-----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, QdS+6Vmiad8SnGq2Y4aNPmPjk9EXiWVMhEHK1FnoX4ZGhLlcwv4zWGpHyLF0CxFV lNiNoW6vtcQsI7uD7WWzTg== 0001206774-07-000852.txt : 20070330 0001206774-07-000852.hdr.sgml : 20070330 20070330132723 ACCESSION NUMBER: 0001206774-07-000852 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20061231 FILED AS OF DATE: 20070330 DATE AS OF CHANGE: 20070330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFORTE CORP CENTRAL INDEX KEY: 0001099944 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 363909334 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29239 FILM NUMBER: 07731215 BUSINESS ADDRESS: STREET 1: 500 N. DEARBORN STREET STREET 2: SUITE 1200 CITY: CHICAGO STATE: IL ZIP: 60610 BUSINESS PHONE: 3125400900 MAIL ADDRESS: STREET 1: 500 N. DEARBORN STREET STREET 2: SUITE 1200 CITY: CHICAGO STATE: IL ZIP: 60610 10-K 1 inforte_10k.htm ANNUAL REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM 10-K
___________________

(Mark One)
x  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
  SECURITIES EXCHANGE ACT OF 1934 
 
  For the fiscal year ended December 31, 2006 
 
  OR 
 
o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
  SECURITIES EXCHANGE ACT OF 1934 

For the transition period from ___________ to ___________.

Commission File No. 000-29239

INFORTE CORP.
(Exact name of registrant as specified in its charter)

Delaware  36-3909334 
(State or other jurisdiction of  (I.R.S. Employer 
incorporation or organization)  Identification Number) 

     500 North Dearborn Street
Suite 1200, Chicago, Illinois 60610
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (312) 540-0900
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.001 par value

     Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

     Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

     Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference on Part III of this Form 10-K or any amendment to this Form 10-K. o

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o  Accelerated filer o  Non-accelerated filer x 

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

     The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter, was $38,780,548.

     The number of shares of the Registrant’s common shares, par value $0.001 per share, outstanding as of March 15, 2007 was 11,733,567.

     Certain portions of the Registrant’s definitive proxy statement dated March 23, 2007 for the Annual Meeting of Stockholders to be held April 26, 2007 are incorporated by reference into Part III of this report.



Inforte Corp.
Form 10-K
December 31, 2006

Table of Contents

Item    Page No. 
Part I     
1. Business 1
1A. Risk Factors  5
1B. Unresolved Staff Comments 11
2. Properties  11
3. Legal Proceedings 11
4. Submission of Matters to a Vote of Security Holders 12
 
Part II     
5. Market for Registrant’s Common Equity and Related Stockholder Matters 12
6. Selected Consolidated Financial Data 14
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations  15
7A. Quantitative and Qualitative Disclosures About Market Risk 26
8. Consolidated Financial Statements and Supplementary Data 26
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48
9A. Controls and Procedures 48
9B. Other Information 49
 
Part III     
10. Directors and Executive Officers of the Registrant 49
11. Executive Compensation 50
12. Security Ownership of Certain Beneficial Owners and Management 50
13. Certain Relationships and Related Transactions 51
14. Principal Accountant Fees and Services 51
 
Part IV     
15. Exhibits, Consolidated Financial Statement Schedules and Reports on Form 8-K 52
  SIGNATURES  53

PART I

ITEM 1.     BUSINESS

     The information in this document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained in this document that are not of historical fact, are intended to be, and are, “forward-looking statements,” which involve known and unknown risks. We generally use the following terms and similar expressions to identify forward-looking statements: “anticipate,” “believe,” “estimate,” “expect,” “intend, “may,” “plan,” “potential,” “should,” “could” and “will.” Our actual results could differ materially from those indicated by the forward-looking statements made in this report. Accordingly, you should not place undue reliance on these forward-looking statements.

     Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. Additionally, we do not assume responsibility for the accuracy or completeness of these statements. We are under no duty to update any of the forward-looking statements in this document to conform these statements to actual results or to changes in our expectations.

Overview

     Inforte helps companies acquire, develop and retain profitable customers with a combination of strategic, analytic and technology deployment services. Our approach enables clients to improve their understanding of customer behavior, successfully apply this insight to customer interactions, and continually analyze and fine-tune their strategies and tactics.

     Our client base consists primarily of Global 2000 companies. Representative clients in the past year included AARP, ALSTOM Power, America Online, Inc., Amylin Pharmaceuticals, Inc., BP plc, Cadbury Trebor Bassett Ltd., Cox Communications, DaimlerChrysler Corporation, Genentech, Inc., John H. Harland Company, Kimberly- Clark, Miller Brewing Company, Nissan Europe, Palm, Inc., Pfizer Consumer Health Products Company, Sabre Holding Corporation, Sungard SCT, Inc., Vattenfall Europe Information Services GmbH, Vodafone Group plc, and Volkswagen Bank GmbH.

     Inforte grew through organic means rather than through mergers or acquisitions from its inception in 1993 through 2003. Historically, we have funded our growth primarily through internally generated free cash flow, and although free cash flow was negative in 2004, we have generated positive free cash flow on a cumulative basis since becoming a public company in February 2000. In March 2004, Inforte acquired COMPENDIT, Inc., a leading provider of SAP Business Intelligence implementation consulting services. This acquisition enhanced Inforte’s ability to offer analytics and business intelligence solutions through COMPENDIT’s services partnership with SAP AG. In July 2005, Inforte acquired GTS Consulting, Inc. (GTS), a provider of managed marketing analytics services. GTS, now named Inforte Managed Analytics Corp., specializes in marketing mix modeling, customer transaction analysis, direct marketing, database management and database hosting for large companies. This acquisition enhances Inforte’s ability to offer analytics and customer intelligence consulting services on an established managed analytics platform. As of December 31, 2006, we employed 253 people in our offices in Atlanta; Chicago; Delhi, India; Hamburg, Germany and London, England.

     Inforte was incorporated in Delaware in 1999 and our stock is traded on the NASDAQ Stock Market under the symbol “INFT.” Our Internet address is http://www.inforte.com. Material contained on our website is not incorporated by reference into this annual report.

Industry Background

     A fluctuating economic environment has created many challenges for companies seeking growth, optimal profitability and increased efficiencies in highly competitive and rapidly changing markets. Companies must develop highly integrated strategies for customer-facing operations that are aligned with business strategy and then effectively execute these strategies to reach their goals. The consulting services that Inforte provides, namely CRM, strategy, business intelligence (BI), and analytics and managed services help organizations do just that.

     The analysis, design and implementation of effective solutions require special skills and expertise in a combination that many companies do not possess. These skills include:

  • Identification of the vital planning information that companies need to manage their business better in response to demand changes;
  • Integration of planning processes and systems across business functions;
  • Design and implementation of data-driven marketing, sales and service strategies that optimize customer interactions;

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  • Linkage of customer-facing strategies to the back office; and
  • Implementation of the technology required to support these solutions.

     The availability of high-quality professionals experienced in creating, implementing and integrating these strategic and technological solutions is limited. It is often inefficient and difficult for companies seeking to enhance their CRM and BI capabilities to hire, train and retain in-house personnel. As a result, businesses engage professional services firms to help them develop and execute on the necessary strategies and solutions.

Inforte Services & Solutions

     Inforte offers a hybrid solution of strategy and analytics, allowing clients to drive transformational, measurable results from their customer interactions:

     BUSINESS INTELLIGENCE: Inforte’s Business Intelligence solutions and deep SAP BI expertise help companies develop a more robust understanding of their operations, customers and competitors. Our clients can then use this data-driven insight to guide both strategic and day-to-day execution. Led by recognized SAP BI pioneers and experts, Inforte’s SAP practice focuses exclusively on architecting, designing, developing and deploying SAP BI and the supporting technologies, enabling organizations to capitalize on the unique value of their SAP investment.

     CRM: With more than 200 successful client engagements, Inforte boasts CRM expertise that encompasses business process and functional areas across all customer-facing channels. Inforte’s clients’ successes are the result of strategic understanding, operational best practices, precise integration technologies and rigorous performance-measuring and user-adoption mechanisms.

     STRATEGY: Inforte focuses on the development and implementation of customer strategies to solve industry and issue-specific challenges. We start by building the critical, data-driven components needed for an organization to better understand its customers and generate actionable insights. Leveraging these insights, Inforte works with clients to develop customer strategies in the areas of sales, service and marketing to help them acquire, develop and retain profitable customer relationships.

     ANALYTICS & MANAGED SERVICES: Inforte develops models and analyses that solve complex business problems for our clients. Leveraging our experience with customer and business issues, Inforte incorporates an exclusive perspective in model development and insight generation. Integrating disparate data sources, including information previously unavailable and utilizing state-of-the-art techniques, Inforte differentiates the solutions delivered to our clients.

     Inforte can assist with the integration of models and analytics back into the client’s core systems. However, in many cases clients request a more turnkey approach to facilitate speed-to-market and ongoing advanced analytics. For these situations, Inforte offers hosted Managed Services to deliver advanced support services of ongoing data integration, real-time reporting and modeling, and strategic and technical account management support.

     Service Lines. Inforte’s focused solutions are delivered through different service lines:

     Operational Strategy. Inforte helps firms establish operational strategies that support their desired strategic positioning. The strategies may focus on customer-facing operations, products or services, and/or achievement of operational excellence. Inforte helps clients develop new operating strategies or improve on existing ones by validating, refining and building value propositions, conducting competitive analysis, developing customer value/segmentation approaches, developing benefits or ROI models and creating branding or marketing strategies.

     Process Design. By developing a detailed design of the prospective business processes, an organization can positively impact organizational and technology changes that follow. Inforte takes a pragmatic view and recognizes that driving sustainable process change is difficult to accomplish. We draw upon significant depth of experience to design business processes that are practical and adoptable and provide the support needed to execution of roll-out and adoption. Implementation planning, key metrics and organizational change planning are integral to the successful deployment of redesigned processes.

     Program Management. Inforte can enhance the successful delivery of projects through the implementation of disciplined program management techniques. This includes the establishment of structures to define, deploy and support common processes, techniques and tools that are used by all projects throughout the program.

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     Organizational Change. Concurrent with the design of a client’s business processes and operational structure, the client must plan for the organizational changes that may be required to enact and sustain the business. Determining the organization’s readiness for change requires a thorough assessment of its current leadership, structure, culture and workforce. Organization change planning begins with this assessment and produces a prioritized list of initiatives that address macro- and micro-level activities required to support the successful deployment of integrated solutions within the organization.

     Technology Delivery. Inforte’s technology delivery service line involves the identification, definition and sequencing of a series of technology-focused initiatives to meet a specific set of business goals. Frequently starting with the development of a technology roadmap, Inforte’s technology delivery is anchored in the client’s strategic plan, its operating model and an understanding of the required business capabilities, current processes and organizational structures.

     Collaborative Client Involvement. We believe our solutions are successful because they are developed in collaboration with our clients. Because the ultimate success of any project will depend upon the client’s ability to effectively operate and support the related strategies, processes and technology on an ongoing basis, our co-management approach is designed to include substantial client participation in all phases of the project. This enables the client to have a thorough understanding of what has been done, how it was completed and why it was performed. The collaborative environment is further supported by allowing clients to access project deliverables through our Inforte Collaborative Environment (ICE) intranet. We believe our co-management philosophy differs from that of many service providers, who limit the client’s role in project delivery. In addition, we believe our collaborative knowledge transfer philosophy has contributed to consistently high project success rates and client satisfaction.

Inforte Strategy

     Inforte’s strategic focus is on helping companies acquire, develop and retain customers. The underlying principles supporting this strategy are:

     Maintain focus on core areas of expertise. Our clients choose to work with us because of our focus on customers and our breadth of expertise in CRM, Business Intelligence, Strategy, and Analytics and Managed Services. This enhances our ability to generate assignments from existing clients, acquire new clients, achieve higher margins, and provide challenging assignments to our employees.

     Increase mix of recurring revenue. Inforte’s managed services offerings are powered by tailored, industry-specific models and frameworks that are provided in an on-demand environment. The combination of recurring and project-based revenue drives innovative solutions for our clients.

     Sustain our position as a visionary consultancy. Inforte has long been recognized by analysts, partners and clients for its thought leadership and vision. We support and strengthen this reputation by developing and delivering cutting-edge solutions that we believe keep our clients ahead of the curve.

     Continue to attract and retain high quality personnel. Inforte’s strategic focus requires that we attract and retain highly intelligent, motivated employees who are exceptionally qualified. We believe the best way to continue to attract and retain highly qualified personnel is to provide an intellectually challenging environment, an opportunity to personally impact our company’s future and a strong corporate culture.

     Inforte emphasizes continuous improvement of our client delivery and industry-specific expertise, along with knowledge management and other internal processes, to compete effectively in the future. We also continue to refine the systems and processes that comprise our internal infrastructure.

Clients

     Our client base consists primarily of Global 2000 companies. Representative clients are listed in the “Overview.” During 2006 our top five clients equaled 48 percent of total revenue and our top ten clients equaled 71 percent of total revenue. No single customer has provided Inforte with over 10 percent of annual revenue for each of the five consecutive years ending December 31, 2002, two customers contributed more than 10 percent of annual revenue in 2003 and one client contributed more that 10 percent of annual revenue in 2004, 2005 and 2006.

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Financial information about geographic areas

     Inforte’s US operations had $34,088,168, $23,594,160 and $21,780,691 of net revenue, revenue before reimbursements, in 2004, 2005 and 2006, respectively. Inforte’s European operations had $9,854,978, $14,124,486 and $17,967,858 of net revenue in 2004, 2005 and 2006, respectively. As of December 31, 2006 Inforte had a total of $2,193,812 of fixed assets at cost in the US and a total of $330,104 in the United Kingdom, Germany and India combined. As of December 31, 2005 Inforte had a total of $1,548,410 of fixed assets at cost in the US and a total of $313,441 in the United Kingdom, Germany and India combined.

Sales and Marketing

     Inforte’s go-to-market approach utilizes both direct and channel selling methods. The efforts of the marketing team are combined with dedicated sales professionals, senior client executives, subject matter experts, and senior delivery personnel to sell directly into accounts and leverage our deep channel relationships. Through channel sales we target new accounts, while our direct selling methods focus on both growing existing customer relationships adding new accounts to our client roster.

     We use salesforce.com’s automation applications, customized by Inforte as iSAM, to capture detailed information on sales opportunities. This system tracks potential contracts at each stage of our sales cycle and we project revenue based on a probability analysis of each sales opportunity, allowing us to manage continually our staffing needs and spending plans.

     Our market development efforts are designed to build the Inforte brand, drive demand in the marketplace for our solutions, and generate leads for new business. Activities include strategic direct marketing programs, participation at industry conferences, regular meetings with industry analysts, electronic brochures and use of website properties such as inforte.com.

     We complement our internal sales and marketing processes with select formalized alliances. We co-market and share leads with software vendors and complementary services firms with whom we have strategic, non-exclusive marketing relationships. In addition, we work with other software vendors with whom we do not have formalized relationships.

People

     Our headcount was 442 people at the end of 2000, 294 people at the end of 2001, 229 employees as of December 31, 2002, 189 employees as of December 31, 2003, and 250, 233 and 253 as of December 31, 2004, 2005 and 2006, respectively. Of these, 207 are consultants, 11 are in sales and marketing, including 7 quota-based sales personnel, 6 are in human resources and 29 are management or administrative personnel. None of our employees are represented by a labor union, and we believe our employee relations are good.

Competition

     We compete in the strategy and technology professional services market, which is highly competitive. Despite the elimination of many competitors in recent years, competition remains intense. We believe that our competitors fall into several categories, including the following:

  • The successor organizations to the “Big 5” consulting firms: Accenture Ltd, BearingPoint Inc., Deloitte Consulting LLP, Cap Gemini SA and IBM Business Consulting Services
  • Technology consulting firms such as Answerthink Inc., DiamondCluster International Inc., and Sapient Corp
  • Strategy consulting firms such as Bain & Company, Booz Allen Hamilton Inc., Boston Consulting Group, Inc. and McKinsey & Company
  • Database marketing firms such as Harte-Hanks, Inc., The Allant Group Inc., Merkle Inc., and TargetBase
  • Professional services divisions of application software vendors such as Siebel Systems, Inc. and SAP AG
  • Internal information technology departments of current and potential clients
  • Large systems integration or outsourcing firms such as Computer Sciences Corporation, Electronic Data Systems Corp, Tata Sons Ltd., Wipro Ltd. and Infosys Technologies Limited.

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ITEM 1A.     RISK FACTORS

     In addition to other information in this Form 10-K, the following risk factors should be carefully considered in evaluating Inforte and its business because such factors currently may have a significant impact on Inforte’s business, operating results and financial condition. As a result of the risk factors set forth below and elsewhere in this Form 10-K, and the risk factors discussed in Inforte’s other Securities and Exchange Commission filings, actual results could differ materially from those projected in any forward-looking statements.

RISKS RELATED TO INFORTE

If we fail to identify and successfully transition to the latest and most demanded solutions or keep up with an evolving industry, we will not compete successfully for clients and our profits may decrease.

     If we fail to identify the latest solutions, or if we identify but fail to successfully transition our business to solutions with growing demand, our reputation and our ability to compete for clients and the best employees could suffer. If we cannot compete successfully for clients, our revenues may decrease. Also, if our projects do not involve the latest and most demanded solutions, they would generate lower fees.

     Because our market changes constantly, some of the most important challenges facing us are the need to:

  • develop new services that meet changing customer needs;
  • identify and effectively market solutions with growing demand;
  • enhance our current services;
  • continue to develop our strategic expertise;
  • effectively use the latest technologies; and
  • influence and respond to emerging industry standards and other technological changes.

     All of these challenges must be met in a timely and cost-effective manner. We cannot assure you that we will succeed in effectively meeting these challenges.

If we fail to satisfy our clients’ expectations, our existing and continuing business could be adversely affected.

     If we fail to satisfy the expectations of our clients, we could damage our reputation and our ability to retain existing clients and attract new clients. In addition, if we fail to perform adequately on our engagements, we could be liable to our clients for breach of contract. Although most of our contracts limit the amount of any damages based upon the fees we receive we could still incur substantial cost, negative publicity, and diversion of management resources to defend a claim, and as a result, our business results could suffer.

We may be unable to hire and retain employees who are highly skilled, which would impair our ability to perform client services, generate revenue and maintain profitability.

     If we are unable to hire and retain highly-skilled individuals, our ability to retain existing business and compete for new business will be harmed. A limited number of individuals have the ability to sell and deliver services similar to those we provide to our clients and competition for these individuals is intense. Our competitors may be able to use brand recognition and size to their advantage in recruiting these highly-qualified people. Further, individuals who were previously successful in a different business environment may no longer be successful. Identifying individuals who will succeed in this environment is extraordinarily difficult. To attract and retain these individuals, we invest a significant amount of time and money. In addition, we expect that both bonus payments and equity ownership is an important component of overall employee compensation. In periods of unfavorable market conditions or non-target company performance, overall bonus payments may be below target, increasing the risk that key employees will leave Inforte. Also, if our stock price does not increase over time, it may be more difficult to retain employees who have been compensated with equity-based awards.

If we fail to adequately manage rapid changes in demand, our profitability and cash flow may be reduced or eliminated.

     If we cannot keep pace with the rapid changes in demand, we will be unable to effectively match resources with demand, and maintain high client satisfaction, which may eliminate our profitability and our ability to achieve positive free cash flow, which we define as cash flow from operations minus capital expenditures. Our business grew dramatically from 1993 through 2000. For example, our

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net revenue increased by 100% or more for seven consecutive years, reaching $63.8 million in 2000. As a result of the pricing pressures from competitors and from clients facing pressure to control costs, net revenue declined in each of the years 2001, 2002 and 2003, dropping to $32.7 million in 2003, then increasing to $43.9 million in 2004, dropping again to $37.7 million in 2005 and then increasing to $39.7 million in 2006. If our revenues decline, we may not be profitable or achieve positive free cash flow. If, on the other hand, our growth exceeds our expectations, our current resources and infrastructure may be inadequate to handle the growth.

If our marketing relationships with software vendors deteriorate, we would lose their client referrals. If these vendors continue to increase their professional services revenue, our revenue could be adversely affected.

     If these vendors become subject to industry consolidation or continue to increase their professional services revenue, our revenue could be adversely affected. We currently have marketing relationships with software vendors, including SAP AG, Siebel Systems, Inc. and SAS Institute, Inc.. Although we have historically received a large number of business leads from these and other software vendors to implement their products, they are not required to refer business to us and they may terminate these relationships at any time. If our relationships with these software vendors deteriorate, we may lose their client leads and our ability to develop new clients could be negatively impacted. Any decrease in our ability to obtain clients may cause a reduction in our net revenues.

     Historically our software partners have primarily relied on licensing fees and maintenance contracts to generate revenue. However, more recently as software licensed sales have declined, software vendors have sought to supplement their revenue through increased implementation services for their software. This business strategy puts us in competition with our software partners on some deals, reducing client leads and our ability to develop new clients and revenue. Currently, we do not receive a significant portion of our leads through our software vendor relationships.

If we are unable to rapidly integrate third-party software, we may not be able to deliver solutions to our clients on a timely basis, resulting in lost revenues and potential liability.

     In providing client services, we recommend that our clients use software applications from a variety of third-party vendors. If we are unable to implement and integrate this software in a fully functional manner for our clients, we may experience difficulties that could delay or prevent the successful development, introduction or marketing of services.

     Software often contains errors or defects, particularly when first introduced or when new versions or enhancements are released. Despite internal testing and testing by current and potential clients, our current and future solutions may contain serious defects due to third-party software or software we develop or customize for clients. Serious defects or errors could result in liability for damages, lost revenues or a delay in implementation of our solutions.

Our revenues could be negatively affected by the loss of a large client or our failure to collect a large account receivable.

     At times, we derive a significant portion of our revenue from large projects for a limited number of varying clients. During 2006 our five largest clients accounted for 48% of net revenue and our ten largest clients accounted for 71% of net revenue. In the same year we had one client, BP plc, contributing more than 10% of net revenue for the year. Although these large clients vary from time to time and our long-term revenues do not rely on any one client, our revenues could be negatively affected if we were to lose one of our top clients or if we were to fail to collect a large account receivable.

     In addition, many of our contracts are short-term and our clients may be able to reduce or cancel our services without incurring any penalties. If our clients reduce or terminate our services, we would lose revenue and would have to reallocate our employees and our resources to other projects to attempt to minimize the effects of that reduction or termination. Accordingly, terminations, including any termination by a major client, could adversely impact our revenues. The valuation of businesses that we have recently acquired is based on revenues drawn from a small number of engagements with significant clients. The loss of such a significant client engagement may result in negative adjustments to goodwill which in turn will affect our results from operations. We believe that an uncertain economic environment increases the probability that services may be reduced or canceled.

If we estimate incorrectly the time required to complete our projects, we will lose money on fixed-price contracts.

     A portion of our contracts are fixed-price contracts, rather than contracts in which the client pays us on a time-and-materials basis. We must estimate the number of hours and the materials required before entering into a fixed-price contract. Our future success will depend on our ability to continue to set rates and fees accurately and to maintain targeted rates of employee utilization and project quality. If we fail to accurately estimate the time and the resources required for a project, any required increase in the time and resources to complete the project could cause our profits to decline.

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Fluctuations in our quarterly revenues and operating results due to our size and client demand may lead to reduced prices for our stock.

     Our quarterly revenues and operating results have fluctuated significantly in the past and we expect them to continue to fluctuate significantly in the future. We attribute some of this fluctuation to Inforte’s size and the project-based nature of its business. In quarters when we start a new project engagement or when a current engagement is over our total revenues may fluctuate significantly due to the relatively high amounts of revenue per project. Quarterly fluctuations in revenue are also related to the budgeting cycles of our customers, most of whom have calendar-based fiscal years and as a result are more likely to initiate projects during the first half of the year. The existence of these quarterly fluctuations makes it more difficult to predict demand, and if we are unable to predict client demand accurately, our expenses may be disproportionate to our revenue on a quarterly basis and our stock price may be adversely affected.

Others could claim that Inforte or one of its affiliates or a non-affiliated company providing rights to Inforte or one of its affiliates, infringes on their intellectual property rights, which may result in substantial costs, diversion of resources and management attention, harm to our reputation and impairment of our profitability or the value of our investments.

     A portion of our business involves the development of software applications for specific client engagements. Although we believe that our services do not infringe on the intellectual property rights of others, we may be the subject of claims for infringement, which even if successfully defended could be costly and time-consuming. An infringement claim against us or our affiliates could materially and adversely affect us in that we may:

  • experience a diversion of our financial resources and management attention;
  • incur damages and litigation costs, including attorneys’ fees;
  • be enjoined from further use of the intellectual property;
  • be required to obtain a license to use the intellectual property, incurring licensing fees;
  • need to develop a non-infringing alternative, which could be costly and delay projects; and
  • have to indemnify clients with respect to losses incurred as a result of our infringement of the intellectual property.

As of December 31, 2006, Primary Knowledge Inc, (“PKI”), a company providing services to Provansis An Inforte Company LLC (Provansis), was involved in arbitration with a third party over alleged infringement of intellectual rights. If the outcome of this arbitration is unfavorable to PKI, certain services provided to Provansis may be terminated. The cost of finding or building alternatives for these services may increase Provansis’ expenses and may cause Inforte to write off the investment and loan amounts for tax compliance purposes. These tax losses may in turn trigger a valuation allowance against the related deferred tax assets, in case Inforte is unable to utilize the tax benefits from the loss deduction.

Because we are newer and smaller than many of our competitors, we may not have the resources to effectively compete, causing our revenues to decline.

     Many of our competitors have longer operating histories, larger client bases, longer relationships with clients, greater brand or name recognition, and significantly greater financial, technical, marketing, and public relations resources than we do. We may be unable to compete with full-service consulting companies, including the former consulting divisions of the largest global accounting firms, who are able to offer their clients a wider range of services. If our clients decide to take their strategy and technology projects to these companies, our revenues may decline. It is possible that in uncertain economic times our clients may prefer to work with larger firms to a greater extent than normal. In addition, new professional services companies may provide services similar to ours at a lower price, which could cause our revenues to decline.

Our expansion and growth internationally could negatively affect our business.

     For 2006, our international net revenue was 45% of total net revenue. There are additional risks associated with international operations, which we do not face domestically and we may assume even higher levels of such risk as we expand our ventures in Europe and India. Risk factors associated with international operations include longer customer payment cycles, adverse taxes and compliance with local laws and regulations. Further, the effects of fluctuations in currency exchange rates may adversely affect the results of operations. These risk factors may negatively impact our business.

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As offshore development becomes accepted as a viable alternative to doing work domestically, our pricing and revenue may be negatively affected.

     Gradually, over the past several decades, numerous IT service firms have been founded in countries such as India, which have well-educated and technically trained English-speaking workforces available at wage rates that are only a fraction of U.S. and European wages rates. Additionally, some larger clients have established internal IT operations at offshore locations. While traditionally we have not competed with offshore development, presently this form of development is seeing rapid and increasing acceptance in the market, especially for routine and repetitive types of development. While offshore development has greater risk due to distance, geopolitical and cultural issues, we believe its lower cost advantage will likely overwhelm these risks. If we are unable to evolve our service offerings to a more differentiated position or if the rate of acceptance of offshore development advances even faster than we anticipate, then our pricing and our revenue may be negatively affected. We have established an offshore development capability in New Delhi, India. If we are unable to adequately manage the additional complexity of these operations and this model for project delivery, it may impact project quality and overall company profitability.

Recent changes in the executive team and strategic modifications in business structure could lead to inferior financial results if this transition does not occur smoothly.

     Over the past three years Inforte has implemented several strategic reorganization plans that comprised of simplification of the business structure and changes in Inforte’s executive management team. In March 2006 David Sutton resigned as the chief executive officer and Inforte’s board of directors appointed Stephen Mack as the new president and interim chief executive officer. In February 2007, Nick Heyes, previously Inforte’s chief financial officer, became president and chief operating officer. Also in February 2007 Bill Nurthen became the new chief financial officer. Should these changes in the executive team adversely affect relationships with current partners and clients or lead to higher turnover rates, we may be unable to maintain the present level of profitability.

Current or future legislative and regulatory requirements, such as the Sarbanes-Oxley Act of 2002, may lead to increased insurance, accounting, legal and other costs, which may cause our profitability to decline.

     Efforts started in 2004 to document the implementation of the requirements of the Sarbanes-Oxley Act and for that purpose Inforte has incurred additional costs related to the hiring of outside consultants. These costs were less material in 2005 and 2006 due to an extension in the compliance deadline. However, we expect these costs to increase even further in 2007 when under Section 404 of the Sarbanes-Oxley Act we are required to include, for the first time in our Annual Report on Form 10-K management’s assessment of the effectiveness of our internal controls over financial reporting.

We may not be able to integrate successfully the business of recently acquired companies with Inforte’s business.

     While we believe that acquisition deals enhance our ability to offer analytics and business intelligence solutions to our customers, acquired businesses may not be integrated successfully. Our limited experience with mergers and acquisitions could affect our ability to efficiently consummate and/or integrate acquisitions into our ongoing operations. Failure to integrate acquired businesses successfully could result in an inability to maintain revenue levels or to realize certain synergies of the acquisition, which, in turn, may negatively impact our operating results.

If an event occurs or circumstances change that would more likely than not reduce the fair value of an acquired reporting unit below its carrying value we may have to charge a portion of any associated goodwill balance against profits, causing current net earning to become significantly lower or negative.

     The fair value of each reporting unit is estimated quarterly using a valuation methodology based on historical performance, forward looking performance and industry specific multiples. If a significant change in the business climate, legal factors, operating performance indicators, competition, sale or disposition of a significant portion of a reporting unit causes the fair value of the reporting unit to decline, Inforte may have to reduce the balance of any associated goodwill, which, in turn, will negatively impact our operating results.

     In January 2007, Inforte decided to take certain actions with respect to its investment in Provansis. Provansis is a joint venture formed in 2005 in which Inforte made a 19% equity investment and extended a loan. In the last quarter of 2006, Provansis impaired the intangible asset contributed to Provansis by its other major equity holder, causing Inforte to record its 19% of this loss which was $1,415,686. After recording the loss related to the intangible asset, the remaining Provansis equity investment of $150,340 was also written off. A provision of $2,201,333 was made for a loss on the note receivable from Provansis, resulting in a tax impact of $841,566.

8

If confidential personal data is lost, destroyed or mishandled in a way giving access to unauthorized users, Inforte, and its affiliate companies may suffer as a result of negative publicity and legal action against the company.

     Some of Inforte’s affiliate companies are directly involved in processing and transfer of significant quantities of confidential personal data. Even if Inforte and its affiliate companies are following strict procedures and guidelines for protection of confidential personal data from unauthorized use, a possible breach of security could result in liability and negative publicity for Inforte or its affiliate companies.

RISKS RELATED TO OUR INDUSTRY

If the rate of adoption of advanced information technology slows substantially, our revenues may decrease.

     We market our services primarily to firms that want to adopt information technology that provides an attractive return on investment or helps provide a sustainable competitive advantage. Our revenues could decrease if companies decide not to integrate the latest technologies into their businesses due to economic factors, governmental regulations, financial constraints or other reasons.

     Inforte’s market research suggests that the level of information technology spending in the United States is closely linked with the growth rate of the Gross Domestic Product (GDP). We expect information technology spending and Inforte revenue to be highly dependent on the health of the U.S. economy. If the overall level of business capital investment declines this may cause our revenue to decline and remain at a lower level.

Geopolitical instability may cause our revenues to decrease.

     Our clients often avoid large spending commitments during periods of geopolitical instability and economic uncertainty. The possibility of terrorists attacking United States’ interests or geopolitical concerns in other areas such as the Middle East, south Asia and North Korea may cause clients to freeze or slow their decision making processes. This would slow demand for our services and would negatively impact our revenue.

RISKS RELATED TO THE OWNERSHIP OF OUR COMMON STOCK

Our stock price could be extremely volatile, like many technology stocks.

     The market prices of securities of technology companies, particularly information technology services companies, have been highly volatile. We expect continued high volatility in our stock price, with prices at times bearing no relationship to Inforte’s operating performance.

     Inforte’s average trading volume during 2006 averaged approximately 19,000 shares per day. On any particular day, Inforte’s trading volume can be less than 1,000 shares, increasing the potential for volatile stock prices.

Volatility of our stock price could result in expensive class action litigation.

     If our common stock suffers from volatility like the securities of other technology companies, we have a greater risk of further securities class action litigation claims. One such claim is pending presently. Litigation could result in substantial costs and could divert our resources and senior management’s attention. This could harm our productivity and profitability.

Officers and directors own a significant percentage of outstanding shares and, as a group, may control a vote of stockholders.

     As of March 15, 2007 our executive officers and directors beneficially owned 31.2% of the outstanding shares of our common stock. The largest owners and their percentage ownership are set forth below:

  • Philip S. Bligh                         20.0%
  • Stephen Mack                          9.4%

9

     If the stockholders listed above act or vote together with other employees who own significant shares of our common stock, they will have the ability to control the election of our directors and the approval of any other action requiring stockholder approval, including any amendments to the certificate of incorporation and mergers or sales of all or substantially all assets, even if the other stockholders perceive that these actions are not in their best interests.

     Our stock repurchase program has had the effect of increasing the concentration of insider ownership. If we make further repurchases, the percentage of insider ownership could increase further.

     Over time, the influence or control executive officers and directors have on a stockholder vote may decrease as they diversify overall equity wealth with sales of Inforte stock. As permitted by SEC Rule 10b5-1, Inforte executive officers and directors have or may set up a predefined, structured stock trading program. The trading program allows brokers acting on behalf of company insiders to trade company stock during company blackout periods or while the insiders may be aware of material, non-public information, if the transaction is performed according to a pre-existing contract, instruction or plan that was established with the broker during a non-blackout period and when the insider was not aware of any material, non-public information. Inforte executive officers and directors may also trade company stock outside of plans set up under SEC Rule 10b5-1, however, such trades would be subject to company blackout periods and insider trading rules.

The authorization of preferred stock, a staggered board of directors and supermajority voting requirements will make a takeover attempt more difficult, even if the takeover would be favorable for stockholders.

     Inforte’s certificate of incorporation and bylaws may have the effect of deterring, delaying or preventing a change in control of Inforte. For example, our charter documents provide for:

  • the ability of the board of directors to issue preferred stock and to determine the price and other terms, including preferences and voting rights, of those shares without stockholder approval;
  • the inability of our stockholders to act by written consent or to call a special meeting;
  • advance notice provisions for stockholder proposals and nominations to the board of directors;
  • a staggered board of directors, with three-year terms, which will lengthen the time needed to gain control of the board of directors; and
  • supermajority voting requirements for stockholders to amend provisions of the charter documents described above.

     We are also subject to Delaware law. Section 203 of the Delaware General Corporation Law prohibits us from engaging in a business combination with any significant stockholder for a period of three years from the date the person became a significant stockholder unless, for example, our board of directors approved the transaction that resulted in the stockholder becoming an interested stockholder. Any of the above could have the effect of delaying or preventing changes in control that a stockholder may consider favorable.

Our share price could be adversely affected if we are unable to maintain effective internal controls.

     In 2007, we will be required to provide a report from management to our shareholders on our internal control over financial reporting that includes an assessment of the effectiveness of these controls. Internal control over financial reporting has inherent limitations, including human error, the possibility that controls could be circumvented or become inadequate because of changed conditions, and fraud. Because of these inherent limitations, internal control over financial reporting might not prevent or detect all misstatements or fraud. If we cannot maintain and execute adequate internal control over financial reporting or implement required new or improved controls that provide reasonable assurance of the reliability of the financial reporting and preparation of our financial statements for external use, we could suffer harm to our reputation, fail to meet our public reporting requirements on a timely basis, or be unable to properly report on our business and the results of our operations and the market price of our securities could be materially adversely affected.

10

ITEM 1B.     UNRESOLVED STAFF COMMENTS

     None.

ITEM 2.     PROPERTIES

     Our headquarters are located in approximately 16,102 square feet of leased office space in Chicago, Illinois. Senior management, sales, marketing, human resources and administrative personnel, as well as the Chicago-based consultants use this facility. We have regional offices for our regional personnel. We have also entered into various leases for professional office space in Atlanta; Delhi, India; Hamburg, Germany and London, England.

     Due to our efforts to consolidate previously leased office space, we have sublease agreements for a total of approximately 5,748 square feet of unused office space in Chicago.

ITEM 3.     LEGAL PROCEEDINGS

     Inforte; Philip S. Bligh, Inforte’s Chairman of the Board; Stephen C.P. Mack, Inforte’s chief executive officer; and Nick Padgett, a former executive officer of Inforte, have been named as defendants in Mary C. Best v. Inforte Corp.; Goldman, Sachs & Co.; Salomon Smith Barney, Inc.; Philip S. Bligh; Stephen C.P. Mack and Nick Padgett, Case No. 01 CV 10836, filed on November 30, 2001 in Federal Court in the Southern District of New York. The case is among more than 300 putative class actions against certain issuers, their officers and directors, and underwriters with respect to such issuers’ initial public offerings, coordinated as In re Initial Public Offering Securities Litigation, 21 MC 92 (SAS) (collectively, “Multiple IPO Litigation”). An amended class action complaint was filed in the case on April 19, 2002. The amended complaint in the Case alleges violations of federal securities laws in connection with Inforte’s initial public offering occurring in February 2000 and seeks certification of a class of purchasers of Inforte stock, unspecified damages, interest, attorneys’ and expert witness fees and other costs. The individual defendants (Messrs. Bligh, Mack and Padgett) have been dismissed from the case without prejudice pursuant to a stipulated dismissal and a tolling agreement. Inforte moved to dismiss the plaintiff’s case and, on February 19, 2002, the Court granted this motion in part, denied it in part and ordered that discovery in the case may commence. The Court dismissed with prejudice the plaintiff’s purported claim against Inforte under Section 10(b) of the Securities Exchange Act of 1934, but left in place the plaintiff’s claim under Section 11 of the Securities Act of 1933.

     Inforte has entered into a Memorandum of Understanding (the “MOU”), along with most of the other defendant issuers in the Multiple IPO Litigation, whereby such issuers and their officers and directors (including Inforte and Messrs. Bligh, Mack and Padgett) will be dismissed with prejudice from the Multiple IPO Litigation, subject to the satisfaction of certain conditions. Under the terms of the MOU, neither Inforte nor any of its formerly named individual defendants admit any basis for liability with respect to the claims in the Case. The MOU provides that insurers for Inforte and the other defendant issuers participating in the settlement will pay approximately $1 billion to settle the Multiple IPO Litigation, except that no such payment will occur until claims against the underwriters are resolved and such payment will be paid only if the recovery against the underwriters for such claims is less than $1 billion and then only to the extent of any shortfall. Under the terms of the MOU, neither Inforte nor any of its named directors will pay any amount of the settlement. The MOU further provided that participating defendant issuers will assign certain claims they may have against the defendant underwriters in connection with the Multiple IPO Litigation. In an order dated February 15, 2005, the Court certified settlement classes and class representatives and granted preliminary approval to the settlement contemplated by the MOU with certain modifications, including that the “bar order,” or claims that would be barred by the settlement, be modified consistent with the Court’s opinion. Amended settlement documents were subsequently presented to the Court and, on August 31, 2005, the Court entered an order approving the form, substance and program of notice of the settlement to class members and further set a hearing concerning the fairness of the settlement on April 26, 2006. In October 2006, a further amendment to the MOU was entered, whereby the issuer insurers increased their guarantee of payment to plaintiffs. Under the amendment, the issuer insurers increased their guarantee of payment under the MOU to 1/2 of the $425 million settlement amount reached in a settlement between the lead plaintiff and JP Morgan Securities, Inc., and the abandonment of certain costs. On November 15, 2006, the amended settlement documents were again presented to the Court.

     Certain of the underwriters that are defendants in the lawsuit successfully appealed the Court’s ruling granting class certification. On December 5, 2006, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) issued an opinion vacating the District Court’s certification of a litigation class in that portion of the case between the plaintiffs and the underwriter defendants. Because the Second Circuit’s opinion was directed to the class certified by the District Court for the plaintiffs’ litigation against the underwriter defendants, the opinion’s effect on the class certified by the District Court for the issuer defendants’ settlement is unclear. On January 5, 2007, plaintiffs filed a petition for rehearing en banc by the Second Circuit.

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ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year ended December 31, 2006.

PART II

ITEM 5.     MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     Our common stock is traded on the NASDAQ Stock Market under the symbol “INFT.” The price range reflected in the table below is the high and low sales price for our stock as reported by the NASDAQ Stock Market during each quarter of the last two years.

     Prior to 2005 our policy was to retain earnings, if any, to finance future growth. In 2005 the board of directors approved a onetime cash distribution of $1.5 per share of common stock. As of December 31, 2006 Inforte had no intentions of declaring cash distributions or dividends from future profits or capital.

     On July 15, 2005 Inforte acquired all of the outstanding shares of capital stock of GTS Consulting, Inc., a marketing analytics services firm. Inforte paid $2.1 million in cash at closing. As part of the purchase price, Inforte paid $400,000 and granted 21,142 shares of unregistered common stock on July 15, 2006.

     In January 2001, Inforte announced that the board of directors approved a stock repurchase program that allowed Inforte to buy up to $25 million of Inforte shares. The program was completed in August 2002. The board of directors approved an additional $5.0 million stock repurchase program on August 22, 2002. We stated at that time that we had no present plans to make additional repurchases of stock, and as of December 31, 2006, we have made no repurchases under this second program. As of March 15, 2007, there were approximately 1,557 stockholders, including stockholders of record and holders in street name, and the closing price of Inforte shares of common stock as reported by the NASDAQ Stock Market was $3.41.

        Three Months Ended       
   Mar. 31,   Jun. 30,   Sep. 30,   Dec. 31,   Mar. 31,   Jun. 30,     Sep. 30,   Dec. 31, 
          2005         2005         2005         2005         2006         2006         2006         2006
Price range per share:                        
Low $  5.40   $  3.10   $  3.55   $  3.76     $  3.90     $  4.39   $  3.97   $  3.49  
High $  7.82   $  5.30   $  4.43   $  4.30   $  4.38   $  5.10   $  4.97   $  4.22  

     The following table shows shares of common stock authorized for issuance under the equity compensation plans as of December 31, 2006:

       Number of Securities 
       Remaining Available for 
   Number of   Weighted-average   Future Issuance under 
   Securities to be Issued   Exercise Price   Equity Compensation 
   upon Exercise of   of Outstanding   Plans (Excluding Securities 
Plan Category          Outstanding Options (a)         Options (b)        Reflected in Column (a)) (c) (1) 
Equity compensation plans      
    approved by shareholders    493,212                   $8.27              3,544,369                 
Equity compensation plans not            
    approved by shareholders    —     —     —  
Total   493,212       $8.27     3,544,369  

    (1)       Includes 2,871,811 in shares available under Inforte’s 1997 Incentive Stock Option Plan, 365,000 shares available under the 1995 Incentive Stock Option Plan and 307,558 shares available under Inforte’s 1999 Employee Stock Purchase Plan. For the 1997 Incentive Stock Option Plan Inforte has reserved an aggregate of 4,000,000 shares of common stock for issuance. For the 1995 Incentive Stock Option Plan Inforte has reserved an aggregate of 4,900,000 shares for issuance. For the 1999 Employee Stock Purchase Plan, Inforte has reserved 200,000 shares for issuance. The 1999 Employee Stock Purchase Plan became effective upon the completion of the Inforte’s initial public offering, in February 2000.

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STOCK PERFORMANCE GRAPH

The graph below compares the cumulative total return to shareholders for our common stock with the comparable return of the NASDAQ Composite Index and the Russell 2000 Index.

   Cumulative Total Return
   12/01  12/02  12/03  12/04  12/05  12/06
INFORTE CORP.   100.00  55.48  59.34  56.41  40.63  38.38
NASDAQ COMPOSITE INDEX   100.00  71.97  107.18  117.07  120.50  137.02
RUSSELL 2000   100.00  79.52  117.09  138.55  144.86  171.47

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ITEM 6.     SELECTED FINANCIAL DATA

     The following selected financial data should be read in conjunction with our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Form 10-K. The consolidated statement of operations data for the years ended 2004, 2005 and 2006 and the balance sheet data as of December 31, 2005 and 2006 are derived from our audited consolidated financial statements, which are included elsewhere in this Form 10-K. The consolidated statement of operations data for the years ended 2002 and 2003 and the balance sheet data as of December 31, 2002, 2003 and 2004 are derived from our audited consolidated financial statements, which are not included in this Form 10-K.

   Year Ended December 31,
   2002            2003            2004           2005           2006         
   (in thousands, except per share data)
Consolidated Statement of Operations Data                   
Revenues:                  
   Revenue before reimbursements (net revenue)   $ 40,355   $ 32,655 $ 43,944   $ 37,718   $ 39,749  
   Reimbursements   5,697   4,742   6,106     3,929     3,577  
Total revenues   46,052   37,397 50,050   41,647   43, 326  
Cost of services:                  
   Project personnel and related expenses   19,934   17,263 25,735   21,760   23,166  
   Reimbursements   5,697   4,742   6,106     3,929     3,577  
Total costs of services   25,631   22,005 31,841    25,689     26,743  
Gross profit    20,421   15,392 18,209   15,958   16,583  
 
Other operating expenses:                  
   Sales and marketing   6,052   4,644   4,777     2,590   2,629  
   Recruiting, retention and training   1,222   743   1,341     1,100   1,970  
   Management and administrative (1)   12,884   9,437 14,111   12,155   11,195  
      Total other operating expenses (2)   20,158   14,824 20,229   15,845     15,794  
Operating income (loss)   263   568   (2,020 )   113   789  
Reserve on note receivable to affiliate (3)   —   —   —     —   (2,201 )
Loss on investment in affiliate (3)   —   —   —     (143 ) (1,857 )
Interest income, net and other   2,124   1,380   1,084     918     1,465  
Income (loss) before income taxes   2,387   1,948   (936 )   888   (1,804 )
Income tax expense (benefit)   672   201   (372 )   352     1,756  
Net income (loss) $ 1,715 $ 1,747 $ (564 ) $ 536   $ (3,560 )
Net income (loss) per share:                  
   Basic $ 0.15 $ 0.16 $ (0.05 ) $ 0.05   $ (0.31 )
   Diluted $ 0.15 $ 0.16 $ (0.05 ) $ 0.05   $ (0.31 )
Weighted average common shares outstanding:                  
   Basic   11,315   10,898 11,045   11,222     11,369  
   Diluted   11,647   11,018 11,045   11,504     11,369  

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   Year Ended December 31,
            2002             2003             2004            2005            2006       
    (in thousands, except per share data)     
Balance Sheet Data (at period end):           
Cash and short-term and long-term marketable securities $ 67,345 $ 67,730 $ 57,580 $ 32,944 $ 30,170
Working capital 46,506 47,972 45,936 32,471 32,217
Total assets  76,070 74,806 82,590 64,393 57,051
Long-term debt, net of current portion — — — — —
Stockholders’ equity 64,731 67,200 67,916 51,846 49,672
____________________
 
    (1)       In the fourth quarter of 2004 Inforte’s management team executed a plan to consolidate leased office space. This plan included consolidating office space at its Southern California office and the two Chicago locations where Inforte had separate contractual rental obligations. Related to this plan is a non-cash, non-recurring charge of $2,144, presented here as part of management and administrative expenses. The charge consists of contractual rental commitments for office space being vacated less estimated sub-lease income. Excluding this charge, management and administrative expenses, operating income and net income are $11,967, $124 and $732, respectively.
 
(2) In the first quarter of 2005 Inforte announced that its board of directors had approved a capital restructuring plan that included a program to offer employees to convert certain outstanding stock options into restricted stock and to exchange certain other stock options for cash. The total expense related to the capital restructuring plan of $1,316 included: (i)$848 for charges related to the exchange of stock options for cash; (ii) $378 for common stock grants to employees who had chosen not to exercise options prior to the one-time cash distribution; and (iii) $90 for professional services. Of the total expense of $1,316, $292 was charged to project personnel and related expenses, $119 was charged to sales and marketing, $8 was charged to recruiting, retention and training and $897 was charged to the management and administrative line of the Statement of Operations.
 
(3) In the fourth quarter of 2006 Provansis, an unconsolidated subsidiary of Inforte, recorded an impairment loss from an intangible asset and Inforte recognized its portion of the related write-off of $1,416. In the same quarter, Inforte booked a $2,201 provision against the full amount of a note receivable to Provansis, including accumulated interest. After accounting for the preceding losses Inforte, wrote off the remaining balance of its investment in Provansis of $150. Inforte’s portion of losses from operations of Provansis, excluding the intangible asset write-off, was $291 in 2006.

ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     You should read the following discussion in conjunction with “Selected Financial Data” and our consolidated financial statements, together with the notes to those statements, included elsewhere in this Form 10-K. The following discussions contain forward-looking statements that involve risks, uncertainties, and assumptions such as statements of our plans, objectives, expectations and intentions. Our actual results may differ materially from those discussed in these forward-looking statements because of the risks and uncertainties inherent in future events, particularly those identified in “Risk Factors.”

OVERVIEW

     Inforte helps companies acquire, develop and retain profitable customers with a combination of strategic, analytic and technology deployment services. Our approach enables clients to improve their understanding of customer behavior, successfully apply this insight to customer interactions, and continually analyze and fine-tune their strategies and tactics. Founded in 1993, Inforte is headquartered in Chicago and has offices in Atlanta; Delhi, India; Hamburg, Germany and London, England.

     Our revenue is derived almost entirely through the performance of professional services. The majority of the services we perform is on a time and materials basis; however, we also perform services on a fixed-price basis if this structure best fits out clients’ preferences or the requirements of the project. Typically, the first portion of an engagement involves a strategy project or a discovery phase lasting 30 to 60 days. This work enables us to determine with our clients the scope of successive phases of work. These successive phases of work can be additional strategy phases, or phases for technology design and implementation, and generally last three to nine months. If a project is to be performed on a fixed price basis, the fixed price is based upon estimates from senior personnel in our consulting organization who project the length of the engagement, the number of people required to complete the engagement and the skill level and billing rates of those people. We then adjust the fixed price based on various qualitative risk factors such as the aggressiveness of the delivery deadline, the technical complexity of the solution and the value of the solution delivered to the client. We typically ask clients to pay 25%-50% of our fixed price projects in advance to enable us to secure a project team in a timeframe that is responsive to the client’s needs.

15

Results of Operations

     The following table sets forth the percentage of revenue before reimbursements (net revenue) of certain items included in Inforte’s consolidated statement of operations:

   Year Ended December 31,
   2004             2005             2006          
Revenues:       
   Revenue before reimbursements (net revenue)      100.0 %     100.0 %   100.0 %  
   Reimbursements  13.9   10.4     9.0  
Total revenue:  113.9   110.4   109.0  
Cost of services:       
   Project personnel and related expenses  58.6   57.7   58.3  
   Reimbursements  13.9   10.4   9.0  
Total cost of services  72.5   68.1   67.3  
Gross profit  41.4   42.3   41.7  
Other operating expenses:         
   Sales and marketing  10.9   6.9   6.6  
   Recruiting, retention and training  3.1   2.9   5.0  
   Management and administrative (1)  32.1   32.2   28.2  
Total other operating expenses (2)  46.0   42.0   39.7  
Operating income (loss)  (4.6 )  0.3   2.0  
Reserve on note receivable to affiliate (3)  —   —   (5.5 ) 
Loss on investment in affiliate (3)  —   (0.4 )  (4.7 ) 
Interest income, net and other  2.5   2.4   3.7  
Income (loss) before income taxes  (2.1 )  2.3   (4.5 ) 
Income tax expense (benefit)  (0.8 )  0.9   4.4  
Net income (loss)  (1.3 )% 1.4 % (9.0 )%

     (1)       In the fourth quarter of 2004 Inforte’s management team executed a plan to consolidate leased office space. This plan included consolidating office space at its Southern California office and the two Chicago locations where Inforte had separate contractual rental obligations. Related to this plan was a non-cash, non-recurring charge of $2,144, that was included here as part of management and administrative expenses. The charge consisted of contractual rental commitments for office space vacated less estimated sub-lease income. Excluding this charge, management and administrative expenses, operating income and net income were 27.2%, 0.3% and 1.7% of net revenue, respectively.
 
(2) In the first quarter of 2005 Inforte announced that its board of directors had approved a capital restructuring plan that included a program to offer employees to convert certain outstanding stock options into restricted stock and to exchange certain other stock options for cash. Of the total expense of $1,316, $292 was charged to project personnel and related expenses, $119 was charged to sales and marketing, $8 was charged to recruiting, retention and training and $897 was charged to the management and administrative line of the Statement of Operations. Excluding these charges project personnel and related expenses were 56.9% of net revenue, sales and marketing expenses were 6.6% of net revenue, recruiting, retention and training expenses were 2.9% of net revenue and management and administrative expenses were 29.8% of net revenue. Operating income and net income were 3.8% and 3.5% of net revenue, respectively.
 
(3) In the fourth quarter of 2006 Provansis, an unconsolidated subsidiary of Inforte, recorded an impairment loss from an intangible asset and Inforte recognized its portion of the related write-off of $1,416. In the same quarter, Inforte booked a $2,201 provision against the full amount of a note receivable to Provansis, including accumulated interest. After accounting for the preceding losses Inforte, wrote off the remaining balance of its investment in Provansis of $150.

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Quarterly Results of Operations

     The following tables set forth certain unaudited quarterly results of operations of Inforte for 2005 and 2006. The quarterly operating results are not necessarily indicative of future results of operations.

   Three Months Ended (unaudited)
   Mar. 31,          Jun. 30,           Sep. 30,           Dec. 31, 
   2005    2005   2005     2005 
Revenues:              
   Revenue before reimbursements (net revenue) $ 8,655,298   $ 9,793,622   $   9,711,439   $   9,558,287
   Reimbursements   890,681     1,098,823    922,038     1,017,335
Total revenues   9,545,979     10,892,445 10,633,477   10,575,622
Cost of services:              
   Project personnel and related expenses   5,759,094     5,319,509   5,186,851     5,493,361
   Reimbursements   890,681     1,098,823   922,038     1,017,335
Total cost of services   6,649,775     6,418,332   6,108,889     6,510,696
Gross profit    2,896,204     4,474,113   4,524,588     4,064,926
 
Other operating expenses              
   Sales and marketing   613,145     691,490   638,011     647,506
   Recruiting, retention and training   198,987     262,125   324,406     314,970
   Management and administrative   3,635,736     2,958,204   2,789,119     2,773,207
Total other operating expenses   4,447,868     3,911,819   3,751,536     3,735,683
Operating income (loss)   (1,551,664 )   562,294   773,052     329,243
Loss on investmant in affiliate   —     —   (75,749 )   (66,819
Interest income, net, and other   261,102     195,789   214,356     247,147
Income (loss) before income taxes   (1,290,562 )   758,083   911,659     509,571
Income tax expense (benefit)   (520,696 )    303,854   366,711     201,789
Net income (loss) $ (769,866 ) $ 454,229 $ 544,948   $ 307,782
Net income (loss) per share              
   Diluted $ (0.07 ) $ 0.04 $ 0.05   $ 0.03
Weighted-average common shares outstanding:              
   Diluted   11,278,663     11,711,408 11,694,423   11,477,252

 
   Three Months Ended (unaudited)
   Mar. 31,           Jun. 30,           Sep. 30,           Dec. 31,  
   2005   2005   2005   2005 
As a percentage of net revenue:         
   Revenue before reimbursements (net revenue) 100.0 %   100.0 %   100.0 %   100.0 %
   Reimbursement 10.3 % 11.2 % 9.5 %  10.6 %
Total revenues 110.3 % 111.2 % 109.5 % 110.6 %
Cost of services:        
   Project personnel and related expenses 66.5 % 54.3 % 53.4 % 57.5 %
   Reimbursements 10.3 % 11.2 % 9.5 %  10.6 %
Total costs of services 76.8 % 65.5 % 62.9 %  68.1 %
Gross profit  33.5 % 45.7 % 46.6 % 42.5 %
 
Other operating expenses:        
   Sales and marketing 7.1 % 7.1 % 6.6 % 6.8 %
   Recruiting, retention and training 2.3 % 2.7 % 3.3 % 3.3 %
   Management and administrative 42.0 % 30.2 % 28.7 %  29.0 %
Total other operating expenses 51.4 %  39.9 % 38.6 %  39.1 %
Operating income (loss) (17.9 )% 5.7 % 8.0 % 3.4 %
Loss on investment in affiliate —   —   (0.8 )% (0.7 )%
Interest income, net, and other 3.0 %  2.0 % 2.2 %  2.6 %
Income (loss) before income taxes (14.9 )% 7.7 % 9.4 % 5.3 %
Income tax expense (benefit) (6.0 )% 3.1 % 3.8 %  2.1 %
Net income (loss) (8.9 )% 4.6 % 5.6 % 3.2 %

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   Three Months Ended (unaudited)  
    Mar. 31,           Jun. 30,           Sep. 30,           Dec. 31,  
    2006     2006     2006     2006  
Revenues:                
   Revenue before reimbursements (net revenue) $ 9,953,027   $ 9,572,733   $ 10,251,651   $ 9,971,138  
   Reimbursements   996,695     888,549     960,703     730,492  
Total revenues   10,949,722     10,461,282   11,212,354   10,701,630  
Cost of services:                
   Project personnel and related expenses   5,344,974     5,441,893     6,051,461     6,327,508  
   Reimbursements   996,695     888,549     960,703     730,492  
Total cost of services   6,341,669     6,330,442     7,012,164     7,058,000  
Gross profit   4,608,053     4,130,840     4,200,190     3,643,630  
 
Other operating expenses                
   Sales and marketing   672,296     554,007     640,702     762,325  
   Recruiting, retention and training   372,909     471,298     575,672     549,625  
   Management and administrative   3,201,289     2,661,292     2,776,011     2,554,912  
Total other operating expenses   4,246,494     3,686,597     3,992,385     3,866,862  
Operating income (loss)   361,559     444,243     207,805     (223,232 )
Reserve on note receivable to affiliate   —     —     —   (2,201,333 )
Loss on investmant in affiliate   (74,891 )   (61,447 )   (90,176 ) (1,630,917 )
Interest income, net, and other   279,861     343,698     414,075     426,819  
Income (loss) before income taxes   566,529     726,494     531,704   (3,628,663 )
Income tax expense   238,169     306,259     229,695     981,658  
Net income (loss) $ 328,360   $ 420,235   $ 302,009   $ (4,610,321 )
Net income (loss) per share                
   Diluted $ 0.03   $ 0.04   $ 0.03   $ (0.40 )
Weighted-average common shares outstanding:                
   Diluted   11,593,959     11,686,514   11,810,974   11,418,826  

 
   Three Months Ended (unaudited)
   Mar. 31,           Jun. 30,          Sep. 30,          Dec. 31,  
   2006   2006  2006    2006 
As a percentage of net revenue:         
   Revenue before reimbursements (net revenue) 100.0 % 100.0 % 100.0 % 100.0 %
   Reimbursement 10.0 % 9.3 % 9.4 % 7.3 %
Total revenues 110.0 % 109.3 % 109.4 % 107.3 %
Cost of services:        
   Project personnel and related expenses 53.7 % 56.8 % 59.0 % 63.5 %
   Reimbursements 10.0 % 9.3 % 9.4 % 7.3 %
Total costs of services 63.7 % 66.1 % 68.4 % 70.8 %
Gross profit 46.3 % 43.2 % 41.0 % 36.5 %
 
Other operating expenses:        
   Sales and marketing 6.8 % 5.8 % 6.2 % 7.6 %
   Recruiting, retention and training 3.7 % 4.9 % 5.6 % 5.5 %
   Management and administrative 32.2 % 27.8 % 27.1 % 25.6 %
Total other operating expenses 42.7 % 38.5 % 38.9 % 38.8 %
Operating income (loss) 3.6 % 4.6 % 2.0 % (2.2 )%
Reserve on note receivable to affiliate —   —   —   (22.1 )%
Loss on investment in affiliate (0.8 )% (0.6 )% (0.9 )% (16.4 )%
Interest income, net, and other 2.8 % 3.6 % 4.0 % 4.3 %
Income (loss) before income taxes 5.7 % 7.6 % 5.2 % (36.4 )%
Income tax expense 2.4 % 3.2 % 2.2 % 9.8 %
Net income (loss) 3.3 % 4.4 % 2.9 % (46.2 )%

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Years ended December 31, 2005 and 2006

     Revenue before reimbursements (net revenue). Net revenue is revenue excluding reimbursable expenses that are billed to our clients. Net revenue increased $2.0 million or 5% to $39.7 million for the year ended December 31, 2006 from $37.7 million for the year ended December 31, 2005. We attribute this increase in revenues to a higher demand for our SAP-related Business Intelligence service offering and steady growth in our revenue generated in Europe. For the year ended December 31, 2006, we had 22 significant clients with each of these clients contributing $1.6 million to net revenue on average. We had 33 significant clients during the year ended December 31, 2005, each contributing $1.0 million to net revenue on average. We had one significant client contributing more than 10% from net revenue in 2005 and 2006.

     Project personnel and related expenses. Project personnel and related expenses consist primarily of compensation and benefits for our professional employees who deliver consulting services and non-reimbursable project costs. All labor costs for project personnel are included in project personnel and related expenses. Project personnel and related expenses increased $1.4 million or 6% to $23.2 million for the year ended December 31, 2006, from $21.8 million for the year ended December 31, 2005. This increase resulted from an increase in consulting headcount and compensation in 2006, partially offset by compensation related to the buyout of stock options in 2005. Total costs associated with the buyout of stock options were $292,000. We employed 191 and 207 consultants on December 31, 2005 and 2006, respectively. Further, project personnel and related expenses were reduced both in 2005 by a downward adjustment in the allowance for doubtful accounts of $50,000. Our allowance for doubtful accounts remained at $400,000 as of December 31, 2006. We base our estimates on our historical collection and write-off experience, current trends, and percentage of our accounts receivable by aging category. The adjustment in 2005 was not due to any write-off of a specific customer account.

     Project personnel and related expenses represented 58.3% of net revenue for the year ended December 31, 2006, compared to 57.7% for the year ended December 31, 2005. This slight increase is due to higher total compensation charges for project personnel. Net revenue per consultant was $211,000 in the year ended December 31, 2006, up from $210,000 in the year ended December 31, 2005. The minor change in net revenue per consultant versus the prior year is a result of the small increase in consultants’ utilization.

     Sales and marketing. Sales and marketing expenses consist primarily of compensation, benefits and travel costs for employees in the market development and practice development groups as well as costs to execute marketing programs. Sales and marketing expenses remained unchanged at $2.6 million for the years ended December 31, 2005 and 2006. This was due to an increase in sales and marketing headcount in 2006, offset by an increase in compensation expense recorded as part of the offer to buy out stock options in March of 2005. Total costs associated with the buyout of stock options previously granted to sales and marketing personnel were $119,000 in the first quarter of 2005. Total sales and marketing headcount was 9 in 2005 and 11 as of December 31, 2006. Sales and marketing expenses as a percentage of net revenue dropped in 2006 to 6.6% from 6.9% in 2005.

     Recruiting, retention and training. Recruiting, retention and training expenses consist of compensation, benefits, and travel costs for personnel engaged in human resources; costs to recruit new employees; costs of human resources programs; and training costs. Recruiting, retention and training expenses increased by $0.9 million or 79% to $2.0 million for the year ended December 31, 2006 from $1.1 million for the year ended December 31, 2005. The increase in spending results primarily from higher recruiting costs due to the high number of personnel recruited in 2006. The total number of employees went up from 233 as of December 31, 2005 to 253 as of December 31, 2006. Total recruiting retention and training headcount was 5 as of December 31 and 2005, 6 as of December 31, 2006. Recruiting, retention and training expenses as a percentage of net revenue increased to 5.0% for the year ended December 31, 2006 from 2.9% in 2005.

     Management and administrative. Management and administrative expenses consist primarily of compensation, benefits and travel costs for management, finance, information technology and facilities personnel, together with rent, telecommunications, audit, legal, business insurance, and depreciation and amortization of capitalized computers, purchased software and property. Management and administrative expenses decreased $1.0 million or 8% to $11.2 million for the year ended December 31, 2006 from $12.2 million in 2005. For the year ended December 31, 2006, management and administrative expenses decreased to 28.2% as a percent of net revenue from 32.2% in the prior year period, as net revenue increased and management and administrative expenses decreased. In January 2005 Inforte’s board of directors approved a capital restructuring plan that included an offer to Inforte’s employees to convert certain outstanding stock options into restricted stock and to exchange certain other stock options for cash. Of the total one-time expense of $1.3 million, $0.9 million was charged to the management and administrative line of the Consolidated Statement of Operations in the first quarter of 2005. Excluding this one-time charge in 2005 total management and administrative expenses were $11.3 million or 29.8% of net revenue in 2005. Total management and administrative headcount was 28 and 29 as of December 31, 2005 and 2006, respectively.

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     Interest income, net and other. During the year ended December 31, 2006, interest income, net and other, increased $0.6 million, or 59% to $1.5 million. The increase is due to the higher interest yields earned on our short-term securities investments offset partially by the effect of lower average investment balance as a result of payments related to Inforte’s acquisitions of COMPENDIT and GTS Consulting. In addition to the interest earned on available-for-sale securities, Inforte accrued interest on the note receivable to Provansis of $14,000 and $161,000 in 2005 and 2006, respectively.

     Loss on investment in affiliate. In May 2005 Inforte entered into a Limited Liability Company Agreement of Provansis, by and among Inforte, Primary Knowledge, Inc. (PKI), and Mr. Ronald Meyer. Pursuant to the agreement, Inforte, PKI and Mr. Meyer, the chief executive officer of the newly formed entity, are members in Provansis. Initially, Inforte contributed $2,000,000 in cash for a 19% membership interest. Under the terms of the Agreement, Inforte has one seat on the board of directors, with special voting rights and other privileges, and, therefore, used the equity method of accounting for this investment. Losses in equity of the investee included in Inforte’s statement of operations were $1,857,431 and $142,569 in 2006 and 2005, respectively. Inforte’s portion of the loss from Provansis’ normal operations was $291,406 in 2006. In the fourth quarter of 2006, Provansis recorded an impairment loss from an intangible asset and Inforte recognized its portion of the related loss of $1,415,686. After accounting for the preceding losses, Inforte wrote off the remaining balance of its investment in Provansis of $150,340. The write-off of the investment in Provansis did not trigger a tax deduction as of the balance sheet date.

     Reserve on note receivable to affiliate. In the fourth quarter of 2006, Inforte booked a $2.2 million provision against the full amount of a note receivable to Provansis, including accumulated interest $161,000. As of the balance sheet date, the loan remains as a legal claim against the assets of the unconsolidated subsidiary and is not considered uncollectible for tax compliance purposes.

     Income tax expense. Income tax expense for the year ended December 31, 2006 was negative 97.3% of pre-tax loss versus income tax expense of 39.6% of pre-tax income in 2005. The effective tax rate of negative 97.3% in 2006 was a result of the allowance against deferred tax assets associated with unrealizable foreign tax credits, based on current projections, and the provision on the note receivable to Provansis of $1.1 million and $0.8 million, respectively. Excluding the allowance against deferred tax assets, the effective tax rate in 2006 was 42.4% and approximates our blended statutory tax rate, reflecting immaterial permanent differences between taxable income for financial reporting and tax purposes, such as expenses related to stock option grants and the non-deductible portion of meals and entertainment.

Years ended December 31, 2004 and 2005

     Revenue before reimbursements (net revenue). Net revenue is revenue excluding reimbursable expenses that are billed to our clients. Net revenue decreased $6.2 million or 14% to $37.7 million for the year ended December 31, 2005 from $43.9 million for the year ended December 31, 2004. We attribute this decrease in revenues to a lower demand for our Customer Relationship Management service offering. For the year ended December 31, 2005, we had 33 significant clients with each of these clients contributing $1.0 million to net revenue on average. We had 31 significant clients during the year ended December 31, 2004, each contributing $1.3 million to net revenue on average. We had one significant client contributing more than 10% from net revenue in 2004 and 2005.

     Project personnel and related expenses. Project personnel and related expenses consist primarily of compensation and benefits for our professional employees who deliver consulting services and non-reimbursable project costs. All labor costs for project personnel are included in project personnel and related expenses. Project personnel and related expenses decreased $4.0 million or 15% to $21.8 million for the year ended December 31, 2005, from $25.7 million for the year ended December 31, 2004. This decrease resulted from reduction in consulting headcount, partially offset by increased compensation due to the buyout of stock options. Total costs associated with the buyout of stock options were $292,000. We employed 191 and 205 consultants on December 31, 2005 and 2004, respectively. Further, project personnel and related expenses were reduced both in 2004 and 2005 by a downward adjustment in the allowance for doubtful accounts of $50,000. Our allowance for doubtful accounts was $400,000 as of December 31, 2005, compared to $450,000 as of December 31, 2004. We based our estimates on our historical collection and write-off experience, current trends, and percentage of our accounts receivable by aging category. The revised balances reflected more accurately our exposure to loss from non-paying customers, due to the higher number of established relationships with long-term clients. The adjustments in both years were not due to any write-off of a specific customer account.

     Project personnel and related expenses represented 57.7% of net revenue for the year ended December 31, 2005, compared to 58.6% for the year ended December 31, 2004. This slight decrease was due to lower headcount and lower project personnel total compensation charges. Net revenue per consultant was $210,000 in the year ended December 31, 2005, up from $194,000 in the year ended December 31, 2004. The change in net revenue per consultant versus the prior year was a result of the increase in consultants’ utilization combined with a rise in the average effective hourly rates of our consultants.

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     Sales and marketing. Sales and marketing expenses consist primarily of compensation, benefits and travel costs for employees in the market development and practice development groups as well as costs to execute marketing programs. Sales and marketing expenses decreased $2.2 million or 46% to $2.6 million for the year ended December 31, 2005 from $4.8 million in 2004. This decrease was due to a combination of a cutback in marketing activities, a reduction in sales and marketing headcount and a reduction in incentive bonuses, partially offset by an increase in compensation expense recorded as part of the offer to buy out stock options in March of 2005. Total costs associated with the buyout of stock options previously granted to sales and marketing personnel were $119,000. Total sales and marketing headcount was 14 as of December 31, 2003, 11 as of December 31, 2004 and 9 as of December 31, 2005. Sales and marketing expenses as a percentage of net revenue dropped in 2005 to 6.9% from 10.9% in 2004.

     Recruiting, retention and training. Recruiting, retention and training expenses consist of compensation, benefits, and travel costs for personnel engaged in human resources; costs to recruit new employees; costs of human resources programs; and training costs. Recruiting, retention and training expenses decreased by $0.2 million or 18% to $1.1 million for the year ended December 31, 2005 from $1.3 million for the year ended December 31, 2004. The decrease in spending resulted primarily from lower recruiting costs due to a decline in the number of personnel recruited and less human resources spending due to lower company-wide headcount. The total number of employees declined from 250 as of December 31, 2004 to 233 as of December 31, 2005. Total recruiting retention and training headcount was 3 as of December 31, 2003, 7 as of December 31, 2004 and 5 as of December 31, 2005. Recruiting, retention and training expenses as a percentage of net revenue decreased to 2.9% for the year ended December 31, 2005 from 3.1% in 2004.

     Management and administrative. Management and administrative expenses consist primarily of compensation, benefits and travel costs for management, finance, information technology and facilities personnel, together with rent, telecommunications, audit, legal, business insurance, and depreciation and amortization of capitalized computers, purchased software and property. Management and administrative expenses decreased $2.0 million or 14% to $12.2 million for the year ended December 31, 2005 from $14.1 million in 2004. For the year ended December 31, 2005, management and administrative expenses increased to 32.2% as a percent of net revenue from 32.1% in the prior year period, as net revenue declined at a faster rate than management and administrative expenses. In October 2004 Inforte’s executive team authorized a plan to reduce its office space to better align with its space needs. The total reduction of office space was 41,345 square feet which resulted in a one-time charge of $2.1 million posted as part of management and administrative expenses in the fourth quarter of 2004. In January 2005 Inforte’s board of directors approved a capital restructuring plan that included an offer to Inforte’s employees to convert certain outstanding stock options into restricted stock and to exchange certain other stock options for cash. Of the total one-time expense of $1.3 million, $0.9 million was charged to the management and administrative line of the Consolidated Statement of Operations in the first quarter of 2005. Excluding these one-time charges in 2004 and 2005 total management and administrative expenses were $12.0 million and $11.3 million or 27.2% and 29.8% of net revenue in 2004 and 2005, respectively. Total management and administrative headcount was 20, 27 and 28 as of December 31, 2003, 2004 and 2005, respectively.

     Interest income, net and other. During the year ended December 31, 2005, interest income, net and other, decreased $0.2 million, or 15% to $0.9 million. The decrease was due to the lower average cash balance as a result of Inforte’s one-time cash distribution to stockholders as well as of the acquisitions of COMPENDIT and GTS Consulting.

     Loss on investment in affiliate. In May 2005 Inforte entered into a Limited Liability Company Agreement of Provansis LLC. Initially, Inforte contributed $2,000,000 in cash for a 19% membership interest. Under the terms of the agreement, Inforte has one seat on the board of directors, with special voting rights and other privileges, and, therefore, used the equity method of accounting for this investment. Losses in equity of the investee included in Inforte’s statement of operations were $142,569 in 2005.

     Income tax expense. Income tax benefit for the year ended December 31, 2004 was 39.6% of pre-tax loss versus income tax expense of 39.6% of pre-tax income in 2005. The effective tax rate of 39.6% in both years approximates our blended statutory tax rate, reflecting immaterial permanent differences between taxable income for financial reporting and tax purposes.

Liquidity and Capital Resources

     Cash and cash equivalents increased to $15.1 million as of December 31, 2006 from $10.4 million as of December 31, 2005. Short-term marketable securities decreased to $15.1 million as of December 31, 2006 from $22.6 million as of December 31, 2005. Short-term marketable securities are available-for-sale securities consisting of commercial paper, U.S. government or municipal notes and bonds, corporate bonds and corporate auction preferreds. In total, cash and cash equivalents and short-term marketable securities decreased from $32.9 million to $30.2 million during the year ended December 31, 2006.

     During 2006, Inforte’s cash flow from operations was $2.4 million and was primarily due to increases in revenues and related collections of billings during 2006. Cash inflow from investing activities was $1.5 million and was due to maturities of short-term investments of $7.6 million offset by the cash payments related to the COMPENDIT and GTS Consulting, Inc. acquisitions of $3.5 million, $1.4 million from a note receivable to Provansis and purchases of property and equipment of $1.2 million. Our collection and

21

credit policies remained unchanged in 2006 and none of the activity presented on the statement of cash flows was affected by alterations in our cash-management practices.

     In January 2001, Inforte announced that the board of directors approved a stock repurchase program that allowed Inforte to buy up to $25 million of Inforte shares. The program was completed in August 2002. The board of directors approved an additional $5.0 million stock repurchase program on August 22, 2002. We stated at that time that we had no present plans to make additional repurchases of stock, and as of December 31, 2006, we have made no repurchases under this second program. As of December 31, 2006, the public float (shares not held by executive officers and directors) totaled 8.1 million shares or 69% of total outstanding shares.

     On March 12, 2004, by way of a merger of a wholly owned subsidiary of Inforte with COMPENDIT, Inforte acquired all of the outstanding shares of COMPENDIT, a leading provider of SAP Business Intelligence implementation consulting services, for initial cash consideration of $5.5 million on closing. An additional cash payment of $0.5 million was paid in May of 2004 based on a closing statement calculation of cash less transaction costs. A supplementary cash amount of $6.3 million was paid in two equal installments in January 2005 and 2006.

     On July 15, 2005 Inforte acquired all of the outstanding shares of capital stock of GTS Consulting, Inc. (“GTS”), a marketing analytics services firm. Inforte paid $2.1 million in cash at closing. As part of the purchase price, Inforte paid $400,000 and granted 21,142 shares of common stock on July 15, 2006. Subject to any claims for indemnification Inforte may have, another installment of $400,000 and 21,142 shares will be paid on the second anniversary date of the closing. Based on GTS’s achievement of certain revenue levels per customer or of aggregate revenue during the 12-month period following the closing, subject to any claims for indemnification Inforte may have, Inforte is further obligated to pay an additional $800,000, and 42,284 shares of common stock payable in two installments of $400,000 and 21,142 shares of common stock, respectively, on the third and fourth anniversary dates of the closing.

     Inforte believes that its current cash, cash equivalents and marketable securities will be sufficient to meet working capital and capital expenditure requirements for the foreseeable future.

     All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents. Cash and cash equivalent balances consist of obligations of U.S., U.K., German and Indian banks, high-grade municipal and U.S. government agencies bonds and other high quality and short-term obligations of U.S. companies. Short-term marketable securities are available-for-sale securities that are recorded at fair market value. The difference between amortized cost and fair market value, net of tax, is shown as a separate component of stockholders’ equity. The cost of securities available-for-sale is adjusted for amortization of premiums and discounts to maturity. Interest and amortization of premiums and discounts for all securities are included in interest income.

     As of December 31, 2006, subject to any claims for indemnification it may have, Inforte had a total of up to $1.2 million in deferred business acquisition cash obligations, payable in three equal installment in July 2007, 2008 and 2009. Inforte believes that it will have sufficient funds to satisfy obligations related to the deferred consideration. We expect to fund these contingent payments, if and to the extent paid and subject to any claims for indemnification it may have, primarily from the cash generated from the operations of the acquired business. In addition to the purchase price obligation for the GTS acquisition, Inforte assumed two operating leases from COMPENDIT and an operating lease from GTS. The three assumed operating leases are for renting of office space.

     Inforte has several operating leases that have contractual cash obligations for future payments. There are no other contractual obligations that require future cash obligations or other cash commitments. The table below identifies all future cash commitments.

   Payments Due by Period
  Total        2007        2008        2009         2010         2011 
   (in thousands)
Contractual Obligations                
Long-term debt — — — — —   —
Capital lease obligations — — — — —     —
Operating leases $ 2,398 $ 727 $ 723 $ 437   $ 437 $ 74
Unconditional purchase obligations — — — — —   —
Deferred acquisition payment obligations (1)   1,200     400     400     400   —    —
Total contractual cash obligations $ 3,598 $ 1,127 $ 1,123 $ 837 $ 437 $  74

    (1)       Deferred acquisition payment obligations are subject to any claims for indemnification.

     Inforte has one sublease agreement for unused office space located in Chicago. Total rent receivable on this sublease contract is $111,368 and $67,180 for the years 2007 and 2008, respectively.

22

Critical Accounting Policies and Estimates

     The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and other assumptions, which it believes are reasonable. If actual amounts are ultimately different from these estimates, the revisions are included in the company’s results of operations for the period in which the actual amounts become known.

     Accounting policies are considered critical when they require management to make assumptions about matters that are highly uncertain at the time the estimate is made and when different estimates than management reasonably could have used have a material impact on the presentation of our financial condition, changes in financial condition or results of operations.

     Revenue recognition, losses on fixed-price contracts, deferred revenue. Inforte recognizes revenue when all of the following four criteria are met: persuasive evidence exists that Inforte has an agreement, service has been rendered, its price is fixed or determinable and collectibility is reasonably assured. Inforte recognizes net revenue from fixed-price contracts based on the ratio of hours incurred to total estimated hours. The cumulative impact of any change in estimated hours to complete is reflected in the period in which the changes become known. Inforte recognizes time-and-materials net revenue as it performs the services. In November 2001, the Financial Accounting Standards Board’s Emerging Issues Task Force issued Topic 01-14, “Income Statement Characterization of Reimbursements Received for ‘Out-of-Pocket’ Expenses Incurred” stating these costs should be characterized as revenue in the income statement if billed to customers.

     Inforte recognizes revenues related to reimbursable expenses as the reimbursable expenses are billed. Inforte only recognizes reimbursable expenses when all of the following three criteria are met: persuasive evidence exists that Inforte has an agreement that includes the reimbursement of such expenses, the reimbursable expenses have been incurred and billed, and collectibility is reasonably assured.

     For presentation purposes, Inforte shows two components of total revenue: 1) revenue before reimbursements, which it calls net revenue, consisting of revenue for performing consulting services; and 2) reimbursements, consisting of reimbursements it receives from clients for out-of-pocket expenses incurred. Inforte breaks out reimbursements in its presentation of revenue because it believes net revenue, i.e., total revenues less reimbursements, is a more meaningful representation of its economic activity than total revenues, since the former excludes zero-margin pass-through expenses that in its opinion are not pertinent to business fundamentals, financial statement analysis, or the investment decision and, in fact, may mask trends in underlying performance and moreover are not controllable.

     Losses on engagements, if any, are recognized when they are probable and estimable.

     Financial Instruments. Short-term marketable securities are available-for-sale securities which are recorded at fair market value. The difference between amortized cost and fair market value, net of tax effect, is shown as a separate component of stockholders’ equity. The cost of securities available-for-sale is adjusted for amortization of premiums and discounts to maturity. Interest and amortization of premiums and discounts for all securities are included in interest income.

     Allowance for doubtful accounts. An allowance for doubtful accounts is maintained for potential credit losses. The amount of the reserve is established analyzing all client accounts to determine credit risk. In establishing a client’s creditworthiness we consider whether the client has a deteriorating or poor financial condition, limited financial resources, poor or no payment history, a large relative accounts receivable balance or a non-U.S. location.

     Stock compensation. At December 31, 2006, Inforte has three stock-based employee compensation plans, which are described more fully in footnote 9 of the Consolidated Financial Statements. Effective January 1, 2006, Inforte adopted the fair value method of accounting for share-based compensation arrangements in accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (FAS 123(R)), using the modified prospective method of transition. Using the modified prospective method, compensation expense is recognized beginning at the effective date of adoption of FAS 123(R) for all share-based payments (i) granted after the effective date of adoption and (ii) granted prior to the effective date of adoption and that remain unvested on the date of adoption. Inforte had no unvested stock options outstanding at the date of adoption. The Company recognizes share-based compensation cost ratably over expected vesting periods. All options granted under our plans had an exercise price equal to the market value of the underlying common stock on the date of grant, except for the option grants related to the acquisition of COMPENDIT.

     In accordance with the adoption of FAS 123(R), the Company chose to adopt the short-cut method to determine the pool of windfall tax benefits as it relates to stock-based compensation.

23

     Inforte uses the Black-Scholes option-pricing model to determine the grant date fair value of its stock options. The Black-Scholes option-pricing model requires the input of highly subjective assumptions. Management routinely assesses the assumptions and methodologies used to calculate estimated fair value of share-based compensation. These variables include, but are not limited to, our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Circumstances may change and additional data may become available over time and result in changes to these assumptions and methodologies, which could materially impact the fair value determination.

     On October 1, 2005, the Compensation Committee of the board of directors approved a bonus plan that provides incentives to a small group of senior-level officers and employees of Inforte. Restricted stock granted under the bonus plan vests based upon (1) the achievement of designated performance targets established by the Compensation Committee and (2) the lapse of designated vesting periods during which recipients of grants must remain employed on a continuous basis by Inforte. Initially 783,723 shares were granted to eight employees. As of December 31, 2006, four employees had 30,333 shares vested as to performance and 620,573 were cancelled because of employee termination or inability to meet the set performance targets. Total expense related to this restricted stock grant is based on the market price at grant date and involved assumptions to project future performance targets and employee tenure. Total estimated cost is then prorated over the employment-based vesting period of the grants.

     Prior to January 1, 2006 Inforte used the intrinsic value method as permitted by Accounting Public Board Opinion No. 25. Accordingly, no compensation expense was recognized for share purchase rights granted under the Inforte’s employee stock option and employee share purchase plans.

     Bonus accruals. We have several bonus programs that are based on individual and company performance. Revenue bonuses are earned based on individual or roll up revenue credit assigned to salespeople, client executives, other senior delivery personnel and senior management. Margin bonuses are earned by all employees based on company or business unit operating income performance. In addition, senior management may award discretionary bonuses. All of these bonuses are expensed in the period in which they are earned. A corresponding accrual is included on the balance sheet in accrued expenses until the bonus is paid.

     Goodwill and Other Intangible Assets. Statement of Financial Accounting Standards 142, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (December 31 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated using a valuation methodology based on historical performance and industry specific multiples. This requires significant judgments and changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit.

     Restructuring and Other Related Charges. Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities (“SFAS 146”), was effective for exit or disposal activities that are initiated after December 31, 2002. SFAS 146 requires that a liability for a cost that is associated with an exit or disposal activity be recognized when the liability is incurred. SFAS 146 supersedes the guidance in EITF Issue No. 94-3. In October 2004, Inforte’s executive team authorized a plan to reduce its office space to better align with its space needs. These steps included consolidating office space at its Southern California office and the two Chicago locations where Inforte had separate contractual rental obligations. Estimated costs for the consolidation of the facilities consist of contractual rental commitments for office space being vacated less estimated sub-lease income. The total reduction of office space resulting from this consolidation of our office space was approximately 43,881 square feet at the time the plan was executed. On July 1, 2005 one of the original lease agreements was amended to reduce total abandoned office space to 27,341 square feet. Total charges related to this reduction of space are estimated at $2.0 million and were recognized at the date the plan for office space consolidation was executed. If we vacate additional space, if future sub-lease income is less than estimated, if we buy-out of leases or if we are unable to sublease our vacated space, additional charges or credits in future periods will be necessary.

     Income Taxes. We account for income taxes in accordance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes (“SFAS 109”), which requires the recognition of deferred income taxes based upon the tax consequences of temporary differences between financial reporting and income tax reporting by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. SFAS 109 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax asset will not be realized.

24

     In connection with the preparation of our consolidated financial statements, we are required to estimate our income tax liability for each of the tax jurisdictions in which we operate. This process involves estimating our actual current income tax expense and assessing temporary differences resulting from differing treatment of certain income or expense items for income tax reporting and financial reporting purposes. We also recognize as deferred tax assets the expected future tax benefits of net operating loss carry forwards. In evaluating the realizability of deferred tax assets associated with net operating loss carry forwards, we consider, among other things, expected future taxable income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future tax benefits. Changes in, among other things, income tax legislation, statutory income tax rates or future taxable income levels could materially impact the our valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods.

Recently Issued Accounting Pronouncements

     In September 2006, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108), which provides interpretive guidance on the consideration of the effects of prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. SAB 108 requires registrants to quantify errors using both a balance sheet (iron curtain) and an income statement (rollover) approach and evaluate whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. In the year of adoption, SAB 108 allows a one-time cumulative effect transition adjustment for errors that were not previously deemed material, but are material under the guidance in SAB 108. The adoption of SAB 108 on December 31, 2006 had no effect on our consolidated financial statements.

     In June 2006, the Emerging Issues Task Force (EITF) issued EITF Issue No. 06-3, How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation) (EITF 06-3) to clarify diversity in practice on the presentation of different types of taxes in financial statements. The Task Force concluded that, for taxes within the scope of the issue, a company may adopt a policy of presenting taxes either gross within revenue or net. That is, it may include charges to customers for taxes within revenues and the charge for the taxes from the taxing authority within cost of sales, or, alternatively, it may net the charge to the customer and the charge from the taxing authority. If taxes subject to this Issue are significant, a company is required to disclose its accounting policy for presenting taxes and the amounts of such taxes that are recognized on a gross basis. The guidance in this consensus is effective for the first interim reporting period beginning after December 15, 2006. Our current policy is to present the revenue in the Consolidated Statement of Operations net of taxes collected from customers. We do not expect the adoption of EITF 06-3 to result in a change to our accounting policy or have an effect on our consolidated financial statements.

     In July 2006, the FASB released Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No 109 ("FIN 48"). FIN 48 clarifies the accounting and reporting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken on income tax returns. FIN 48 is effective for fiscal years beginning after December 15, 2006. Inforte is currently assessing the impact that this standard will have on its consolidated results of operations, financial position, or cash flows. Based upon our analysis completed to date, we expect a reduction in retained earnings of less than $500,000. This estimate is subject to revision as we complete our analysis.

     In September 2006, the FASB issued SFAS 157, Fair Value Measurements. The statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This standard is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Inforte is currently evaluating the impact the adoption of SFAS 157 will have on the consolidated financial statements.

25

ITEM 7A.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency Risk

     During 2006, our international revenues were over 45% of our total net revenue. We face additional risks internationally that we do not face domestically. Such risks include longer customer payment cycles, adverse taxes and compliance with local laws and regulations. Further, the effects of fluctuations in currency exchange rates may adversely affect the results of operations.

Interest Rate Risk

     As of December 31, 2006 Inforte’s total cash, cash equivalents and short-term marketable securities equaled $30.2 million. During 2006, interest income represented 64% of Inforte’s pre-tax income, excluding the provisions and write-offs related to Provansis. As a result, fluctuations in interest rates can have a significant impact on our net income (loss) per share. We estimate that the impact on interest income from a 1 percentage point change in interest rates could change our annual net income (loss) per share by approximately $0.03 per diluted share. Our estimate is calculated using investment balances as of December 31, 2006 and diluted weighted average shares outstanding for the year then ended.

ITEM 8.     CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The following consolidated financial statements, and the related notes thereto, of Inforte and the Report of Registered Public Accounting Firm are filed as a part of this Form 10-K.

  Page
Report of Independent Registered Public Accounting Firm   27
Consolidated Balance Sheets   28
Consolidated Statements of Operations    29
Consolidated Statements of Stockholders’ Equity   30
Consolidated Statements of Cash Flows   31
Notes to the Consolidated Financial Statements   32

26

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT FIRM

To the Board of Directors and Stockholders
Inforte Corp.:

     We have audited the accompanying consolidated balance sheets of Inforte Corp. and subsidiaries (“the Company”) as of December 31, 2006 and 2005, and the related consolidated statements of operations, stockholders’ equity and cash flows for the years ended December 31, 2006, 2005 and 2004. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

     We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of the internal control over financial reporting. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Inforte Corp and subsidiaries as of December 31, 2006 and 2005, and the results of its operations, its changes in stockholders’ equity and its cash flows for the years ended December 31, 2006, 2005 and 2004 in conformity with accounting principles generally accepted in the United States of America.

     As discussed in Note 2 to the consolidated financial statements, effective January 1, 2006, the Company adopted Statement of Financial Accounting Standards Number 123 (revised 2004), Shared-Based Payment.

  /s/ GRANT THORNTON LLP 
 
Chicago, Illinois   
March 30, 2007   

27

INFORTE CORP.
CONSOLIDATED BALANCE SHEETS

   December 31,
   2005                  2006
Assets         
Current assets:    
   Cash and cash equivalents $ 10,352,964 $ 15,100,083
   Short-term marketable securities 22,591,074 15,069,998
   Accounts receivable, less allowance for doubtful accounts of    
     $400,000 at December 31, 2005 and 2006 8,059,918 7,153,868
   Prepaid expenses and other current assets 1,021,742 778,824
   Income taxes recoverable 124,153 —
   Interest receivable on investment securities 199,326 102,823
   Deferred income taxes 483,869 388,195
   Note receivable from affiliate   684,085   —
 
     Total current assets 43,517,131 38,593,791
 
Computers, purchased software and property, net 981,153 1,383,068
Goodwill and intangible assets 15,279,537 15,181,601
Investment in affiliate 1,857,431 —
Deferred income taxes   2,757,696   1,891,973
 
     Total assets $ 64,392,948 $  57,050,433
 
Liabilities and stockholders’ equity     
Current liabilities:    
   Accounts payable $  357,070 $   451,401
   Income taxes payable 920,474 288,731
   Accrued expenses 3,594,754 3,643,230
   Accrued loss on disposal of leased property 845,316 352,962
   Current portion of deferred acquisition payment 3,650,000 500,000
   Deferred revenue   1,678,882   1,141,684
     Total current liabilities 11,046,496 6,378,008
Non-current liabilities:    
   Non-current portion of deferred acquisition payment 1,500,000 1,000,000
Stockholders’ equity:    
   Preferred stock, $0.001 par value; 5,000,000 shares authorized, none     
   issued and outstanding at December 31, 2005 and 2006 — —
   Common stock, $0.001 par value; authorized — 50,000,000    
   shares; issued and outstanding — 12,568,405 as of December 31, 2005    
   and 11,829,091 as of December 31, 2006 12,568 11,829
   Additional paid-in capital 75,468,429 75,887,622
   Cost of common stock in treasury, 2,720,823 as of December 31,    
     2005 and 2006 (24,997,277 ) (24,997,277 )
   Retained earnings 1,306,961 (2,252,756 )
   Accumulated other comprehensive income   55,771   1,023,009
     Total stockholders’ equity   51,846,452   49,672,427
     Total liabilities and stockholders’ equity $  64,392,948 $  57,050,433

The accompanying notes are an integral part of these consolidated financial statements.

28

INFORTE CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS

   Year Ended December 31, 
   2004           2005           2006       
Revenues:             
   Revenue before reimbursements (net revenue)  $  43,943,146 $  37,718,646 $ 39,748,549
   Reimbursements     6,107,207   3,928,877   3,576,439
     Total revenues     50,050,353   41,647,523   43,324,988
Cost of services:             
   Project personnel and related expenses     25,733,511    21,758,815   23,165,836
   Reimbursements     6,107,207   3,928,877   3,576,439
Total cost of services     31,840,718   25,687,692   26,742,275
Gross profit     18,209,635   15,959,831   16,582,713
Other operating expenses:             
   Sales and marketing     4,776,965   2,590,152   2,629,330
   Recruiting, retention and training     1,341,880   1,100,488   1,969,504
   Management and administrative     14,110,243   12,156,266   11,193,504
     Total other operating expenses     20,229,088   15,846,906   15,792,338
Operating income (loss)     (2,019,453 )    112,925   790,375
Reserve on note receivable to affiliate     —   —   (2,201,333 ) 
Loss on investment in affiliate     —   (142,568 )    (1,857,431 ) 
Interest income, net and other      1,084,139   918,394   1,464,453
Income (loss) before income taxes      (935,314 )    888,751   (1,803,936 ) 
Income tax expense (benefit)      (370,809 )    351,658   1,755,781
Net income (loss)  $   (564,505 )  $ 537,093 $ (3,559,717 ) 
Net income (loss) per share:             
   Basic  $ (0.05 )  $ 0.05 $ (0.31 ) 
   Diluted  $ (0.05 )  $ 0.05 $ (0.31 ) 
Weighted average common shares outstanding:             
   Basic     11,045,113   11,222,160   11,369,548
   Diluted     11,045,113   11,504,093   11,369,548

The accompanying notes are an integral part of these consolidated financial statements.

29

INFORTE CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

  Common Stock  Additional      Other    Total   
  Number              Paid-In       Treasury       Retained       Comprehensive      Stockholders’ 
  of Shares    Amount    Capital    Stock    Earnings    Income  Equity 
Balance at January 1, 2004 10,957,432 $ 10,957 $79,791,407 $(24,997,277 ) $12,023,475 $   371,554 $ 67,200,116
   Stock option and purchase plans 149,981 150 734,990 — — — 735,140
   Stock based compensation — — 181,371 — — — 181,371
   Tax benefit of disqualifying dispositions of stock options — — 126,023 — — — 126,023
 
   Comprehensive income:              
   Foreign currency translation adjustments — — — — — 358,811 358,811
   Unrealized loss on available-for-sale securities — — — — — (120,874 ) (120,874 )
 
   Net income — — — — (564,505 ) —   (564,505 )
   Comprehensive income —   — — — —   —   (326,568 )
 
 
 
Balance at December 31, 2004 11,107,413 $ 11,107 $80,833,791 $(24,997,277 ) $11,458,970 $ 609,491 $ 67,916,082
   Stock option and purchase plans 1,460,992 1,461 243,451 — — — 244,912
   Stock based compensation — — 1,083,424 — — — 1,083,424
   Tax benefit of disqualifying dispositions of stock options — — (6,198 ) — — — (6,198 )
   Dividends — — (6,686,039 ) — (10,689,102 ) — (17,375,141 )
 
   Comprehensive income:              
   Foreign currency translation adjustments — — — — — (479,225 ) (479,225 )
   Unrealized loss on available-for-sale securities — — — — — (74,495 ) (74,495 )
 
   Net income — — — — 537,093  —   537,093
   Comprehensive income —   — — — —   —   (16,627 )
 
 
 
Balance at December 31, 2005 12,568,405 $ 12,568 $75,468,429 $(24,997,277 ) $1,306,961 $ 55,771 $ 51,846,452
   Stock option and purchase plans (739,314 ) (739 ) 739 — — — —
   Stock based compensation — — 418,454 — — — 418,454
   Comprehensive income:              
   Foreign currency translation adjustments — — — — — 922,932 922,932
   Unrealized loss on available-for-sale securities — — — — — 44,306 44,306
 
   Net income — — — — (3,559,717 ) —   (3,559,717 )
   Comprehensive income —   — — — — —   (2,592,479 )
 
Balance at December 31, 2006 $11,829,091 $ 11,829 $75,887,622 $(24,997,277 ) $ (2,252,756 ) $ 1,023,009 $ 49,672,427

The accompanying notes are an integral part of these consolidated financial statements.

30

INFORTE CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS

   Year Ended December 31,
  2004          2005          2006  
Cash flows from operating activities       
Net income (loss)  $ (564,505 )  $ 537,093   $ (3,559,717 ) 
Adjustments to reconcile net income (loss) to net cash       
   provided by (used in) operating activities:       
   Depreciation and amortization  1,645,617   1,230,206   893,009  
   Loss on investment in affiliates  —   142,569   1,857,431  
   Reserve on note receivable to affiliates  —   —   2,201,333  
   Non-cash stock compensation  181,371   1,083,424   358,510  
   Deferred income taxes  (1,879,098 )  (296,064 )  930,708  
   Changes in operating assets and liabilities:       
     Accounts receivable  (535,464 )  (909,140 )  906,050  
     Prepaid expenses and other current assets  (120,100 )  29,359   177,490  
     Unbilled revenue  —   462,597   —  
     Accounts payable  (845,888 )  (730,567 )  83,686  
     Income taxes  (356,696 )  511,584   (475,117 ) 
     Accrued expenses and other  (266,034 )  (201,057 )  (437,852 ) 
     Deferred revenue    (1,097,204 )    11,660     (537,198 ) 
Net cash provided by (used in) operating activities  (3,838,001 )  1,871,664   2,398,333  
 
Cash flows from investing activities       
Acquisitions, net of cash acquired  (5,666,178 )  (5,325,955 )  (3,542,089 ) 
Note receivable from affiliates  —   (670,000 )  (1,355,317 ) 
Investment in affiliate  —   (2,000,000 )  —  
Proceeds from marketable securities  6,011,019   13,562,595   7,591,471  
Purchases of property and equipment    (946,774 )    (420,300 )    (1,218,716 ) 
Net cash provided by (used in) investing activities  (601,933 )  5,146,340   1,475,349  
 
Cash flows from financing activities       
Stock option and purchase plans  861,163   232,516   —  
Dividends    —     (17,375,141 )    —  
Net cash provided by (used in) financing activities    861,163     (17,142,625 )    —  
Effect of change in exchange rates on cash    324,915     (339,547 )    873,438  
Net increase (decrease) in cash and cash equivalents  (3,253,856 )  (10,464,168 )  4,747,119  
Cash and cash equivalents, beginning of year    24,070,988     20,817,132     10,352,964  
Cash and cash equivalents, end of year  $ 20,817,132   $ 10,352,964   $ 15,100,083  

The accompanying notes are an integral part of these consolidated financial statements.

31

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1.   Nature of Business

     Inforte helps companies acquire, develop and retain profitable customers with a combination of strategic, analytic and technology deployment services. Our approach enables clients to improve their understanding of customer behavior, successfully apply this insight to customer interactions, and continually analyze and fine-tune their strategies and tactics.

     Inforte Corp. owns 100% of Inforte India Holding Company, a Delaware corporation which in turn owns 100% of Inforte India Private Ltd., a company legally domiciled in India. Inforte Corp. also has 19% ownership in Provansis LLC, An Inforte Company, 100% ownership in Inforte Managed Analytics Inc., formerly known as GTS Consulting Inc., and 100% ownership in Inforte Deutschland GmbH.

2.   Significant Accounting Policies

Cash and Cash Equivalents
     All highly liquid investments with original maturities of three months or less when purchased are considered cash equivalents. Cash and cash equivalent balances consist of obligations of U.S., U.K., German and Indian banks, money market and auction instruments and other high quality, short-term obligations of U.S. companies or local governmental bodies

Accounts Receivable, net 
     Credit is extended based on evaluation of a customer’s financial condition, and generally, collateral is not required. Accounts receivable are usually due within 0 to 30 days and are stated at amounts due from customers. Accounts outstanding longer than the contractual payments terms are considered past due.

     Inforte determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, previous loss history, customer’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole.

     Changes in the allowance for doubtful accounts are as follows for the years ended December 31:

  2004   2005   2006 
Balance at beginning of period  $ 500,000   $ 450,000   $ 400,000
Bad debt expense  —   —   —
Accounts written off  —   —   —
Adjustments  (50,000 )  (50,000 )  —
Recoveries    —     —     —
Balance at end of period   $ 450,000    $ 400,000    $ 400,000

Financial Instruments 
     Short-term marketable securities are available-for-sale securities which are recorded at fair market value. The difference between amortized cost and fair market value, net of tax effect, is shown as a separate component of stockholders’ equity. The cost of securities available-for-sale is adjusted for amortization of premiums and discounts to maturity. Interest and amortization of premiums and discounts for all securities are included in interest income. Realized gains and losses from sales of available-for-sale securities were not material in any of the years 2004, 2005 and 2006. Unrealized losses were accounted for in other comprehensive income and totaled $76,429 and $3,119 as of December 31, 2005 and 2006, respectively.

Goodwill and Other Intangible Assets
     Statement of Financial Accounting Standards 142, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (December 31 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, sale or disposition of a significant portion of a reporting unit. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated using a valuation methodology based on historical performance and industry specific multiples. This requires significant judgments and changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit.

32

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.   Significant Accounting Policies (Continued)

Principles of Consolidation
     The consolidated financial statements include the accounts of Inforte and its wholly-owned subsidiaries. All significant intercompany accounts have been eliminated.

Computers, Purchased Software, and Property 
     Computers, purchased software, and property are stated at cost. Inforte provides for depreciation and amortization using the straight-line method over their estimated useful lives as follows: :

Asset Classification   Estimated Useful Life 
Office furniture   3-5 years 
Computers and equipment   2-3 years 
Purchased software   2-3 years 
Leasehold improvements   Estimated useful life or life of lease, 
   whichever is shorter 

     Significant improvements are capitalized and depreciated. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the results of operations.

Revenue Recognition 
     Inforte recognizes revenue when all of the following four criteria are met: persuasive evidence exists that Inforte has an agreement, service has been rendered, its price is fixed or determinable and collectibility is reasonably assured. Inforte recognizes net revenue from fixed-price contracts based on the ratio of hours incurred to total estimated hours. The cumulative impact of any change in estimated hours to complete is reflected in the period in which the changes become known. Inforte recognizes time-and-materials net revenue as it performs the services. In November 2001, the Financial Accounting Standards Board’s Emerging Issues Task Force issued Topic 01-14, Income Statement Characterization of Reimbursements Received for ‘Out-of-Pocket’ Expenses Incurred stating these costs should be characterized as revenue in the income statement if billed to customers.

     Inforte recognizes revenues related to reimbursable expenses as the reimbursable expenses are billed. Inforte only recognizes reimbursable expenses when all of the following three criteria are met: persuasive evidence exists that Inforte has an agreement that includes the reimbursement of such expenses, the reimbursable expenses have been incurred and billed, and collectibility is reasonably assured.

     For presentation purposes, Inforte shows two components of total revenue: 1) revenue before reimbursements, which it calls net revenue, consisting of revenue for performing consulting services; and 2) reimbursements, consisting of reimbursements it receives from clients for out-of-pocket expenses incurred. Inforte breaks out reimbursements in its presentation of revenue because it believes net revenue, i.e., total revenues less reimbursements, is a more meaningful representation of its economic activity than total revenues, since the former excludes zero-margin pass-through expenses that in its opinion are not pertinent to business fundamentals, financial statement analysis, or the investment decision and, in fact, may mask trends in underlying performance and moreover are not controllable.

     Losses on engagements, if any, are recognized when they are probable and estimable.

Stock-Based Compensation 
     Inforte adopted Financial Accounting Standards No. 123R, Share-Based Payment (“SFAS 123R”), a revision to SFAS 123, Accounting for Stock-Based Compensation on January 1, 2006, using the modified prospective application method. Adoption of SFAS 123R had no effect on Inforte’s cash flows, financial position, or results of operations. All options outstanding as of January 1, 2006 were fully vested and there was no compensation expense related to these options in the first quarter of 2006. The adoption of SFAS 123R primarily resulted in a change in Inforte’s method of recognizing the fair value of share-based compensation and estimating forfeitures for all unvested awards. Specifically, the adoption of SFAS 123R resulted in recording compensation expense for employee stock options. Stock-based compensation expense related to stock option and restricted stock plans included in operating expenses for the years ending December 31, 2004, 2005 and 2006 was as follows:

33

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.   Significant Accounting Policies (Continued)

        Year Ended December 31,
   2004              2005              2006   
Shares of restricted stock  $  75,757 $   694,652 $   398,004  
Stock options    105,614 11,086 (3,649 )
Vested common stock    —   377,685   —  
Total equity-based compensation expense  $  181,371 $   1,083,423 $   394,353  

     Prior to adopting SFAS 123R Inforte accounted for stock-based employee compensation in accordance with Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, and the disclosure-only provisions of Statement of Financial Accounting Standards No. 123, Accounting for Stock-Based Compensation (“SFAS 123”) related to options issued to employees.

     Had Inforte applied the fair value recognition provisions of SFAS 123 to stock-based employee compensation during the years ended December 31, 2004, 2005, net income (loss) and net income (loss) per share would have been as follows:

   Year Ended December 31,
                2004                         2005  
Net income (loss), as reported  $  (564,505 )  $  537,093  
Add: Stock-based compensation expense recorded    181,371   1,083,423  
Deduct: Total stock-based compensation expense determined under fair         
   value based method for all awards, net of related tax effects (1)    (4,311,970 )    (842,229 )
Pro forma net income (loss)  $  (4,695,104 )  $  778,287  
Net income (loss), per share:         
   Basic — as reported  $  (0.05 )  $  0.05  
   Basic — pro forma  $  (0.43 )  $  0.07  
   Diluted — as reported  $  (0.05 )  $  0.05  
   Diluted — pro forma  $  (0.43 )  $  0.07  

    (1)      

Total stock-based compensation expense, under the fair value method for the year ending December 31, 2005, was reduced by the reversal of previously expensed amounts related to stock options canceled in the first half of 2005 due to the capital restructuring plan executed in March 2005 and certain other arrangements with individual employees executed in April 2005.

     As of December 31, 2006, the unrecognized share-based compensation expense related to non-vested restricted stock and stock options was $830,176 and $292,204, respectively, which is expected to be recognized over a weighted average period of approximately 60 months. The weighted-average grant-date fair value of options granted in 2006 was $2.34.

     The fair value of stock options is calculated based on the estimated present value at grant date using the Black-Scholes option pricing model. The option pricing models assumptions were:

   2004                 2005               2006
Dividend yield   0%  0%  0%
Volatility   45%-48%  49%  48.1%-49.1%
Risk-free interest rate   2.44%-3.50%  4.09%  5.0%
Weighted-average expected option life (in years)    4.0  4.0  5.0

Income Taxes 
     Deferred income taxes are provided on all differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements based upon enacted statutory tax rates in effect in the periods when such differences are expected to reverse.

Net Income (Loss) per Share 
     Basic and diluted net income (loss) per share is computed by dividing the net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net income (loss) per share excludes potential common shares if the effect is antidilutive. Potential common shares are composed of: (i) common stock issuable upon the exercise of stock options and (ii) restricted stock issuable under the performance based employee compensation plans and under the agreement to acquire GTS Consulting Inc..

34

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.   Significant Accounting Policies (Continued)

Comprehensive Income 
     Comprehensive income includes net income as currently reported under accounting principles generally accepted in the United States and also considers the effect of additional economic events that are not required to be recorded in determining net income but are rather reported as a separate component of stockholders’ equity. Inforte reports foreign currency translation adjustments and unrealized gains and losses on marketable securities as components of comprehensive income.

Foreign Currency Translation 
     Assets and liabilities of Inforte’s foreign operations are translated into United States dollars at the exchange rate in effect at the balance sheet date while income and expenses are translated at the weighted-average exchange rate for the year. Translation adjustments are classified as a separate component of stockholders’ equity. Gains and losses arising from intercompany foreign currency transactions that are of a long-term-investment nature are reported in the same manner as translation adjustments.

     Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and were not significant during the periods presented.

Concentration of Credit Risk 
     Inforte’s financial instruments consist of cash and cash equivalents, short-term marketable securities, notes and accounts receivable and accounts payable. At December 31, 2005 and 2006, the fair value of these instruments approximated their consolidated financial statement carrying amounts.

     Inforte performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Inforte maintains an allowance for potential credit losses, and such losses have been within management’s expectations.

     For the year ended December 31, 2004, two customers accounted for 15% and 7%, respectively, of net revenue and 2% and 11%, respectively, of accounts receivable at December 31, 2004. For the year ended December 31, 2005, two customers accounted for 13% and 5%, respectively, of revenue and 19% and 11%, respectively, of accounts receivable at December 31, 2005. For the year ended December 31, 2006, two customers accounted for 16% and 9%, respectively, of revenue and 17% and 4%, respectively, of accounts receivable at December 31, 2006.

Use of Accounting Estimates 
     The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Advertising Costs 
     Inforte expenses the cost of advertising as incurred. Such costs are included in sales and marketing in the consolidated statements of operations. Advertising costs were $48,871 in 2006, $67,738 in 2005 and immaterial in 2004.

Recently Issued Accounting Pronouncements 
     In September 2006, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (SAB 108), which provides interpretive guidance on the consideration of the effects of prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. SAB 108 requires registrants to quantify errors using both a balance sheet (iron curtain) and an income statement (rollover) approach and evaluate whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. In the year of adoption, SAB 108 allows a one-time cumulative effect transition adjustment for errors that were not previously deemed material, but are material under the guidance in SAB 108. The adoption of SAB 108 on December 31, 2006 had no effect on our consolidated financial statements.

35

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2.   Significant Accounting Policies (Continued)

     In June 2006, the Emerging Issues Task Force (EITF) issued EITF Issue No. 06-3, How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation) (EITF 06-3) to clarify diversity in practice on the presentation of different types of taxes in financial statements. The Task Force concluded that, for taxes within the scope of the issue, a company may adopt a policy of presenting taxes either gross within revenue or net. That is, it may include charges to customers for taxes within revenues and the charge for the taxes from the taxing authority within cost of sales, or, alternatively, it may net the charge to the customer and the charge from the taxing authority. If taxes subject to this Issue are significant, a company is required to disclose its accounting policy for presenting taxes and the amounts of such taxes that are recognized on a gross basis. The guidance in this consensus is effective for the first interim reporting period beginning after December 15, 2006. Our current policy is to present the revenue in the Consolidated Statement of Operations net of taxes collected from customers. We do not expect the adoption of EITF 06-3 to result in a change to our accounting policy or have an effect on our consolidated financial statements.

     In July 2006, the FASB released Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No 109 ("FIN 48"). FIN 48 clarifies the accounting and reporting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken on income tax returns. FIN 48 is effective for fiscal years beginning after December 15, 2006. Inforte is currently assessing the impact that this standard will have on its consolidated results of operations, financial position, or cash flows. Based upon our analysis completed to date, we expect a reduction in retained earnings of less than $500,000. This estimate is subject to revision as we complete our analysis.

     In September 2006, the FASB issued SFAS 157, Fair Value Measurements. The statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This standard is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Inforte is currently evaluating the impact the adoption of SFAS 157 will have on the consolidated financial statements.

3.   Financial Instruments

     The portfolio of short-term and long-term marketable securities (including cash and cash equivalents) consisted of the following:

   Year Ended December 31, 2005   Year Ended December 31, 2006 
     Gross          Gross    
   Amortized        Unrealized        Fair Market       Amortized       Unrealized       Fair Market 
   Cost  Gains (Losses)    Value Cost Gains (Losses)   Value 
Cash $ 10,352,964 $ —   $ 10,352,964 $ 10,954,998   —   $ 10,954,998
Municipal notes/bonds 10,600,000   —   10,600,000 13,920,000 —   13,920,000
Corporate bonds 5,067,503   (49,423 ) 5,018,080 3,798,202 (3,119 ) 3,795,083
Corporate auction preferreds —   —   — 1,500,000 —   1,500,000
U.S. government agencies   7,000,000    (27,006 )   6,972,994   —   —     —
Total $ 33,020,467 $ (76,429 ) $ 32,944,038 $ 30,173,200   $(3,119 ) $ 30,170,081

     Inforte considers all marketable securities with maturities of one year or less as of December 31, 2005 and December 31, 2006 to be short term. Short-term securities are classified as available-for-sale and therefore immediately sellable if a business or liquidity need arises.

Contractual maturities of investments in available-for-sale debt securities December 31, 2005 and 2006:

   Year Ended December 31, 2005   Year Ended December 31, 2006 
               Fair Market                         Fair Market
  Amortized Cost Value Amortized Cost Value
Less than one year $15,667,503 $15,618,080 $19,218,202 $19,215,083
Investment in debt securities $15,667,503 $15,618,080 $19,218,202 $19,215,083

36

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

4.   Accrued expenses and accrued loss on disposal of leased property

     Accrued expenses as of December 31, 2005 and 2006:

  Year Ended December 31, 2005                   Year Ended December 31, 2006 
Compensation and employee benefits   $1,437,242     $1,828,348  
Professional and ancillary services 873,779 569,998
Payroll, sales and other non-income taxes 1,283,733 1,156,047
Rent — 88,837
Total accrued expenses $3,594,754 $3,643,230

     During 2001 Inforte took major steps to reduce its costs to better align its overall cost structure and organization with anticipated demand for its services. These steps included consolidating office space at the Chicago location where Inforte had multiple contractual rental commitments. Estimated costs for the consolidation of Chicago facilities consist of contractual rental commitments for office space being vacated and unamortized leasehold improvements related to this space less estimated sub-lease income. The total reduction of office space resulting from this consolidation of our Chicago office space was approximately 17,770 square feet, all of which were vacated as of December 31, 2001. Total charges related to this reduction of office space as well as any subsequent loss adjustments were recorded as a component of management and administrative expenses in the 2001, 2002 and 2003 Consolidated Statement of Operations. If Inforte vacates additional space, if future sub-lease income is less than estimated, or if it is unable to sub-lease our vacated space, additional charges in future periods will be necessary.

     Charges for this restructuring as of, and for the twelve months ended December 31, 2005 and 2006 were as follows:

Year ended December 31, 2005          Balance 12/31/04       Expense       Cash Payments        Adjustments        Balance 12/31/05
Lease termination $ 281,859 $      — $(209,716 ) $ (12,191 ) $ 59,952
 
Year ended December 31, 2006   Balance 12/31/05 Expense Cash Payments   Adjustments   Balance 12/31/06
Lease termination   $ 59,952 $ — $ (59,952 ) $ —   $ —

     In October 2004, Inforte’s executive team authorized a plan to consolidate office space at its Southern California office and the two Chicago locations where Inforte had separate contractual rental obligations. Estimated costs for the consolidation of the facilities consist of contractual rental commitments for office space being vacated less estimated sub-lease income. The total reduction of office space resulting from this consolidation of Inforte’s office space was approximately 43,881 square feet at the time the plan was executed. During the third quarter of 2005 two of the original lease agreements were amended reducing total abandoned office space to 27,341 square feet and terminating a lease for 4,357 square feet of additional office space. Total charges related to this reduction of space were still estimated at $2.0 million and were recognized at the date the plan for office space consolidation was executed.

     Charges for this restructuring for the twelve months ended December 31, 2004, 2005 and 2006 were as follows:

Year ended December 31, 2004          Balance 12/31/03       Expense       Cash Payments        Adjustments        Balance 12/31/05
Lease termination $  — $    2,143,673 $   (147,981 ) $ —   $ 1,995,692
 
Year ended December 31, 2005   Balance 12/31/04 Expense Cash Payments   Adjustments   Balance 12/31/05
Lease termination   $ 1,995,692 $ 39,159 $(1,058,560 ) $ (190,927 )  $ 785,364 
 
Year ended December 31, 2006   Balance 12/31/05 Expense Cash Payments Adjustments Balance 12/31/06
Lease termination $ 785,364 $ — $   (413,503 ) $ (18,899 ) $ 352,962

37

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

5.   Computers, Purchased Software, and Property 

     Computers, purchased software and property at December 31, 2005 and 2006 consist of the following

 2005        2006
Office furniture $ 71,713 $ 58,236
Computers and equipment 1,113,371 1,390,577
Leasehold improvements   139,498 178,457
Purchased software   537,269   896,646
Total computers, purchased software and property 1,861,851   2,523,916
Less: Accumulated depreciation and amortization   880,698   1,140,848
Computers, purchased software and property, net of  
accumulated deprecation $ 981,153 $ 1,383,068

     Depreciation expense related to computers, purchased software and property was $781,263, $788,425 and $818,764 in 2004, 2005 and 2006, respectively.

6.   Income Taxes

     Federal income taxes paid were $75,273 in 2004 and there were no federal income taxes paid in 2005 and 2006. Refunds from net operating losses and federal income taxes overpayments were $652,350 in 2005. Foreign taxes paid were $1,259,831, $886,913 and $1,499,819 in 2004, 2005 and 2006, respectively. State income taxes paid were $37,762, $90,594 and $19,982 in 2004, 2005 and 2006, respectively. In addition, refunds of state income taxes were $3,086 in 2005.

     U.S. and international components of income before income taxes for the years ended December 31, 2004, 2005, and 2006 are as follows:

 2004          2005          2006  
 (in thousands)
   U.S.    $  (880 )  $  (326 )    $  (3,189 )
   International   (55 )   1,215   1,385
     Total    $  (935 )      $  889    $  (1,804 )
 
 
 2004    2005    2006  
Current:  
   Federal $ (338,072 )  $ (539,301 ) $   (1,702,123 )
   State 6,739 46,780 (157,073 )
   Foreign   1,839,622    472,415   685,958
     Total current provision (credit) 1,508,289 (20,106 ) (1,173,238 )
Deferred:
   Federal (1,662,918 ) 403,578 995,797
   State (216,180 ) (31,814 ) 91,893
   Foreign   —   —   (126,293 )
     Total deferred provision (credit) (1,879,098 ) 371,764 961,397
   Valuation allowance against deferred tax assets   —   —   1,967,622
     Total provision for income taxes (benefits)  $ (370,809 ) $ 351,658 $ 1,755,781

38

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

6.    Income Taxes (Continued)

     The reconciliation of income taxes computed using the federal statutory rate of 35% for the years ended December 31, 2004, 2005 and 2006 is as follows:

   2004          2005           2006   
   (in thousands)
Federal statutory income tax  $  (312 )    $ (109 )    $ (1,113 ) 
State income tax, net of federal tax benefit    (43 )    (10 )  (103 ) 
Nondeductible expenses    153     57   452  
Tax exempt and tax advantaged interest income    (104 )    (48 )  (8 ) 
Effect of international taxes    (65 )    462   560  
Valuation allowance     —      —     1,968  
Total  $  (371 )  $ 352   $ 1,756  

The tax effects of temporary differences that give rise to deferred tax assets and liabilities at December 31, 2005 and 2006 are as follows:

   Year Ended December 31,
  2005           2006    
Deferred income tax assets:                                          
   Foreign tax credits    $ 1,335,710   $ 1,521,431  
   Net operating losses  1,122,671     1,185,530  
   Provision for loss on loan to affiliate  —   841,566  
   Allowance for doubtful accounts  153,448     152,919  
   Accrued loss on lease  324,279   134,937  
   Restricted stock  237,531   149,393  
   Book over tax depreciation  61,401   72,814  
   Accrued bonuses, vacation and health insurance costs  70,065   103,960  
   Lossess and write-off of investment in affiliate  —   118,459  
   Deferred rent  —   33,962  
   Other  (63,540 )  (67,181 ) 
Less valuation allowance:     
Foreign tax credit  —   1,126,056  
Provision for loss on loan to affiliate    —     841,566  
   Total deferred tax assets  $  3,241,565   $  2,280,168  

     Inforte had net operating loss carry-forwards of $2.9 million and $3.1 million for U.S. federal and state jurisdictions purposes at December 31, 2005 and 2006, respectively. If not utilized, the federal and state net operating loss carry-forwards will begin to expire at various times beginning in 2023 and 2007, respectively.

     At the end of 2006, Inforte assessed the realizability of the deferred tax assets related to the accumulated foreign tax credits and booked an allowance of $1,126,056 against the total related deferred tax asset of $1,521,431. At that time Inforte also booked a full valuation allowance of $841,566 against the deferred tax asset related to the provision for loss on the loan to Provansis.

39

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7.   Net Income (Loss) per Share

     The following table sets forth the computation of basic and diluted net income (loss) per share.

 Year Ended December 31,
    2004           2005          2006      
Numerator    
Numerator for basic and diluted net income (loss) per common share:    
   Net income (loss) $ (564,505 )  $ 537,093 $ (3,559,717 )
Denominator    
Denominator for basic earnings per common share:    
   Weighted-average shares 11,045,113   11,222,160 11,369,548
Effect of dilutive securities:    
   Employee stock options —   35,514 —
   Resticted Stock   —     246,419   —
Denominator for diluted earnings per common share:    
   Adjusted weighted-average shares   11,045,113     11,504,093   11,369,548
Weighted-average anti-dilutive stock options 1,364,144   522,213 318,948  

     The following table sets forth common stock equivalents that are not included in the diluted net income per share calculation above because to do so would be antidilutive for the periods indicated:

 Year Ended December 31,
     2004           2005           2006    
Weighted average effect of common stock equivalents:
   Employee stock options and restricted stock  178,893  —  467,990

8.   Related Party Transactions 

     Transactions with related parties are entered into only upon approval by a majority of the independent directors of Inforte. There were no related party transactions in 2005 and 2006.

9.   Stockholders’ Equity

Stock Option and Incentive Plans 
     The 1995 Incentive Stock Option Plan (the “1995 Plan”) provides for the issuance of incentive stock options and nonqualified stock options to officers and other key employees of Inforte. Inforte has reserved an aggregate of 4,900,000 shares for issuance under the 1995 Plan, of which 365,000 were available for grant as of December 31, 2006. As of December 31, 2006, Inforte does not intend to issue any additional options under the 1995 Plan.

     On December 31, 1997, the stockholders approved the 1997 Incentive Compensation Plan (the “1997 Plan”), which permits the grant of stock options and other stock awards to employees and directors of Inforte. On December 1, 1999, the stockholders approved the Amended and Restated Inforte Corp. 1997 Incentive Compensation Plan. Inforte has reserved an aggregate of 4,000,000 shares of common stock for issuance through the amended 1997 Plan, plus annual increases beginning in 2001 equal to the lesser of: (1) 1,000,000 shares, (2) 5% of the total shares of common stock outstanding or (3) a number determined by the board of directors. The “evergreen provisions” of Inforte’s Amended and Restated 1997 Incentive Compensation Plan and the Amended and Restated 1999 Employee Stock Purchase Program (collectively, the “Equity Programs”) allowed for an automatic increase in the number of shares available for grant in the Equity Programs by a formulaic amount at the beginning of each year. In 2003 the board of directors abolished the “evergreen provisions” on the grounds that these provisions had been an administrative convenience in hyper-growth times, but were no longer necessary, nor desirable from a governance and dilution perspective. The 1997 Plan authorizes the grant of both incentive and nonqualified stock options, and further authorizes the grant of stock appreciation rights independently of or with respect to options granted or outstanding. No stock appreciation rights have granted as of December 31, 2006. Stock options generally have 10-year terms and vest in accordance with provisions determined by the board of directors. A restricted stock program, performance program and bonus shares program have also been established under the 1997 Plan. Awards under the restricted stock program and the performance program are earned over a period of time upon the achievement of certain criteria. Restricted share grants may not be sold or otherwise disposed of until the restrictions lapse. Performance shares are payable in cash, common stock, or a combination thereof when earned. Bonus shares allow participants to elect to receive shares of common stock in lieu of a portion or all of cash bonuses paid by Inforte.

40

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

9.   Stockholders’ Equity (Continued)

     In 2006 Inforte granted 343,193 stock options, 95,531 shares of restricted stock and 16,811 shares of vested common stock. Equity based compensation grants in 2005 consisted of 10,000 stock options, 1,432,567 shares of restricted stock, of which 783,733 shares were from performance based restricted stock grants, and 120,451 shares of vested common stock. Equity-based compensation expense in 2005 was $13,637 for options, $654,602 for restricted stock and $415,185 for common stock grants. During 2004, 2,231 restricted shares of stock were granted to a member of Inforte’s executive team as part of his compensation package. Total stock compensation expense related to this grant was $20,482 in 2004. In 2003, 20,000 restricted shares were granted to a non-employee director for consulting services and 7,500 of these shares vested in April 2004. Stock compensation expense of $55,275 was recorded in relation to this vesting triggered by the delivery of the contracted services by the grantee. No compensation expense related to restricted shares grants was recognized in 2003 and no restricted stock grants were made in 2001 or 2002. Stock appreciation rights have not been granted as of December 31, 2006. Of the shares of common stock available under the 1997 Plan, 2,871,181 were available for grant as of December 31, 2006. Under the 1995 plan, 365,000 shares were available for grant as of December 31, 2006.

     The excess of expenses on the books related to grants of restricted stock over tax benefits from vesting of restricted stock grants in 2006 was $9,366 and was posted against additional paid-in capital.

     A combined summary of stock option and restricted stock information from the 1995 Plan and the 1997 Plan follows:

   Number                 Weighted Average
   of Shares      Exercise Price
Outstanding on December 31, 2003 2,853,351         $ 12.16       
Granted 339,671     9.46       
Exercised (142,438 )   4.81       
Canceled (420,331 )   14.36       
Outstanding on December 31, 2004 2,630,253    $ 11.84       
Granted 1,563,018     0.04       
Exercised (153,837 )   0.31       
Canceled     (2,243,468 )   11.65       
Outstanding on December 31, 2005 1,795,966    $ 4.44       
Granted 455,535     3.53       
Exercised (139,680 )   —       
Canceled (1,147,598 )   3.53       
Outstanding on December 31, 2006 964,223    $ 5.75       
Exercisable at December 31, 2006 250,019    $ 16.30       

   Year Ended December 31, 
   2004          2005          2006 
Shares available for grant under 1995 Plan and 1997 Plan   1,864,398     2,179,848     3,236,811  
    Weighted       
    Average  Weighted    Weighted 
          Remaining        Average        Exercisable        Average 
  Number of    Life  Exercise    Options at  Exercise 
Range of Exercise Prices   Options  (in years )    Price  12/31/06    Price 
$0.05-$3.50  2,150    2.4 $ 2.29    2,150    $ 2.29   
$3.51-$7.75  348,434    5.0 5.22    105,241    6.76   
$7.76-$9.00  52,728    6.1 8.36    52,728    8.36   
$9.01-$11.00  20,000    2.5 9.70    20,000    9.70   
$11.01-$13.97  30,000    5.5 11.22    30,000    11.22   
$13.98-$32.00  40,000    1.6    32.00    40,000      32.00   
     Total 493,312    4.8 $ 8.26    250,119    $ 11.87   

41

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

9.   Stockholders’ Equity (Continued)

     In December 1999, Inforte adopted the Employee Stock Purchase Plan (the “Purchase Plan”) reserving 200,000 shares for issuance, plus annual increases beginning in 2001 equal to the lesser of (1) 400,000 shares, (2) 2% of the total shares of common stock outstanding or (3) a number determined by the board of directors. The Purchase Plan became effective upon the completion of Inforte’s initial public offering, in February 2000. The Purchase Plan permitted eligible employees to purchase common stock, through payroll deductions at a price equal to 85% of the fair market value of the common stock at either the beginning or the end of each offering period, whichever was lower. In December of 2002 the Purchase Plan was modified to establish the purchase price at 92% of fair market value at the date of purchase for any new enrollees of the Purchase Plan on or after December 31, 2002. For the year ended December 31, 2004, 12,812 shares were purchased under the Purchase Plan with weighted average $6.75 per share. The Purchase Plan was discontinued in January 2005 due to low participation and relatively high administration costs.

     Inforte has not granted options with exercise prices other than the market value on the grant date in any of the years prior to 2004. In March 2004, as part of the acquisition of COMPENDIT, Inforte granted stock options to COMPENDIT employees as a substitute for outstanding unvested options to purchase COMPENDIT shares of stock. These grants were issued with an exercise price below the market price of Inforte stock at the grant date. Compensation expense of $105,614 and $11,086, related to these stock option grants, was recorded in 2004 and 2005, respectively.

     On October 1, 2005, the Compensation Committee of the board of directors approved a bonus plan that provides incentives to a small group of senior-level officers and employees of Inforte. Restricted stock granted under the bonus plan vests based upon (1) the achievement of designated performance targets established by the Compensation Committee and (2) the lapse of designated vesting periods during which recipients of grants must remain employed on a continuous basis by Inforte. Initially 783,723 shares were granted to eight employees. As of December 31, 2006, four employees had 30,333 shares vested as to performance and 620,573 were cancelled because of employee termination or inability to meet the set performance targets. Compensation expense related to this plan was $94,878 and $11,553 in 2005 and 2006, respectively.

10. Capital Restructuring and Cash Distribution to Stockholders

     On January 27, 2005 Inforte announced that its board of directors had approved a capital restructuring plan that included (1) a special one-time cash distribution of $1.50 per share and (2) a program to offer employees, with respect to certain stock options, the opportunity to convert stock options to restricted stock or to cash out stock options. On March 21, 2005 Inforte completed its offer to exchange options for cash or restricted stock. 509,636 options were exchanged for a total cash consideration, including applicable payroll taxes, of $848,342, of which $292,378 was charged to project personnel and related expenses, $118,885 to sales and marketing expenses, $7,759 to recruiting, retention, and training expenses and $429,320 was charged to management and administrative expenses. Further, 707,112 options were exchanged for 310,394 shares of restricted stock and the prorated compensation expense charged in 2005 was $332,793. The total non-cash compensation expense related to the restricted stock grants will be expensed ratably over a four-year period as the stock vests over a four-year period, starting on the grant date of March 21, 2005. The maximum total compensation charges associated with the restricted stock grants related to this capital restructuring, as valued at the grant date, were $426,220, $426,220, $427,387 and $92,250 for 2006, 2007, 2008 and 2009, respectively.

     Inforte also paid $90,000 in professional fees associated with the implementation of the capital restructuring plan. Inforte granted common stock to employees who had unexercised vested stock options as of the dividend payment date. The total compensation expense related to these common stock grants was $377,685 and was recorded as part of management and administrative expenses on the statement of operations for the first quarter of 2005. On April 20, 2005 Inforte issued 106,586 shares of common stock related to this grant.

     On March 21, 2005, Inforte announced that the record date for Inforte stockholders for the previously declared special one-time cash distribution of $1.50 per share of common stock would be the close of business on Tuesday, April 5, 2005. Total cash payable to eligible stockholders of $17.4 million was recorded as a liability as of March 31, 2005 and allocated to retained earnings and additional paid-in capital. The one-time cash distribution to stockholders was made on April 15, 2005.

42

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

11. Lease Commitments

     Inforte leases certain office facilities under noncancelable operating leases that expire at various dates through 2010.

     At December 31, 2006, Inforte was obligated for future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year, as follows:

2007  $ 727,477
2008    722,996
2009    436,755
2010    437,353
2011    74,451
Total minimum lease payments  $ 2,399,032

     Rent expense for operating leases was 4,155,543, $900,898 and $951,586 for the years ended December 31, 2004, 2005 and 2006, respectively. The rent expense charged against 2004 earnings includes a one time charge of $2,143,673 related to a restructuring plan for office space consolidation. Rent expense does not include the effect of rents received under the agreements to sublease office space.

     Inforte has several sublease agreements for unused office space located in Chicago. Total rent collectable on these sublease contracts is $111,368 and $67,180 for the 2007 and 2008, respectively.

12. Benefit Plan

     Inforte sponsors a 401(k) savings plan covering all employees. After the acquisition of GTS Consulting in July 2005, the 401(k) savings plan was modified to include employees of GTS Consulting. Inforte made no matching or discretionary contributions to the plan until January 2005 when the 401(k) was modified to include up to $1,000 per employee annual matching contributions. Total compensation related to matching of employee contributions paid in 2005 and 2006 was $113,138 and $88,905 respectively. Administrative costs related to this plan during 2004, 2005 and 2006 were immaterial.

     In April 2005 the board of directors approved an amendment to the Amended and Restated Inforte Corp. 401(k) Plan which permits terminated participants with balances between $1,000 and $5,000 to be excluded from the plan effective May 28, 2005.

     In October 2005 Inforte Deutschland GmbH established a defined-contribution pension plan for all eligible employees with contributions to start in January 2006. Under the plan employees may elect to contribute a percentage of salary, bonus or certain other earned compensation to the pension accounts, while Inforte Deutschland GmbH will contribute an amount equal to the tax savings realized under the deferred compensation tax rules governing this particular type of pension plan in Germany. Inforte’s total contributions and costs related to plan administration in 2005 and 2006 were immaterial

13. Common Stock in Treasury

     Inforte’s board of directors approved a $25.0 million stock repurchase program on January 24, 2001 and as of December 31, 2002 the entire amount authorized had been repurchased. The Board approved an additional $5.0 million stock repurchase program on August 22, 2002, although Inforte stated at that time that it had no present plans to make additional repurchases of stock. The entire $5.0 million remains authorized for repurchase as of December 31, 2006 as no repurchases were made during the year then ended.

43

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

14. Quarterly Financial Results (unaudited)

     The following tables set forth certain unaudited quarterly results of operations of Inforte for 2005 and 2006. The quarterly operating results are not necessarily indicative of future results of operations.

   Three Months Ended (unaudited)
        Mar. 31,           Jun. 30,            Sep. 30,          Dec. 31,       
   2005    2005   2005    2005  
Revenues:               
   Revenue before reimbursements (net revenue)  $ 8,655,298  

$

 9,793,622 $ 9,711,439   $ 9,558,287
   Reimbursements    890,681     1,098,823   922,038     1,017,335
Total revenues    9,545,979     10,892,445 10,633,477     10,575,622
Cost of services:             
   Project personnel and related expenses    5,759,094     5,319,509 5,186,851     5,493,361
   Reimbursements    890,681     1,098,823   922,038     1,017,335
Total cost of services    6,649,775     6,418,332   6,108,889     6,510,696
Gross profit    2,896,204     4,474,113 4,524,588     4,064,926
Other operating expenses:             
   Sales and marketing    613,145     691,490 638,011     647,506
   Recruiting, retention and training    198,987     262,125 324,406     314,970
   Management and administrative    3,635,736     2,958,204   2,789,119     2,773,207
Total other operating expenses    4,447,868     3,911,819   3,751,536     3,735,683
Operating income (loss)    (1,551,664 )   562,294 773,052     329,243
Loss on investment in affiliate    —     — (75,749 )   (66,819 ) 
Interest income, net, and other    261,102     195,789   214,356     247,147
Income (loss) before income taxes    (1,290,562 )   758,083 911,659     509,571
Income tax expense (benefit)    (520,696 )   303,854   366,711     201,789
Net income (loss)  $ (769,866 ) $ 454.229 $ 544,948   $ 307,782
Net income (loss) per share:             
   Diluted  $ (0.07 ) $ 0.04 $ 0.05   $ 0.03
Weighted-average common shares outstanding:             
   Diluted    11,278,663     11,711,408   11,694,423     11,477,252

44

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

14. Quarterly Financial Results (unaudited) (Continued)

   Three Months Ended (unaudited)
        Mar. 31,           Jun. 30,           Sep. 30,           Dec. 31,     
   2006    2006  2006  2006
Revenues:           
   Revenue before reimbursements (net revenue)  $  9,953,027 $  9,572,733 $ 10,251,651 $  9,971,138
   Reimbursements    996,695   888,549 960,703   730,492
Total revenues    10,949,722   10,461,282 11,212,354   10,701,630
Cost of services:       
   Project personnel and related expenses    5,344,974   5,441,893 6,051,461   6,327,508
   Reimbursements    996,695   888,549   960,703   730,492
Total cost of services    6,341,669   6,330,440   7,012,164   7,058,000
Gross profit    4,608,053   4,130,842 4,200,190   3,643,630
Other operating expenses:       
   Sales and marketing    672,296   554,007 640,702   762,325
   Recruiting, retention and training    372,909   471,298 575,672   549,625
   Management and administrative    3,201,289   2,661,292   2,776,011   2,554,912
Total other operating expenses    4,246,494   3,686,597   3,992,385   3,866,862
Operating income (loss)    361,559   444,243 207,805   (223,232 ) 
Reserve on note receivable to affiliate    —   — —   (2,201,333 ) 
Loss on investment in affiliate    (74,891 )    (61,447 )  (90,176 )    (1,630,917 ) 
Interest income, net, and other    279,861   343,698   414,075   426,819
Income (loss) before income taxes    566,529   726,494 531,704   (3,628,663 ) 
Income tax expense    238,169   306,259   229,695   981,658
Net income (loss)  $  328,360 $  420,235 $ 302,009 $  (4,610,321 ) 
Net income (loss) per share:       
   Diluted  $  0.03 $  0.04 $ 0.03 $  (0.40 ) 
Weighted-average common shares outstanding:       
   Diluted    11,593,959   11,686,514   11,810,974   11,418,826

15. Segment Reporting

     Inforte engages in business activities in one operating segment, which provides consulting services on both a fixed-price, fixed-time frame and a time-and-materials basis. Inforte’s services are delivered to clients in North America and Europe, and Inforte’s long-lived assets are located in North America, Europe and India. Domestic and foreign operating revenues are based on the location of customers. Long-lived assets consist of property, plant and equipment, software, furniture and fixtures and leasehold improvements (net of accumulated depreciation). Inforte’s European operations had $9,854,978, $14,124,487 and $17,967,858 of revenues in 2004, 2005 and 2006, respectively. As of December 31, 2006 Inforte had total fixed assets, at cost, of $2,193,812 in North America and $330,104 in Europe and India combined. As of December 31, 2005 Inforte had total fixed assets, at cost, of $1,548,410 in North America and $313,441 in Europe and India combined.

16. Acquisitions

     On March 12, 2004, by way of a merger of a wholly owned subsidiary of Inforte with COMPENDIT, Inforte acquired all of the outstanding shares of COMPENDIT, a leading provider of SAP Business Intelligence implementation consulting services, for initial cash consideration of $5.5 million on closing. An additional cash payment of $0.5 million was paid in cash in May 2004 based on a closing statement calculation of cash less transaction costs. A supplementary cash amount of $6.3 million was paid into two equal installments in January 2005 and 2006. This acquisition enhanced Inforte’s ability to offer analytics and business intelligence solutions through COMPENDIT’s services partnership with SAP AG.

45

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

16. Acquisitions (Continued)

     The consolidated financial statements reflect a total purchase price of $12.5 million, consisting of the following: (i) the payment of the initial cash consideration of $5.5 million, (ii) transaction costs of $0.2 million, (iii) additional cash consideration paid after closing of the acquisition of $0.5 million, and (iv) an earnout of $6.3 million paid in January 2005 and 2006. Under the purchase method of accounting, the purchase price is allocated to COMPENDIT’s net tangible and intangible assets based upon their estimated fair value as of the date of the acquisition. The purchase price allocation is as follows:

Tangible assets:   Amount
   Cash and cash equivalents $ 546,690
   Accounts receivable and other current assets   2,269,279
   Property and equipment   155,660
     Total tangible assets   2,971,629
Intangible assets:    
   Goodwill and other intangible assets   11,853,191
     Total assets   14,824,820
Less liabilities assumed:   2,309,699
     Net assets acquired $ 12,515,121

     Intangible assets related customer contracts were fully amortized as of December 31, 2004 and a total of $126,976 of amortization charges were recorded as Management and Administrative Expenses in 2004.

     On July 15, 2005 Inforte acquired all of the outstanding shares of capital stock of GTS Consulting, Inc. (“GTS”), a marketing analytics services firm. Inforte paid $2.1 million in cash at closing. As part of the purchase price, Inforte paid $400,000 and granted 21,142 shares of common stock on July 15, 2006. Subject to any claims for indemnification Inforte may have, another installment of $400,000 and 21,142 shares will be paid on the second anniversary date of the closing. Based on GTS’s achievement of certain revenue levels per customer or of aggregate revenue during the 12-month period following the closing, subject to any claims for indemnification Inforte may have, Inforte is further obligated to pay an additional $800,000, and 42,284 shares of common stock payable in two installments of $400,000 and 21,142 shares of common stock, respectively, on the third and fourth anniversary dates of the closing.

     The consolidated financial statements reflect a total purchase price of $4.1 million, consisting of the following: (i) the payment of the initial cash consideration of $2.1 million, (ii) transaction costs of $0.1 million, (iii) subject to any claims for indemnification, a deferred acquisition payment of $1 million payable in two installments, 80% cash and 20% unregistered common stock each, in July 2006 and July 2007, and (iv) subject to any claims for indemnification, an earnout payment of $1 million payable in two installments, 80% cash and 20% unregistered common stock each, in July 2008 and July 2009. Under the purchase method of accounting, the purchase price is allocated to GTS’ net tangible and intangible assets based upon their estimated fair value as of the date of the acquisition. The purchase price allocation is as follows:

Tangible assets: Amount
   Cash and cash equivalents $ 19,262
   Accounts receivable and other current assets 582,016
   Property and equipment   262,881
     Total tangible assets 864,159
Intangible assets:  
   Goodwill and other intangible assets   3,597,852
     Total assets 4,462,011
Less liabilities assumed:   331,397
     Net assets acquired $ 4,130,614

46

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

16. Acquisitions (Continued)

     Intangible assets of $81,789 were recorded at the date of the acquisition, of which $39,630 and $42,159 were charged as amortization in 2005 and 2006, respectively. The acquisition has been treated as a purchase of assets and liabilities; therefore the intangible assets, including goodwill, are deductible for tax purposes.

     The following is a summary of total intangible assets and goodwill as of December 31, 2005 and 2006:

                 Weighted 
   Gross Carrying   Accumulated   Net Book     Amortization Life 
   Amount   Amortization   Value   (months) 
   2005         2006         2005         2006         2005         2006         2005        2006 
Customer contacts $ 208,765 $ 208,765 $ 166,606 $ 208,765 $ 42,159 $ — 15     15    
Goodwill   15,237,378   15,181,601   —   —   15,237,378   15,181,601 N/A     N/A    
Total $ 15,446,143 $ 15,390,366 $ 166,606 $ 208,765 $ 15,279,537 $ 15,181,601    

     Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible assets acquired. In accordance with SFAS No. 142, Goodwill and Other Intangible Assets, goodwill will not be amortized but will be tested for impairment at least annually.

     Inforte and GTS had one contractual agreement prior to acquisition, according to which Inforte was a subcontractor on a client service engagement originally owned by GTS. All intercompany payables and receivables were eliminated at acquisition. There were no historical transactions between Inforte and COMPENDIT.

17. Investment in Affiliate

     Inforte has entered into a Limited Liability Company Agreement of Provansis LLC An Inforte Company (Provansis), dated May 20, 2005, by and among Inforte, Primary Knowledge, Inc. (PKI), and Mr. Ronald Meyer.

     Pursuant to the Agreement, Inforte, PKI and Mr. Meyer, the chief executive officer of the newly formed entity, are members in Provansis. Initially, Inforte contributed $2,000,000 in cash for a 19% membership interest. For an initial 76% membership interest, PKI contributed to Provansis the right to market, on an exclusive basis, processing rights to use certain licensed technology in connection with the underwriting of applications for term life insurance, and has agreed to present to Provansis, on an exclusive basis, new technology using prescription data that may be developed by PKI or an affiliate of PKI. The remaining 5% of membership interest is owned by Mr. Meyer. The ownership units transferred to Mr. Meyer vest over a period of 5 years.

     As of December 31, 2005 Inforte recorded the initial contribution of $2,000,000 as a non-current asset on the Consolidated Balance Sheet. Under the terms of the Agreement, Inforte has one seat on the board of directors, with special voting rights and other privileges, and, therefore, used the equity method of accounting for this investment. Losses in equity of Provansis included in Inforte’s statement of operations were $142,569 in 2005. The losses in equity of Provansis in 2006 were $1,857,431 and included a normal loss from operations of $291,406, a loss related to a write-off of the intangible asset contributed to Provansis by its other major equity holder of $1,415,686 and a write-off of the remaining balance of Inforte’s investment in Provansis of $150,340.

     In the fourth quarter of 2006, Inforte booked an allowance against the full amount of the note receivable to Provansis of $2,201,333, which included accrued interest of $176,015. The tax effect of the allowance was initially recorded as a deferred tax asset of $841,566. Inforte booked a full valuation allowance against this deferred tax asset as the loan is considered collectible for tax compliance purposes. As of December 31, 2006 Inforte suspended interest accrual on the note receivable until the loan is restructured or collectability is reasonably assured.

     The economic losses of Provansis were allocated in accordance with the respective membership interests of Provansis’s members. As of December 31, 2006 the only owners of membership interests were PKI, Inforte and Mr. Meyer and the ownership percentages as of that date were 76%, 19% and 5%, respectively.

47

INFORTE CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

17. Investment in Affiliate (Continued)

     Subject to certain terms and conditions, Inforte is obligated to advance certain unsecured working capital loans to Provansis at an interest rate equal to the prime rate, payable generally from 70% of available cash flow, if any, of Provansis. As of December 31, 2005 Inforte provided Provansis with $684,085 of such loans presented on the Consolidated Balance Sheet as Note receivable from affiliate. Accumulated accrued interest related to that loan was $14,085 as of December 31, 2005 and was posted on the Interest income, net and other line of the Consolidated Statement of Operations.

     Inforte provides services to Provansis, including, but not limited to, accounting, human resources and information technology services. Inforte charges Provansis for such services at cost plus 25%. The amounts billed in 2005 and 2006 were immaterial.

18. Subsequent Events

     On January 31, 2007, Inforte issued a release announcing, among other things, that, effective February 1, 2007, Inforte’s current chief financial officer, Nick Heyes (age 42), will become Inforte’s president and chief operating officer. Mr. Heyes joined Inforte in 1999 as the executive vice president of consulting and became Inforte’s chief financial officer in 2003. Stephen Mack (age 41), Inforte’s current president and chief executive officer, relinquished the position of president, but remained the chief executive officer. Also effective on February 1, 2007, Bill Nurthen (age 34), Inforte’s current vice president of finance and treasurer, became the new chief financial officer. Mr. Nurthen also joined Inforte in 1999 and was instrumental in building many of Inforte’s financial processes and had significant responsibilities in connection with Inforte’s acquisitions of COMPENDIT, Inc. and GTS Consulting, Inc..

     In January of 2007 Ron Meyer resigned from his position as chief executive officer of Provansis. The unvested portion of his equity grant in Provansis was forfeited and as a result Inforte’s ownership in Provansis increased proportionally to 20%.

     In March 2007, Inforte was in process of reviewing the acquisition agreement for GTS Consulting. The unpaid portion of future earnout amounts may be reduced as a result of this review.

ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.     CONTROLS AND PROCEDURES

Management’s Report on Internal Control over Financial Reporting

     Based on their evaluation as of the end of the period covered by this Annual Report on Form 10-K, the chief executive officer and the chief financial officer of Inforte have concluded that Inforte’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective to ensure that information required to be disclosed by Inforte in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

     There has been no significant change in Inforte’s internal control over financial reporting that occurred during the fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, Inforte’s internal control over financial reporting.

     Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Inforte’s internal control over financial reporting is designed to provide reasonable assurance to Inforte’s management and board of directors regarding the preparation and fair presentation of published financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

48

ITEM 9B.      OTHER INFORMATION

     None.

PART III

ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The following table provides information with respect to our executive officers as of March 15, 2007:

       Name              Age             Position 
Stephen Mack  41  Chief Executive Officer 
Nick Heyes  42  Chief Operating Officer and President 
William Nurthen  34  Chief Financial Officer and Secretary 

     Stephen Mack was appointed as interim chief executive officer of Inforte in March 2006. Mr. Mack joined Inforte in October 1994 and has served as a director since that time. He served as Inforte’s chief operating officer and president from October 1994 to November 2003. Before joining Inforte, from February 1988 to October 1994, Mr. Mack worked at Accenture, where he was, most recently, a project manager responsible for the design and implementation of enterprise-wide operational and decision support systems for large, multinational corporations. Mr. Mack holds a Master’s degree in engineering and management from the University of Birmingham, United Kingdom.

     Nick Heyes was appointed as president and chief operating officer in February 2007. From October 2003 to his latest appointment he served as chief financial officer and secretary and before that has served as an executive vice president at Inforte since 1999, serving on Inforte’s executive management committee during his entire tenure. Mr. Heyes is responsible for Inforte’s Project Delivery and Practice Development functions. Mr. Heyes has managed numerous successful multi-million dollar customer strategy and solutions engagements for Global 1000 companies. He led the restructuring and extension of Inforte’s delivery organization to enable it to deliver large-scale, global projects. Prior to his role as chief financial officer, he was responsible for Inforte’s Delivery and HR operations and worked with Inforte’s practice areas to manage delivery risk and quality, develop delivery methodology and tools, assess new partnerships and technologies and manage Inforte’s resource and recruiting functions. Prior to his employment with Inforte, Mr. Heyes was an Associate Partner at Accenture. Mr. Heyes holds Bachelor’s and Master’s degrees in engineering and management from Birmingham University in the United Kingdom. He lives in San Francisco, California.

     William Nurthen was appointed as chief financial officer in February 2007. He has previously served as vice president of finance and treasurer. Mr. Nurthen joined Inforte in 1999 and was instrumental in building many of Inforte’s financial processes and had significant responsibilities in connection with Inforte’s acquisitions of COMPENDIT, Inc. and GTS Consulting, Inc. Prior to joining Inforte, he worked for Platinum Technology International, Inc. supporting the finance function and mergers and acquisitions for its global consulting organization. Mr. Nurthen graduated from the Kellogg School of Management at Northwestern University with a Master’s degree in Business Administration, and also holds a Bachelor’s degree in Business Administration from the University of Notre Dame.

     Information concerning Inforte’s directors is incorporated herein by reference to Inforte’s definitive proxy statement with respect to its 2007 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K. Information concerning Inforte’s executive officers is included in Part I of this report under the caption “Executive Officers of the Registrant.”

     In October 2003, the board of directors approved and adopted the Code of Ethics applicable to all Inforte employees, including the CEO and CFO of the company. The full text of the Code of Ethics, as adopted, may be viewed at Inforte’s website at http://www.inforte.com/investor. All amendments, waivers from and provisions to the Code of Ethics will be posted on the Internet at the aforementioned website address.

     The Nominating Committee has adopted a policy pursuant to which a stockholder who has owned at least 1% of Inforte’s outstanding shares of common stock for at least one year may recommend a director candidate that the Nominating Committee will consider when there is a vacancy on the board either as a result of a director resignation or an increase in the size of the board. Such recommendation must be made in writing addressed to the Chairperson of the Nominating Committee at Inforte’s principal executive offices and must be received by the Chairperson at least 120 days prior to the anniversary date of the release of the prior year’s proxy statement.

49

For the 2008 annual meeting, such notice must be received by no later than November 23, 2007. Although the Nominating Committee has not formulated any specific minimum qualifications that it believes must be met by a nominee that the Committee recommends to the Board, the factors it will take into account may include, but not be limited to, strength of character, mature judgment, career specialization, relevant technical skills or financial acumen, diversity of viewpoint and industry knowledge, as outlined in the Nominating Committee charter. The Nominating Committee identifies board member candidates by searching Inforte’s existing executive and board member business networks, considering Inforte management recommendations and by surveying the general business community for individuals who have skills and experience that may benefit Inforte. Candidates meeting the minimum qualifications interview in person with management and select board members prior to final evaluation by the Nominating Committee. The Nominating Committee does not believe that there will be any differences between the manner in which it evaluates a nominee recommended by a stockholder and the manner in which it evaluates nominees recommended by other persons.

ITEM 11.     EXECUTIVE COMPENSATION

     Information concerning executive compensation is incorporated herein by reference to Inforte’s definitive proxy statement with respect to its 2007 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     Information concerning ownership of Inforte’s stock is incorporated herein by reference to Inforte’s definitive proxy statement with respect to its 2007 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.

     The following table sets forth Inforte’s securities authorized for issuance under equity compensation plans as of December 31, 2006.

   Number of Securities   Weighted Average   Number of Securities 
   to be Issued upon   Exercise Price   Available for Future 
   Exercise of   of Outstanding   Issuance under Equity 
Plan category   Outstanding Options         Options         Compensation Plans(1) 
Equity compensation plans approved by       
         security shareholders  493,212   $8.27 3,544,369
Equity compensation plans not approved           
         by security shareholders  — — —
Total    493,212         $8.27      3,544,369   

    (1)      

Includes 2,871,811 in shares available under Inforte’s 1997 Incentive Stock Option Plan, 365,000 shares available under the 1995 Incentive Stock Option Plan and 307,558 shares available under Inforte’s 1999 Employee Stock Purchase Plan. For the 1997 Incentive Stock Option Plan Inforte has reserved an aggregate of 4,000,000 shares of common stock for issuance. For the 1995 Incentive Stock Option Plan Inforte has reserved an aggregate of 4,900,000 shares for issuance. For the 1999 Employee Stock Purchase Plan, Inforte has reserved 200,000 shares for issuance. The 1999 Employee Stock Purchase Plan became effective upon the completion of the Inforte’s initial public offering, in February 2000.

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ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Information concerning certain relationships and related transactions involving Inforte’s directors and executive officers is incorporated herein by reference to Inforte’s definitive proxy statement with respect to its 2007 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.

ITEM 14.     PRINCIPAL ACCOUNTING FEES AND SERVICES

     The following table describes fees for professional audit services rendered by Grant Thornton LLP (“Grant Thornton”), Inforte’s independent accountants. Fees billed by Grant Thornton for the audit of our financial statements for the years ended 2004, 2005 and 2006 and for other services rendered in 2004, 2005 and 2006, are also included in the table below.

Grant Thornton LLP       
Type of Fees  2004       2005       2006 
Audit Fees (1)  $113,400  $112,250 $173,804
Audit-related Fees (2)  71,550  25,268 15,850
Tax Fees (3)  96,387  174,489 87,320
     Total Fees     $281,337          $312,007           $276,974    

     (1)     

Audit Fees, including those for statutory audits, include the aggregate fees for professional services rendered by the principal accountants for the audit of Inforte’s annual financial statements and review of financial statements included in Inforte’s Forms 10-Q.

 
(2)

Audit-related Fees include the aggregate fees for assurance and related services by the principal accountants that are reasonably related to the performance of the audit or review of Inforte’s financial statements and excluded from Audit Fees, including fees for accounting advice and assurance services related to various employee benefit plans.

 
(3)

Tax Fees include the aggregate fees for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning.

     The Audit Committee reviews and considers all independent accountant professional services when assessing auditor independence. The Audit Committee approved all audit and non-audit services provided by Inforte’s independent accountants during 2004, 2005 and 2006 on a case-by-case basis in advance of each engagement. The Audit Committee does not have a written policy or procedure for the pre-approval by category of particular audit or non-audit services.

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PART IV

ITEM 15.     EXHIBITS; FINANCIAL STATEMENT SCHEDULES

Financial Statements

Inforte’s financial statements included in Item 8 of this report are listed in the index preceding the financial statements.

Statement Schedules
Financial Statement Schedules

Exhibits

H       2.1      

Agreement of Merger among Inforte Corp., INFC Acquisition Corp., COMPENDIT, Inc. and Kevin McDonald, as Stockholder Representative, dated March 4, 2004, incorporated herein by reference to Exhibit 2.1 to Inforte’s Form 8-K, dated March 12, 2004.

       
H  3.1 

Certificate of Incorporation incorporated herein by reference to Exhibit 3 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  3.3 

Amended and Restated Bylaws dated January 30, 2003.

 
H  10.3 

Amended and Restated 1995 Incentive Stock Option Plan incorporated herein by reference to Exhibit 10.3 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  10.4 

Amended and Restated 1997 Incentive Compensation Plan incorporated herein by reference to Exhibit 10.4 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  10.5 

Form of Stock Option Agreement incorporated herein by reference to Exhibit 10.5 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  10.6 

Amended and Restated 1999 Employee Stock Purchase Plan incorporated herein by reference to Exhibit 10.6 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  10.7 

Form of Director/Officer Indemnification Agreement incorporated herein by reference to Exhibit 10.7 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

       
H  10.8 

Agreement, dated January 28, 2004, with Marketing Scientists, LLC, a Georgia limited liability company (“Marketing Scientists”), and David Sutton, Inforte’s president and chief operating officer.

       
H  10.9 

Employment agreement, dated November 26, 2003, with David Sutton, Inforte’s president and chief operating officer.

 
H  10.10 2005 “C” Level Compensation Plan 
 
H  10.11

Form of Restricted Stock Agreement

 
H  10.12

Limited Liability Company Agreement of Provansis LLC, dated May 20, 2005.

 
H  10.13 

Stock Purchase Agreement, dated July 15, 2005, between Inforte Corp. and Dr. Glenn T. Stoops.

 
H  10.14

Office Lease, dated August 19, 2005, between Inforte Corp. and The Boyce Building Group, LLC.

 
H  10.15 

Agreement, dated March 6, 2006, between David Sutton and Inforte Corp.

 
H  10.16 

Employment Agreement, dated March 7, 2006, with Stephen Mack, Inforte’s president and chief executive officer. 

 
H  10.17 

Amendment No. 2 to the Limited Liability Company agreement of Provansis LLC, dated March 8, 2006. 

 
  21.1 

List of Subsidiaries 

 
  23.1 

Consent of Independent Registered Public Accounting Firm 

 
  31.1 

Section 302 certification of the Chief Executive Officer  

 
  31.2 

Section 302 certification of the Chief Financial Officer 

 
  32.1 

Section 906 certification of the Chief Executive Officer 

 
  32.2 

Section 906 certification of the Chief Financial Officer 


52

SIGNATURE PAGE

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 26, 2007.

INFORTE CORP. 
 
  By  /s/ Stephen C.P. Mack 
  ———————————— 
    Stephen C.P. Mack, Chief Executive Officer 

     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature  Title  Date 
  
/s/ Stephen C.P. Mack  Chief Executive Officer and Director  March  26,  2007 
Stephen C.P. Mack         
  
/s/ William Nurthen  Chief Financial Officer and Secretary  March  26,  2007 
William Nurthen         
  
/s/ Nick Heyes  Chief Operating Officer and President    March  26,  2007 
Nick Heyes           
  
/s/ Philip S. Bligh    Director and Chairperson  March  26,  2007 
Philip S. Bligh         
  
/s/ Harvey H. Bundy  Director  March  26,  2007 
Harvey H. Bundy         
  
/s/ Thomas E. Hogan    Director  March  26,  2007 
Thomas E. Hogan         
  
/s/ Ray C. Kurzweil  Director  March  26,  2007 
Ray C. Kurzweil         
  
/s/ Daniel J. Taylor  Director  March  26,  2007 
Daniel J. Taylor           
  
/s/ Iordan P. Iordanov  Controller  March  26,  2007 
Iordan P. Iordanov             

53

EXHIBIT INDEX

H   2.1

Agreement of Merger among Inforte Corp., INFC Acquisition Corp., COMPENDIT, Inc. and Kevin McDonald, as Stockholder Representative, dated March 4, 2004, incorporated herein by reference to Exhibit 2.1 to Inforte’s Form 8-K, dated March 12, 2004.

              
H   3.1

Certificate of Incorporation incorporated herein by reference to Exhibit 3 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

 
H   3.3

Amended and Restated Bylaws dated January 30, 2003.

 
H   10.3

Amended and Restated 1995 Incentive Stock Option Plan incorporated herein by reference to Exhibit 10.3 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

     
H        10.4     

Amended and Restated 1997 Incentive Compensation Plan incorporated herein by reference to Exhibit 10.4 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

     
H   10.5

Form of Stock Option Agreement incorporated herein by reference to Exhibit 10.5 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

     
H   10.6

Amended and Restated 1999 Employee Stock Purchase Plan incorporated herein by reference to Exhibit 10.6 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

     
H   10.7

Form of Director/Officer Indemnification Agreement incorporated herein by reference to Exhibit 10.7 to Inforte’s Form S-1, as amended, Registration No. 333-92325.

     
H   10.8

Agreement, dated January 28, 2004, with Marketing Scientists, LLC, a Georgia limited liability company (“Marketing Scientists”), and David Sutton, Inforte’s president and chief operating officer.

     
H   10.9

Employment agreement, dated November 26, 2003, with David Sutton, Inforte’s president and chief operating officer.

     
H   10.10 2005 “C” Level Compensation Plan 
 
H   10.11 Form of Restricted Stock Agreement 
 
H   10.12 Limited Liability Company Agreement of Provansis LLC, dated May 20, 2005. 
 
H   10.13 Stock Purchase Agreement, dated July 15, 2005, between Inforte Corp. and Dr. Glenn T. Stoops. 
 
H   10.14 Office Lease, dated August 19, 2005, between Inforte Corp. and The Boyce Building Group, LLC. 
 
H   10.15 Agreement, dated March 6, 2006, between David Sutton and Inforte Corp. 
 
H   10.16

Employment Agreement, dated March 7, 2006, with Stephen Mack, Inforte’s president and chief executive officer.

 
H   10.17 Amendment No. 2 to the Limited Liability Company agreement of Provansis LLC, dated March 8, 2006. 
 
   21.1  List of Subsidiaries 
 
   23.1  Consent of Independent Registered Public Accounting Firm 
 
   31.1  Section 302 certification of the Chief Executive Officer 
 
   31.2  Section 302 certification of the Chief Financial Officer 
 
   32.1  Section 906 certification of the Chief Executive Officer 
 
   32.2  Section 906 certification of the Chief Financial Officer 

54

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STOCK PURCHASE AGREEMENT


between

INFORTE CORP.,
as Buyer,

and

DR. GLENN T. STOOPS,
as Shareholder,


for

all of the issued and outstanding
capital stock of

GTS CONSULTING, INC.



July 15, 2005




TABLE OF CONTENTS

STOCK PURCHASE AGREEMENT  1 
  
1. THE TRANSACTION  1 
 
  1.1.      Sale and Purchase of Shares  1 
  1.2.      Designated Buyers  1 
 
2. PURCHASE PRICE; PAYMENT  1 
 
  2.1.      Purchase Price  1 
  2.2.      Closing Payment  2 
  2.3.      Contingent Payment  2 
  2.4.      Form of First Installment Payment, Second Installment Payment, and Contingent Payment
  (collectively, the “Follow-on Payments”) 3 
  2.5.      Change of Control  4 
  2.6.      Death of Shareholder 

4 

  2.7.      Security 

5 

 
3. REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER  5 
 
  3.1.      Corporate  6 
  3.2.      Capitalization  6 
  3.3.      Authority  6 
  3.4.      No Violation  6 
  3.5.      Financial Matters  7 
  3.6.      Tax Matters  7 
  3.7.      Receivables  8 
  3.8.      Absence of Certain Changes  8 
  3.9.      Absence of Undisclosed Liabilities  9 
  3.10.           No Litigation  9 
  3.11.           Compliance With Laws and Orders  9 
  3.12.           Title to and Condition of Properties  10 
  3.13.           Insurance  11 
  3.14.           Contracts and Commitments  11 
  3.15.           No Default  12 
  3.16.           Labor Matters  12 
  3.17.           Employee Benefit Plans  13 
  3.18.           Employees; Compensation  14 
  3.19.           Trade Rights  14 
  3.20.           Customers  15 
  3.21.        Service Warranty and Liability  15 
  3.22.           Certain Relationships to the Company  15 
  3.23.           Bank Accounts  15 
  3.24.           No Brokers or Finders  15 
  3.25.           Investment Intent  15 
  3.26.           Disclosure  16 
 
4. REPRESENTATIONS AND WARRANTIES OF BUYER  17 
      
  4.1.      Corporate  17 
  4.2.      Authority  17 
  4.3.      No Brokers or FInders  17 


5. COVENANTS  17 
 
  5.1.   Preservation of Business Relationships and Conduct of Business  17 
  5.2.   Other Pre-Closing Actions of Shareholder and the Company  17 
  5.3.   Noncompetition  18 
  5.4.   Confidential Information  18 
  5.5.   Tax Matters  19 
  5.6.   Continuation of Best Efforts  20 
  5.7.   Further Assurances  20 
 
6. INDEMNIFICATION  20 
 
  6.1.   By Shareholder  20 
  6.2.   By Buyer  21 
  6.3.   Indemnification of Third Party Claims  21 
  6.4.   Payment  22 
  6.5.   Limitations on Indemnification  22 
  6.6.   No Waiver  23 
  6.7.   Set Off  23 
 
7. CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER  23 
 
  7.1.   Representations True  23 
  7.2.   Performance of Obligations  23 
  7.3.   Receipt of Documents by Buyer  24 
  7.4.   No Litigation  24 
  7.5.   No Company Material Adverse Change  24 
  7.6.   Consents   
 
8. CONDITIONS PRECEDENT TO OBLIGATIONS OF SHAREHOLDER  24 
 
  8.1.   Representations True  24 
  8.2.   Performance of Obligations  24 
  8.3. Receipt of Documents by Shareholder  24 
  8.4. No Litigation  24 
  8.5.   Consents  24
 
9. CLOSING  25 
 
  9.1. Closing Date; Location  25 
  9.2. Documents to be Delivered by the Company and Shareholder  25 
  9.3.   Documents to be Delivered by Buyer  26 
 
10. TERMINATION OF AGREEMENT  27 
 
  10.1.      Termination  27 
  10.2.      Effect of Termination  27 


11. MISCELLANEOUS  27 
 
  11.1.      Disclosure Schedule  27 
  11.2.      Publicity  28 
       11.3.             Assignment  28 
11.4.   Parties in Interest  28 
11.5.   Law Governing Agreement; Consent to Jurisdiction  28 
11.6.   Severability  28 
11.7.   Amendment and Modification  29 
11.8.   Waiver  29 
11.9.   Notice  29 
11.10.   Expenses  30 
11.11.   Equitable Relief  31 
11.12.   Interpretive Provisions  31 
11.13.   Entire Agreement  31 
11.14.   Counterparts  31 
11.15.   Section Headings; Table of Contents  31 
11.16.   No Strict Construction  31 
     11.17.      Definitions  31 

STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made and effective as of July 15, 2005 between Inforte Corp., a Delaware corporation (“Buyer”), and Dr. Glenn T. Stoops (“Shareholder”).

     WHEREAS, Shareholder owns all of the issued and outstanding capital stock of GTS Consulting, Inc., a Georgia corporation (the “Company”), which is engaged in the business of database marketing, data mining and decision support services, including the development of marketing models, transaction analysis, direct marketing, database management, database hosting, and other activities related to the creation of marketing strategies (the “Business”) at its facilities located at Roswell, Georgia (collectively, the “Facilities”)

     WHEREAS, Buyer desires to purchase from Shareholder, and Shareholder desires to sell to Buyer, all of the outstanding capital stock of the Company, upon the terms and subject to the conditions set forth in this Agreement; and

     WHEREAS, capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in Section 11.17.

     NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, agreements and conditions set forth in this Agreement, and intending to be legally bound, the Parties agree as follows:

     1. THE TRANSACTION

          1.1. Sale and Purchase of Shares. Upon the terms and subject to the conditions set forth in this Agreement, Shareholder shall sell, convey, assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from the Shareholder, all of the issued and outstanding shares of the common stock of the Company, no par value, representing all of the issued and outstanding capital stock of the Company (the “Shares”).

          1.2. Designated Buyers. Buyer may, upon notice to Shareholder, assign its rights and obligations, in whole or in part, under this Agreement to one or more of its wholly-owned Affiliates for the purpose of carrying out the transactions contemplated hereby; provided, however, that Buyer shall be and remain jointly and severally liable to Shareholder for all obligations of Buyer and any such Affiliate(s) under this Agreement and the other documents and instruments to be executed and delivered by Buyer or any such Affiliate(s) pursuant hereto.

     2. PURCHASE PRICE; PAYMENT

          2.1. Purchase Price. The purchase price (the “Purchase Price”) for the Shares shall be (a) an amount in cash equal to Two Million One Hundred Twenty-One Thousand Dollars ($2,121,000.00) (the “Initial Payment”); plus (b) an amount equal to Five Hundred Thousand Dollars ($500,000.00) (“First Installment Payment”) payable on the first anniversary of the Closing Date, (c) an amount equal to Five Hundred Thousand Dollars ($500,000.00) (“Second Installment Payment”) payable on the second anniversary of the Closing Date, and (d) an additional amount not to exceed, in the aggregate, One Million Dollars ($1,000,000.00) (the “Contingent Payment”) on the terms described in Section 2.3 below.

          2.2. Closing Payment. At the Closing, Buyer shall deliver to Shareholder an amount equal to the Initial Payment, made by wire transfer of immediately available funds to an account that Shareholder, at least forty-eight (48) hours prior to the time for payment specified hereunder, has designated.

          2.3. Contingent Payment.

     (a) Calculation of Contingent Payment. The Contingent Payment shall be calculated as follows:

     (i) Five Hundred Thousand Dollars ($500,000.00), but only in the event that the Net Revenue of the Company attributable to the Business from AOL (“AOL Revenue”) during the Revenue Measurement Period is equal to or greater than Six Hundred Eighty Eight Thousand Dollars ($688,000.00) (the “AOL Revenue Hurdle”);

     (ii) an additional Five Hundred Thousand Dollars ($500,000.00), but only in the event that (1) the condition of Section 2.3(a)(i) is satisfied, and (2) the Net Revenue of the Company attributable to the Business from ELC (“ELC Revenue”) for the Revenue Measurement Period is equal to or greater than Four Hundred Ninety-Two Thousand Eight Hundred Dollars ($492,800.00) (the “ELC Revenue Hurdle”); and

     (iii) notwithstanding the foregoing, the AOL Revenue Hurdle and the ELC Revenue Hurdle shall be deemed satisfied if total Net Revenues of the Company attributable to the Business during the Revenue Measurement Period exceed One Million Two Hundred Thousand Dollars ($1,200,000.00).

     (b) Contingent Payment Schedule. The portion of the Contingent Payment described in Section 2.3(a)(i) above shall be paid, if earned, on the third anniversary date of the Closing Date. The portion of the Contingent Payment described in Section 2.3(a)(ii) above shall be paid, if earned, on the fourth anniversary date of the Closing Date.

     (c) Calculation of Net Revenue.

     (i) The AOL Revenue and ELC Revenue shall be calculated in a manner consistent with Buyer’s practices for timing of revenue and the characterization of revenue.

     (ii) Subject to the other provisions of this Section 2.3, for purposes of this Section 2.3, the AOL Revenue and ELC Revenue for the Revenue Measurement Period shall be initially calculated by Buyer and reviewed by Buyer’s independent public accountants. Buyer shall make available to the Shareholder such information and documentation, including books, records, contracts, audit workpapers, operating and financial reports and other documents and instruments and Buyer's personnel (including its internal and independent accounting personnel) for all purposes reasonably related to the review and evaluation by Shareholder of the Preliminary Contingent Payment Statement (as defined below).

2

     (iii) The initial determination of AOL Revenue and ELC Revenue shall be made by Buyer on or before thirty (30) days following the expiration of the Revenue Measurement Period and a statement (the “Preliminary Contingent Payment Statement”) regarding the same, including supporting information regarding the calculation of the AOL Revenue and ELC Revenue, will be delivered to Shareholder on or before such date. If, within fifteen (15) days after delivery of the Preliminary Contingent Payment Statement, Shareholder shall determine that there is an inaccuracy in the Preliminary Contingent Payment Statement, Shareholder shall deliver to Buyer a written notice (“Dispute Notice”) setting forth such alleged inaccuracy (the “Disputed Matters”). Buyer and Shareholder shall endeavor in good faith to resolve the Disputed Matters by mutual agreement. If, within fifteen (15) days after Shareholder delivers the Dispute Notice to Buyer (the “Negotiation Period”), all Disputed Matters are resolved to the mutual satisfaction of Buyer and Shareholder, the Preliminary Contingent Payment Statement shall be revised to reflect such understanding and such revised Preliminary Contingent Payment Statement shall be the “Contingent Payment Statement” for purposes of this Agreement. If Buyer and Shareholder are unable to reach a mutually satisfactory resolution of any Disputed Matter within the Negotiation Period, Buyer and Shareholder shall promptly submit any Disputed Matters to the Independent Accountant. Such submission may include any additional statements or supporting materials furnished on a timely basis by Buyer or Shareholder. The decision of the Independent Accountant shall be binding on the Parties, the Preliminary Contingent Payment Statement shall be revised to reflect such decision and such revised Preliminary Contingent Payment Statement shall be the “Contingent Payment Statement” for purposes of this Agreement. If the Contingent Payment Statement reflects that Shareholder would be entitled to a Contingent Payment greater than the Contingent Payment based on the Preliminary Contingent Payment Statement, all fees of and costs incurred by the Independent Accountant shall be borne by Buyer. If the Contingent Payment Statement reflects that Shareholder would not be entitled to a greater Contingent Payment, all fees of and costs incurred by the Independent Accountant shall be borne by Shareholder. In the event that Shareholder does not deliver a Dispute Notice within fifteen (15) days after the delivery of the Preliminary Contingent Payment Statement, the Preliminary Contingent Payment Statement shall be the “Contingent Payment Statement” for purposes of this Agreement.

          2.4. Form of First Installment Payment, Second Installment Payment, and Contingent Payment (collectively, the “Follow-on Payments”).

     (a) Composition of Follow-on Payments. Each Follow-on Payment shall consist of (i) cash in an amount equal to eighty percent (80%) of such Follow-on Payment and (ii) that number of shares of Buyer common stock equal to twenty percent (20%) of such Follow-on Payment (“Restricted Shares”). For purposes of determining the number of Restricted Shares payable for each Follow-on Payment, the price of the Buyer common stock will be the closing price on the second business day preceding the day on which the Follow-on Payment is scheduled to be made; provided, however, that in the event that Buyer’s stock price falls below Three Dollars ($3.00)] per share, Buyer may in its sole discretion elect to pay all or any part of the Restricted Shares portion of the Follow-on Payment as a cash payment.

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     (b) Restriction on Share Transfers. Shareholder shall be prohibited from Transferring Restricted Shares until the second anniversary of the receipt of such Restricted Shares.

     (c) Applicability of Securities Act. The distribution of shares to Shareholder as part of each Follow-on Payment will not be registered pursuant to the Securities Act of 1933, as amended (the “Securities Act”). Such Restricted Shares will be “restricted securities” as defined by 17 C.F.R. § 230.144 promulgated under the Securities Act. Thus, in addition to the Transfer restriction provided in the foregoing Section 2.4(b), the Transfer of Restricted Shares will be subject to rules described in 17 C.F.R. § 230.144. By executing this Agreement, Shareholder acknowledges that he is knowledgeable of the various transfer restrictions which may be imposed by the Securities Act and agrees to hold Buyer and any of its directors, officers, employees, and shareholders harmless with regard to any loss or perceived loss suffered by Shareholder as a result of the application of the Securities Act to his Restricted Shares.

          2.5. Change of Control. In the event that a Change of Control Event occurs prior to the expiration of the Revenue Measurement Period, then the conditions of Sections 2.3(a)(i) and (ii) shall immediately be deemed satisfied. The Contingent Payment schedule described in Section 2.3(b) shall not be affected by a Change of Control Event.

          2.6 Restructure of the Company. In the event that, prior to the expiration of the Revenue Measurement Period, the Company (i) shall no longer be a direct or indirect wholly owned subsidiary of Buyer or (ii) is the subject of a corporate restructuring by way of merger or otherwise, such that the Company shall no longer be a separate legal entity, then the conditions of Sections 2.3(a)(i) and (ii) shall immediately be deemed satisfied. The Contingent Payment schedule described in Section 2.3(b) shall not be affected by such deemed satisfaction.

          2.7 Death of Shareholder. In the event Shareholder dies prior to the expiration of the Revenue Measurement Period, then the conditions of Sections 2.3(a)(i) and (ii) shall immediately be deemed satisfied. The Contingent Payment schedule described in Section 2.3(b) shall not be affected by the death of Shareholder.

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          2.8 Security.

     (a)In the event that (i) Buyer fails to maintain the Buyer Net Working Capital at or above Fifteen Million Dollars ($15,000,000.00) (the “Buyer Net Working Capital Threshold”), provided that the Buyer Net Working Capital Threshold shall be reduced to Ten Million Dollars ($10,000,000.00) if, after the first anniversary date of the Closing Date, the Contingent Payment has not been earned, or, after the second anniversary date of the Closing Date, the First Installment Payment and the Second Installment Payment have been paid or otherwise satisfied, or (ii) a Buyer Material Adverse Event has occurred and is continuing, then Buyer promptly shall deposit cash to secure payment of the Follow-on Payments in an escrow account with a financial institution reasonably satisfactory to Shareholder, on terms and conditions mutually reasonably satisfactory to Buyer, Shareholder and escrow agent, in an amount equal to eighty percent (80%) of the sum of (i) the then unpaid amount of the First Installment Payment and the Second Installment Payment, if any, plus, (ii) the then earned and unpaid Contingent Payment, if any. It is the intention of Buyer and Shareholder that the escrow account, if established, will give Shareholder, to the extent permitted by law a first priority security interest or the equivalent thereof, in the escrow account funds. Buyer shall take all action reasonably requested to allow for, to the extent permitted by law, a first priority security interest, or the equivalent thereof, in favor of Shareholder in the escrow account funds

     (b) A “Buyer Material Adverse Event” shall mean either of the following:

     (i) Other than such litigation as is disclosed in Buyer’s most current Quarterly Report on Form 10-Q filed with the SEC on May 13, 2005, Buyer is the defendant in a lawsuit or arbitration proceeding, for which

     (A) The amount of damages claimed against Buyer is greater than the amount of the Buyer Net Working Capital at the time of the initiation of such lawsuit or arbitration proceeding minus the Buyer Net Working Capital Threshold (the “Litigation Dollar Threshold”), and

     (B) One year has passed since the initiation of such lawsuit or arbitration proceeding or, if prior to the one-year anniversary of the initiation of such lawsuit or arbitration proceeding, Buyer has filed a motion for summary judgment or a motion to dismiss all or a portion of the claims asserted in such lawsuit or arbitration proceeding (but only if claims not subject to such motion or motions are, by themselves, for an aggregate amount less than the Litigation Dollar Threshold), until a ruling denying such motion for summary judgment or motion to dismiss has occurred; or

     (ii) Buyer has been indicted of a criminal offense material to Buyer’s business.

     (c) If Buyer Net Working Capital falls and remains below Twenty Million Dollars ($20,000,000.00), then, subject to Shareholder executing such confidentiality agreement as Buyer reasonably deems appropriate, Buyer shall provide Shareholder with a monthly statement of the Buyer Net Working Capital.

     3. REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER

     Shareholder makes the following representations and warranties to Buyer, each of which is true and correct on the date hereof and shall survive the consummation of the transactions contemplated hereby.

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          3.1. Corporate. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia. the Company is duly licensed or qualified to do business as a foreign corporation, and is in good standing, in each jurisdiction in which the character of the properties owned or leased by it, or the nature of its business, makes such licensing or qualification necessary. Schedule 3.1 lists each jurisdiction in which the Company is so licensed or qualified. The Company does not own, directly or indirectly, any capital stock or other equity or ownership interest of any corporation, limited liability company, partnership or other entity. The Company has not engaged in any business other than the Business. Shareholder has made available to Buyer true, correct and complete copies of the following, to the extent they exist: Company’s charter, bylaws, stock records and minute books, including minutes or consents reflecting all actions taken by the directors and shareholders of the Company.

          3.2. Capitalization. The authorized capital stock of the Company consists of all shares of no par value common stock, 100 of which shares are presently issued and outstanding and constitute the Shares. All of the Shares have been duly authorized and validly issued in compliance with all applicable laws, and are fully paid and nonassessable. There are no outstanding options, warrants, convertible or exchangeable securities or other rights, agreements, arrangements or commitments obligating Shareholder or the Company, directly or indirectly, to issue, sell, purchase, acquire or otherwise transfer or deliver any shares of capital stock of or other equity interest in the Company, or any agreement, document, instrument or obligation convertible or exchangeable therefore. There are no agreements, arrangements or commitments of any character (contingent or otherwise) pursuant to which any Person is or may be entitled to receive any payment based on the revenues or earnings, or calculated in accordance therewith, of the Company. There are no voting trusts, proxies or other agreements or understandings to which Shareholder or the Company is a party or by which Shareholder or the Company is bound with respect to the voting of any equity capital of the Company. Shareholder is the sole record and beneficial owner of the Shares, and owns the Shares free and clear of any Lien.

          3.3. Authority. Shareholder has all requisite power and authority to execute, deliver and perform his obligations under this Agreement and each other agreement, certificate and instrument to be executed by him in connection with or pursuant to this Agreement (collectively, the “Shareholder Documents”). This Agreement has been, and by the Closing each other Shareholder Document will be, duly executed and delivered by the Shareholder. This Agreement constitutes, and when executed and delivered the other Shareholder Documents will constitute, valid and binding agreements of Shareholder, enforceable in accordance with their respective terms.

          3.4. No Violation. Neither the execution and delivery of this Agreement or the other documents and instruments to be executed and delivered by Shareholder pursuant hereto nor the consummation by Shareholder of the transactions contemplated hereby and thereby (a) will violate any applicable Law or Order, (b) will require any consent, approval or other action by or notice to any Governmental Entity or (c) will violate or conflict with, or constitute a default (or an event that, with notice or lapse of time, or both, would constitute a default) under, or will result in the termination of, or accelerate the performance required by, or result in the creation of any Lien upon the Shares or any assets of the Company under any term or provision of the charter, bylaws or similar organizational documents of the Company or any Contract or restriction of any kind or character to which the Company or Shareholder is a party or by which the Company, Shareholder or the Shares may be bound or affected.

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          3.5. Financial Matters. Included as Schedule 3.5 are true, correct and complete copies of financial statements of the Company consisting of (i) the financial statements (including a statement of assets, liabilities and stockholders’ equity—income tax basis and the related statements of revenues and expenses—income tax basis of the Business for each of the fiscal years ended December 31, 2002, 2003 and 2004 (including notes contained therein or annexed thereto), and (ii) a statement of assets, liabilities and stockholders’ equity – income tax basis as of July 9, 2005 (including notes contained therein or annexed thereto) (the “Recent Balance Sheet”), and the related unaudited statements of revenues and expenses – income tax basis for the fiscal year to date period then ended. All of such financial statements are prepared in accordance with GAAP except as otherwise described in Schedule 3.5 applied on a consistent basis and have been prepared from and are consistent with the books and records of the Company and fairly present, in all material respects, the assets, liabilities, and stockholders’ equity of the Company and its revenues and expenses as of the dates and for the periods indicated.

          3.6. Tax Matters.

     (a) S Corporation. For all periods from the date of its formation up to and including the Closing Date, the Company (and any predecessor of the Company) has had in effect a valid election under Code § 1362 to be an S corporation within the meaning of Code § 1361(a). Except as set forth on Schedule 3.6(a), the Company does not own, and has not owned at any time during the ten (10) year period preceding the Closing Date, the stock of any corporation that is a “qualified subchapter S subsidiary” within the meaning of Code § 1361(b)(3)(B), with respect to the Company. Neither the Company nor any qualified subchapter S subsidiary of the Company has, in the ten (10) year period preceding the Closing Date, (i) acquired assets from another corporation in a transaction in which the Company’s (or such subsidiary’s) tax basis for the acquired assets was determined, in whole or in part, by reference to the tax basis of the acquired assets (or any other property) in the hands of the transferor for federal income tax purposes or (ii) acquired from any other person the stock of any corporation that is or was (during such ten (10) year period) a qualified subchapter S subsidiary of the Company.

     (b) Provision For Taxes; Tax Returns. (i) All Tax Returns required to be filed with respect to the Company or relating to the Business or the assets thereof on or before the date hereof have been timely filed; (ii) all such Tax Returns, when filed, were true, correct and complete; (iii) all Taxes (whether or not reflected on such Tax Returns) required to be paid with respect to the Company or relating to the Business or the assets thereof have been paid; (iv) all Taxes imposed on the Company or relating to the Business or assets of the Company for any taxable period (or a portion thereof) ending on or prior to the date hereof which are not yet due and payable have been properly reserved for on the books and records of the Company; and (v) all Taxes required to be withheld by the Company have been duly and timely withheld, and such withheld Taxes have been either duly and timely paid to the proper governmental authorities or properly set aside in accounts for such purpose and, to the extent due on or prior to the Closing Date, will be duly and timely paid to the proper governmental authorities. Except for the extension identified on Exhibit 3.6(b), an extension of time within which to file any Tax Return which has not been filed has not been requested or granted.  

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     (c) Tax Audits. No Tax Returns relating to the Business required to be filed by or on behalf of the Company or Shareholder, including, without limitation, any federal and state income and franchise Tax Returns, have been audited by the IRS or any other taxing authorities, and neither Shareholder nor the Company has received any (i) notice of underpayment of Taxes or other deficiency relating to the Business that has not been paid or (ii) objection to any Tax Return filed by or on behalf of Shareholder or the Company relating to the Business. There are no outstanding agreements or waivers extending the statutory period of limitations applicable to any Tax Return required to be filed by or on behalf of Shareholder or the Company relating to the Business.

     (d) Liens. There are no liens for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

     (e) Other. Neither Shareholder nor the Company has (i) applied for any Tax ruling relating to the Business, (ii) been a party to a closing agreement with any Taxing authority relating to the Business, (iii) made any payments, or been a party to any Contract (including this Agreement), that under any circumstances could obligate it to make payments that are not deductible because of Code § 280G, (iv) been a party to any Tax allocation or Tax sharing Contract or (v) been a member of an affiliated group of corporations that filed a consolidated Tax Return. The Company is not a “United States real property holding company” within the meaning of Code § 897.

          3.7. Receivables. All accounts receivable of the Company (a) arose out of arm’s length transactions actually made in the ordinary course of the Business, (b) are valid and legally binding obligations of the parties obligated to pay such amounts, (c) are collectible in the ordinary course of the Business without the necessity of commencing litigation and (d) are subject to no counterclaim or setoff. Schedule 3.7 contains an aged schedule of accounts receivable as of the date that is two (2) days prior to the Closing Date.

          3.8. Absence of Certain Changes. Except as and to the extent set forth in Schedule 3.8, since December 31, 2004, there has not been:

     (a) No Company Material Adverse Change. Any material adverse change in the assets, liabilities, business, operations, results of operations, condition (financial or otherwise) or prospects of the Company or the Business (“Company Material Adverse Change”). Without limiting the generality of the foregoing sentence, Company Material Adverse Change shall include, but not be limited to, (i) the termination of, or material reduction in, the AOL customer relationship or (ii) a greater than 20% reduction in the Projected Revenues or net income to be generated after the Closing. “Projected Revenues” means Net Revenues of One Million Five Hundred Thousand ($1,500,000.00) projected for the Revenue Measurement Period.

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     (b) No Damage. Any material loss, damage or destruction, whether covered by insurance or not, relating to or affecting the Business.

     (c) No Increase in Compensation. Any increase in the compensation, salaries, commissions, wages, bonuses or benefits payable or to become payable to any employees or agents of the Company.

     (d) Credit. Any grant of credit by the Company to any customer of the Business on terms or in amounts more favorable than those that have been extended to such customer in the past, any other change made by the Company in the terms of any credit heretofore extended in connection with the Business or any other change of the Company’s policies or practices with respect to the granting of credit in connection with the Business.

     (e) No Distributions. Any distribution of the Company assets to Shareholder or any other Person other than distributions that were made in the ordinary course of the Business consistent with past practice to provide cash to Shareholder to satisfy current Tax liabilities.

     (f) No Unusual Events. Any other event or condition not in the ordinary course of the Company’s operation of the Business, including (i) any sale, lease, grant or other disposition of any material properties or assets, (ii) any entering into, amendment or early termination of any material Contract relating to or affecting the Business or (iii) any release or waiver of any material claims or rights relating to or affecting the Business.

          3.9. Absence of Undisclosed Liabilities. Except as and to the extent specifically set forth on the Recent Balance Sheet, or in Schedule 3.9, to the knowledge of Shareholder, the Company does not have any liabilities relating to or affecting the Business, other than: (a) commercial liabilities incurred since the date of the Recent Balance Sheet in the ordinary course of the Business consistent with past practice, none of which has had or is reasonably likely to have a material adverse effect on the assets, liabilities, business, operations, results of operations, condition (financial or otherwise) or prospects of the Company or the Business; or (b) liabilities disclosed in this Agreement or in the Disclosure Schedule.

          3.10. No Litigation. Except as set forth in Schedule 3.10, there are currently no pending or, to the knowledge of Shareholder, threatened lawsuits, administrative proceedings or reviews, or formal or informal complaints or investigations (collectively, “Litigation”) by any Person against or relating to Shareholder, the Company or any director, employee or agent (in their capacities as such) of the Company or to which the Shares or any of the assets of the Company is subject, and no basis therefor. Neither the Company nor Shareholder, as relates to the Company, the Business or the Shares, is subject to or bound by any currently existing judgment, order, writ, injunction or decree. No lawsuit or administrative proceeding has been commenced against the Company or, as Shareholder as relates to the Business, during the last five years.

          3.11. Compliance With Laws and Orders.

     (a) Laws and Orders. The Company is and has been in compliance in all material respects with all applicable Laws and Orders. Neither Shareholder nor the Company has received notice of any violation or alleged violation of any Laws or Orders with respect to the Business. All reports related to the Business required to be filed by or on behalf of the Company with any Governmental Entity have been filed and, when filed, were true, correct and complete.

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     (b) Licenses and Permits. The Company has all material licenses, permits, approvals, certifications, consents and listings of all Governmental Entities and all certification organizations required, and all exemptions from requirements to obtain or apply for any of the foregoing, for the conduct of the Business and the operation of the Facilities. All such licenses, permits, approvals, certifications, consents and listings are set forth in Schedule 3.11(b), and are in full force and effect. Except as set forth in Schedule 3.11(b), the Company (including its operations, practices, properties and assets) is and has been in compliance with all such licenses, permits, approvals, certifications, consents and listings.

     (c) Environmental Matters. Without limiting the generality of the foregoing provisions of this Section 3.11, the Company in respect of the operations, practices, properties and assets of the Business is and has been in compliance in all material respects with all Environmental Laws.

          3.12. Title to and Condition of Properties.

     (a) Set forth in Schedule 3.12(a) is a complete list (including the street address, where applicable) of: (i) all real property leased by the Company (the “Leased Real Property”); (ii) each vehicle owned or leased by the Company; and (iii) each other asset owned or leased by the Company with a book value of $5,000 or more (each a “Material Asset” and collectively, the “Material Assets”). The Material Assets constitute all of the assets required in order to conduct the Business as currently conducted by the Company.

     (b) The Company has good and marketable title to all of the assets it purports to own, and owns all of such assets free and clear of any Liabilities and Liens, other than: (i) statutory Liens securing current Taxes and other obligations that are not yet delinquent; and (ii) Liens described in Schedule 3.12(b). The Company holds a valid leasehold interest in all of the leased assets of the Company.

     (c) The Company owns no real property.

     (d) The assets of the Company, including any assets held under leases or licenses, are in good condition and repair, ordinary wear and tear excepted, are in good working order and have been properly and regularly maintained and are sufficient to carry on the Business as conducted during the preceding twelve (12) months.

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          3.13. Insurance. Schedule 3.13 sets forth a true, correct and complete list and description of all policies of insurance currently in effect with respect to the Business (collectively, “Business Insurance Policies”). All general liability policies maintained by or for the benefit of the Company relating to the operations of the Business (collectively, “Liability Policies”) have been “occurrence” policies and not “claims made” policies. All Business Insurance Policies and Liability Policies are valid, outstanding and enforceable policies. To Shareholder’s knowledge, none of the insurance carriers providing coverage under any of the Business Insurance Policies or Liability Policies has declared bankruptcy or provided notice of insolvency to the Company or Shareholder. The Company has duly and timely made all claims that it has been entitled to make under all such policies. To Shareholder’s knowledge, no Business Insurance Policy (nor any previous policy) or Liability Policy provides for or is subject to any currently enforceable retroactive rate or premium adjustment, loss sharing arrangement or other actual or contingent Liability arising wholly or partially out of events arising prior to the Closing. There is no claim by the Company pending under any Business Insurance Policy or Liability Policy as to which coverage has been questioned, denied or disputed by the underwriters of such policies, and to Shareholder’s knowledge, there is no basis for denial of any pending claim under any Business Insurance Policy or Liability Policy.

          3.14. Contracts and Commitments. Except as set forth in Schedule 3.14:

     (a) Real Property Leases. The Company has no oral or written contracts, purchase orders, sales orders, licenses, leases and other agreements, arrangements and understandings (collectively, “Contracts”) for the lease or occupancy of Leased Real Property.

     (b) Personal Property Leases. The Company has no Contracts for the lease or use of personal property used, held for use or acquired or developed for use primarily in the Business (collectively, “Personal Property Leases”) involving any remaining consideration, termination charge or other expenditure in excess of One Thousand Dollars ($1,000.00) or involving performance over a period of more than twelve (12) months.

     (c) Customer Contracts. The Company has no Contracts in respect of the Business that aggregate in excess of One Thousand Dollars ($1,000.00) to or from any customer or client of the Company. The Company has no Contracts with any customer or client except those made in the ordinary course of the Business at arm’s length.

     (d) Supplier/Vendor Contracts. The Company has no Contracts in respect of the Business that aggregate in excess of One Thousand Dollars ($1,000.00) to or from any supplier or vendor of the Company. The Company has no Contracts with any supplier or vendor except those made in the ordinary course of the Business at arm’s length.

     (e) Contracts for Services. The Company has no Contract in respect of the Business with any officer, employee, agent, consultant or other third party performing similar functions that is not cancelable by the Company on notice of not longer than thirty (30) calendar days without liability, penalty or premium of any nature or kind whatsoever.

     (f) Powers of Attorney. The Company has not given a power of attorney that is currently in effect in connection with or affecting the Company or the Business.

     (g) Collective Bargaining Agreements. The Company has no Contract with any collective bargaining groups representing or purporting to represent employees who perform services primarily for the benefit of the Business.

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     (h) Loan Agreements. The Company has no loan Contract, promissory note, letter of credit or other evidence of indebtedness, as a signatory, guarantor or otherwise, in respect of the Business.

     (i) Guarantees. The Company has not guaranteed the payment or performance of any person or entity, agreed to indemnify any person or entity (except under Contracts entered into by the Company in the ordinary course of the Business) or to act as a surety, or otherwise agreed to be contingently or secondarily liable for the obligations of any person or entity in connection with or affecting the Company or the Business.

     (j) Governmental Contracts. The Company has no Contract with any Governmental Entity in connection with or affecting the Business.

     (k) Agreements Relating to Trade Rights. The Company has no consulting, development, joint development or similar Contract relating to any of the Business Trade Rights, nor does the Company have any Contract requiring the Company to assign its interest in any Business Trade Rights.

     (l) Restrictive Agreements. The Company is not subject to any Contract or obligation prohibiting or restricting the Company from competing in any business or geographical area, or soliciting customers or employees, or otherwise restricting it from carrying on any business anywhere in the world.

     (m) Other Material Contracts. The Company has no other Contract of any nature in connection with or affecting the Business and involving consideration or other expenditure in excess of One Thousand Dollars ($1,000.00), or involving performance over a period of more than twelve (12) months, or that is otherwise individually material to the operations of the Business.

          3.15. No Default. No event or omission has occurred that, currently or through the passage of time or the giving of notice, constitutes or would constitute a material default by the Company under any Contract relating to or affecting the Business or cause the acceleration of any of the Company’s obligations thereunder or result in the creation of any Lien on any of the Company’s assets. To Shareholder’s knowledge, no event or omission has occurred that, currently or through the passage of time or the giving of notice, would constitute a default by such third party under any such Contract, or give rise to an automatic termination, or the right of discretionary termination thereof. Each Contract listed on Schedule 3.14 is in full force and effect and is a valid and binding agreement enforceable against the Company and, to Shareholder’s knowledge, the other party or parties thereto in accordance with its terms.

          3.16. Labor Matters. The Company has not experienced any labor disputes, any union organization attempts or any work stoppages due to labor disagreements in connection with or affecting the Business. There is no labor strike, dispute, request for representation, slowdown or stoppage actually pending or threatened against or affecting the Company that involves or relates to the Business nor any secondary boycott with respect to any products or services of the Business. No question concerning representation has been raised or is threatened relating to the employees of the Company who perform services primarily for the benefit of the Business.

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          3.17. Employee Benefit Plans.

     (a) Disclosure. Schedule 3.17(a) sets forth a true, correct and complete list of all plans, programs, Contracts, policies and practices providing benefits to any current or former employee, director or independent contractor who performs or performed services primarily for the benefit of the Business, or a beneficiary or dependent thereof, sponsored or maintained by the Company or any ERISA Affiliate, to which the Company or any ERISA Affiliate has contributed, contributes or is obligated to contribute, or under which the Company or any ERISA Affiliate had or has any Liability, including any pension, thrift, savings, profit sharing, retirement, bonus, incentive, health, dental, death, accident, disability, stock purchase, stock option, stock appreciation, stock bonus, executive or deferred compensation, hospitalization, “parachute,” severance, vacation, sick leave, fringe or welfare benefits, any employment or consulting Contracts, “golden parachutes,” collective bargaining agreements, “employee benefit plans” (as defined in Section 3(3) of ERISA), employee manuals, and written or binding oral statements of policies, practices or understandings relating to employment (collectively, the “Employee Plan/Agreement”). No Employee Plan/Agreement is a plan subject to Title IV of ERISA or a “multiemployer plan” (as defined in Section 4001 of ERISA), and neither the Company nor any ERISA Affiliate has ever contributed nor been obligated to contribute to any such plan or multiemployer plan. The Company has provided true, correct and complete copies of each Employee Plan/Agreement to Buyer.

     (b) Payments and Compliance. With respect to each Employee Plan/Agreement, (i) all payments due from the Employee Plan/Agreement (or from the Company with respect to each such Employee Plan/Agreement) have been made; (ii) the Employee Plan/Agreement conforms to all applicable Laws and Orders; (iii) all reports and information relating to the Employee Plan/Agreement required to be filed with any Governmental Entity or provided to participants or their beneficiaries have been timely filed or disclosed and, when filed or disclosed, were true, correct and complete; (iv) there have been no “prohibited transactions” (within the meaning of Sections 406 and 407 of ERISA or Code § 4975) for which a statutory or administrative exemption does not exist with respect to any Employee Plan/Agreement; (v) each Employee Plan/Agreement that is intended to qualify under Code § 401 has received a favorable determination letter from the IRS with respect to such qualification, its related trust has been determined to be exempt from taxation under Code § 501(a), and nothing has occurred since the date of such letter that has or is reasonably likely to adversely affect such qualification or exemption; (vi) there are no Litigation pending (other than routine Litigation for benefits) or, to Shareholder’s knowledge, threatened with respect to the Employee Plan/Agreement or against the assets of the Employee Plan/Agreement; and (vii) the Employee Plan/Agreement is not a plan that is established and maintained outside the United States primarily for the benefit of individuals substantially all of whom are nonresident aliens.

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     (c) Post-Retirement Benefits. No Employee Plan/Agreement provides benefits, including death or medical benefits (whether or not insured), with respect to current or former employees, directors or independent contractors of the Company beyond their retirement or other termination of service.

     (d) No Triggering of Obligations or Other Binding Commitments. The consummation of the transactions contemplated hereby will not (i) entitle any current or former employee, director or independent contractor to severance pay, unemployment compensation or any other payment, except as expressly provided in this Agreement, (ii) accelerate the time of payment or vesting or increase the amount of compensation due to any current or former employee, director or independent contractor or (iii) result in any prohibited transaction described in Section 406 of ERISA or Code § 4975 for which an exemption is not available. Company has no announced plan legally binding commitment to create any additional Employee Plans/Agreements or to amend or modify any existing Employee Plan/Agreement.

          3.18. Employees; Compensation. Schedule 3.18 contains a true, correct and complete list of (a) all employees of the Company, (b) each such employee’s title, duties and location of employment, (c) each such employee’s employment status (i.e., whether employee is actively employed or not actively at work due to illness, short-term disability, sick leave, authorized leave or absence, layoff for lack of work or service in the Armed Forces of the United States, or for any other reason) and (d) each such employee’s annual rate of compensation, including bonuses and incentives. Schedule 3.18 also contains a true, correct and complete list by location in the United States of the number of former employees of the Company whose employment was terminated within the eighteen (18) month period preceding the date hereof. Schedule 3.18 also contains a true, correct and complete list of qualified beneficiaries eligible for COBRA continuation coverage benefits under any Employee Plan/Agreement that is a “group health plan” (as defined in Code § 5000(b)(1) or Section 607(1) of ERISA).

          3.19. Trade Rights. Schedule 3.19 contains a true, correct and complete list of all Business Trade Rights (to the extent susceptible to listing). No registrations or applications relating to Business Trade Rights have been made or filed. To Shareholder’s knowledge, the Company is not infringing and has not infringed any Trade Rights of another in the operations of the Business. To Shareholder’s knowledge, no person or entity is infringing or has infringed any of the Business Trade Rights. Except as set forth in Schedule 3.19, no person or entity other than the Company has any right to use any of the Business Trade Rights, and in its conduct of the Business, the Company does not pay any royalties or other consideration for the right to use any Trade Rights of others. All material Trade Rights that are used by the Company in the operations of the Business are valid, enforceable and in good standing, and there are no equitable defenses to enforcement based on any act or omission of the Company. To conduct the Business, the Company does not require any Trade Rights that it does not already have. The Company has maintained the confidentiality of all Business Trade Rights to the extent necessary to maintain all proprietary rights therein. The consummation of the transactions contemplated hereby will not alter or impair any of the Business Trade Rights.

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          3.20. Customers. Schedule 3.20 contains a true, correct and complete list of all customers of the Business for each of the two (2) most recent fiscal years showing the total dollar amount of net sales to each such customer during each such year and whether such customer is an Affiliate or a third party. Shareholder has no knowledge of any facts indicating, nor any other reason to believe, that any of the customers described in Schedule 3.20 will not continue to be customers of the Business after the Closing at substantially the same level of purchases as heretofore.

          3.21. Service Warranty and Liability. Schedule 3.21(a) contains a true, correct and complete copy of the Company’s standard warranty or warranties for sales of Products/Services, and except as expressly set forth therein, there are no warranties, deviations from standard warranties or commitments or obligations with respect to the re-performance of Services under which the Company could have any Liability. Schedule 3.21(b) sets forth the aggregate annual cost to the Business of performing warranty obligations for each of the previous three (3) fiscal years and the current fiscal year through June 30, 2005. Schedule 3.21(b) also contains a description of all pending warranty claims. Since December 31, 2001, the Company has not made voluntary concessions or payments not charged to warranty expense as an accommodation to customers that have claimed that a Product/Service is defective.

          3.22. Certain Relationships to the Company. No Affiliate of Shareholder or the Company has any direct or indirect interest in or other business relationship or arrangement with (a) any person or entity that does business with the Company or (b) any property, asset or right that is used by the Company. All obligations of any Affiliate of Shareholder or the Company to the Company, and all obligations of the Company to any Affiliate of Shareholder or the Company, in each case that relate to or affect the Business, are described in Schedule 3.22.

          3.23. Bank Accounts. Schedule 3.23 sets forth all bank accounts of the Business, including the name of each bank, savings and loan or other financial institution in which the Company has any account or safe deposit box, the type and number of each such account or safe deposit box and the names of all persons authorized to draw thereon or have access thereto.

          3.24. No Brokers or Finders. Neither Shareholder nor the Company retained, employed or used any broker or finder in connection with the transactions provided for herein or the negotiation thereof.

          3.25. Investment Intent.

     (a) Shareholder acknowledges that he has been offered the opportunity to obtain information, to verify the accuracy of the information received and to evaluate the merits and risks of investment in the Restricted Shares and to ask questions and receive satisfactory answers from Buyer concerning the terms and conditions of such investment. Shareholder has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of an investment in the Restricted Shares. In making the decision to acquire Restricted Shares, Shareholder has relied solely upon independent investigations made by him and Shareholder is not relying upon any statements or instruments made by any Person other than Buyer and Buyer’s representatives in making his decision to acquire Restricted Shares. Shareholder is able to bear the complete loss of his investment in Restricted Shares.

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     (b) Shareholder represents and warrants that he is an “accredited investor” within the meaning of 17 C.F.R. § 230.501 promulgated under the Securities Act. In making this representation and warranty Shareholder hereby confirms that at least one of the following statements is true:

     (i) As of the Closing Date, Shareholder’s individual net worth, or his joint net worth with his spouse, exceeds One Million Dollars ($1,000,000.00); or

     (ii) As of the Closing Date, Shareholder had an individual income in excess of Two Hundred Thousand Dollars ($200,000.00) in each of the two most recent years or Shareholder’s joint income with his spouse exceeded Three Hundred Thousand Dollars ($300,000.00) in each of the two most recent years, and Shareholder has a reasonable expectation of reaching the same income level in the current year.

     (c) Shareholder understands that the Restricted Shares have not been and are not being registered either with the SEC or with any Governmental Entity charged with regulating the offer and sale of securities under the securities laws of his state of residence, and are being offered and sold pursuant to the exemption from registration under Section 4(2) of the Securities Act, and limited exemptions provided by the “Blue Sky” laws of his state of residence, and that no United States governmental agency has recommended or endorsed the Restricted Shares or made any finding or determination relating to the fairness for investment in the Restricted Shares.

     (d) Shareholder is acquiring the Restricted Shares solely for his own account, for investment purposes and not with a view to, or with any intention of resale, distribution or other disposition in violation of the Securities Act or any other applicable Laws.

     (e) Shareholder understands and agrees that because the offer and sale of the Restricted Shares have not been registered under United States federal or state securities laws, the Restricted Shares may not at any time be sold or otherwise disposed of by Shareholder unless the Restricted Shares are registered under the Securities Act or there is applicable to such sale or other disposition an exemption from registration under the Securities Act and applicable state securities laws. Shareholder further understands that Buyer has no obligation or present intention to register the Restricted Shares.

     (f) Shareholder is a bona fide resident of the state set forth in his address for notice set forth in Section 12.9 below.

          3.26. Disclosure. No representation or warranty by Shareholder in this Agreement, nor any statement, certificate, schedule or exhibit hereto furnished or to be furnished by or on behalf of Shareholder pursuant to this Agreement, to Shareholder’s knowledge, contains or shall contain any untrue statement of material fact or, to Shareholder’s knowledge, omits or shall omit a material fact necessary to make the statements contained therein not misleading.

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     4. REPRESENTATIONS AND WARRANTIES OF BUYER

          Buyer makes the following representations and warranties to Shareholder, each of which is true and correct on the date hereof and shall the survive the consummation of the transactions contemplated hereby.

          4.1. Corporate. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.

          4.2. Authority. The execution and delivery of this Agreement and the other documents and instruments to be executed and delivered by Buyer pursuant hereto and the consummation of the transactions contemplated hereby and thereby have been duly authorized by Buyer. This Agreement constitutes, and when executed and delivered, the other documents and instruments to be executed and delivered by Buyer pursuant hereto will constitute, valid and binding agreements of Buyer, as the case may be, enforceable in accordance with their respective terms.

          4.3. No Brokers or Finders. Buyer has not retained, employed or used any broker or finder in connection with the transactions provided for herein or in connection with the negotiation thereof.

     5. COVENANTS

          5.1. Preservation of Business Relationships and Conduct of Business. Shareholder covenants and agrees that, pending the Closing, unless Buyer shall otherwise agree in writing, (i) the Company shall conduct its business in the ordinary and usual course in all material respects consistent with past practice; (ii) Shareholder and the Company shall, except as mutually agreed, use commercially reasonable best efforts to preserve and maintain for the benefit of Buyer the good will of the Company’s business and the goodwill and relationship of the Company with each of its customers, suppliers and employees; (iii) the Company shall use commercially reasonable best efforts to maintain its current work force; and (iv) the Company will not amend or terminate any Employee Benefit Plan or any trust established thereunder.

          5.2. Other Pre-Closing Actions of Shareholder and the Company. Shareholder covenants and agrees that, pending the Closing, (i) neither Shareholder nor the Company shall take any action that is inconsistent with the satisfaction of any condition set forth in Article 7; (ii) Shareholder shall furnish Buyer, as promptly as practicable, with such documents and information relating to the Company as Buyer from time to time reasonably may request; (iii) Shareholder shall provide Buyer with such access to the Company as Buyer from time to time reasonably may request during normal business hours to conduct one or more inspections thereof; provided, however, that such inspections shall not unreasonably interfere with the Company’s conduct of its business and that Buyer shall be accompanied by Shareholder’s designated representative; (iv) the Company shall pay and perform all of its debts, obligations and liabilities as and when they become due in the ordinary course; (v) the Company shall not issue or sell any shares of capital stock or other securities convertible into or exchangeable for such securities, including options, warrants to purchase or rights to subscribe for any shares of capital stock, except for shares of common stock issuable upon exercise of Options; (vi) the Company shall not declare or pay any dividends or make any distributions to Shareholder or otherwise make any payment, or commit to make any payment, to Shareholder or any Affiliate of Shareholder, except for (A) compensation to Shareholder, as an employee of the Company, in the ordinary and usual course of business consistent with past practice or (B) distributions to Shareholder necessary to pay applicable state and federal income tax attributable to the 2005 operations of the Business occurring prior to the Closing, provided that, prior to such distribution, the Company shall notify Buyer of its intent to make such distribution, providing Buyer with all information necessary to confirm the appropriate amount of such consideration and a right to object thereto, and (vii) Shareholder shall use his commercially reasonable best efforts to obtain any consents, which shall be reasonably satisfactory in form and substance to Buyer, of all persons or entities whose consents are necessary to consummate the transactions contemplated by this Agreement.

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          5.3. Noncompetition. As an inducement to Buyer to execute and deliver this Agreement and to consummate the transactions contemplated hereby, and to preserve the goodwill associated with the Business, Shareholder agrees that, for a period of three (3) years after the Closing Date, Shareholder will not, directly or indirectly:

     (a) engage in, continue in or carry on any business that competes in any aspect of the Business, including owning or controlling any financial interest in any Competitor;

     (b) consult with, advise or assist in any way, whether or not for consideration, any Competitor in any aspect of the Business, including endorsing the products or services of any such Competitor, soliciting customers or otherwise serving as an intermediary for any such Competitor or loaning money or rendering any other form of financial assistance to any such Competitor; or

     (c) solicit, induce or otherwise offer employment or engagement as an independent contractor to, or engage in discussions regarding employment or engagement as an independent contractor with, any person who is or was an employee, commissioned salesperson or consultant of, or who performed similar services for, the Business, or assist any third party with respect to any of the foregoing, unless such person has been separated from his or her employment or other relationship with Buyer and each of its Affiliates for a period of six (6) consecutive months;

provided, however, that the foregoing shall not prohibit the ownership of not more than one percent (1%) of the securities of any publicly-traded entity. The geographic scope of this covenant not to compete shall extend throughout the United States, Canada, Mexico and those European countries listed on Exhibit 5.3. Buyer may sell, assign or otherwise transfer this covenant not to compete, in whole or in part, to any person or entity that purchases all or any portion of the Business or the Shares. Recognizing the specialized nature of the Business, Shareholder acknowledges and agrees that the restrictions of this covenant not to compete are reasonable.

          5.4. Confidential Information. Shareholder shall maintain all Confidential Information in strict confidence and secrecy, and shall not, directly or indirectly, (a) use any Confidential Information for any purpose, (b) disclose any Confidential Information to any person or entity other than Buyer, (c) keep or make copies of any documents, records or property of any nature whatsoever containing any Confidential Information or (d) assist any other person or entity in engaging in any of the foregoing, except to the extent necessary to comply with the express terms of any written agreement between Shareholder and Buyer and except to the extent explicitly requested in writing by Buyer. Notwithstanding the foregoing, Shareholder may disclose Confidential Information at such times, in such manner and to the extent such disclosure is required by applicable law, provided that Shareholder, (i) provides Buyer with prior written notice thereof, (ii) limits such disclosure to what is strictly required and (iii) attempts to preserve the confidentiality of any Confidential Information so disclosed. Nothing in this Agreement reduces any obligation of Shareholder to comply with applicable Laws or Orders relating to trade secrets, confidential information and unfair competition. If, at any time after the Closing, Shareholder discovers that he is in possession of any records containing any Confidential Information, then he shall immediately deliver such records to Buyer. Shareholder shall not assert a waiver or loss of confidential or privileged status of the information based upon such possession or discovery.

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          5.5. Tax Matters.

     (a) Shareholder shall join with Buyer in making an election under Code § 338(h)(10) and Treasury Regulation §§ 1.338(h)(10)-1(a) and (d)(1)(iii), and any corresponding elections permitted under state or local Law, with respect to the purchase and sale of the Shares hereunder (the “Section 338(h)(10) Election”). In particular, and not by way of limitation, promptly following the Closing Date, Buyer and Shareholder shall jointly execute necessary copies of IRS Form 8023 and all attachments required to be filed therewith pursuant to applicable Treasury regulations. Shareholder shall (i) include any income, gain, loss, deduction or other Tax item resulting from the Section 338(h)(10) Election on his individual tax return as required by applicable Law and (ii) shall indemnify, defend and hold harmless Buyer from, against and with respect to, and shall pay and reimburse Buyer for any liability for Taxes imposed by the State of Georgia on income as a result of the deemed sale resulting from the Section 338(h)(10) Election.

     (b) The allocation of purchase price among the assets of the Company shall be made in accordance with Code § 338 and §1060 and any comparable provisions of state or local Law, as appropriate. Shareholder and Buyer shall mutually agree on the determination of such purchase price allocations promptly following the Closing and shall report, act, and file Tax Returns in all respects and for all purposes consistent with such determination. Buyer and Shareholder hereby agree to timely file IRS Form 8594 based on the allocations so determined.

     (c) Shareholder shall have the right and obligation to timely prepare and file, or cause to be timely prepared and filed, when due any Tax Return of the Company that is required to include the operations, ownership, assets, or activities of the Company for Tax periods ending on or before the Closing Date. In any case where a Tax Return is required to be filed by the Company on or before the Closing Date, Shareholder shall cause the Company to prepare and file such Tax Return on or before the due date thereof (unless an extension is granted) and shall pay, or cause the Company to pay, all Taxes (including estimated Taxes) due on such Tax Return (or due with respect to a Tax Return for which an extension has been granted) or which are otherwise required to be paid at any time prior to or during such period. Buyer shall have the right and obligation to timely prepare and file, or cause to be timely prepared and filed, when due, all Tax Returns of the Company that are required to include the operations, ownership, assets, or activities of the Company for any Tax periods ending after the Closing Date.

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     (d) Buyer and Shareholder shall, at their own cost and expense, cooperate fully, as and to the extent reasonably requested by the other party, in connection with the filing of tax returns pursuant to this Section and any audit, litigation or other proceeding with respect to Taxes. Buyer, the Company, Shareholder, and their respective Affiliates shall preserve all information, returns, books, record and documents relating to any liabilities for Taxes with respect to a taxable period until the later of the expiration of all applicable statutes of limitation and extensions thereof, or the conclusion of all litigation with respect to Taxes for such period.

          5.6. Continuation of Best Efforts. Shareholder covenants and agrees that following the Closing Date, Shareholder shall (i) use commercially reasonable best efforts to preserve and maintain for the benefit of Buyer the goodwill of the Company’s business and the goodwill and relationship of the Company with each of its customers, suppliers and employees and (ii) take all reasonable steps to ensure the smooth and expedient integration of the Business into Buyer’s managerial and operational structure. Furthermore, Shareholder shall not willfully take any action, or omit to take any action, that would reasonably be expected to be detrimental to the Business.

          5.7. Further Assurances. From time to time after the date of this Agreement, upon request of any Party and without further consideration, each Party shall execute and deliver to the requesting Party such documents and take such action as may be reasonably requested by the requesting Party to consummate more effectively the intent and purpose of the Parties under this Agreement and the transactions contemplated by this Agreement. Without limiting the generality of the foregoing, Buyer shall not subordinate any payment to Shareholder due by Buyer under this Agreement in right or priority of payment to any other unsecured creditor of Buyer.

     6. INDEMNIFICATION

          6.1. By Shareholder.

Upon the terms and subject to the conditions set forth in this Article 6, Shareholder shall indemnify, defend and hold harmless Buyer, the Company and their Affiliates, shareholders, directors, officers, employees, agents and other representatives (collectively, the “Buyer Indemnified Parties”), from and against all Claims asserted against, resulting to, imposed upon or incurred by any Buyer Indemnified Party, directly or indirectly, by reason of, arising out of or resulting from: (a) any inaccuracy or breach of any representation or warranty of Shareholder contained in or made pursuant to this Agreement; (b) any breach of any covenant of Shareholder contained in or made pursuant to this Agreement; or (c) any other Claim arising with respect to the conduct of the Business prior to the Effective Time (including any indebtedness for borrowed money), other than accrued expenses, accounts payable and such other ongoing obligations incurred in the ordinary course of business and consistent with past practice, and other than any Liability disclosed to Buyer in this Agreement or the Disclosure Schedule.

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          6.2. By Buyer. Upon the terms and subject to the conditions set forth in this Article 6, Buyer shall indemnify, defend and hold harmless Shareholder and his agents and other representatives (collectively, the “Shareholder Indemnified Parties”), from and against all Claims asserted against, resulting to, imposed upon or incurred by any Shareholder Indemnified Party, directly or indirectly, by reason of or resulting from (a) any inaccuracy or breach of any representation or warranty of Buyer contained in or made pursuant to this Agreement; (b) any breach of any covenant of Buyer contained in this Agreement; or (c) any Claim arising with respect to the conduct of the Business following the Effective Time.

          6.3. Indemnification of Third Party Claims. The following provisions shall apply to any Claim subject to indemnification that is Litigation filed or instituted by, or the making of any claim or demand by, any third party, including any Governmental Entity (a “Third Party Claim”):

     (a) Notice and Defense. The Party or Parties seeking to be indemnified (collectively, the “Indemnified Party”) shall give the Party or Parties from whom indemnification is sought (collectively, the “Indemnifying Party”) prompt written notice (and in any event written notice delivered within sixty (60) calendar days after the receipt of service or other notice of the commencement of any suit, action or arbitration proceeding) of the Third Party Claim. The Indemnifying Party may undertake and control the defense and/or settlement of the Third Party Claim, by representatives chosen by it, if the Indemnifying Party admits that it has an indemnification obligation hereunder with respect to the Third Party Claim, in which case such assumption shall constitute the Indemnifying Party’s undertaking to pay directly all costs, expenses, damages, judgments, awards, penalties and assessments incurred in connection therewith. With the prior written consent of the Indemnified Party, the Indemnifying Party may undertake the defense of the Third Party Claim without admitting that it has an indemnification obligation hereunder. Failure to give notice of the Third Party Claim shall not affect the Indemnifying Party’s duties or obligations under this Article 6, except to the extent the Indemnifying Party is prejudiced thereby. So long as the Indemnifying Party is defending the Third Party Claim actively and in good faith, the Indemnified Party shall not settle the Third Party Claim.

     (b) Failure to Defend. If the Indemnifying Party, within a reasonable time after notice of the Third Party Claim, fails to defend the Third Party Claim actively and in good faith, then the Indemnified Party shall (upon further notice) have the right to undertake the defense, compromise or settlement of the Third Party Claim or consent to the entry of a judgment with respect to the Third Party Claim, on behalf of and for the account and risk of the Indemnifying Party, and the Indemnifying Party shall thereafter have no right to challenge the Indemnified Party’s defense, compromise, settlement or consent to judgment.

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     (c) Indemnified Party’s Rights. Notwithstanding anything to the contrary in this Article 6, (i) if there is a reasonable probability that the Third Party Claim may materially and adversely affect the Indemnified Party other than as a result of money damages or other money payments, then the Indemnified Party shall have the right to defend, compromise or settle the Third Party Claim or consent to the entry of judgment with respect to the Third Party Claim, and (ii) the Indemnifying Party shall not, without the written prior consent of the Indemnified Party, settle or compromise the Third Party Claim, or consent to the entry of judgment with respect to the Third Party, that does not include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified Party of a release from all Liability in respect of the Third Party Claim.

          6.4. Payment. The Indemnifying Party shall promptly pay the Indemnified Party any amount due under this Article 6. Upon judgment, determination, settlement or compromise of any Third Party Claim, the Indemnifying Party shall pay promptly on behalf of the Indemnified Party, and/or to the Indemnified Party in reimbursement of any amount theretofore required to be paid by it, the amount so determined by judgment, determination, settlement or compromise and all other Claims of the Indemnified Party with respect thereto, unless in the case of a judgment an appeal is made from the judgment. If the Indemnifying Party desires to appeal from an adverse judgment, then the Indemnifying Party shall post and pay the cost of the security or bond to stay execution of the judgment pending appeal. Upon the payment in full by the Indemnifying Party of such amounts, the Indemnifying Party shall succeed to the rights of such Indemnified Party, to the extent not waived in settlement, against the person or entity that made the Third Party Claim.

          6.5. Limitations on Indemnification. Except for any willful or knowing breach or misrepresentation, as to which claims may be brought without limitation as to time or amount:

     (a) Time Limitation. No claim or action shall be brought under this Article 6 for breach of a representation, warranty, or covenant after the lapse of two (2) years after the Closing Date. Regardless of the foregoing, however, or any other provision of this Agreement:

     There shall be no time limitation on any claim or action brought for (A) breach of any representation or warranty made in or pursuant to Sections 3.2 or 3.12(b), or (B) breach of any covenant contained in Sections 5.3, 5.4 or 5.6, and Shareholder hereby waives all applicable statutory limitation periods with respect thereto.

     (i) Any claim or action brought for breach of any representation or warranty made in or pursuant to Sections 3.6 or 3.17 may be brought at any time until the date that is thirty (30) calendar days after the underlying obligation is barred by the applicable period of limitation under federal and state Laws relating thereto (as such period may be extended by waiver).

     (ii) If any act, omission, disclosure or failure to disclose shall form the basis for a claim or action for breach of more than one representation or warranty, and such claims have different periods of survival hereunder, then the termination of the survival period of one claim or action shall not affect a Party’s right to make a claim or action based on the breach of representation or warranty still surviving.

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     (iii) Neither Buyer’s nor Shareholder’s right to indemnification hereunder based on breaches of the other party’s representations, warranties, covenants, and obligations will be adversely affected by any investigation conducted or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of this Agreement or the Closing. The waiver of any condition based on the accuracy of any representation and warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to indemnification hereunder based on such representations, warranties, covenants, and obligations.

     (b) Amount. The aggregate amount of all Claims for which Buyer Indemnified Parties shall be entitled to recover from Shareholder for breach of a representation, warranty or covenant under Section 6.1(a) and (b) shall not exceed Two Million One Hundred Twenty-One Thousand Dollars ($2,121,000.00) . The aggregate amount of all Claims for which Shareholder Indemnified Parties shall be entitled to recover from Buyer for breach of a representation, warranty or covenant under Section 6.2(a) and (b) shall not exceed the amount of the Purchase Price.

          6.6. No Waiver. The consummation of the transactions contemplated hereby shall not constitute a waiver by any Party of its rights to indemnification hereunder, regardless of whether the Indemnified Party has knowledge of the basis of the Claim at or prior to the Closing.

          6.7. Set Off. Buyer may, in addition to any other rights and remedies that may be available to it under this Article 6, set off all or any portion of such amounts against any amounts due and owing from Buyer or the Company to Shareholder. Any amounts so set off shall be deemed to have been paid to Shareholder as of the date on which written demand for payment of the amount in question was given to Shareholder.

     7. CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER

     The obligation of Buyer to effect the transactions contemplated by this Agreement are subject to the satisfaction or waiver, at or prior to the Closing, of each of the following conditions:

          7.1. Representations True. The representations and warranties of Shareholder contained in this Agreement shall be true and accurate on and as of the Closing Date to the same extent and with the same force and effect as if made on such date (other than those representations and warranties that address matters only as of a particular date or only with respect to a specific period of time, which need be true and accurate only as of such date or with respect to such period, and except as affected by the transactions contemplated under this Agreement).

          7.2. Performance of Obligations. Shareholder shall have performed the obligations under this Agreement required to be performed by Shareholder on or before the Closing Date.

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          7.3. Receipt of Documents by Buyer. Buyer has received the documents required by Section 9.2.

          7.4. No Litigation. No suit, action, or other proceeding is threatened or pending before any court or other Governmental Entity in which it will be or it is sought to restrain or prohibit or to obtain damages or relief in connection with this Agreement or the consummation of this Agreement, and no court or Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, Laws, ordinance, judgment, decree, injunction or other order that is in effect and permanently enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement.

          7.5 No Company Material Adverse Change. No Company Material Adverse Change shall have occurred since December 31, 2004.

          7.6. Consents. Shareholder and the Company shall have obtained in form and substance satisfactory to Buyer the consents set forth in Schedule 7.6 (the “Required Consents”).

     8. CONDITIONS PRECEDENT TO OBLIGATIONS OF SHAREHOLDER

     The obligation of Shareholder to effect the transaction contemplated by this Agreement are subject to the satisfaction or waiver, at or prior to the Closing, of each of the following conditions:

          8.1. Representations True. The representations and warranties of Buyer contained in this Agreement are true and accurate on and as of the Closing Date to the same extent and with the same force and effect as if made on such date (other than those representations and warranties that address matters only as of a particular date or only with respect to a specific period of time, which need be true and accurate only as of such date or with respect to such period, and except as affected by the transactions contemplated under this Agreement).

          8.2. Performance of Obligations. Buyer shall have performed the obligations under this Agreement required to be performed by it on or before the Closing Date.

          8.3. Receipt of Documents by Shareholder. Buyer has received the documents required by Section 9.3.

          8.4. No Litigation. No suit, action, or other proceeding is threatened or pending before any court or Governmental Entity in which it will be or it is sought to restrain or prohibit or to obtain material damages or relief in connection with this Agreement or the consummation of this Agreement, and no court or Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, Laws, ordinance, judgment, decree, injunction or other order that is in effect and permanently enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement.

          8.5. Consents. Shareholder and the Company shall have obtained the Required Consents.

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     9. CLOSING

          9.1. Closing Date; Location. The consummation of the transactions contemplated hereby (the “Closing”) shall take place at the Chicago offices of Foley & Lardner LLP, at 10:00 a.m., local time, on the third business day after the date on which all conditions to closing contained in this Agreement are satisfied or waived by the party or parties entitled to the benefit of such conditions, or at such other place or time, or on such other date, as the parties may agree in writing. The actual time and date of the Closing is referred to as the “Closing Date.” If the Closing occurs, then the Closing shall be deemed to be effective as of the Effective Time.

          9.2. Documents to be Delivered by the Company and Shareholder. At the Closing, Shareholder shall deliver to Buyer the following documents, in each case duly executed or otherwise in proper form:

     (a) Shareholder Employment Agreement. An Employment Agreement by and between the Company and Shareholder, in the form attached hereto as Exhibit 9.2(a) (the “Stoops Employment Agreement”), duly executed by Shareholder.

     (b) Share Certificates. The certificate(s) representing the Shares, duly endorsed for transfer or accompanied by stock powers duly executed in blank, and any other documents that are necessary to transfer to Buyer good title to the Shares.

     (c) Certified Charter. A copy of the charter of the Company, certified by the Secretary of State of the State of Georgia.

     (d) Certified Bylaws or Similar Organizational Documents. A copy of the bylaws and similar organizational documents of the Company, certified by the secretary thereof.

     (e) Certificate of Existence. A Certificate of Existence for the Company, issued by the Georgia Secretary of State.;

     (f) Lien Releases. Such pay-off letters, mortgage releases, UCC termination statements and similar releases and documents as Buyer reasonably determines are necessary to release or terminate any Liens affecting the Business, in form and substance reasonably satisfactory to Buyer.

     (g) Consents to Assignment. Such consents to assignment, waivers and similar instruments as Buyer reasonably determines are necessary to permit the assignment of any Contracts of the Company under which the transfer of the Shares would constitute an assignment requiring the consent of the contracting party or a termination of such Contract, in form and substance reasonably satisfactory to Buyer, including, without limitation, the Required Consents.

25

     (h) 338(h)(10) Election. Properly executed Internal Revenue Service Forms 8023, and any other federal, state or foreign forms, elections or statements necessary to make a valid Section 338(h)(10) Election.

     (i) Release. A Release by Shareholder in favor of the Company, in the form attached hereto as Exhibit 9.2(i), duly executed by Shareholder.

     (j) Resignations. Resignations, in form and substance reasonably satisfactory to Buyer, executed by the directors and officers of the Company.

     (k) Books and Records. All of the original books, records, ledgers, disks, proprietary information and other date and all other written or electronic depositories of information of and relating to the Company.

     (l) Termination of Employee Pension Plan. A termination agreement, in a form agreeable to Buyer, for each Employee Plan/Agreement, which shall include a statement that the Company has no liability under such Employee Plan/Agreement, and that the beneficiary of such plan releases the Company from any unknown or unforeseen liability with respect to such Employee Plan/Agreement, whether now existing or hereafter arising.

     (m) Other Documents. All other documents, instruments or writings required to be delivered to Buyer at or prior to the Closing pursuant to this Agreement or otherwise necessary to effect the intent hereof and such other certificates of authority and documents as Buyer may reasonably request.

          9.3. Documents to be Delivered by Buyer. At the Closing, Buyer shall deliver to the Company, the Initial Payment; and the following documents, in each case duly executed or otherwise in proper form:

     (a) Stoops Employment Agreement. The Stoops Employment Agreement, duly executed by Buyer.

     (b) Incumbency Certificate. Incumbency certificates relating to each person executing any document executed and delivered to Shareholder pursuant to the terms hereof, in form and substance reasonably satisfactory to Shareholder.

     (c) Certified Resolutions. A copy of the resolutions of the Board of Directors of Buyer authorizing and approving this Agreement and the other documents and instruments to be executed and delivered by Buyer pursuant hereto and the consummation of the transactions contemplated hereby and thereby.

     (d) Other Documents. All other documents, instruments or writings required to be delivered to Shareholder at or prior to the Closing pursuant to this Agreement or otherwise necessary to effect the intent hereof and such other certificates of authority and documents as Shareholder may reasonably request.

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     10. TERMINATION OF AGREEMENT

          10.1. Termination. Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be terminated and abandoned at any time prior to the execution of this Agreement by all Parties hereto:

     (a) by the mutual written consent of Shareholder and Buyer;

     (b) by either Shareholder or Buyer if the Closing shall not have occurred on or before August 31, 2005; provided, however, that the right to terminate this Agreement pursuant to this Section 10.1(b) shall not be available to any Party whose failure to perform any of its obligations under this Agreement results in the failure of the transaction contemplated herein to be consummated by such time;

     (c) by either Shareholder or Buyer if (i) a statute, rule, regulation or executive order shall have been enacted, entered or promulgated prohibiting the consummation of the Agreement substantially on the terms contemplated hereby or (ii) (A) an order, decree, ruling or injunction shall have been entered permanently restraining, enjoining or otherwise prohibiting the consummation of the Transaction substantially on the terms contemplated hereby and such order, decree, ruling or injunction shall have become final and non-appealable and (B) the Party seeking to terminate this Agreement pursuant to this Section 10.1(c)(ii) shall have used commercially reasonable efforts to remove such order, decree, ruling or injunction; or

     (d) by either Shareholder or Buyer if there shall have been a material breach by the other of any of its or his representations, warranties, covenants or agreements contained in this Agreement, which, if not cured, would cause the conditions set forth in Articles 7 or 8, as the case may be, not to be satisfied, and such breach shall not have been cured within thirty (30) days after notice thereof shall have been received by the Party alleged to be in breach.

     (e) By Shareholder or Buyer, if the Required Consents have not been obtained by August 31. 2005.

          10.2. Effect of Termination. In the event of termination of this Agreement by Shareholder or Buyer, as provided in Section 10.1, this Agreement shall forthwith terminate and there shall be no liability hereunder on Shareholder or Buyer or their respective officers or directors (except as set forth in this Section 10.2, which shall survive the termination) and all rights and obligations of each Party hereof shall cease; provided, however, that nothing contained in this Section 10.2 shall relieve any Party from liability for any willful breach of its representations, warranties, covenants or agreements set forth in this Agreement.

     11. MISCELLANEOUS

          11.1. Disclosure Schedule. Shareholder has prepared the schedules attached to this Agreement (individually, a “Schedule” and collectively, the “Disclosure Schedule”) and delivered them to Buyer on the date hereof. No representation or warranty shall be qualified or otherwise affected by any fact or item disclosed on any Schedule unless such representation or warranty is expressly qualified by reference to a Schedule, and any fact or item disclosed on any Schedule shall be deemed disclosed on all other Schedules to which such fact or item may reasonably apply so long as such disclosure is in sufficient detail to enable a reasonable person to identify the other article or section of this Agreement to which such information is responsive. The Disclosure Schedule shall not vary, change or alter the language of the representations and warranties contained in this Agreement, and to the extent the language in the Disclosure Schedule does not conform in every respect to the language of such representations and warranties, such language shall be disregarded and be of no force or effect.

27

          11.2. Publicity. Each Party agrees to keep the terms of this Agreement confidential, except to the extent required by applicable Law or Order or for financial reporting purposes and except that the Parties may disclose such terms to their respective accountants and other representatives as necessary in connection with the ordinary conduct of their respective businesses. Notwithstanding the foregoing, the Company and Shareholder acknowledge that as a public company registered with Securities and Exchange Commission, Buyer is subject to federal and state securities laws and regulations that may create a legal obligation to disclose certain information that is Confidential Information under this Agreement. Disclosure of Confidential Information, including the existence and terms of this Agreement, pursuant to securities laws will not constitute a breach of this Agreement.

          11.3. Assignment. Except to the extent otherwise expressly set forth in this Agreement, including Section 1.2 and Section 5.3, none of the Parties may assign, transfer or otherwise encumber this Agreement or its rights or obligations hereunder, in whole or in part, whether voluntarily or by operation of Law, without the prior written consent of the other Party or Parties, and any attempted assignment without such consent shall be void and without legal effect.

          11.4. Parties in Interest. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective heirs, personal representatives, permitted successors and permitted assigns. Nothing contained in this Agreement shall be deemed to confer upon any person any right relating in any way to employment or terms of employment with the Company, Buyer or any of their respective Affiliates.

          11.5. Law Governing Agreement; Consent to Jurisdiction. This Agreement shall be construed and interpreted according to the laws of the State of Illinois, excluding any choice of law rules that may direct the application of the laws of another jurisdiction. Each Party stipulates that any Dispute shall be commenced and prosecuted in its entirety in, and consents to the exclusive jurisdiction and proper venue of, either the Cook County Circuit Court for the State of Illinois or the United States District Court for the Northern District of Illinois, and each Party consents to personal and subject matter jurisdiction and venue in such courts and waives and relinquishes all right to attack the suitability or convenience of such venue or forum by reason of their present or future domiciles, or by any other reason. The Parties acknowledge that all directions issued by the forum court, including all injunctions and other decrees, will be binding and enforceable in all jurisdictions and countries. Each Party waives any right to trial by jury with respect to any Dispute.

          11.6. Severability. If the Tribunal or any court of competent jurisdiction determines that the provisions of this Agreement, including the provisions set forth in Section 5.3 and Section 5.4, are illegal or excessively broad as to duration, geographical scope or activity, then such provisions shall be construed so that the remaining provisions of this Agreement shall not be affected, but shall remain in full force and effect, and any such illegal or overly broad provisions shall be deemed, without further action on the part of any person or entity, to be modified, amended and/or limited, but only to the extent necessary to render the same valid and enforceable in the applicable jurisdiction.

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          11.7. Amendment and Modification. The Parties may amend, modify and supplement this Agreement in such manner as may be agreed upon by them in writing; provided, however, that Buyer may, in its discretion, require the execution of any such amendment, modification or supplement by Shareholder.

          11.8. Waiver. No waiver by any Party of any of the provisions hereof shall be effective unless expressly set forth in writing and executed by the Party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement shall be deemed to constitute a waiver by the Party taking such action of compliance with any representations, warranties, covenants or agreements contained herein and in any documents delivered or to be delivered pursuant hereto and in connection with the Closing hereunder. The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

          11.9. Notice. All notices, requests, demands and other communications under this Agreement shall be given in writing and shall be personally delivered; sent by telecopier or facsimile transmission; or sent to the applicable Parties at their respective addresses indicated in this Section 11.9 by registered or certified U.S. mail, return receipt requested and postage prepaid; or by private overnight mail courier service, as follows:

                                                     (i)      If to Shareholder, to:
 
  GTS Consulting, Inc.
  105 Hembree Park Drive, Suite C
  Roswell, GA 30076
  Attention: Dr. Glenn T. Stoops
  Facsimile: 678-352-8010
 
  (with a copy to)
 
  Hoffman & Associates, Attorneys-at-Law, L.L.C.
6100 Lake Forrest Drive, Suite 300
Atlanta, Georgia, 30328
Attention: Mr. Joseph B. Nagel
Facsimile: (404) 255-7480
 
(ii) If to Buyer, to:
 
  Inforte Corp.
150 North Michigan Avenue, Suite 3400
  Chicago, IL 60601
Attention: Mr. Nick Heyes
  Facsimile: 312-332-9207

                                                               (with a copy to)
 
  Foley & Lardner LLP
321 North Clark Street, Suite 2800
Chicago, IL 60610
Attention: Mr. Edwin D. Mason
Facsimile: 312-832-4700

29

or to such other person or address as any Party shall have specified by notice in writing to the other Parties. If personally delivered, such communication shall be deemed delivered upon actual receipt; if sent by facsimile transmission, such communication shall be deemed delivered the day of the transmission, or if the transmission is not made on a business day, the first business day after transmission (and sender shall bear the burden of proof of delivery); if sent by overnight courier pursuant to this paragraph, such communication shall be deemed delivered upon receipt; and if sent by U.S. mail pursuant to this paragraph, such communication shall be deemed delivered as of the date of delivery indicated on the receipt issued by the relevant postal service or, if the addressee fails or refuses to accept delivery, as of the date of such failure or refusal.

     11.10. Expenses. Professional Fees. Shareholder shall be liable for, and shall indemnify, defend, and hold Buyer harmless from and against all fees and expenses of the Company’s and/or Shareholder’s legal, accounting, investment banking and other professional counsel in connection with the transaction contemplated hereby (“Shareholder’s Professional Fees”); provided, however, that (i) Buyer shall pay the cost of an audit of the Company if such audit is deemed necessary by Buyer and (ii) Shareholder shall have no obligation to pay Buyer, or to indemnify, defend, and hold Buyer harmless from and against, one-half of Shareholder’s Professional Fees up to a total of Fifteen Thousand Dollars ($15,000) (i.e., one-half of up to $15,000, or up to $7,500).

     (b) Brokerage. Buyer shall be solely responsible for the payment and discharge of all claims for brokerage commissions or finder’s fees arising as a result of the retention, employment or other use of any broker or finder by Buyer and any of its shareholders, directors, officers, employees or agents in connection with the transactions provided for herein or the negotiation thereof. Shareholder shall be solely responsible for the payment and discharge of all claims for brokerage commissions or finder’s fees arising as a result of the retention, employment or other use of any broker or finder by Shareholder or the Company in connection with the transactions provided for herein or the negotiation thereof.

     (c) Transfer Taxes. Shareholder shall pay all Taxes applicable to, imposed upon or arising out of the sale or transfer of the Shares to Buyer and the other transactions contemplated hereby.

     (d) Bulk Sales. To the extent applicable, Buyer hereby waives compliance with the provisions of the Georgia Uniform Commercial Code Bulk Sales laws.

30

     (e) Other. Except to the extent otherwise expressly set forth in this Agreement, each Party shall bear its own expenses and the expenses of its counsel and other agents in connection with the transactions contemplated hereby.

          11.11. Equitable Relief. Shareholder agrees that (a) any breach of the obligation to consummate the transactions contemplated hereby on the Closing Date or any breach by Shareholder of the provisions of Section 5.3 or Section 5.4 will result in irreparable injury to Buyer for which a remedy at law would be inadequate, and (b) in addition to any relief at law that may be available to Buyer for such breach and regardless of any other provision contained in this Agreement, Buyer shall be entitled to injunctive and other equitable relief as a court may grant. This Section 11.11 shall not be construed to limit Buyer’s right to obtain equitable relief for other breaches of this Agreement under general equitable standards.

          11.12. Interpretive Provisions. The term “knowledge” when used in the phrases “to Shareholder’s knowledge” or “Shareholder has no knowledge” or words of similar import shall mean, and shall be limited to, the actual and imputed knowledge of Shareholder, assuming that such person has made a reasonable inquiry and investigation. The terms “including” and “include” shall mean “including without limitation” and “include without limitation,” respectively.

          11.13. Entire Agreement. This Agreement (including the exhibits and schedules attached hereto) supersedes all prior agreements among the Parties with respect to its subject matter (including the Letter of Intent, dated April 24, 2005), among the Parties and constitutes (together with the other documents and instruments to be executed and delivered pursuant hereto) a complete and exclusive statement of the terms of the agreement among the Parties with respect to its subject matter. There have been and are no agreements, representations or warranties among the Parties other than those set forth or provided for in this Agreement.

          11.14. Counterparts. This Agreement may be executed by facsimile signature pages and in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

          11.15. Section Headings; Table of Contents. The Section headings contained in this Agreement and the Table of Contents to this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

          11.16. No Strict Construction. Notwithstanding the fact that this Agreement has been drafted or prepared by one of the Parties, each of the Parties confirms that both it and its counsel have reviewed, negotiated and adopted this Agreement as the joint agreement and understanding of the Parties. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

          11.17. Definitions. For purposes of this Agreement, the following capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed to them as set forth below:

     (a) “Affiliate” has the meaning ascribed to such term in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended, by the Securities and Exchange Commission, as in effect on the date hereof.

31

     (b) “AOL” means AOL Time Warner, Inc.

     (c) “Business Trade Rights” means Trade Rights controlled by the Company relating to the Business.

     (d) “Buyer Net Working Capital” means the current assets (but including investment grade marketable securities having a maturity of two or fewer years) less current liabilities of Buyer, on a consolidated basis, calculated in accordance with GAAP.

     (e) “Claim” means and includes (i) all Liabilities; (ii) all losses, damages, judgments, awards, penalties and settlements; (iii) all demands, claims, suits, actions, causes of action, proceedings and assessments, whether or not ultimately determined to be valid; and (iv) all costs and expenses (including prejudgment interest in any litigated or arbitrated matter and other interest), court costs and fees and expenses of attorneys, consultants and expert witnesses) of investigating, defending or asserting any of the foregoing or of enforcing this Agreement.

     (f) “Change of Control Event” means the consummation of a transaction, whether in a single transaction or in a series of related transactions that are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), with any other Person or group of related Persons on an arm’s-length basis pursuant to which such Person or group (i) acquires (whether by merger, purchase of equity interests, recapitalization, reorganization, redemption of equity interests or otherwise) more than 50% of the voting power of Buyer or (ii) acquires assets constituting all or substantially all of the assets of Buyer; provided, however, that. in no event shall a “Change of Control Event” be deemed to include any transaction effected for the purpose of (i) changing, directly or indirectly, the form of organization or the organizational structure of Buyer or any of its Affiliates or (ii) contributing assets or equity to entities controlled by or under common control with Buyer.

     (g) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act, as amended.

     (h) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

     (i) “Company Material Adverse Change” shall have the meaning ascribed to the term in Section 3.8(a).

     (j) “Competitor” means any person or entity that now or hereafter engages in or attempts to engage in any aspect of the Business.

32

     (k) “Confidential Information” means all ideas, information, knowledge and discoveries, whether or not patentable, trademarkable or copyrightable, that are not generally known in the trade or industry and about which the Company or anyShareholder has knowledge as a result of its, his or her participation in, or direct or indirect beneficial ownership of, the Business, including product specifications, manufacturing procedures, methods, equipment, compositions, technology, patents, know-how, inventions, improvements, designs, business plans, marketing plans, cost and pricing information, internal memoranda, formula, development programs, sales methods, customer, supplier, sales representative, distributor and licensee lists, mailing lists, customer usages and requirements, computer programs, information constituting “trade secrets” under applicable Law and other confidential technical or business information and data. Notwithstanding the foregoing, the term “Confidential Information” shall not include any information that now or hereafter is in the public domain by means other than disclosure after the date hereof by Shareholder.

     (l) “Contract” shall have the meaning ascribed to that term in Section 3.14(a).

     (m) “Effective Time” means the close of business on the business day immediately prior to the Closing Date.

     (n) “ELC” means Esteé Lauder Companies, Inc.

     (o) “Environmental Laws” means all Laws (including common law) relating to pollution, protection of the environment or human health, occupational safety and health or sanitation, including Laws relating to emissions, spills, discharges, generation, storage, leaks, injection, leaching, seepage, releases or threatened releases of Waste into the environment (including ambient air, surface water, ground water, land surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Waste, together with any regulation, code, plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder.

     (p) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     (q) “ERISA Affiliate” means any entity that is a member of a controlled group of corporations (as defined in Code § 414(b)) of which the Company is a member, an unincorporated trade or business under common control with the Company (as determined under Code § 414(c)), or a member of an “affiliated service group” (within the meaning of Code § 414(m) of the Code) of which the Company is a member.

     (r) “GAAP” means generally accepted accounting principles consistently applied.

     (s) “Governmental Entities” means any court, arbitrator, department, commission, board, bureau, agency, authority, instrumentality or other body, whether federal, state, municipal, county, local, foreign or other.

     (t) “Independent Accountant” means any qualified, impartial, and disinterested certified financial accountant approved by both Buyer and Shareholder.

33

     (u) “IRS” means the Internal Revenue Service.

     (v) “Laws” means any federal, state, municipal, county, local, foreign or other statute, law, ordinance, rule or regulation.

     (w) “Liability” or “Liabilities” means any direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage, deficiency, cost, expense, obligation or responsibility, fixed or unfixed, known or unknown, asserted or unasserted, liquidated or unliquidated, secured or unsecured.

     (x) “Lien” means any mortgage, lien (statutory or otherwise), security interest, claim or other encumbrance of any nature whatsoever.

     (y) “Net Revenue” means the gross revenue of the Company generated in accordance with the Company’s customary business practices (meaning, for example, that the Company shall not recognize revenue at billing rates that the Company does not reasonably believe are collectible or perform services for a client that the Company would ordinarily consider too great a credit risk), as calculated in accordance with GAAP in accordance with Buyer’s past practices, less the amount of reimbursable project-related expenses incurred by the Company during such period (provided, that with respect to projects in which rates are quoted to a client inclusive of project-related expenses, the basis for the Net Revenue calculation shall be the total project hours performed multiplied by the rate per hour, less the amount of expenses actually incurred which would customarily be reimburseable if the project were not being billed on an inclusive basis).

     (z) “Orders” means any order, writ, injunction, judgment, plan or decree of any Governmental Entity.

     (aa) “Party” or “Parties” means Buyer, the Company and/or Shareholder, as the case may be.

     (bb) “Person” means any individual, corporation, governmental agency or authority, limited liability company, partnership, trust, unincorporated association, or other entity.

     (cc) “Products/Services” means all products or services currently or at any time previously sold by the Company, or by any predecessor of the Company, or that have borne a trademark of the Company, as part of, in or through the operations of the Business.

     (dd) “Revenue Measurement Period” means the twelve (12)-month period commencing on the Closing Date.

     (ee) “Required Consents” has the meaning ascribed to that term in Section 7.6.

     (ff) “SEC” means the U.S. Securities and Exchange Commission.

     (gg) “Securities Act” means the Securities Act of 1933, as amended.

34

     (hh) “Shareholder Professional Fees” has the meaning ascribed to that term in Section 11.10(a).

     (ii) “Taxes” means any federal, state, county, local, territorial, provincial, or foreign income, net income, gross receipts, single business, unincorporated business, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code § 59A), customs duties, capital stock, franchise, profits, gains, withholding, social security (or similar), payroll, unemployment, disability, workers compensation, real property, personal property, ad valorem, replacement, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition, whether or not disputed and whether or not disputed and whether imposed by Law, Order, Contract or otherwise.

     (jj) “Tax Return” means any return, declaration, report, estimate, claim for refund or information return or statement relating to, or required to be filed in connection with, any Taxes, including any schedule, form, attachment or amendment.

     (kk) “Trade Rights” means rights in the following: (i) all trademark rights, business identifiers, trade dress, service marks, trade names and brand names; (ii) all copyrights and all other rights associated therewith and the underlying works of authorship; (iii) all patents and all proprietary rights associated therewith; (iv) all contracts or agreements granting any right, title, license or privilege under the intellectual property rights of any third party; (v) all inventions, mask works and mask work registrations, know how, discoveries, improvements, designs, computer source codes, programs and other software (including all machine readable code, printed listings of code, documentation and related property and information), trade secrets, websites, domain names, shop and royalty rights, employee covenants and agreements respecting intellectual property and non competition and all other types of intellectual property; and (vi) all registrations of any of the foregoing, all applications therefor, all goodwill associated with any of the foregoing and all claims for infringement or breach thereof.

     (ll) “Transfer” means any sale, gift, bequest, assignment, distribution, conveyance, pledge, hypothecation, encumberance, or other transfer or disposition, whether voluntary or involuntary by operation of Law or otherwise, and whether inter vivos or testamentary.

     (mm) “Waste” means emissions, discharges, generation, storage, handling, use, transport, disposal, spills, releases or threatened releases of (i) any petroleum, hazardous or toxic petroleum-derived substance or petroleum product, flammable or explosive material, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, foundry sand or polychlorinated biphenyls (PCBs); (ii) any chemical or other material or substance that is now regulated, classified or defined as or included in the definition of “hazardous substance,” “hazardous waste,” “hazardous material,” “extremely hazardous substance,” “restricted hazardous waste,” “toxic substance,” “toxic pollutant,” “pollutant” or “contaminant” under any Environmental Law, or any similar denomination intended to classify substance by reason of toxicity, carcinogenicity, ignitability, corrosivity or reactivity under any Environmental Law; or (iii) any other chemical or other material, waste or substance, exposure to which is now prohibited, limited or regulated by or under any Environmental Law.

[The next page is the signature page.]

35

   IN WITNESS WHEREOF, the undersigned have caused their duly authorized officers to execute and deliver this Stock Purchase Agreement as of the day and year first written above.

BUYER
 
INFORTE CORP.
 
By: /s/Nick Heyes  
Name: Nick Heyes  
Title: Chief Financial Officer
 
 
SHAREHOLDER
 
/s/Dr. Glenn T. Stoops
Dr. Glenn T. Stoops

36

 EX-21.1 4 exhibit21-1.htm LIST OF SUBSIDIARIES

Exhibit 21.1

LIST OF SUBSIDIARIES:

Inforte Deutschland GmbH (German corporation, wholly owned)

Inforte India Private Limited (India corporation, wholly owned by Inforte India Holding Company)

Inforte India Holding Company (Delaware corporation, wholly owned)

Inforte Managed Analytics Corp. (Georgia corporation, wholly owned)

Provansis LLC An Inforte Company (Delaware limited liability company, Inforte owned 19% as of December 31, 2006)

 EX-23.1 5 exhibit23-1.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     We have issued our report dated March 30, 2007, accompanying the consolidated balance sheets of Inforte Corp. and Subsidiaries as of December 31, 2006 and 2005, and the related consolidated statements of operations, stockholders’ equity and cash flows for the years ended December 31, 2006, 2005 and 2004 (which report expressed an unqualified opinion and contains an explanatory paragraph relating to Inforte Corp.’s adoption of Statement of Financial Accounting Standard No. 123 (Revised 2004) “Share Based Payment”), included in the Annual Report on Form 10-K for year ended December 31, 2006, filed with the Securities and Exchange Commission. We hereby consent to the incorporation by reference of our report on previously filed registration statements on Forms S-8 (Nos. 333-30620 and 333-30624).

/s/ GRANT THORNTON LLP                         

Chicago, Illinois
March 30, 2007

EX-31.1 6 exhibit31-1.htm SECTION 302 CERTIFICATION OF THE CHIEF EXECUTIVE

CERTIFICATIONS

Exhibit 31.1       Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934 

I, Stephen Mack, certify that:

      1.     

I have reviewed this Annual Report on Form 10-K of Inforte Corp.;

 
2.     

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.     

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.     

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 
  (a)     

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
  (b)     

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
  (c)     

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.     

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
  (a)     

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 
  (b)     

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

 
  By:      /s/ Stephen Mack   
                                   March 26, 2007              Stephen Mack,    
    Chief Executive Officer 

EX-31.2 7 exhibit31-2.htm SECTION 302 CERTIFICATION OF THE CHIEF FINANCIAL
Exhibit 31.2       Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

I, William Nurthen, certify that:

      1.      I have reviewed this Annual Report on Form 10-K of Inforte Corp.;
 
2.     

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 
3.     

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 
4.     

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 
  (a)     

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
  (b)     

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 
  (c)     

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 
5.     

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
  (a)     

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 
  (b)     

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

 
  By:     /s/ William Nurthen   
                                   March 26, 2007              William Nurthen,    
    Chief Financial Officer

 EX-32.1 8 exhibit32-1.htm SECTION 906 CERTIFICATION OF THE CHIEF EXECUTIVE

EXHIBIT 32.1

Certification by Stephen Mack
pursuant to
18 U.S.C Section 1350,
as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to 18 U.S.C. §1350

     Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Chief Executive Officer of Inforte Corp. (the “Company”), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended December 31, 2006 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Inforte Corp.
 
  By:      /s/ Stephen Mack   
                                   March 26, 2007              Stephen Mack,    
    Chief Executive Officer 
EX-32.2 9 exhibit32-2.htm SECTION 906 CERTIFICATION OF THE CHIEF FINANCIAL

EXHIBIT 32.2

Certification by William Nurthen
pursuant to
18 U.S.C Section 1350,
as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to 18 U.S.C. §1350

     Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Chief Financial Officer of Inforte Corp. (the “Company”), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended December 31, 2006 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Inforte Corp.
 
  By:     /s/ William Nurthen   
                                   March 26, 2007              William Nurthen,    
    Chief Financial Officer

END OF FILING

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