MARK LAYTON: Good morning, Frank.

FRANK HEYDON, HEYDON INVESTMENTS: Hey. On a pro forma basis, can you give us what you would consider book value of the combined companies at this point or the merger date point so we can kind of get a book value of all the combined companies?

THOMAS MADDEN: OK. The reported equity — or book value for PFS as of the end of the December was approximately 30 million. As we take a look we would add to that the purchase price of the eCOST stock of approximately 28 million to get a total equity balance as we look forward of, you know, 58 million on a pro forma basis.

FRANK HEYDON: Would that be tangible book or would that be —

THOMAS MADDEN: No, that would include —

FRANK HEYDON: Good will and —

THOMAS MADDEN: Yes, that would include — we’re still working through as part of our purchase price accounting analysis, we are working through kind of the allocation of that $20-million purchase price to the eCOST business. But as you can see if you take a look through some of the previous documents that we’ve filed, the S4 and 8Ks that we had with the pro forma numbers, there was a significant amount of that 28 million that was being allocated to either good will or intangible assets.

FRANK HEYDON: OK. So I appreciate your time.

THOMAS MADDEN: OK, thank you.

OPERATOR: Your next question comes from Lang Gerhard, of West Highland Capital.

LANG GERHARD, WEST HIGHLAND CAPITAL: Good morning. I want wondering if you guys could just step back a little bit and talk about the adjustable market for outsourcing Web commerce. And, you know, I guess the nature of the question is clearly Web commerce from all parts has kind of hit the elbow and everybody’s going online one way or another. And so you’re competing with their in-house capabilities, the other competitors and whatever else. So maybe you could just kind of give us the schematic on that and lay out the opportunity.

MARK LAYTON: Well, it’s a market yet (INAUDIBLE) the market in the U.S. I think right now is estimated to be about 80 in total — 80 billion, sorry, in total commerce on the U.S. basis from there. And you are correct, it does fall into various categories in terms of what’s done internal and what’s done via competitors and, you know, various other market segments that are in that.