To the best of its knowledge, PRIVCO has complied with all applicable statutes and regulations, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, assets, or condition of PRIVCO or except to the extent that noncompliance would not result in the occurrence of any material liability for PRIVCO.  This compliance includes, but is not limited to, the filing of all reports to date with federal and state securities authorities.