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•	management’s plans and objectives for future operations;

•	existing cash flows being adequate to fund future operational needs;

•	future plans related to budgets, future capital requirements, market share growth, and anticipated capital projects and obligations;

•	the realization of net deferred tax assets;

•	the ability to curtail operating expenditures;

•	global statutory tax rates remaining unchanged;

•	the impact of future market changes due to exposure to foreign currency translations;

•	the possibility of certain policies, procedures, and internal processes minimizing exposure to market risk;

•	the impact of new accounting pronouncements on financial condition, results of operations, or cash flows;

•	the outcome of new or existing litigation matters;

•	the outcome of new or existing regulatory inquiries or investigations; and

•	other assumptions described in this report underlying such forward-looking statements.

•	overall growth or lack of growth in the nutritional supplements industry;

•	plans for expected future product development;

•	changes in manufacturing costs;

•	shifts in the mix of packs and products;

•	the future impact of any changes to global associate career and compensation plans or incentives;

•	the ability to attract and retain independent associates and members;

•	new regulatory changes that may affect operations or products;

•	the competitive nature of our business with respect to products and pricing;

•	publicity related to our products or network marketing; and

•	the political, social, and economic climate.

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Item 1.	Business

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•	In 1994, we developed and began selling our first products containing Manapol® powder, an ingredient formulated to support cell-to-cell communication.

•	In 1996, we enhanced our products based on the study of glycoproteins and our scientists developed our own proprietary compound, Ambrotose® complex, which we patented. Our Ambrotose® complex is a blend of polysaccharides (composed of monosaccharides) that helps provide support for the immune system.

•	In 2001, we broadened our proprietary ingredients by developing the Ambroglycin® blend, a balanced food-mineral matrix which helps deliver nutrients to the body and which is used in our proprietary Catalyst™ and Glycentials® vitamin/mineral supplements.

•	In 2004, we introduced our proprietary blend of antioxidant nutrients, MTech AO Blend® ingredient, which is used in our proprietary antioxidant Ambrotose AO® product.

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In 2006, we introduced a unique blend of plant-based minerals, natural vitamins, and standardized phytochemicals for use in our proprietary PhytoMatrix® product. We also introduced a compound used in reformulated Advanced Ambrotose® complex. This compound allows a more potent concentration of the full range of mannose-containing polysaccharides occurring naturally in aloe to be produced in a stable powdered form.

•	In 2007, we introduced into the United States market our skin care and anti-aging line of products that supports skin’s natural texture, beauty, and elasticity. We also launched our PhytoMatrix® caplets, Advanced Ambrotose® capsules and Manna•Bears™ supplement into international markets.

•	In 2008, we introduced a proprietary proteolytic enzyme and phytosterol dietary supplement that supports the body’s natural recovery processes associated with physical activity in our BounceBack® capsules. We also introduced a proprietary version of whey protein peptide technology that assists targeted fat loss when combined with exercise and a healthy diet in our OsoLean™ powder.

•	In 2009, we introduced our Omega-3, which features EPA/DHA essential acids, PhytoBurst™ Nutritional Chews formulated with vitamins, minerals, and phytonutrients from food-sourced ingredients, and GI-ProBalance™ Slimstick, which is a synbiotic digestive product containing probiotics, prebiotics, and digestive enzymes. In addition, we improved our Ambrotose® products to include beta-Carotene.

•	In 2010, we launched our Mannatech LIFT™ Skin Care System, which is paraben-free and formulated to give skin a more natural youthful appearance.

•	In 2011, we introduced our reformulated version of our Omega-3 supplement, which now includes Vitamin D3 and features EPA/DHA essential acids.  We expanded several previously launched products from our domestic line to our international markets.

•	In 2012, we launched our NutriVerus™ powder, a single product that features all of our core scientific technologies at a very affordable price. This unique, ground-breaking product combines our core glyconutrient technologies with vitamins, minerals, antioxidants and stabilized rice bran, all based on Real Food Technology solutions.

•	In 2013, we launched Ūth™ skin cream, a breakthrough in anti-aging that incorporates Mannatech’s glyconutrient technology along with a microsphere delivery system that supports more thorough delivery of the active ingredients to all levels of the skin.

•	In 2014, we launched GlycoBOOM™ Advanced Immune Support Supplement, packed with nutrients that are designed to support the body’s natural defenses.

•	In 2015, Mannatech introduced a new brain supplement, Cognitate™, featuring a proprietary blend of natural ingredients to aid memory, recall and cognition.

•	In 2016, Mannatech rebranded the company, including all new packaging and labels, introduced a line of Essential Oils, along with an innovative, natural fat-loss system, TruHealthTM. Comprised in the system is the TruPLENISHTM Nutritional Shake, TruPURETM Cleanse Slimsticks and TruSHAPETM Fat-Loss Capsules.

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•	marketability and proprietary nature of the product;

•	demand for the product;

•	competitors’ products;

•	regulatory considerations;

•	availability of ingredients; and

•	data supporting claims of efficacy and safety.

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•	the FDA’s current Good Manufacturing Practices for manufacturing, packaging, labeling, and holding of dietary supplements;

•	the FDA’s Good Manufacturing Practices for human food;

•	the requirements of the Natural Health Products Directorate of Canada;

•	the Korean Food and Drug Administration;

•	certification by the Therapeutic Goods Administration of Australia, when necessary;

•	the European Union’s Food Supplement Directive and Nutrition and Health Claims Regulations, as well as individual member state legislation;

•	the Taiwan Food and Drug Administration;

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•	the Japan Ministry of Health Labor and Welfare;

•	the Singapore Health Sciences Authority;

•	the South African Department of Health and Medicines Control Council;

•	the Hong Kong Food and Environmental Hygiene Department and Department of Health Drug Office; and

•	the China Food and Drug Administration.

•	ten products are certified according to the NSF/ANSI 173 Dietary Supplement Standard—the only American National Standard for dietary supplements. This certification ensures that this product contains only the ingredients indicated on the label and is free of impurities, and that Good Manufacturing Practices were used in the manufacturing facility; and

•	all of Mannatech's dietary supplements have been confirmed to be gluten-free.

•	offering highly-personalized and responsive customer service;

•	offering a satisfaction guarantee product return policy;

•	providing comprehensive corporate websites (www.mannatech.com, www.allaboutmannatech.com, www.mannatechscience.org, www.library.mannatech.com, www.events.mannatech.com, www.mannafest.com and www.mannatechlive.com) that provide instant access to Internet ordering, marketing, technical and educational information, and unique and innovative marketing tools;

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•	maintaining an extensive web-based downline management system called Success Tracker™ that provides access to web conferencing and downline organization reporting for our independent associates at minimal costs;

•	offering, in the United States and Canada, an effective compilation of online marketing and training tools;

•	offering updated training/orientation and compliance programs for our independent associates;

•	providing strategically based distribution fulfillment centers to ensure products are shipped on time and at minimal cost; and

•	sponsoring marketing events, designed to provide information, education, and motivation for our dedicated business-building associates and to help stimulate business development. These events provide an interactive venue for introducing new products and services and allow interaction between our management teams, outside researchers, and independent associates.

•	Strengthening our Financial Results and Adding Value to Our Shareholders and Independent Associates. We focus on improving financial results by striving to increase our revenues in both our domestic and foreign operations and to control our operating costs.

•	Attracting New Independent Associates and Retaining Existing Independent Associates. We continually examine our global associate career and compensation plan and periodically offer incentives in order to attract, motivate, and retain independent associates. We believe our global associate career and compensation plan encourages greater associate retention, motivation, and productivity.

•	Carefully Planning and Executing New Market Entries. In order to expand efficiently around the globe, we must continue to present maximum opportunity to our current independent associates as well as those who will join us in the future.

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Developing New Products and Enhancing Existing Products. We continue to focus on new areas for future product development. We continue our research efforts and strive to ensure that all of our products are made from high quality, effective ingredients that contain one or more of our proprietary compounds, which we believe supports our goal to be a cutting-edge industry leader. We expect that any future products we develop will further complement and enhance our existing products.

•	Provide Outstanding Product Value and Results to Customers. We work to ensure that all associates and their customers have a great experience with each of our product. Products that deliver tangible results, are supported by science, and are backed by a powerful satisfaction guarantee.

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•	offering educational meetings and corporate-sponsored events that emphasize business-building and compliance related information;

•	sponsoring various informative and science-based conference calls, web casts, and seminars;

•	providing automated services through the Internet and telephone that offer a full spectrum of information and business-building tools;

•	maintaining an efficient decentralized ordering and distribution system;

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•	providing highly personalized and responsive order processing and customer service support accessible by multiple communication channels including telephone, Internet, or e-mail;

•	offering 24-hour, seven days a week access to information and ordering through the Internet;

•	offering Success Tracker™, a customized business-building genealogy system, which contains graphs, maps, alerts, reports, and web video conferencing for our independent associates;

•	offering, in the United States and Canada, a compilation of online marketing and training tools, including MannaPages; and

•	providing a wide assortment of business-building and educational materials to help stimulate product sales and simplify enrollment.

•	generating product sales from an independent associate’s global downline to earn certain achievement levels;

•	enrolling new independent associates or members who place a product order;

•	obtaining certain achievement levels and enrolling other independent associates who place qualifying orders;

•	obtaining and developing certain achievement levels within their downline organizations to qualify for additional bonuses; and

•	various other incentive programs.

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Retail Customer Product Return Policy. This policy allows a retail customer to return any of our products to the original independent associate who sold the product and receive a full cash refund by the independent associate for the first 180 days following the product’s purchase, if located in the United States and Canada, and for the first 90 days following the product’s purchase in the remaining countries. The independent associate may then return or exchange the product based on the independent associate product return policy.

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Independent Associate and Member Product Return Policy. This policy allows the independent associate or member to return an order within one year of the purchase date upon terminating his/her account. If an independent associate or member returns a product unopened and in good condition, he/she may receive a full refund minus a 10% fee. We may also allow the independent associate or member to receive a full satisfaction guarantee refund if they have tried the product and are not satisfied for any reason, excluding promotional materials. This satisfaction guarantee refund applies in the United States and Canada, only for the first 180 days following the product’s purchase, and applies in the remaining countries for the first 90 days following the product’s purchase; however, any commissions earned by an independent associate will be deducted from the refund. If we discover abuse of the refund policy, we may terminate the independent associate’s or member’s account.

•	minimize the time required to process orders and distribute products;

•	provide customized ordering information;

•	quickly respond to information requests, including providing detailed and accurate information to independent associates about qualification and downline activity;

•	provide detailed reports about paid commissions and incentives;

•	support order processing and customer service departments; and

•	help monitor, analyze, and report operating and financial results.

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•	direct selling and network marketing systems;

•	transfer pricing and similar regulations affecting the amount of foreign taxes and customs duties paid;

•	taxation of independent associates and requirements to collect taxes and maintain appropriate records;

•	how a company manufactures, packages, labels, distributes, imports, sells, and stores products;

•	product ingredients;

•	product claims;

•	advertising; and

•	the extent to which companies may be responsible for claims made by independent associates.

•	the Food and Drug Administration (the “FDA”);

•	the Federal Trade Commission (the “FTC”);

•	the Consumer Product Safety Commission;

•	the Department of Agriculture;

•	the Environmental Protection Agency;

•	the United States Postal Service;

•	state attorney general offices; and

•	various agencies of the states and localities in which our products are sold.

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•	the identification of dietary or nutritional supplements and their nutrition and ingredient labeling;

•	requirements related to the wording used for claims about nutrients, health claims, and statements of nutritional support;

•	labeling requirements for dietary or nutritional supplements for which “high potency,” “antioxidant,” and “trans-fatty acids” claims are made;

•	notification procedures for statements on dietary and nutritional supplements; and

•	pre-market notification procedures for new dietary ingredients in nutritional supplements.

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•	the National Provincial Laws, Natural Health Product Regulations of Canada, and the Federal Competition Act in Canada;

•	the Therapeutic Goods Administration and the Trade Practices Act in Australia;

•	federal and state regulations in Australia;

•	national regulations including the Local Trading Standards Offices in the United Kingdom;

•	regulations from the Ministry of International Trade and Industry in Japan;

•	regulations from the Commerce Commission and the Fair Trade Act of 1993 in New Zealand;

•	the Fair Trade Commission, which oversees the Door to Door Sales Act and the Health and Functional Food Act enforced by the Korea Food and Drug Administration in the Republic of Korea;

•	the Fair Trade Law, which is enforced by the Taiwan Fair Trade Commission and the Administration of Food Hygiene, Health Food Products Administration Act enforced by the Taiwan Department of Health;

•	the Danish Health Board, the Danish Marketing Practice Act, the Danish Consumer Ombudsman, the Danish Executive Order on Dietary Supplements, the Guidelines for food supplements, and the Danish Act on Foodstuffs in Denmark;

•	the German Unfair Competition Act, German Regulation on food supplements, and German Law on food and feed;

•	regulations governing business practices in South Africa;

•	the Consumer Protection Act, the Sale of Food Act, and various regulations that are governed by the Ministry of Trade and Industry in Singapore;

•	the Austrian Trade Law (1994), the Food Safety and Consumer Protection Law (2006), and the Food Code in Austria;

•	the Food and Consumer Products and the Unfair Trade Practices Act, Door to Door Selling Act and Provisions of the General Dutch Civil Code relating to terms and conditions and misleading advertising in the Netherlands;

•	the Consumer Sales Act, Marketing Practices Act, Distance and Doorstep Sales Act, the Product Liability Act, Product Safety Act, the Companies Act and the Food Act in Sweden;

•	the Law on Marketing and Contract Conditions, the Law on Repentance Right, the Statutory Order on Self Inspection of Food Provisions, the Law on Food products and Food Safety, and various guidelines from the Norwegian Consumers Agency on telephone selling and internet marketing, in Norway;

•	the Health Law and various Official Mexican Standards, the consumer protection law, the Mexican Corporate law, the Foreign Investment Law, the Federal Labor law in Mexico, as well as various municipal and state regulations and codes;

•	various Business, Civil, and Labor Codes in the Czech Republic as well as the Consumer Protection Act, and regulations and edicts of various government agencies such as The Ministry of Health, National Institute of Public Health, State Institute of Drug Control and the Czech Agriculture and Food Inspection Authority;

•	the Consumer Protection Act in Estonia, and in the area of food supplements the Veterinary and Food Board also enforces local legislation including Estonia Food Act and Medicine Act;

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•	the Finnish Food Act, the Finnish Food Packaging and Consumer Protection Acts, Act on Unfair Business Practice Act, Decrees and other regulations in Finland;

•	the Consumer Protection Act of 2007, the Distance Selling Regulations Act of 2001 in Ireland;

•	various European Union (“EU”) regulations and pronouncements, subject to local statutes and regulations, address both our selling activities and the sale of food supplements in EU member nations, including, primarily, the EU Food Supplement Directive (2002/46/EC) and Nutrition and Health Claims Regulations (2006/1924/EC);

•	the Food and Drugs (Composition and Labeling) Regulations, the Pyramid Schemes Prohibition Ordinance, the Personal Data (Privacy) Ordinance, and the Import and Export Ordinance in Hong Kong;

•	the Retail Trade Act of January 15, 1996, regulating both multi-level marketing (article 22) and pyramid sales (article 23), and Spanish Law 1/2007 on Consumer Protection (“Spanish Consumers Act”), regulating consumer protection, including warranties and product liability, in Spain;

•	the Regulation of Act 1700 of 2013, Article 2.2.50 on December 27, 2013 governs the Activities of Network Marketing or Multilevel Marketing companies through monitoring compensation plans, contract conditions and enacting preventive suspension, in Colombia; and

•	the Regulation on the Prohibition of Pyramid Selling, the Regulation on Administration of Direct Sales, the Law on Protection of Consumer Rights, the Food Safety Law, and the Anti-Unfair Competition Law in China.

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•	social security taxes;

•	value-added taxes;

•	goods and services taxes;

•	sales taxes;

•	consumption taxes;

•	income taxes;

•	customs duties;

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•	employee/independent contractor regulations;

•	employment, service pay, retirement pay, and profit sharing requirements;

•	import/export regulations;

•	federal securities laws; and

•	antitrust laws.

•	claims made about our products;

•	promises or claims of income or other promises or claims by our independent associates; and

•	sales of products in markets where the products have not been approved or licensed.

•	AdvoCare International

•	GNC Holdings, Inc.;

•	Herbalife Ltd.;

•	Nature’s Sunshine Products, Inc.;

•	NOW Foods;

•	Nu Skin Enterprises, Inc.;

•	Reliv’ International, Inc;

•	Solgar Vitamin and Herb Company, Inc.;

•	Swanson Health Products;

•	Usana Health Sciences, Inc.; and

•	Vitamin Shoppe Industries, Inc.

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•	our products can be introduced into the global marketplace at a much lower up-front cost than through conventional methods;

•	our key ingredients and differential components found in our proprietary products can be better explained through network marketing;

•	the network marketing approach can quickly and easily adapt to changing market conditions;

•	consumers appreciate the convenience of ordering from home, through a sales person, by telephone, or on the Internet; and

•	network marketing enables independent associates to earn financial rewards.

•	Amway Corporation;

•	Forever Living Products, Inc.;

•	Herbalife International, Inc.;

•	Mary Kay, Inc.;

•	Nature’s Sunshine Products, Inc.;

•	Nu Skin Enterprises, Inc.;

•	Reliv’ International, Inc.;

•	Shaklee Worldwide; and

•	Usana Health Sciences, Inc.

•	our unique patented, proprietary blend of high-quality products;

•	our 23 year track record in the business of selling nutritional products;

•	our model which does not require our independent associates to carry inventory or accounts receivable;

•	our unique and financially rewarding global associate career and compensation plan;

•	our innovative marketing and educational tools; and

•	our easy and convenient delivery system.

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Item 1A.	Risk Factors

•	on-going motivation of our independent associates;

•	general economic conditions;

•	significant changes in the amount of commissions paid;

•	public perception and acceptance of the wellness industry;

•	public perception and acceptance of network marketing;

•	public perception and acceptance of our business and our products, including any negative publicity;

•	the limited number of people interested in pursuing network marketing as a business;

•	our ability to provide proprietary quality-driven products that the market demands; and

•	competition in recruiting and retaining independent associates.

•	to address changing market dynamics;

•	to provide incentives to independent associates that are intended to help grow our business;

•	to conform to local regulations; and

•	to address other business needs.

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•	ambiguity in statutes;

•	regulations and related court decisions;

•	the discretion afforded to regulatory authorities and courts interpreting and enforcing laws; and

•	new regulations or interpretations of regulations affecting our business.

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•	the formulation, manufacturing, packaging, labeling, distribution, importation, sale, and storage of our products;

•	the health and safety of dietary supplements, cosmetics and foods;

•	trade practice laws and network marketing laws;

•	our product claims and advertising by our independent associates;

•	our network marketing system;

•	pricing restrictions regarding transactions with our foreign subsidiaries or other related parties and similar regulations that affect our level of foreign taxable income;

•	the assessment of customs duties;

•	further taxation of our independent associates, which may obligate us to collect additional taxes and maintain additional records; and

•	export and import restrictions.

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•	our Ambrotose® complex, a glyconutritional dietary supplement ingredient consisting of a blend of monosaccharides, or sugar molecules, used in the majority of our products;

•	the MTech AO Blend® formulation, our proprietary antioxidant technology used in the Ambrotose AO® complex; and

•	a compound used in our reformulated Advanced Ambrotose® complex that allows for a more potent concentration of the full range of mannose-containing polysaccharides occurring naturally in aloe.

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•	accurately anticipate consumer needs;

•	innovate and develop new products or product enhancements that meet these needs;

•	successfully commercialize new products or product enhancements in a timely manner;

•	price our products competitively;

•	manufacture and deliver our products in sufficient volumes and in a timely manner; and

•	differentiate our product offerings from those of our competitors.

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•	inflation;

•	the renegotiation or modification of various agreements;

•	increases in custom duties and tariffs;

•	changes and limits in export controls;

•	government regulations and laws;

•	trademark availability and registration issues;

•	changes in exchange rates;

•	changes in taxation;

•	wars and other hostilities;

•	changes in the perception of network marketing; and

•	risk of our independent associates offering business opportunities in China.

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•	the nutritional supplements industry;

•	skeptical consumers;

•	competitors;

•	the safety and quality of our products and/or our ingredients;

•	regulatory investigations of our products or our competitors’ products;

•	the actions of our independent associates;

•	the direct selling/network marketing industry; and

•	scandals within the industries in which we operate.

•	order processing;

•	supply chain management;

•	customer service;

•	product distribution;

•	commission processing;

•	cash receipts and payments; and

•	financial reporting.

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•	broad market fluctuations and general economic conditions;

•	fluctuations in our financial results;

•	future securities offerings;

•	changes in the market’s perception of our products or our business, including false or negative publicity;

•	governmental regulatory actions;

•	the outcome of any lawsuits;

•	financial and business announcements made by us or our competitors;

•	the demand and daily trading volume of our shares;

•	the general condition of the industry; and

•	the sale of large amounts of stock by insiders.

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Item 1B.	Unresolved Staff Comments

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Item 2.	Properties

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Item 3.	Legal Proceedings

Item 4.	Mine Safety Disclosures

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Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 6.	Selected Financial Data

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Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

•	Sales from new products and promotions for 2016 were $11.1 million as compared to the same period in 2015.

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In connection with our loyalty program, we recognize the dollar equivalent in revenue of loyalty points as the points are applied or forfeited. During 2016 we recognized $22.4 million in revenue and deferred $21.4 million in revenue, resulting in a net recognition of revenue of $1.0 million. During 2015, we recognized $23.8 million in revenue and deferred $22.2 million in revenue, resulting in a net recognition of revenue of $1.6 million. During 2016, $0.6 million less in revenue was recognized in connection with our loyalty program as compared to 2015.

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•	changes in our sales prices;

•	changes in consumer demand;

•	changes in the number of independent associates and members;

•	changes in competitors’ products;

•	changes in economic conditions;

•	changes in regulations;

•	announcements of new scientific studies and breakthroughs;

•	introduction of new products;

•	discontinuation of existing products;

•	adverse publicity;

•	changes in our commissions and incentives programs;

•	direct competition; and

•	fluctuations in foreign currency exchange rates.

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•	registered our most popular products with the appropriate regulatory agencies in all countries of operations;

•	explored new international markets;

•	continued to strengthen compliance initiatives;

•	concentrated on publishing results of research studies and clinical trials related to our products;

•	initiated additional incentives;

•	explored new advertising and educational tools to broaden name recognition; and

•	implemented changes to our global associate career and compensation plan.

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•	the timing of the introduction of new products and incentives;

•	our ability to attract and retain associates and members;

•	the timing of our incentives and contests;

•	the general overall economic outlook;

•	government regulations;

•	the outcome of certain lawsuits;

•	the perception and acceptance of network marketing; and

•	the consumer perception of our products and overall operations.

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Retail Customer Product Return Policy. This policy allows a retail customer to return any of our products to the original associate who sold the product and receive a full cash refund from the associate for the first 180 days following the product’s purchase in the United States and Canada, and for the first 90 days following the product’s purchase in our remaining countries. The associate may then return or exchange the product based on the associate position product return policy.

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Associate and Member Product Return Policy. This policy allows the associate or member to return an order within one year of the purchase date upon terminating his/her account. If an associate or member returns a product unopened and in good condition, he/she may receive a full refund minus a 10% restocking fee. We may also allow the associate or member to receive a full satisfaction guarantee refund, excluding promotional materials, if they have tried the product and are not satisfied for any reason. This satisfaction guarantee refund applies in the United States and Canada, only for the first 180 days following the product’s purchase, and applies in our remaining countries for the first 90 days following the product’s purchase; however, any commissions earned by an associate will be deducted from the refund. If we discover abuse of the refund policy, we have the right to terminate the associate’s or member’s account.

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Item 7A.	Quantitative and Qualitative Disclosures About Market Risk

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Item 8.	Financial Statements and Supplementary Data

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A.	Controls and Procedures

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Item 9B.	Other Information

Item 15.	Exhibits and Financial Statement Schedule

Item 16.	Fixing America’s Surface Transportation (FAST) Act

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•	Level 1—Quoted unadjusted prices for identical instruments in active markets.

•	Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.

•	Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

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(1)	On February 24, 2016, the Company established a legal entity in China.

(2)	On August 1, 2016, the Company established a legal entity in Russia.

(3)	On March 21, 2014, the Company suspended operations in the Ukraine, but maintains the legal entity.

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•	Al Bala, the Company’s President;

•	Chris Simons, the Company’s Regional Vice President EMEA/North America;

•	Landen Fredrick, Senior Vice President, Global Operations and son of J. Stanley Fredrick, the Company’s Chairman of the Board and a major shareholder; and

•	Lorrie Fry, the daughter of Larry Jobe (a member of our Board).

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