oLingo is a global cloud/UC and managed service provider. &# Auction and Liquidation Segment. Our equity and fixed income traders make markets in over 1,000 securities. These teams include experts specializing in particular industry niches and asset classes. In addition, we compete with independent broadband telephone service providers. We may not be able to compete effectively against these companies. The information on our website is not a part of, or incorporated in, this Annual Report. 9679;The asset management business is intensely competitive. &# We are subject to taxation in the United States and in some foreign jurisdictions. We take protective measures and endeavor to modify them as circumstances warrant. As a result, we may not be able to control remedies with respect to the collateral. &# We expect UOL's dial-up and DSL Internet access pay accounts to continue to decline. We may not be able to consistently make a high level of expense reductions in the future. Many of UOL's products are supported by data centers. Due to the inherent uncertainties of litigation, we may not prevail in these actions. magicJack's operations are subject to varying degrees of federal and state regulation. As a result, our ability to grow depends in part on retaining customers for renewals. Any required licenses may not be available to us on acceptable terms, if at all. We cannot predict the outcome of these proceedings. Failure to prevent or mitigate such breaches may adversely affect our operating results. We face competition with respect to all of our service areas. We also compete with other providers of valuation and advisory services. The Depositary Shares have not been rated.
