-----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, Eqyfkg9bYA8M0nUSa0972SmuZYTPPRkzwrcviY+CakZM+yP9S/UfsCT2YHjffHh1 SXLk9v/G44yz3jUuS51kmg== 0000950120-99-000189.txt : 19990624 0000950120-99-000189.hdr.sgml : 19990624 ACCESSION NUMBER: 0000950120-99-000189 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990525 GROUP MEMBERS: BRUCE F. WESSON GROUP MEMBERS: DAVID JAHNS GROUP MEMBERS: GALEN EMPLOYEE FUND III, L.P. GROUP MEMBERS: GALEN PARTNERS III L P GROUP MEMBERS: GALEN PARTNERS INTERNATIONAL III, L.P. GROUP MEMBERS: L. JOHN WILKERSON GROUP MEMBERS: SRINI CONJEEVARAM GROUP MEMBERS: WILLIAM R. GRANT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Q MED INC CENTRAL INDEX KEY: 0000729213 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 222468665 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-34953 FILM NUMBER: 99633999 BUSINESS ADDRESS: STREET 1: 100 METRO PARK S STREET 2: 3RD FLOOR CITY: LAURENCE HARBOR STATE: NJ ZIP: 08878 BUSINESS PHONE: 7325662666 MAIL ADDRESS: STREET 1: 100 METRO PARK SOUTH CITY: LAURENCE STATE: NJ ZIP: 08878 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GALEN PARTNERS III L P CENTRAL INDEX KEY: 0001034486 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133930452 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 610 FIFTH AVE STREET 2: 5TH FL CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2122184990 MAIL ADDRESS: STREET 1: 610 FIFTH AVE STREET 2: 5TH FL CITY: NEW YORK STATE: NY ZIP: 10020 SC 13D/A 1 AMENDMENT NO. 2 TO SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 AMENDMENT NO. 2 TO SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 Q-MED, INC. ----------- (Name of Issuer) COMMON STOCK, $.001 PAR VALUE PER SHARE --------------------------------------- (Title of Class of Securities) 74791410 --------------------- (CUSIP Number) Bruce F. Wesson Senior Managing Member Claudius, L.L.C. 610 Fifth Avenue, 5th Floor New York, NY 10020 (212) 218-4990 -------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) MAY 17, 1999 ------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d- 1(b)(3) or (4), check the following box [ ]. Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all provisions of the Act (however, see the Notes). Page 1 of 14 Pages The initial Schedule 13D pertaining to the Common Stock of Q-Med, Inc., a Delaware corporation, filed with the Securities and Exchange Commission ("SEC") on March 30, 1998 for an event on March 18, 1998 as amended by Amendment No. 1 filed with the SEC on November 25, 1998 for an event on November 17, 1998 (collectively, the "Schedule 13D") is hereby amended to read in their entirety as follows: SCHEDULE 13D CUSIP NO. 74791410 PAGE 2 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Galen Partners III, L.P. ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS WC ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 2,209,228 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 2,209,228 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,209,228 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 17.3% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 3 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Galen Partners International III, L.P. ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS WC ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 199,975 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 199,975 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 199,975 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.6% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 4 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Galen Employee Fund III, L.P. ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS WC ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 9,046 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 9,046 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,046 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.07% ------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON PN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 5 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON William R. Grant ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS PF ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 13,334 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 13,334 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 13,334 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.1% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 6 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Bruce F. Wesson ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS PF ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 38,333 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 38,333 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 38,333 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.3% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 7 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON L. John Wilkerson ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS PF ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 38,333 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 38,333 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 38,333 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.3% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------ SCHEDULE 13D CUSIP NO. 74791410 PAGE 8 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Srini Conjeevaram ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS PF ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION India (see Item 2) ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 9,000 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 9,000 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,000 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.07% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------- SCHEDULE 13D CUSIP NO. 74791410 PAGE 9 OF 14 PAGES ------------- --- ---- ------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON David Jahns ------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] ------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------- 4 SOURCE OF FUNDS PF ------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(E) [ ] ------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. ------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 9,000 (see Item 5(a)) SHARES ----------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 0 OWNED BY ----------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 9,000 REPORTING ----------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,000 ------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.07% ------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ------------------------------------------------------------------- ITEM 1. SECURITY AND ISSUER. The first paragraph of Item 1 of the Schedule 13D is hereby amended to read in its entirety as follows: This statement covers a total of 2,526,249 fully diluted shares of Common Stock, $.001 par value per share (the "Common Stock"), of Q-Med, Inc., a Delaware corporation (the "Issuer"). The Reporting Persons (as defined in Item 2 hereof) as of the date hereof hold an aggregate of (i) 1,315,363 shares of Common Stock (the "Common Shares"), (ii) $950,000 principal amount of Convertible Notes of the Issuer (the "Notes"), which as of the date hereof are convertible into an aggregate of 257,627 shares of Common Stock, and (iii) warrants for the purchase of 953,259 shares of Common Stock (the "Warrants"), which as of the date hereof may be exercised for an aggregate of 953,259 shares of Common Stock. The Common Shares, Notes and Warrants are referred to herein, collectively, as the "Securities". ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 of the Initial Schedule 13D is hereby amended by adding a paragraph to the end thereof to read as follows: Additional Warrants were granted to the Partnership Reporting Persons as consideration for the cancellation of certain redemption rights held by them relating to the Common Shares. The additional warrants are exercisable in part at $1.67 per share, and in part at $2.87 per share. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Item 5, subpart (a) of the Schedule 13D is hereby amended to read in its entirety as follows: -10- (a) Each Reporting Person owns or has the right to acquire the number of securities shown opposite its name: ======================================================================= (1) (2) (3) (4) (5) (6) Number of Shares of Common Stock which Number of may be Shares of acquired Percentage of Number of Common pursuant Outstanding Shares of Stock into to Total of Shares of Common which Owned exercise Columns Common Stock Reporting Stock Notes are of Owned (2), (3) (see Note Person Owned Convertible Warrants and (4) below) ----------------------------------------------------------------------- Galen 1,201,670 235,359 772,199 2,209,228 17.3% ----------------------------------------------------------------------- Galen Intl 108,746 21,304 69,899 199,975 1.6% ----------------------------------------------------------------------- GEF 4,921 964 3,161 9,046 0.07% ----------------------------------------------------------------------- Grant 0 0 13,334 13,334 0.1% ----------------------------------------------------------------------- Wesson 0 0 38,333 38,333 0.3% ----------------------------------------------------------------------- Wilkerson 0 0 38,333 38,333 0.3% ----------------------------------------------------------------------- Conjeevaram 0 0 9,000 9,000 0.07% ----------------------------------------------------------------------- Jahns 0 0 9,000 9,000 0.07% ----------------------------------------------------------------------- Total 1,315,363 257,627 953,259 2,526,249 19.8% ======================================================================= Note: The percentages shown in each row of column (6) were calculated, for each respective row, by (i) adding the totals in the bottom row of columns (3) and (4) to 11,590,989 (the number of shares of Common Stock outstanding as of February 28, 1999, such number having been provided by the Issuer to the Reporting Persons) (the "Total Adjusted Outstanding Shares"), then (ii) dividing the amount in column (5) by the Total Adjusted Outstanding Shares, and then (iii) expressing such quotient in terms of a percentage. -11- SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in the statement is true, complete and correct. Date: May 24, 1999 GALEN PARTNERS III, L.P. By: Claudius, L.L.C. By: /s/ Bruce F. Wesson ----------------------------- Senior Managing Member GALEN PARTNERS INTERNATIONAL III, L.P. By: Claudius, L.L.C. By: /s/ Bruce F. Wesson ----------------------------- Senior Managing Member GALEN EMPLOYEE FUND III, L.P. By: Wesson Enterprises, Inc. By: /s/ Bruce F. Wesson ----------------------------- President [Signatures continued on next page.] -12- WILLIAM R. GRANT By: /s/ Bruce F. Wesson ------------------------------ Bruce F. Wesson Attorney-in-Fact L. JOHN WILKERSON By: /s/ Bruce F. Wesson ------------------------------ Bruce F. Wesson Attorney-in-Fact DAVID JAHNS By: /s/ Bruce F. Wesson ------------------------------ Bruce F. Wesson Attorney-in-Fact SRINI CONJEEVARAM By: /s/ Bruce F. Wesson ------------------------------ Bruce F. Wesson Attorney-in-Fact [Signatures continued on next page.] -13- CLAUDIUS, L.L.C. By: /s/ Bruce F. Wesson ------------------------------ Senior Managing Member WESSON ENTERPRISES, INC. By: /s/ Bruce F. Wesson ------------------------------ President -14- -----END PRIVACY-ENHANCED MESSAGE-----