It is with great sadness that we share the news of the passing of Charles “Chuck” Callard on Saturday, May 1, 2004 at the age of 81. Chuck pioneered the use of cash flow returns for analyzing the securities markets and founded quantitative research firm Callard, Madden & Associates (currently called Callard Research, LLC). Ricardo Bekin, co-Manager of Callard Research plans to carry on the operations of the firm by providing the same unique and sophisticated quantitative research of the equity markets originally developed by the firm’s namesake. Please join us as our thoughts and prayers go out to Chuck’s wife of 28 years, Peg, and their three daughters Andrea Callard of NYC, Meg Prendergast and Claire Prats of Chicago and their families. A copy of a complete company press release can be found on the following link http://integrity-research.com/Callard_Release.htm.