of the affairs of the

Corporation, will sign or countersign or authorize another officer to sign all certificates, contracts, and other instruments of the Corporation as authorized by the Board of Directors, will make reports to the Board of Directors and stockholders, and will perform all such other duties as are incident to such office or are properly required by the Board of Directors.

Section 4.5

President. The President will be the chief operating officer of the Corporation and will be subject to the general supervision, direction, and control of the Chief Executive Officer unless the Board of Directors provides otherwise.

Section 4.6

Secretary. The Secretary will give, or cause to be given, notice of all meetings of stockholders and directors and all other notices required by law or by these Bylaws, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the Chairman of the Board, the Chief Executive Officer or the President, or by the Board of Directors, upon whose request the meeting is called as provided in these Bylaws. The Secretary will record all the proceedings of the meetings of the Board of Directors, any committees thereof and the stockholders of the Corporation in a book to be kept for that purpose, and will perform such other duties as may be assigned to him by the Board of Directors, the Chairman of the Board or the President.

Section 4.7

Treasurer. The Treasurer will have the custody of the corporate funds and securities and will keep full and accurate receipts and disbursements in books belonging to the Corporation. The Treasurer will deposit all moneys and other valuables in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer will disburse the funds of the Corporation in accordance with the procedures as may be adopted by the Board of Directors from time to time, taking proper vouchers for such disbursements. The Treasurer will render to the Chairman of the Board, the President and the Board of Directors, whenever requested, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer will give the Corporation a bond for the faithful discharge of his or her duties in such amount and with such surety as the Board of Directors will prescribe.

Section 4.8

Removal. The Chief Executive Officer, the President, the Secretary, the Treasurer and any officer elected by the Board of Directors may be removed by the Board of Directors whenever, in their judgment, the best interests of the Corporation would be served thereby; provided, however, that no officer of the Corporation may be removed until the first Annual Board Meeting following January 11, 2007, the date these bylaws were amended. No elected officer will have any contractual rights against the Corporation for compensation by virtue of such election beyond the date of the election of his or her successor or his or her death, resignation, or removal, whichever event will first occur, except as otherwise provided in an employment contract or an employee plan.

Section 4.9

Resignations. Any director or any officer, whether elected or appointed, may resign at any time by serving written notice of such resignation on the Chairman of the Board, the President or the Secretary, or by submitting such resignation by electronic transmission, and such resignation will be deemed to be effective as of the close of business on the date said notice is received by the Chairman of the Board, Chief Executive Officer, the President, or the Secretary or at such later date as is stated therein. No formal action will be

required of the Board of Directors or the stockholders to make any such resignation effective.

Section 4.10

Vacancies. A newly created office and a vacancy in any office because of death, resignation, or removal may be filled by the Board of Directors for the unexpired portion of the term at any meeting of the Board of Directors.

ARTICLE 5
STOCK CERTIFICATES AND TRANSFERS

Section 5.1

Stock Certificates and Transfers.

(a)

The interest of each stockholder of the Corporation will be evidenced by certificates for shares of stock in such form as the appropriate officers of the Corporation may from time to time prescribe. The shares of the stock of the Corporation will be transferred on the books of the Corporation by the holder thereof in person or by his or her attorney, upon surrender for cancellation of certificates for the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, and with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require.

(b)

The certificates of stock will be signed, countersigned and registered in such manner as the Board of Directors may by resolution prescribe, which resolution may permit all or any of the signatures on such certificates to be in facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if that person were such officer, transfer agent or registrar at the date of issue.

ARTICLE 6
INDEMNIFICATION

Section 6.1

Indemnification of Directors and Officers.

(a)

For purposes of this Article VI, (i) “Indemnitee” shall mean each director or officer who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding (as hereinafter defined), by reason of the fact that he or she is or was a director or officer of the Corporation or is or was serving in any capacity at the request of the Corporation as a director, officer, employee, agent, partner, member, managing member, manager or fiduciary of, or in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise; and (ii) “Proceeding” shall mean any threatened, pending, or completed action, suit or proceeding (including, without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative, or investigative.

(b)

Each Indemnitee shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Nevada law, against all expense, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding; provided that such Indemnitee either is not liable pursuant to NRS 78.138

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or acted in good faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any Proceeding that is criminal in nature, had no reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the Indemnitee is liable pursuant to NRS 78.138 or did not act in good faith and in a manner in which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, or that, with respect to any criminal proceeding he or she had reasonable cause to believe that his or her conduct was unlawful. The Corporation shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee has been adjudged by a court of comp etent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or for any amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement of expenses pursuant to this Section, indemnification may not be made to or on behalf of an Indemnitee if a final adjudication establishes that his or her acts or omissions involved intentional misconduct, fraud or a knowing violation of law and was material to the cause of action.

(c)

Indemnification pursuant to this Section shall continue as to an Indemnitee who has ceased to be a director or officer and shall inure to the benefit of his or her heirs, executors and administrators.

(d)

The expenses of directors and officers incurred in defending a Proceeding involving alleged acts or omissions of such director or officer in his or her capacity as a director or officer of the Corporation or while serving in any capacity at the request of the Corporation as a director, officer, employee, agent, partner, member, managing member, manager or fiduciary of, or in any other capacity for, another corporation or any partnership, joint venture, trust, or other enterprise, must be paid by the Corporation or through insurance purchased and maintained by the Corporation or through other financial arrangements made by the Corporation, promptly as they are incurred and in advance of the final disposition of the Proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Corporation. To the extent that a director or officer of the Corporation is successful on the merits or otherwise in defense of any Proceeding, or in the defense of any claim, issue or matter therein, the Corporation shall indemnify him or her against expenses, including attorneys’ fees, actually and reasonably incurred in by him or her in connection with the defense.

Section 6.2

Indemnification of Employees and Other Persons. The Corporation may, by action of its Board of Directors and to the extent provided in such action, indemnify employees and other persons as though they were Indemnitees.

Section 6.3

Non-Exclusivity of Rights. The rights to indemnification provided in this Article shall not be exclusive of any other rights that any person may have or hereafter acquire under any statute, provision of the Articles of Incorporation or these Bylaws, agreement, vote of stockholders or directors, or otherwise.

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Section 6.4

Insurance. The Corporation may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, member, managing member or agent of another Corporation, partnership, limited liability company, joint venture, trust, or other enterprise for any liability asserted against him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer, employee or agent, or arising out of his or her status as such, whether or not the Corporation has the authority to indemnify him or her against such liability and expenses.

Section 6.5

Other Financial Arrangements. The other financial arrangements which may be made by the Corporation may include the following (i) the creation of a trust fund; (ii) the establishment of a program of self-insurance; (iii) the securing of its obligation of indemnification by granting a security interest or other lien on any assets of the Corporation; (iv) the establishment of a letter of credit, guarantee or surety. No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud, or a knowing violation of law, except with respect to advancement of expenses or indemnification ordered by a court.

Section 6.6

Other Matters Relating To Insurance Or Financial Arrangements. Any insurance or other financial arrangement made on behalf of a person pursuant to this Section may be provided by the Corporation or any other person approved by the Board of Directors, even if all or part of the other person’s stock or other securities is owned by the Corporation. In the absence of fraud (i) the decision of the Board of Directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to this Section and the choice of the person to provide the insurance or other financial arrangement is conclusive; and (ii) the insurance or other financial arrangement is not void or voidable and does not subject any director approving it to personal liability for his action; even if a director approving the insurance or other financial arrangement is a b eneficiary of the insurance or other financial arrangement.

Section 6.7

Right of Indemnitee To Bring Suit. If a claim made by an Indemnitee under this Article is not paid in full by the Corporation within thirty days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period will be ten days, the Indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses, the Indemnitee will be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the Indemnitee to enforce any right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an advancement of expenses) it will be a defense that, and (ii) in an y suit by the Corporation to recover an advancement of expenses the Corporation will be entitled to recover such expenses upon a final adjudication that, the Indemnitee has not met any applicable standard for indemnification. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the

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commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the Indemnitee has not met such applicable standard of conduct, will create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article or otherwise will be on the Corp oration.

Section 6.8

Amendment. The provisions of this Article VI relating to indemnification shall constitute a contract between the Corporation and each of its directors and officers which may be modified as to any director or officer only with that person’s prior written consent specifically referring to these provisions or as specifically provided in this Article. Notwithstanding any other provision of these Bylaws relating to their amendment generally, any repeal or amendment of this Article which is adverse to any director or officer shall apply to such director or officer only on a prospective basis, and shall not limit the rights of an Indemnitee to indemnification with respect to any action or failure to act occurring prior to the time of such repeal or amendment.

Section 6.9

Notice and Other Indemnification Procedures.

(a)

Promptly after receipt by the Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, the Indemnitee shall, if the Indemnitee believes that indemnification with respect thereto may be sought from the Corporation, notify the Corporation of the commencement or threat of commencement thereof.

(b)

If, at the time of the receipt of a notice of the commencement of a Proceeding, the Corporation has D&O Insurance in effect, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, amounts payable as a result of such proceeding in accordance with the terms of such D&O Insurance policies.

(c)

In the event the Corporation shall be obligated to advance the expenses for any Proceeding against the Indemnitee, the Corporation, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by the Indemnitee (which approval shall not be unreasonably withheld), upon the delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Corporation, the Corporation will not be liable to the Indemnitee under these Bylaws for any fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding, provided that: (a) the Indemnitee shall have the right to employ his own counsel in any such proceeding at the Indemnitee’s expense; and (b) if (i) the employment of counsel by the Indemnitee has been previously aut horized by the Corporation, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and the Indemnitee in the conduct of any such defense, or (iii) the Corporation shall not, in fact, have employed counsel to assume the defense of such

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proceeding, then the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Corporation.

Section 6.10

Exceptions. Any other provision herein to the contrary notwithstanding, the Corporation shall not be obligated:

(a)

Claims Initiated By Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to proceedings specifically authorized by the Board or brought to establish or enforce a right to indemnification and/or advancement of expenses arising under these Bylaws, the Articles of Incorporation or Bylaws of the Corporation or any subsidiary or any statute or law, but such indemnification or advancement of expenses may be provided by the Corporation in specific cases if the Board finds it to be appropriate; or

(b)

Unauthorized Settlements. To indemnify the Indemnitee hereunder for any amounts paid in settlement of a proceeding unless the Corporation consents in advance in writing to such settlement, which consent shall not be unreasonably withheld or delayed; or

(c)

Securities Law Actions. To indemnify the Indemnitee on account of any suit in which judgment is rendered against the Indemnitee for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Corporation pursuant to the provisions of Section 16(b) of the Exchange Act or similar provisions of any federal, state or local statutory law.

ARTICLE 7
MISCELLANEOUS PROVISIONS

Section 7.1

Fiscal Year. The fiscal year-end of the Corporation shall be December 31.

Section 7.2

Dividends; Issuance of Shares. The Board of Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and its Articles of Incorporation. Prior to conclusion of the next annual meeting of the stockholders following January 11, 2007, the Board of Directors may not issue any shares of capital stock of the Corporation entitled to more than one (1) vote for each share of stock and may not issue any shares of capital stock of the Corporation that, in the aggregate, constitute more than 10% of the outstanding shares of capital stock of the Corporation as of January 11, 2007.

Section 7.3

Seal. The Board of Directors may, by resolution, authorize a seal, and the seal may be used by causing it, or a facsimile, to be impressed, affixed or otherwise reproduced. Except when otherwise specifically provided herein, any officer of the Corporation shall have the authority to affix the seal to any document requiring it.

Section 7.4

Waiver of Notice. Whenever any notice is required to be given to any stockholder or director of the Corporation under the provisions of the Nevada General Corporation Law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, will be deemed equivalent to the giving of

14.

such notice. Neither the business to be transacted at, nor the purpose of, any annual or special meeting of the stockholders or the Board of Directors need be specified in any waiver of notice of such meeting.

Section 7.5

Audits. The accounts, books and records of the Corporation will be audited upon the conclusion of each fiscal year by an independent certified public accountant selected by the Audit Committee of the Board of Directors, and it will be the duty of the Audit Committee of the Board of Directors to cause such audit to be made annually.

Section 7.6

Contracts. Except as otherwise required by law, the Articles of Incorporation or these Bylaws, any contracts or other instruments may be executed and delivered in the name and on the behalf of the Corporation by such officer or officers of the Corporation as the Board of Directors may from time to time direct. Such authority may be general or confined to specific instances as the Board may determine. The Chairman of the Board, the Chief Executive Officer or the President may execute bonds, contracts, deeds, leases and other instruments to be made or executed for or on behalf of the Corporation. Subject to any restrictions imposed by the Board of Directors or the Chairman of the Board, the Chief Executive Officer, or the President of the Corporation may delegate contractual powers to others under his or her jurisdiction, it being understood, however, that any such delegation of power wil l not relieve such officer of responsibility with respect to the exercise of such delegated power.

Section 7.7

Proxies. Unless otherwise provided by resolution adopted by the Board of Directors, the Chairman of the Board, or the President may from time to time appoint any attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to cast the votes which the Corporation may be entitled to cast as the holder of stock or other securities in any other corporation or other entity, any of whose stock or other securities may be held by the Corporation, at meetings of the holders of the stock and other securities of such other corporation or other entity, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation or other entity, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent, and may execute or cause to be executed in the name and on be half of the Corporation and under its corporate seal or otherwise, all such written proxies or other instruments as he or she may deem necessary or proper under the circumstances.

ARTICLE 8
AMENDMENTS

Section 8.1

Amendments. Subject to the provisions of the Articles of Incorporation, these Bylaws may be amended, altered, added to, rescinded or repealed only by the stockholders, and the board of directors of the Corporation may not adopt, amend, repeal, alter, add to or rescind any bylaws of the Corporation.

ARTICLE 9
AMENDMENTS

Section 9.1

Changes In Nevada Law. References in these Bylaws to Nevada law or the Nevada Revised Statutes or to any provision thereof shall be to such law as it existed

15.

on the date these Bylaws were adopted or as such law thereafter may be changed; provided that (a) in the case of any change which expands the liability of directors or officers or limits the indemnification rights or the rights to advancement of expenses which the Corporation may provide in Article VI hereof, the rights to limited liability, to indemnification and to the advancement of expenses provided in the Corporation’s Articles of Incorporation and/or these Bylaws shall continue as theretofore to the extent permitted by law; and (b) if such change permits the Corporation, without the requirement of any further action by stockholders or directors, to limit further the liability of directors or officers or to provide broader indemnification rights or rights to the advancement of expenses than the Corporation was permitted to provide prior to such change, then liability thereupon shall be so limited and t he rights to indemnification and the advancement of expenses shall be so broadened to the extent permitted by law.

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