the principle that there is an intrinsic link between free enterprise and democracy. Individuals who have greater economic self-determination also wish to have strong voices in their governments. They have vested interests in the decisions made by political leaders and lawmakers.

Through programs focused on anti-corruption and advocacy to entrepreneurship and corporate governance, and in partnerships with business associations and think tanks, CIPE is putting important tools in the hands of individuals, businesses and communities.

It helps businesses better advocate for their own interests. Through support of more than 100 associations in Ghana, it has enabled farmers to strengthen their advocacy skills and begin to engage in dialogue with their local government officials. In Pakistan, CIPE worked to revise the Trade Organizations Ordinance in 2006 to allow women to independentlyrelated infrastructure on the Gulf of Mexico's Continental Shelf. Torch's customers include major energy companies and independent oil and natural gas producers.


3
Commencing on June 7, 2001, Torch conducted an Initial Public Offering (IPO) during which it sold 5,000,000 shares of its common stock at $16 per share, raising $80 million. The IPO was conducted pursuant to a registration statement and prospectus dated June 7, 2001 which Torch filed with the Securities and Exchange Commission (SEC).


4
In the prospectus, Torch disclosed the volatile nature of oil and natural gas prices, the dependence of Torch's business upon oil and natural gas prices, and the time lags between the prices and the demand for Torch's services.1


5
The prospectus asserted, truthfully, that natural gas prices had increased by approximately 133% from February 1999 through