On August 22, 2011, the Company announced that its Board of Directors approved a share repurchase program to repurchase up to $2,000,000 of shares of its common stock over the next 12 months (“Share Repurchase Program”).  On June 3, 2014, the Company’s Board of Directors authorized its fourth increase to the Share Repurchase Program to repurchase up to an additional $5,000,000 of the Company’s common stock over the subsequent 12 month period (for a total of up to $12,000,000 since inception of the Share Repurchase Program).  The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion.  The timing and amount of the shares repurchased will be determined by management based on its evaluation of market conditions and other factors.  The repurchase program may be increased, suspended or discontinued at any time.

During the year ended December 31, 2014, the Company repurchased an aggregate of 2,335,740 shares of its common stock pursuant to the Share Repurchase Program at a cost of $4,439,484 (exclusive of commissions) or an average price per share of $1.90 per share.

Since inception of the Share Repurchase Program (August 2011) through January 31, 2015, the Company has repurchased an aggregate of 5,749,068 shares of its common stock at a cost of $8,872,107 (exclusive of commissions) or an average per share price of $1.54 per share.