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Hey -

You may already be aware of this but in desire to keep everyone informed I thought I would pass this on to you.

Sometime in late August IPS imploded with Ronnie continuing the firm with 3 part time employees to see if he can regenerate interest and get a customer. Apparently the two major clients both evaporated in August as renewal was not confirmed.

Thad resigned as CEO and left the firm though he is still on the board. I believe he has joined efforts with a retired Admiral Mike Hewitt. HSH Analytics. The website is sparse on details but the have aligned their fortunes with Radiant Blue which has a good reputation. I do not know if they have any existing clients.

Apparently, Thad and the cost of IPS work finally became too much. I suspect other firms caught up to them with larger data bases and perhaps less costly analysis.

I will forward under separate cover a couple of things I am working on that you might have interest.

Hope all of you are well,

Michael

Michael Andrews

202-230-0681