Direct Registration System (DRS)

You can print out the DRS Form Here
The Direct Registration System is a system for book-entry ownership. It is a service in which shares are owned, recorded and transferred electronically without issuing a physical share certificate. Instead of being represented by a physical share certificate, shares are held in registered form and recorded electronically on the books and records, which are maintained by Securities Transfer Corporation ("STC"). This book-entry form of ownership permits shareholders to hold and transfer share(s) in a new way. Shareholders still have all the traditional rights and privileges afforded to shareholders, without the necessity of having a physical certificate. A physical share certificate can still be issued upon request.
Direct Registration advantages

Holding shares in the Direct Registration System relieves the shareholder of the worry and responsibility of keeping track of valuable share certificate(s), not to mention the time and expense of replacing them if they are lost or misplaced.

Under book-entry form of ownership, traditional voting and other rights and benefits as a shareholder remain the same.

Book-entry shares can be sold directly.

Physical share certificates representing all or a portion of the book-entry shares can be requested at any time.

For safekeeping, existing physical share certificate(s) can be converted to book-entry share ownership.

Book-entry shares can be transferred without surrendering a physical share certificate.

All or some of the shares held by a broker can be transferred electronically to Direct Registration.

All or some of book-entry shares can be transferred electronically to a broker.

Book-entry through the Direct Registration System is the new standard in share ownership.

It is in line with the U.S. securities industry's overall movement towards statement-based share ownership, and has the support and approval of both the Securities and Exchange Commission and The New York Stock Exchange.

It reduces overall distribution costs to the Company.

Tracking Shares

Any movement of book-entry shares into or out of a Direct Registration account will be reported by a transaction statement mailed within approximately three business days of the transaction. A yearly account statement will be issued from Securities Transfer Corporation.

Selling Direct Registration Shares Through a Bank or Broker

Shareholders can have sales handled by a broker/dealer by instructing Securities Transfer Corporation to transfer the book-entry shares electronically to the shareholders broker/dealer account. This will avoid delays in completing transactions through the broker/dealer. The transaction statement confirming the Direct Registration transaction will contain instructions on how to add the information to the shareholders broker/dealer account. The transfer form requires a Medallion Signature Guarantee available from most financial institutions, such as a commercial bank, trust company, national bank, credit union, brokerage firm, etc., or a if a non U.S. Resident by certification or notary and/or bank guarantee, or by a consulate or an embassy. Share certificates can also be obtained by contacting Securities Transfer Corporation who will deliver the share certificate to the broker/dealer for sale.

Medallion Signature Guarantee

A Medallion Signature Guarantee is part of the Medallion Stamp Program. This is a program approved by the Securities Transfer Association that enables participating financial institutions to guarantee signatures. The Medallion programs ensure that the individual signing the certificate or stock power is in fact the registered owner as it appears on the stock certificate or stock power. Any U.S. financial institution that belongs to a Medallion Stamp Program can provide Medallion guarantees. Such institutions include banks, savings and loans, credit unions and U.S. brokerages.

Physical Share Certificate

To request a physical share certificate representing all or a portion of the Company's book-entry shares at any time, contact Securities Transfer Corporation via phone, at their website or via written instructions by mail. A physical certificate will be mailed within approximately two business days of the receipt of the request.

Convert Certificated Shares to Direct Registration Shares

Stock certificates are still valid and no action needs to be taken. To convert existing physical certificates to book-entry shares, send the physical share certificate(s) along with a letter of instruction to Securities Transfer Corporation. No endorsements on the certificates are required. The method of delivery of certificates is at the shareholders election and risk. If delivered by mail, we recommend registered, insured mail.

Transfer Direct Registration shares

The requirements for transferring book-entry shares are the same as for shares represented by a physical share certificate (including a Medallion Signature Guarantee) except that with Direct Registration, there is no certificate to surrender. For instructions on how to transfer shares, call Securities Transfer Corporation at 1-800-780-1920 or shareholders outside of the U.S. and Canada can call 1-469-633-0101. Companies that are DRS eligible will automatically use Direct Registration unless specific instructions are given to issue a physical certificate.

Transfer Shares From or To a Broker

 Shares held by a broker to can be transferred to Direct Registration electronically by contacting a stockbroker and instructing the broker to transfer all or some of your shares through the Direct Registration System. In order to transfer shares to a brokerage account, the appropriate broker/dealer information must be added to your shareholder account. Any transfer of shares from the account requires a Medallion Signature Guarantee. This requirement helps to protect the shareholders from an unauthorized transfer of book-entry shares.

To Our Brokers

There seems to be a little confusion on the processing of Direct Registration transactions. The brokers
must use DTC's Direct Registration System Profile Modification by Participant (DRSP) function that
allows the Broker Dealer to either electronically:

Move shares to the Transfer Agent to set up a DRS account for the benefit of an investor by:
a WT by Transfer

OR

Transfer an investor's designated shares to its DTC Bank/Broker Dealer account: Profile Transaction

As the Broker you should have a DRS statement from the shareholder indicating the account that
the shares should be withdrawn from. Securities Transfer Corporation requests notification from
the shareholder that they are moving their shares (a letter of instructions).

If there are any questions on how to process these transactions, please call DTCC at
888-382-2721

You can print out the DRS Form Here
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