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   &lt;div align="left" style="font-family: 'Times New Roman',Times,serif"&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 12pt"&gt;&lt;b&gt;2. Recent Accounting Pronouncements&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 6pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In January&amp;#160;2010, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards
   Update (&amp;#8220;ASU&amp;#8221;) No.&amp;#160;2010-06, &lt;i&gt;Fair Value Measurements and Disclosures &lt;/i&gt;(&amp;#8220;ASU 2010-06&amp;#8221;). ASU 2010-06
   provides amendments that clarify existing disclosures and require new disclosures related to fair
   value measurements, providing greater disaggregated information on each class of assets and
   liabilities and more robust disclosures on transfers between levels 1 and 2, and activity in level
   3 fair value measurements. The Company adopted the applicable provisions within ASU 2010-06
   effective January&amp;#160;1, 2010. The Company adopted the level 3 disclosure requirements of ASU 2010-06
   that are effective for fiscal years beginning after December&amp;#160;15, 2010 and for interim periods
   within those fiscal years as of January&amp;#160;1, 2011. See Note 5. The adoption of ASU 2010-06 did not
   have a significant impact on the Company&amp;#8217;s fair value disclosures.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 6pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In April&amp;#160;2010, the FASB issued ASU No.&amp;#160;2010-17, &lt;i&gt;Revenue Recognition &amp;#8212; Milestone Method &lt;/i&gt;(&amp;#8220;ASU
   2010-17&amp;#8221;). ASU 2010-17 establishes criteria for a milestone to be considered substantive and
   allows revenue recognition when the milestone is achieved in research or development arrangements.
   In addition, it requires disclosure of certain information with respect to arrangements that
   contain milestones. ASU 2010-17 was effective on January&amp;#160;1, 2011 for the Company and the adoption
   did not have a significant impact on the Company&amp;#8217;s consolidated results of operations, financial
   position or cash flows.
   &lt;/div&gt;
   &lt;div align="left" style="font-size: 10pt; margin-top: 6pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In December&amp;#160;2010, the FASB issued ASU No.&amp;#160;2010-29, &lt;i&gt;Business Combinations &lt;/i&gt;(&amp;#8220;ASU 2010-29&amp;#8221;). ASU
   2010-29 addresses diversity in practice about the interpretation of the pro forma disclosure
   requirement for business combinations. ASU 2010-29 requires disclosure of pro forma revenue and
   earnings for the current reporting period as though the acquisition date for all business
   combinations that occurred during the year had been as of the beginning of the annual reporting
   period for both the current and any comparable periods reported. The Company adopted the
   disclosure requirements of ASU 2010-29 effective January&amp;#160;1, 2011.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 154
 -Paragraph 2, 17, 18

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 28
 -Paragraph 23, 24

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 01
 -Paragraph b
 -Subparagraph 6
 -Article 10

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