Rule 261

Definitions

As used in this Regulation A, all terms have the same meanings as in rule 405, except that all references to "registrant" in those definitions shall refer to the issuer of the securities to be offered and sold under Regulation A. In addition, these terms have the following meanings:

a. Final Offering Circular - The current offering circular contained in a qualified offering statement;

b. Preliminary Offering Circular - The offering circular described in rule 255(a).