Kanbay Intl, Inc (KBAY)

Our revenues are highly dependent on a small number of clients, including a single client from whom we receive more than 50% of our revenues and which is also our largest stockholder, and the loss of any one of our major clients could significantly impact our business.

HSBC, which is our largest client and our largest stockholder, accounted for 53.1%, 55.6% and 53.2% of our total revenues in the years ended December 31, 2005, 2004 and 2003. Morgan Stanley, which is our second largest client, accounted for 11.6%, 10.3% and 13.0% of our total revenues in the years ended December 31, 2005, 2004 and 2003. Our five largest clients together accounted for 75.6%, 80.4%...