hopTo Inc. Announces Second Quarter 2017 Business Update and
Results
CONCORD, NH-(Marketwired - Aug 14, 2017) - hopTo Inc. (OTCQB:
HPTO), developer and provider of application publishing and mobile
productivity software, today announced its financial results for
the second quarter ended June 30, 2017.
Second Quarter 2017 Financial Update:
- Revenue of $925 thousand
- Net Loss of $13 thousand
- Basic and diluted loss per share of $0.00
Second Quarter 2017 Operational Summary and Business Update
"In the second quarter of 2017, hopTo has continued efforts to
reduce overhead expenses while dedicating as much resource as
possible to support our GO-Global customers and improve the
GO-Global products and services" stated Jean-Louis Casabonne,
interim CEO of hopTo inc.
"The GO-Global business continues to generate positive cash flow
and remains an important aspect of the company. We continue to
believe that the GO-Global business will operate profitably in the
future. We are also evaluating opportunities related to GO-Global.
Early in the Second Quarter, we entered into a sublease of our
remaining office space in Campbell and will derive additional
expense savings and positive cash flow from this transaction. We
are now operating with our Concord, New Hampshire office as our
headquarters."
"Although we continue to believe that we may have opportunities
to extract value from our hopTo and GO-Global assets, there are
significant risks and uncertainties associated with those efforts.
Shareholders should not place any significant reliance on the
outcome of such efforts unless and until definitive agreements are
reached. Our Annual Report on Form 10-K that was filed with the SEC
on April 7, 2017 included additional new risk factors in this
regard. We intend to continue to manage our expenses to preserve as
many opportunities for the company as reasonably possible. In
particular, we will seek to preserve resources to enable the
continued operation and customer support of our GO-Global business,
which we believe is achievable given the positive cash flow profile
of that business."
Results for the First Six Months Ended June 30, 2017
Total revenue for the six months of Fiscal Year 2017 was $1.90
million, a decrease of approximately 3.0% from $1.97 million for
the same period in 2016. This revenue is entirely from the
Company's GO-Global products and services.
Gross profit for the first six months of 2017 was $1.87 million,
compared to $1.84 million for the same period of 2016, a year over
year decrease of 2.0% commensurate with the change in revenue.
For the first half of 2017, the Company reported a net loss of
$166 thousand, which was an improvement of approximately 88%
compared with the $1.41 million net loss from the same period last
year.
The total operating expense for the first half of 2017 was $1.97
million, which is a year-over-year improvement of 39% from $3.23
million that we reported for the same period in 2016.
Results for the Second Quarter Ended June 30, 2017
Total revenue for the second quarter 2017 of $925 thousand
represents a decrease of 3.5% from $959 thousand for the same
period in the prior year.
Gross profit for the second quarter of 2017 was $907 thousand,
an increase of 1.7% from $891 thousand, for the same period in
2016.
Total operating expenses for the second quarter were $858
thousand, a decrease of 37% from $1.35 million for the same period
in 2016.
hopTo reported a net loss for the quarter ended June 30, 2017 of
$13 thousand, or $0.00 per basic and diluted share, compared to
$438 thousand or $0.04 per basic and diluted share for the same
period in 2016.
As of June 30, 2017 the Company had cash of $555 thousand and
accounts receivable of $447 thousand.
Investor Communications
As part of our continued expense management, hopTo Inc. will not
be hosting an investor conference call to discuss its second
quarter financial results.
As we did with our Year End 2016, Third Quarter 2016, and First
Quarter 2017 results, in lieu of a conference call, we invite
shareholders to submit questions via email to the following email
address: investors@hopto.com
We will accumulate questions until the end of the day on
Thursday, August 17, 2017. We will review the questions and we will
use our best efforts to provide written answers to those questions
that we believe we can answer, subject to normal confidentiality
policies, via a Form 8-K that we intend to file with the SEC on or
before August 31, 2017. We will also post the answers at
investors.hopto.com.
About hopTo: Founded in its current form in 2012, hopTo Inc. is
a developer of application publishing software and a mobile
productivity workspace platform. The company is based in Concord,
NH.
For more information on hopTo, please visit: www.hopTo.com.
FORWARD LOOKING STATEMENTS This press release contains
forward looking statements. These statements include statements
regarding future growth and the expected impact of our products on
the marketplace. These statements are based on management's current
expectations and are subject to a number of uncertainties and risks
that could cause actual results to differ significantly from those
described in the forward looking statements. Factors that may cause
such a difference include the following: the success of our new
products depends on a number of factors including market and
customer acceptance; our ability to manage the risks associated
with new product introduction and developing and marketing new
versions of the product; and other factors, including those set
forth under Item 1A, "Risk Factors" in our Annual Report on Form
10-K for the year ended December 31, 2016 and in other documents we
have filed with the SEC.
For more information on hopTo, please visit: www.hopTo.com.
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hopTo Inc.
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Condensed Consolidated Balance Sheets
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June 30,
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December 31,
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2017
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2016
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(Unaudited)
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(Unaudited)
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Assets
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Cash
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$
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554,800
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$
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546,200
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Accounts receivable, net
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447,000
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355,300
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Prepaid expenses
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37,400
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38,700
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Total current assets
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1,039,200
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940,200
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Property and equipment, net
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48,700
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143,300
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Other assets
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109,000
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109,000
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Total assets
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$
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1,196,900
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$
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1,192,500
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Liabilities and stockholders' deficit
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Accounts payable and accrued liabilities
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$
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940,900
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$
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975,800
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Deferred revenue
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1,817,000
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1,759,000
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Deferred rent
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7,500
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24,100
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Capital lease
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2,300
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6,800
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Other current liabilities
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855,100
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571,100
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Total current liabilities
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3,622,800
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3,336,800
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Deposit liability
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93,500
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81,400
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Deferred revenue
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1,551,200
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1,694,600
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Deferred rent
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-
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2,600
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Stockholders' deficit
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(4,070,600
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)
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(3,922,900
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)
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Total liabilities and stockholders' deficit
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$
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1,196,900
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$
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1,192,500
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Condensed Consolidated Statements of Operations
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Three Months Ended Jun 30,
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Six Months Ended Jun 30,
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2017
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2016
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2017
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2016
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Revenue
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$
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924,800
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$
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958,600
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$
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1,907,300
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$
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1,965,900
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Costs of revenue
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18,300
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67,400
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37,100
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121,200
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Gross profit
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906,500
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891,200
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1,870,200
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1,844,700
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Operating expenses
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Selling and marketing
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82,100
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253,600
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172,000
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570,700
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General and administrative
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421,100
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614,900
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1,062,200
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1,293,000
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Research and development
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355,100
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483,600
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740,100
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1,369,400
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Total operating expenses
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858,300
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1,352,100
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1,974,300
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3,233,100
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Income (loss) from operations
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48,200
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(460,900
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)
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(104,100
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)
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(1,388,400
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)
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Other income (expense) - change in fair value of warrants
liability
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-
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22,200
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-
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(25,100
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Other income (expense), net
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(59,600
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)
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2,000
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(60,100
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)
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2,600
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Loss before provision for income tax
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(11,400
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(436,700
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(164,200
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)
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(1,410,900
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)
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Provision for income tax
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1,100
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900
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2,000
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1,600
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Net loss
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$
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(12,500
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)
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$
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(437,600
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$
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(166,200
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$
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(1,412,500
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Basic and diluted loss per share
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$
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(0.00
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$
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(0.04
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$
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(0.02
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$
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(0.14
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)
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Average weighted common shares outstanding - basic and
diluted
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9,804,400
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9,752,821
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9,804,400
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9,752,417
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Investors / Media: J.L. Casabonne investors@hopto.com
408-688-2674 ext. 5025
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