AXESSTEL INC

AXESSTEL INC is listed on AMEX (AFT). This report, including the sections entitled Description of Business and Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements. These statements relate to future events, our future financial performance, growth of our target market and growth of the worldwide telecommunications markets, future demand for our products, the acceptance and growth of CDMA-based wireless systems and similar expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Axis Capital Holdings Limited

Axis Capital Holdings Limited is listed on NYSE (AXS). AXIS Capital Holdings Limited (AXIS Capital) and its operating subsidiaries and branches (collectively) provide specialty lines insurance and treaty reinsurance on a global basis, with headquarters in Bermuda. Through our operating subsidiaries and branches based in Bermuda, Ireland, the United States, the United Kingdom and Switzerland, we focus on writing coverage for specialized classes of risk through our team of highly skilled and experienced underwriters. AXIS Capital is a holding company organized under the laws of Bermuda. AXIS Capital was incorporated on December 9, 2002. AXIS Specialty Limited (AXIS Specialty) commenced operations on November 20, 2001. AXIS Specialty and its subsidiaries became wholly owned subsidiaries of AXIS Capital pursuant to an exchange offer consummated on December 31, 2002 (the Exchange Offer).

Brooks Automation Inc. ..lier of automation products and solutions primarily serving the worldwide semiconductor market. We supply hardware, software and services to both chip..

Britton & Koontz Capital Corporation .. as a Mississippi business corporation in July 1982. Later that year, the Company became a one-bank holding company registered under the Bank Holding ..

BOYKIN LODGING CO ..on, is a real estate investment trust (REIT) that as of March 11, 2005 owned interests in 24 hotels located throughout the United States. Boykin was f..

Cambridge Display Technology Inc. ..company, CDT, we, us and our refer to Cambridge Display Technology, Inc. and its subsidiaries, unless the context otherwise requires. Our Company We a..

Community Banks Inc. ..as the Corporation or Community, is a financial holding company that was formed as a Pennsylvania corporation in 1982. Communitys banking subsidiary i..

Cedar Shopping Centers Inc ..4 and elected to be taxed as a real estate investment trust (REIT) in 1986. The Company is now a fully-integrated, self-administered and self-managed ..

Ceridian Corporation ..and is incorporated in Delaware. Our principal executive office is located at 3311 East Old Shakopee Road, Minneapolis, Minnesota 55425, and our telep..

CE Franklin Ltd. ..Canadian company (Franklin) completed its initial public offering and its shares were listed on the American Stock Exchange. CE Franklin is the result..

Computer Horizons Corp. ..s a strategic solutions and professional services company with more than thirty-seven years of experience, specifically in information technology. CHC..

Calcasieu Real Estate ..na corporation organized in 1930 to receive non-producing mineral royalties spun off by a Southwest Louisiana bank. Over the years as some of the roya..

CMS Energy Corporation ..n energy holding company operating through subsidiaries in the United States and in selected markets around the world. Its two principal subsidiaries ..

Columbia Equity Trust Inc. ..ny refer to Columbia Equity Trust, Inc., a Maryland corporation, and our subsidiaries, including Columbia Equity, LP, a Virginia limited partnership (..

Campbell Soup Company ..ther with its consolidated subsidiaries, is a global manufacturer and marketer of high-quality, branded convenience food products. Campbell was incorp..

Cost Plus Inc. ..iler of casual home furnishings and entertaining products. As of January 29, 2005, the Company operated 237 stores under the name World Market, Cost P..

Carrizo Oil & Gas Inc. ..t energy company engaged in the exploration, development and production of natural gas and oil. Our current operations are focused in proven, producin..

CommScope Inc. ..d manufacture of cable and connectivity solutions for communications networks. We focus on the last mile in communications networks, which is the dist..

Cabot Corporation ..ted in the State of Delaware in 1960. Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. ..

CyberOptics Corporation .. Steven K. Case (Chairman of the Board of CyberOptics and full-time employee), a former professor at the University of Minnesota, with the goal of com..

Diedrich Coffee ..r, wholesaler and retailer. We sell brewed, espresso-based and various blended beverages primarily made from our own fresh roasted premium coffee bean..

DDi Corp. New .. printed circuit board engineering and manufacturing, and other value-added services. We specialize in engineering and fabricating complex multi-layer..

DECORIZE INC ..i, is a manufacturer and wholesaler of imported home furnishings and accessories. We founded decorize.com, LLC, the company that became Decorize, Inc...

Document Sciences Corporation ..d supports a family of Dynamic Content Publishing software products used primarily for business to customer communications. Dynamic content publishing..

Deutsche Bank AG ..utsche Bank Aktiengesellschaft. The original Deutsche Bank was founded in Berlin in 1870 as a joint stock company principally dedicated to financing f..

El Paso Corporation ..8 in El Paso, Texas. For many years, we served as a regional natural gas pipeline company conducting business mainly in the western United States. Fro..

Canterbury Park Holding Corporation ..tuel wagering associated with live Thoroughbred and Quarter Horse racing at its facilities in Shakopee, Minnesota (the Racetrack) and pari-mutuel wage..

Electro Energy Inc. ..h was originally formed on December 29, 1993 under the name MCG Diversified, Inc. (MCG). Effective June 9, 2004, pursuant to the Agreement of Merger a..

Electro-Sensors Inc. ..inct operating segments: (1) the manufacture and distribution of industrial production monitoring and process control systems through its Controls Div..

EntreMed Inc. ..maceutical company focused on developing the next generation of multi-mechanism oncology and anti-inflammatory drugs that target disease cells directl..

Electronic Arts Inc. ..istributes interactive software games that are playable by consumers on the following platforms: † Home videogame machines (such as the Sony PlayStati..

EXELON CORP ..y, through its subsidiaries, operates in three business segments—Energy Delivery, Generation and Enterprises—as described below. See Note 22 of Exelon..

First Avenue Networks Inc. ..ne of the largest and most comprehensive collections of millimeter wave spectrum in the U.S. We hold over 750 licenses for spectrum between 38.6 GHz a..

Favrille Inc. ..research, development and commercialization of targeted immunotherapies for the treatment of cancer and diseases of the immune system. We have develop..

First Financial Holdings Inc. ..s a savings and loan holding company incorporated under Delaware law in 1987. The Company is headquartered in Charleston, South Carolina and operates ..

Fifth Third Bancorp .. about Fifth Third Bancorp and-or the company as combined with acquired entities within the meaning of Sections 27A of the Securities Act of 1933, as ..

First Oak Brook Bancshares Inc. ..der Delaware law in 1983 as a bank holding company under the Bank Holding Company Act of 1956, as amended. Effective May 26, 2004, the Company became ..

Redhook Ale Brewery Incorporated .. of the leading brewers of craft beers in the United States and has been at the forefront of the domestic craft brewing segment since the Company’s fo..

Forest Oil Corporation ..ed in the acquisition, exploration, development, and production of natural gas and liquids in North America and selected international locations. Fore..

Geo Group Inc (The) .. and the Company refer to The GEO Group, Inc., its consolidated subsidiaries and its unconsolidated affiliates, unless otherwise expressly stated or t..

Gilead Sciences Inc. ..n particular, statements about our expectations, beliefs, plans, objectives or assumptions of future events or performance are contained or incorporat..

General Maritime Corporation ..e crude oil transportation services. Our current fleet consists of 47 wholly owned tankers, consisting of 26 Aframax and 17 Suezmax tankers and four n..

Garmin Ltd. ..rmin) should be read in conjunction with, and is qualified by reference to, Management’s Discussion and Analysis of the Company’s Financial Condition ..

GlobeTel Communications Corp ..re corporation established in July 2002, is engaged in the business of providing telecommunication services, primarily involving Internet telephony us..

Genesis Energy L.P. ..ebsite our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished ..

HCC Insurance Holdings Inc. ..tion, which was formed in 1991. Its predecessor corporation was formed in 1974. Our principal executive offices are located at 13403 Northwest Freeway..

Hibbett Sporting Goods Inc. ..zed in 1945 under the name Dixie Supply Company in Florence, Alabama, in the marine and small aircraft business. In 1951, the Company started targetin..

Hooper Holmes Inc. ..olmes) currently engage in two principal businesses, which are operated as distinct divisions: • Our Health Information Division (HID), which we forme..

Heritage Commerce Corp ..orm 10-K may constitute forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the..

Halozyme Therapeutics Inc. ..ents regarding our business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, s..

Industrias Bachoco S.A. de C.V. .. de C.V., and we frequently refer to ourselves commercially as Bachoco. We were incorporated in Mexico on April 17, 1980. Our headquarters are located..

IDT Corporation ..inment and technology company. Our primary telecommunications offerings are prepaid and rechargeable calling cards, wholesale carrier services and con..

ImClone Systems Incorporated ..s to advance oncology care by developing a portfolio of targeted biologic treatments designed to address the medical needs of patients with cancer. We..

InPhonic Inc. ..ooking statements, within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, that involve risks and uncertainties. In ..

Innkeepers USA Trust ..stered real estate investment trust (REIT). Innkeepers owned 69 hotels with an aggregate of 8,684 rooms-suites (the Hotels) through its partnership in..

ISCO INTERNATIONAL INC ..to optimize the RF (Radio Frequency) link within wireless networks, particularly, but not exclusively, on the reverse link. RF link, or Radio link, is..

Itron Inc. ..gs are available free of charge under the Investor Relations section of our website at www.itron.com as soon as practicable after they are filed with ..

Jeffersonville Bancorp ..k corporation on January 12, 1982, for the purpose of becoming a registered bank holding company under the Bank Holding Company Act of 1956, as amende..

Kansas City Life Insurance Company ..porated under the assessment laws of Missouri in 1895 as the Bankers Life Association. In 1900, its present corporate title was adopted and it was reo..

Kellogg Company ..ware in 1922, and its subsidiaries are engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods. The address of the princ..

Kitty Hawk Inc. New ..ently operate through our two wholly-owned subsidiaries, Kitty Hawk Cargo and Kitty Hawk Aircargo. Through Kitty Hawk Cargo, we operate a major indepe..

Kyocera Corporation .. Consolidated Subsidiaries A. History and Development of Kyocera Corporation and its Consolidated Subsidiaries Kyocera Corporation is a joint stock co..

LifePoint Hospitals Inc. ..ners and operators of general acute care hospitals in non-urban communities in the United States. LifePoint Hospitals, Inc. is a holding company. Its ..

McGrath RentCorp ..nized in 1979. The Company is comprised of three business segments: Mobile Modular Management Corporation (MMMC), its modular building rental division..

Meadowbrook Insurance Group Inc. ..pany organized as a Michigan corporation in 1985. We were formerly known as Star Holding Company and in November 1995, upon acquisition of Meadowbrook..

Mestek Inc. ..0-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are not historical facts but..

NB&T FINANCIAL GROUP INC ..io corporation, is a bank holding company which owns all of the issued and outstanding common shares of The National Bank and Trust Company, chartered..