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OMB APPROVAL
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OMB Number: 3235-0145
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Expires: December 31, 2005
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Schedule 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(A) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 2)
Environmental Tectonics Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
294092-10-1
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(CUSIP Number)
William W. Matthews, Esq.
Klehr, Harrison, Harvey, Branzburg & Ellers LLP
260 South Broad Street
Philadelphia, PA 19102
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(Name, Address And Telephone Number Of Person
Authorized To Receive Notices And Communications)
April 24, 2003
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 2 of 12
______________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
William F. Mitchell(1)
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
(See Item 3 below)
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER
SHARES | | 1,469,198 shares of Common Stock
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER
REPORTING | | -0- shares of Common Stock
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER
| | 1,469,198 shares of Common Stock
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER
| | -0- shares of Common Stock
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,469,198(2) shares of Common Stock
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [X]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.53%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 3 of 12
______________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
Pete L. Stephens, M.D.(1)
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
(See Item 3 below)
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER
SHARES | | 702,600 shares of Common Stock
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER
REPORTING | | -0- shares of Common Stock
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER
| | 702,600 shares of Common Stock
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER
| | -0- shares of Common Stock
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
702,600 shares of Common Stock
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.82%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 4 of 12
______________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
Emerald Advisers, Inc.(1)
23-2664857
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
(See Item 3 below)
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
_______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER
SHARES | | 869,360 shares of Common Stock
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8. | SHARED VOTING POWER
REPORTING | | -0- shares of Common Stock
PERSON WITH |_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER
| | 1,442,500 shares of Common Stock
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER
| | -0- shares of Common Stock
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,442,500 shares of Common Stock
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.15%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
CO
_____________________________________________________________________________
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 5 of 12
______________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
ETC Asset Management, LLC(1)
63-1280098
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS*
(See Item 3 below)
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Alabama
______________________________________________________________________________
| |
NUMBER OF | 7. | SOLE VOTING POWER
SHARES | | 972,520 shares of Common Stock, of which 437,820
BENEFICIALLY | | shares are issuable upon exercise of warrants.
OWNED BY |_____|________________________________________________________
EACH | |
REPORTING | 8. | SHARED VOTING POWER
PERSON WITH | | 145,000 shares of Common Stock
|_____|________________________________________________________
| |
| 9. | SOLE DISPOSITIVE POWER
| | 972,520 shares of Common Stock, of which 437,820
| | shares are issuable upon exercise of warrants.
|_____|________________________________________________________
| |
| 10. | SHARED DISPOSITIVE POWER
| | 145,000 shares of Common Stock
_______________|_____|_________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,117,520 shares of Common Stock, of which 437,820 shares are
issuable upon exercise of warrants.
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.7%. Calculated based on issued and outstanding shares of
Common Stock on April 29, 2003, as provided by the Company's
Chief Financial officer (7,157,239), increased by the shares
to be issued upon the exercise of warrants (437,820) for a
total of 7,595,059.
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
OO (Limited Liability Company)
_____________________________________________________________________________
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 6 of 12
______________________________________________________________________________
(1) The Filing Persons are submitting this statement to terminate their status
as a group in connection with the expiration of a Voting Agreement that the
Filing Persons entered into on February 19, 2003. A copy of the Voting
Agreement is attached to this statement and is made a part hereof.
(2) William F. Mitchell's wife owns 155,200 shares of Common Stock, all of
which Mr. Mitchell disclaims beneficial ownership for purposes of this
Statement.
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 7 of 12
______________________________________________________________________________
Item 1. Security and Issuer.
This statement relates to the common stock (the "Common Stock") of
Environmental Tectonics Corporation (the "Company"). The Company's principal
offices are located at County Line Industrial Park, Southampton, Pennsylvania
18966.
Item 2. Identity and Background.
(a) This statement is being filed by (i) William F. Mitchell with respect
to shares beneficially owned by him; (ii) Pete L. Stephens, M.D. with respect to
shares beneficially owned by him, (iii) Emerald Advisers, Inc., a Pennsylvania
corporation ("Emerald"), with respect to shares beneficially owned by it; and
(iv) ETC Asset Management, LLC, an Alabama limited liability company ("EAM"),
with respect to shares beneficially owned by it. Mr. Mitchell, Dr. Stephens,
Emerald and EAM are collectively referred to herein as the "Filing Persons." The
undersigned hereby file this statement on Schedule 13D on behalf of the Filing
Persons pursuant to Rule 13d-1(k)(1)-(2) under the Securities Exchange Act of
1934, as amended (the "Act"). The Filing Persons are making this single, joint
filing to amend Amendment No. 1 to Schedule 13 D filed by the Filing Persons on
March 7, 2003, which amended Schedule 13D filed by the Filing Persons on March
3, 2003.
(b) The business address of Mr. Mitchell and Dr. Stephens is County Line
Industrial Park, Southampton, Pennsylvania 18966. The business address of
Emerald is 1703 Oregon Pike, Suite 101, Lancaster, Pennsylvania 17601. The
business address of EAM is 50 Midtown Park East, Mobile, Alabama 36606.
(c) Mr. Mitchell's principal occupation is Chief Executive Officer and
Chairman of the Board of the Company. Dr. Stephens is a retired physician who
was engaged in the practice of medicine for over 30 years and is currently a
director of the Company. The principal business of Emerald is that of an
Investment Adviser registered under Section 203 of the Investment Advisers Act
of 1940. EAM is a limited liability company that was formed to own and manage
its members' investment in the Company.
(d) During the last five years, none of the Filing Persons have been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 8 of 12
______________________________________________________________________________
(e) During the last five years, none of the Filing Persons have been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he or it was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) Each of Mr. Mitchell and Dr. Stephens is a citizen of the United
States.
Item 3. Source and Amount of Funds or Other Consideration.
The Filing Persons are submitting this statement in connection with a
Stockholders Voting Agreement which was entered into on of February 19, 2003
(the "Voting Agreement") and expired by its terms on April 24, 2003. There was
no purchase of securities made by the Filing Persons in connection with the
Voting Agreement. Accordingly, the requirements of this item are not applicable.
Item 4. Purpose of Transaction.
Pursuant to the rules of the American Stock Exchange, any time an issuer
contemplates issuing securities that are exercisable or convertible into shares
of its Common Stock equal to at least 20% of its issued and outstanding shares
of Common Stock, any of which have an exercise price that is less than the
greater of book value or the fair market value of the Common Stock, the issuer's
shareholders must approve the issuance of such securities. As the Transaction
(as defined in Item 6) obligates the Company to issue securities in excess of
these limits, the Company must obtain its shareholders' approval of the
Transaction. In connection with the closing of the Transaction, the Filing
Persons entered into the Voting Agreement, whereby each of the Filing Persons
agreed to vote all shares of Common Stock over which each such Filing Person had
voting control in favor of the Transaction. The Filing Persons entered into the
Voting Agreement because they believed that it was in the best interests of the
Company for the Transaction to be consummated. On April 24, 2003, during a
Special Meeting of the Company's shareholders called for such purpose, holders
representing 99.5% of the votes cast at the meeting approved the Transaction. As
a result, in accordance with its terms, the Voting Agreement expired on such
date.
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 9 of 12
______________________________________________________________________________
Item 5. Interest in Securities of the Issuer.
(a) Mr. Mitchell beneficially owns 2,364,550 shares of Common Stock, which
constitutes 33.04% of the Common Stock outstanding (based upon 7,157,239 shares
of Common Stock issued and outstanding as of April 29, 2003, as reported by the
Company's Chief Financial Officer).
Dr. Stephens beneficially owns 702,600 shares of Common Stock, which
constitutes 9.8% of the Common Stock outstanding (based upon 7,157,239 shares of
Common Stock issued and outstanding as of April 29, 2003, as reported by the
Company's Chief Financial Officer).
Emerald beneficially owns 1,442,500 shares of Common Stock, which
constitutes 20.15% of the Common Stock outstanding (based upon 7,157,239 shares
of Common Stock issued and outstanding as of April 29, 2003, as reported by the
Company's Chief Financial Officer).
EAM beneficially owns 1,117,520 shares of Common Stock, which constitutes
14.7% of the Common Stock outstanding (based upon 7,157,239 shares of Common
Stock issued and outstanding as of April 29, 2003, as reported by the Company's
Chief Financial Officer, plus 437,820 shares of Common Stock issuable upon
exercise of warrants).
(b) Mr. Mitchell has the sole voting power and power to dispose of
1,469,198 shares of Common Stock.
Dr. Stephens has the sole voting power and sole power to dispose of 702,600
shares of Common Stock.
Emerald has sole voting power with respect to 869,360 shares of Common
Stock and has sole dispositive power with respect to 1,442,500 shares of Common
Stock.
EAM has sole voting power and sole dispositive power with respect to
972,520 shares of Common Stock, 437,820 shares of which are issuable upon
exercise of its warrants. EAM shares dispositive power with respect to 17,000
shares of Common Stock with Allied Williams Co., Inc., a Delaware corporation
whose business address is 50 Midtown Park East, Mobile, Alabama 36606. Allied
Williams Co., Inc. is a holding company that owns and operates diversified
services companies. EAM shares dispositive power with respect to 26,900 shares
of Common Stock with Equity Management, LLC, an Alabama limited liability
company whose business address is 50 Midtown Park East, Mobile, Alabama 36606.
Equity Management, LLC, owns and manages various investments. EAM shares voting
power and dispositive power with respect to 101,100 shares of Common Stock with
T. Todd Martin, III. Mr. Martin is the manager of EAM. During the last five
years, neither Allied Williams Co.,
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 10 of 12
______________________________________________________________________________
Inc. nor Equity Management, LLC have been (i) convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which it was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
(c) In the past 60 days or since the most recent filing on Schedule 13D by
such parties, the parties to this Agreement effected the following transactions:
On March 11, 2003, Emerald sold a total of 4,300 shares of Common Stock;
from April 21, 2003 to April 30, 2003, Emerald sold an additional 3,900 shares
of Common Stock; and from March 21, 2003 to April 23, 2003, Emerald purchased
7,500 shares of Common Stock, all as more fully described on Annex A, attached
hereto and made a part hereof.
From April 17, 2003 to April 21, 2003, EAM purchased 34,700 shares of
Common Stock and on March 18, 2003, T. Todd Martin, manager of EAM, purchased
3,800 shares of Common Stock, as more fully described on Annex B attached hereto
and made a part hereof.
(d) N/A
(e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The Filing Persons are submitting this statement in connection with the
expiration of the Voting Agreement that the Filing Persons entered into on
February 19, 2003. A copy of the Voting Agreement is attached to this statement
and is made a part hereof. Under the terms of the Voting Agreement, each Filing
Person agreed to vote his or its shares of Common Stock in favor of the approval
and adoption of a series of transactions pursuant to which the Company issued
(i) a $10,000,000 convertible subordinated secured promissory note and (ii)
warrants to purchase an aggregate of 803,048 shares of Common Stock (subject to
adjustment) (collectively, the "Transaction") at any meeting of the shareholders
of the Company at which the Transaction is submitted to a vote of the Company's
shareholders.
In order to ensure such vote, each of the Filing Persons executed and
delivered to Mr. Mitchell an irrevocable proxy granting Mr. Mitchell the right
to vote all shares of Common Stock now owned or hereafter registered in the name
of such parties, provided that, Emerald may
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 11 of 12
______________________________________________________________________________
transfer any of its shares of Common Stock prior to the termination of the
Agreement and such transferred shares shall no longer be subject to the
Agreement unless the transferee consents to applicability of the Agreement to
such transferred shares. This Voting Agreement and the related proxies relate
solely to the approval of the Transaction and are not effective with respect to
any other matters presented to the shareholders of the Company for a vote. The
Voting Agreement and the proxies remain in effect only until the earlier of (i)
June 18, 2003 and (ii) the day immediately following the date of any meeting of
the Company's shareholders at which the Transaction is approved by the Company's
shareholders. On April 24, 2003, during a Special Meeting of the Company's
shareholders called for such purpose, holders representing 99.5% of the votes
cast at the meeting approved the Transaction. As a result, in accordance with
its terms, the Voting Agreement expired on such date.
Item 7. Material to be Filed as Exhibits.
Attached hereto as Exhibit 99.1 is a copy of the Voting Agreement.
______________________________________________________________________________
CUSIP No. 294092-10-1 13D Page 12 of 12
______________________________________________________________________________
SIGNATURE
After reasonable inquiry and to the best of their knowledge and
belief, each of the parties set forth below certifies that the information set
forth in this statement is true, complete and correct.
Date: May , 2003
_________________________________________
William F. Mitchell
_________________________________________
Pete L. Stephens, M.D.
EMERALD ADVISERS, INC.
By: ____________________________________
Ken Mertz, President
ETC Asset Management, LLC
By: ____________________________________
T. Todd Martin, III
Manager
ANNEX A
Date of Amount of
Name Transaction Securities Price Per Share How Transaction Effected
----------------------------------------------------------------------------------------------------------------------
Emerald Advisers, Inc. 3/11/03 Sell 145 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 955 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 550 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 85 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 300 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 935 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/11/03 Sell 1,330 $ 5.80 AMEX
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Emerald Advisers, Inc. 3/21/03 Buy 200 $ 5.91 AMEX
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Emerald Advisers, Inc. 3/28/03 Buy 200 $ 5.86 AMEX
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Emerald Advisers, Inc. 3/31/03 Buy 200 $ 5.95 AMEX
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Emerald Advisers, Inc. 4/01/03 Buy 400 $ 5.81 AMEX
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Emerald Advisers, Inc. 4/02/03 Buy 200 $ 5.77 AMEX
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Emerald Advisers, Inc. 4/03/03 Buy 500 $ 5.73 AMEX
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Emerald Advisers, Inc. 4/09/03 Buy 3,000 $ 5.39 AMEX
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Emerald Advisers, Inc. 4/10/03 Buy 1,700 $ 5.27 AMEX
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Emerald Advisers, Inc. 4/11/03 Sell 600 $ 5.21 AMEX
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Emerald Advisers, Inc. 4/21/03 Sell 935 $ 5.64 AMEX
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Emerald Advisers, Inc. 4/21/03 Sell 865 $ 5.63 AMEX
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Emerald Advisers, Inc. 4/22/03 Sell 1,600 $ 5.79 AMEX
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Emerald Advisers, Inc. 4/23/03 Buy 500 $ 5.77 AMEX
----------------------------------------------------------------------------------------------------------------------
Emerald Advisers, Inc. 4/30/03 Sell 500 $ 5.82 AMEX
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ANNEX B
Transactions in Last 60 Days
ETC Asset Management, LLC and T. Todd Martin, III (its manager) have purchased a
total of 38,500 shares in the last 60 days as follows:
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Amount of How
Securities Transaction
Purchaser Date of Transaction Acquired Price Per Share Effected
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/21/03 1,800 $5.45 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/21/03 13,200 $5.60 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Amount of How
Securities Transaction
Purchaser Date of Transaction Acquired Price Per Share Effected
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 3,100 $5.00 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,900 $5.00 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,000 $5.01 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,200 $5.03 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,200 $5.04 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,200 $5.05 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,200 $5.06 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,300 $5.07 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 2,500 $5.01 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,400 $5.04 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 1,400 $5.05 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
ETC Asset Management, LLC 4/17/03 2,300 $5.07 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Amount of How
Securities Transaction
Purchaser Date of Transaction Acquired Price Per Share Effected
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 3/18/03 1,500 $5.75 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 3/18/03 1,000 $5.90 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 3/18/03 500 $5.85 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 3/18/03 400 $5.74 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 3/18/03 400 $5.73 AMEX
--------------------------- ---------------------- ----------------------- ---------------------- ----------------------