Integrated Performance Systems, Inc. (the "Company" or "IPS") is a New York corporation incorporated on November 29, 1990 under the name "ESPO's, Inc."

In March 1999 one of our subsidiaries acquired all the assets of PC Dynamics Corporation, a Frisco, Texas manufacturer of metal back radio frequency circuit boards. In December 1999 we divested ourselves of all our assets and exchanged shares of our common stock, $0.01 par value ("Common Stock") for stock in a company which was operating under a license to design and manufacture MULTIWIRE technology. On April 4, 2001 we changed our name to Integrated Performance Systems, Inc.

On November 24, 2004 a...