Corporate Governance

COMMITTEES OF THE BOARD

The Board has established the following standing committees: Nomination and Compensation and Mergers and Acquisition. The Board may, from time to time, establish or maintain additional committees necessary or appropriate. Committee members will be appointed by the board upon recommendation of the Nomination and Compensation committee with the consideration of the desires of individual Directors. As stipulated by the Company’s By-laws rotation of board members periodically is a standing policy.

Each committee will have its own charter. The charters will set forth the purposes, goals and responsibilities of the committees as well as qualifications for committee membership, procedures for committee member appointment and removal, committee structure and operations and committee reporting to the Board.