SEC Info - American Learning Corp - ‘PRE 14A’ for 10/9/07

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Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )

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NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the ‘‘Annual Meeting’’) of American Claims Evaluation, Inc., a New York corporation (the ‘‘Company’’), will be held at the offices of American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753 on Tuesday, October 9, 2007 at 10:00 a.m., local time, to consider and act upon the following matters:

Only shareholders of record at the close of business on August 31, 2007 will be entitled to notice of, and to vote at, the Annual Meeting or at any adjournment thereof.

YOUR VOTE IS IMPORTANT. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING IN PERSON, PLEASE COMPLETE, SIGN, DATE AND MAIL THE ENCLOSED PROXY CARD AS SOON AS POSSIBLE IN THE ACCOMPANYING ENVELOPE.

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This Proxy Statement and the accompanying Proxy Card are being furnished in connection with the solicitation by the Board of Directors of American Claims Evaluation, Inc. (the ‘‘Company’’) of proxies to be voted at the Annual Meeting of Shareholders (the ‘‘Annual Meeting’’) to be held at 10:00 a.m. (New York time) on Tuesday, October 9, 2007 at the offices of American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753 and at any adjournments thereof, with respect to the matters referred to in the accompanying notice. This Proxy Statement and the accompanying Proxy Card are first being mailed to shareholders on or about September 14, 2007.

The Company’s common stock, par value $.01 per share (‘‘Shares’’), is the Company’s only outstanding class of voting security. Holders of record at the close of business on August 31, 2007 (the ‘‘Record Date’’) are entitled to notice of, and to vote at, the Annual Meeting and any adjournment thereof. On the Record Date, there were issued and outstanding 4,761,800 Shares, each entitled to cast one vote per Share. The holders of a majority of the issued and outstanding Shares entitled to vote shall constitute a quorum at the Annual Meeting for the transaction of business. The election of directors, as described in the accompanying notice, requires the vote of a plurality of votes cast at the Annual Meeting. Approval of the amendment to the Company’s Certificate of Incorporation amending the purposes for which the Company is organized to engage in, as described in the accompanying notice, approval of the amendment to the Company’s Certificate of Incorporation increasing the total number of authorized Shares, as described in the accompanying notice, and approval of the amendment to the Company’s Certificate of Incorporation permitting shareholders to act without a meeting by written consent of the holders of less than all of the outstanding Shares, as described in the accompanying notice, requires the affirmative vote of a majority of all the outstanding Shares entitled to vote on such proposals. Approval of the amendment to the Company’s Certificate of Incorporation prescribing a majority vote of the outstanding Shares for mergers, consolidations and certain other transactions, as described in the accompanying notice, requires the affirmative vote of two-thirds of all the outstanding Shares entitled to vote on such proposal. Approval of the 2007 Stock Incentive Plan, as described in the accompanying notice, requires the affirmative vote of a majority of the votes cast at the Annual Meeting. Abstentions will not be included in the vote totals and, in instances where brokers are prohibited from exercising discretionary authority for beneficial owners who have not returned a proxy (‘‘broker non-votes’’); those votes will not be included in the vote totals. Therefore, abstentions and broker non-votes will be counted in the determination of a quorum and will have no effect on the vote for the election of Directors, approval of the amendment to the Company’s Certificate of Incorporation amending the purposes for which the Company is authorized to engage in, approval of the amendment to the Company’s Certificate of Incorporation increasing the total number of authorized Shares, approval of the amendment to the Company’s Certificate of Incorporation permitting shareholders to act without a meeting by written consent of the holders of less than all of the outstanding Shares, approval of the amendment to the Company’s Certificate of Incorporation prescribing a majority vote of the outstanding Shares for mergers, consolidations and certain other transactions or approval of the 2007 Stock Incentive Plan. Because of the percentage of beneficial ownership of Shares held by directors and management, (i) election of the directors nominated and referred to in this Proxy Statement, (ii) approval of the amendment to the Company’s Certificate of Incorporation amending the purposes for which the Company is organized to engage in, (iii) approval of the amendment to the Company’s Certificate of Incorporation increasing the total number of authorized Shares, (iv) approval of

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the amendment to the Company’s Certificate of Incorporation permitting shareholders to act without a meeting by written consent of the holders of less than all of the outstanding Shares and (v) approval of the 2007 Stock Incentive Plan is assured.

The attendance of a shareholder at the Annual Meeting will not automatically revoke such shareholder’s proxy. However, a shareholder may revoke a proxy at any time prior to its exercise by (1) delivering to the Secretary of the Company a written notice of revocation prior to the Annual Meeting, (2) delivering to the Secretary of the Company before the Annual Meeting a duly executed proxy bearing a later date, or (3) attending the Annual Meeting, filing a written notice of revocation with the secretary of the meeting and voting in person.

In addition to solicitation by mail at the Company’s expense, directors, officers and employees of the Company may solicit proxies for the Annual Meeting from the shareholders of the Company personally or by telephone or telegram without additional remuneration therefor, but at the Company’s cost for all out-of-pocket expenses. The Company will also provide persons, firms, banks and corporations holding Shares in their names or in the names of nominees, which in either case are beneficially owned by others, proxy material for transmittal to such beneficial owners.

Under the New York Business Corporation Law, shareholders are not entitled to dissenters’ rights with respect to any of the proposals set forth in this Proxy Statement.

The following table sets forth certain information regarding the current beneficial ownership of the Company’s Shares as of August 31, 2007 by (i) each person known by the Company to beneficially own more than 5% of such Shares, (ii) each director, nominee for director of the Company, and each named executive officer of the Company, and (iii) all directors and executive officers of the Company as a group. The percentages have been calculated by taking into account all Shares owned on the record date as well as all such Shares with respect to which such person has the right to acquire beneficial ownership at such date or within 60 days thereafter. Except as otherwise indicated, all persons listed below have sole voting and sole investment power with respect to all Shares shown as beneficially owned by them.


Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership (1)(4)			Percent of Class (1)
Gary Gelman (2)		3,696,400			66.5	%
Peter Gutmann (2)		121,000	(3)		2.5	%
Edward M. Elkin (2)		81,000			1.7	%
Joseph Looney (2)		20,000			(7	)
Gary J. Knauer (2)		250,000			5.0	%
J. Morton Davis		388,024	(5)		8.1	%
Kinder Investments, L.P.		292,500	(6)		6.1	%
All executive officers and directors as a group (five persons)		4,168,400			69.6	%

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Four directors are to be elected at the Annual Meeting to hold office until the next annual meeting of shareholders and until their respective successors have been elected and qualified or until their prior death, resignation or removal. The Company’s by-laws provide that the Board of Directors shall consist of no less than three and no more than seven members, with the actual number to be established by resolution of the Board of Directors. The current Board of Directors has by resolution established the number of directors at four.

Unless a proxy specifies that it is not to be voted in favor of a nominee for director, it is intended that the Shares represented by the proxy will be voted in favor of the nominees listed below. In the event that any nominee shall be unable to serve, it is intended that the proxy will be voted for the nominees designated by the Board of Directors. The Company believes that all nominees will be able to serve.

The following table sets forth certain information with respect to each nominee for election as a director. There are no arrangements or understandings between the Company and any director or nominee pursuant to which such person was elected or nominated to be a director of the Company. Each nominee is currently serving as a director of the Company. For information with respect to security ownership of directors, see ‘‘SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.’’


Name	Age		Position(s) with the Company
Gary Gelman		60	Chairman of the Board, President and Chief Executive Officer
Edward M. Elkin, M.D.		68	Director
Peter Gutmann		78	Director
Joseph Looney		49	Director

Gary Gelman, the founder of the Company, has been Chairman of the Board since July 1, 1985, and President, Chief Executive Officer and a director since inception. Mr. Gelman served as Treasurer from inception to October 1991. Since 1973, Mr. Gelman has also been Chief Executive Officer and a principal of American Para Professional Systems, Inc., which provides nurses who perform physical examinations of applicants for life and/or health insurance for insurance companies. He received a B.A. from Queens College.

Edward M. Elkin, M.D. has been a director of the Company since July 1, 1985. For more than the past five years, Dr. Elkin has been performing services relating to utilization review and quality assurance in

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hospitals for the New York State Department of Health. He is certified by the American Board of Pediatrics and the American Board of Quality Assurance and Utilization Review Physicians. He received his B.A. from Harvard College and his M.D. from New York University School of Medicine.

Peter Gutmann has been a director of the Company since July 1, 1985. For more than the past twenty years, he has been a Professor of Economics and Finance at Baruch College, City University of New York and was Chairman of the Economics and Finance Department from 1971 to 1977. He received a B.A. from Williams College, a B.S. from Massachusetts Institute of Technology, an M.A. from Columbia University and a PhD. from Harvard University.

Joseph Looney was appointed a director of the Company on June 14, 2005. He is currently the Vice President — Finance for NBTY, Inc., a vertically integrated manufacturer and distributor of vitamins and nutritional supplements. He was the Chief Financial Officer of EVCI Career College Holding Corp. from October 2005 to May 2006. Previously, he had been the Chief Financial Officer and Secretary of Astrex, Inc., a distributor of electronic components, since 2002. From 1996-2002, he was the Chief Financial Officer, V.P. of Finance and Assistant Secretary of Manchester Technologies, Inc., a network integrator and reseller of computer products. From 1984-1996, he was employed by the accounting firm of KPMG LLP. He is a Certified Public Accountant and has a B.A. from Queens College, City University of New York and an M.S. from Long Island University. Since 1996, Mr. Looney has also been an Adjunct Professor of Accounting and Business Law at Hofstra University.

A plurality of the votes cast at the Annual Meeting by the shareholders entitled to vote in the election, either in person or by proxy, is required to elect the director nominees.

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE ‘‘FOR’’ THE APPROVAL OF THESE NOMINEES FOR ELECTION AS DIRECTORS.

The Board of Directors held three meetings during the fiscal year commencing April 1, 2006 and ending March 31, 2007 (the ‘‘Recent Fiscal Year’’). All of the nominees were members of the Board of Directors during the Recent Fiscal Year and attended all three meetings.

As a matter of policy, members of the Board of Directors are required to make every reasonable effort to attend the Annual Meeting. All members of the Board of Directors attended the Company’s 2006 Annual Meeting of Shareholders held on October 10, 2006.

The Company has a separately designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act which held four meetings during the Recent Fiscal Year. The members of the Audit Committee are Messrs. Gutmann, Elkin and Looney. The Board of Directors has determined that each member of the Audit Committee is ‘‘independent’’ not only under the Qualitative Listing Requirements (the ‘‘QLR’’) of the Nasdaq Stock Market (‘‘NASD’’), but also within the definition contained in a final rule adopted by the Securities and Exchange Commission (the ‘‘SEC’’). The Audit Committee’s duties and responsibilities include engaging the independent auditors, directing investigations into matters relating to audit functions, reviewing the plan and results of audits with the Company’s auditors, reviewing the Company’s internal accounting controls and approving services to be performed by the Company’s auditors and related fees. Such duties and responsibilities are more fully described in the Company’s written Audit Committee Charter.

In compliance with the requirements of the QLR, the independent directors of the Board of Directors met in executive session three times during the Recent Fiscal Year. The executive sessions were held in conjunction with regularly scheduled meetings of the Board of Directors.

The Company does not currently have a standing Nominating Committee or a formal Nominating Committee Charter. Currently, the independent members of the Board, rather than a nominating committee, approve or recommend to the full Board those persons to be nominated. The Board believes

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that the current method of nominating directors is appropriate because it allows each independent board member input into the nomination process and because it complies with applicable NASD listing standards.

The Board has, by resolution, adopted a director nomination policy. The purpose of the policy is to describe the process by which candidates for inclusion in the Company’s recommended slate of director nominees are selected. The director nomination policy is administered by the Board.

In the ordinary course, absent special circumstances or a change in the criteria for Board membership, the incumbent directors who continue to be qualified for Board service and are willing to continue as directors are renominated. If the Board thinks it is in the best interest of the Company to nominate a new individual for director in connection with an annual meeting of shareholders, or if a vacancy occurs between annual shareholder meetings, the Board will seek potential candidates for Board appointments who meet criteria for selection as a nominee and have the specific qualities or skills being sought. Director candidates will be selected based on input from members of the Board, senior management of the Company and, if deemed appropriate, a third-party search firm.

Candidates for Board membership must possess the background, skills and expertise to make significant contributions to the Board, to the Company and its shareholders. Desired qualities to be considered include substantial experience in business or administrative activities; breadth of knowledge about issues affecting the Company; and ability and willingness to contribute special competencies to Board activities. The independent members of the Board also consider whether members and potential members are independent under the QLR. In addition, candidates should posses the following attributes: personal integrity; absence of conflicts of interest that might impede the proper performance of the responsibilities of a director; ability to apply sound and independent business judgment; sufficient time to devote to Board and Company matters; ability to fairly and equally represent all shareholders; reputation and achievement in other areas; independence under rules promulgated by the SEC and the QLR; and diversity of viewpoints, background and experiences.

The Board of Directors intends to review the director nomination policy from time to time to consider whether modifications to the policy may be advisable as the Company’s needs and circumstances evolve, and as applicable legal or listing standards change. The Board may amend the director nomination policy at any time.

The Board will consider director candidates recommended by shareholders and will evaluate such director candidates in the same manner in which it evaluates candidates recommended by other sources. In making recommendations for director nominees for the annual meeting of shareholders, the Board of Directors will consider any written recommendations of director candidates by shareholders received by the Corporate Secretary of the Company no later than 90 days before the anniversary of the previous year’s annual meeting of shareholders, except that if no annual meeting was held in the previous year or if the date of the annual meeting is advanced by more than 30 days prior to, or delayed by more than 60 days after, such anniversary date, notice must be received by the 10^thday following the date that public disclosure of the date of the annual meeting is given to shareholders. Recommendations must be mailed to American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753, Attention: Corporate Secretary, and include all information regarding the candidate as would be required to be included in a proxy statement filed pursuant to the proxy rules promulgated by the SEC if the candidate were nominated by the Board of Directors (including such candidate’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected). The shareholder giving notice must provide (i) his or her name and address, as they appear on the Company’s books, and (ii) the number of shares of the Company which are beneficially owned by such shareholder. The Company may require any proposed nominee to furnish such other information it may require to be set forth in a shareholder’s notice of nomination which pertains to the nominee.

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The Board of Directors welcomes communications from its shareholders and other interested parties and has adopted a procedure for receiving and addressing those communications. Shareholders and other interested parties may communicate any concerns they may have about the Company directly to either the full board of directors or one or more directors by mailing their communications to the Company at the following address: [Director], American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY 11753, Attention: Corporate Secretary. The Corporate Secretary will promptly forward all shareholder communications and other communications from interested parties unopened to the intended recipient.

Each Director who is not a salaried employee receives an annual retainer of $1,000 and a uniform fee of $500 for each Board of Directors’ meeting and/or Audit Committee meeting attended in person. In addition, Mr. Looney will receive an additional fee of $500 per Audit Committee meeting as the ‘‘audit committee financial expert’’ serving on the Company’s Audit Committee. Director compensation in Fiscal 2007 was as follows:

The Company is required to have a Board of Directors a majority of whom are ‘‘independent’’ as defined by the QLR and to disclose in the proxy statement for each annual meeting those directors that the Board of Directors has determined to be independent. Based on such definition, the Board of Directors has determined that all directors other than Mr. Gelman, who is an officer of the Company, are independent.

The Company is also required to have an audit committee of at least three members composed solely of independent directors. The Board of Directors is required under the QLR to affirmatively determine the independence of each director on the Audit Committee. The Board has determined that each member of the Audit Committee is ‘‘independent’’ not only under the QLR, but also within the definition contained in a final rule of the SEC. Furthermore, the Board of Directors has determined that Mr. Looney is the ‘‘audit committee financial expert’’, as defined in regulations adopted pursuant to the Sarbanes-Oxley Act of 2002, serving on the Audit Committee.

The Company does not have a standing Compensation Committee. However, in accordance with the QLR, the three independent members of the Board, rather than a formal committee, review executive compensation. The executive compensation philosophy emphasizes providing an executive compensation package that enables the Company to attract, motivate and retain talented executives, primarily through aligning the financial interests of executives with long-term total shareholder return, particularly though stock options. The executive compensation program consists of both base salaries and long-term incentives.

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The executive officers receive base salaries as compensation for their job performance, abilities, knowledge and experience. Apart from contractual commitments, the Company intends to maintain base salaries at below competitive levels in the marketplace until the Company is cash flow positive.

The Company also believes that stock option plans provide an excellent vehicle for rewarding performance by Company executives and retaining their services for the future.

The Company has adopted a Code of Ethics (the ‘‘Code of Ethics’’) that applies to its Chief Executive Officer, Chief Financial Officer, directors and employees. The Code of Ethics is designed to focus our officers, directors and employees on areas of ethical risk, provide guidance to personnel to help them recognize and deal with ethical issues, provide a mechanism to report unethical conduct and help to foster a culture of honesty and accountability for adherence to the Code of Ethics. Any amendments or waivers to the Code of Ethics will be promptly disclosed as required by applicable laws, rules and regulations of the SEC.

Under Federal securities laws, the Company’s directors, its executive officers and any person holding more than 10% of the Company’s Shares are required to report their ownership of the Company’s Shares and any changes in that ownership to the SEC on the SEC’s Forms 3, 4 and 5. Based on its review of the copies of such forms it has received, the Company believes that all officers, directors and owners of greater than 10% of the Company’s equity securities complied on a timely basis with all filing requirements applicable to them with respect to transactions during the Recent Fiscal Year.

For a description of Mr. Gelman’s business experience, see ‘‘ELECTION OF DIRECTORS — Nominees for Election as Directors.’’

Gary J. Knauer joined the Company as its Controller in July 1991 and has served as Chief Financial Officer and Treasurer since October 1991 and as Secretary since March 1993. Before joining the Company, Mr. Knauer was employed from October 1984 to June 1991 by the accounting firm of KPMG LLP. He is a Certified Public Accountant and holds a B.S. from Binghamton University. Since February 1994, Mr. Knauer has also served as Chief Financial Officer of American Para Professional Systems, Inc.

Each of the Company’s executive officers is to serve until the next annual meeting of shareholders or until his earlier resignation or removal.

The following table sets forth all compensation paid or accrued to the Company’s Chief Executive Officer and another executive officer (the ‘‘Named Executive Officers’’) with annual compensation exceeding $100,000 for the fiscal years ended March 31, 2007 and 2006:


Name and Principal Position	Fiscal Year		Salary			Bonus		Option Awards (1)			All Other Compensation (2)			Total
Gary Gelman		2007		$	244,311		—			—		$	10,146		$	254,457
Chairman,		2006		$	244,311		—			—		$	8,634		$	252,945
President and CEO
Gary J. Knauer		2007		$	136,017		—		$	21,250		$	4,953		$	162,220
Treasurer,		2006		$	129,010		—			—		$	5,512		$	134,522
Secretary and CFO


Named Executive Officer	Fiscal Year		Personal Use of Company Automobile			401(k) Matching Contributions			Total
Gary Gelman		2007		$	7,370		$	2,776		$	10,146
		2006		$	5,387		$	3,247		$	8,634
Gary J. Knauer		2007		$	2,893		$	2,060		$	4,953
		2006		$	3,515		$	1,997		$	5,512

Mr. Gelman’s employment agreement with the Company provides for him to be employed as Chairman of the Board of Directors and Chief Executive Officer at an annual salary of $238,800. In addition, Mr. Gelman is entitled to participate in all employee benefit programs and other policies and programs of the Company. Mr. Gelman is not required to devote any specific number of hours to the business of the Company. He is subject to a non-competition and non-disclosure covenant for a period of three years following termination of employment with the Company. The employment agreement is in effect through June 6, 2008 and is automatically renewable for successive one year terms unless the Company or Mr. Gelman gives the other notice of intention to terminate the agreement at the end of the then-current term.

The following table sets forth summary information regarding the outstanding equity awards held by the Named Executive Officers at March 31, 2007:


	Option Awards
Name	Number of Securities Underlying Unexercised Options (#) Exercisable			Number of Securities Underlying Unexercised Options (#) Unexercisable		Option Exercise Price ($)			Option Expiration Date
Gary Gelman		300,000			—		$	1.25	06/04/07
		250,000			—		$	2.56	11/01/10
		250,000			—		$	1.94	08/15/15
Gary J. Knauer		20,000			—		$	2.25	06/23/08
		25,000			—		$	2.50	06/29/09
		25,000			—		$	2.56	11/01/10
		50,000			—		$	1.80	06/06/12
		30,000			—		$	1.70	10/07/13
		5,000			—		$	2.25	03/03/09
		50,000			—		$	2.24	02/10/15
		20,000	(1)		—		$	1.94	08/15/15

The Audit Committee has furnished the following report. The information contained in the ‘‘Audit Committee Report’’ is not deemed to be ‘‘soliciting material’’ or to be ‘‘filed’’ with the SEC, nor is such information to be incorporated by reference into any future filings under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference into such filing.

The Audit Committee reviews the Company’s financial reporting process on behalf of the Board of Directors. Management is responsible for the financial statements and the reporting process, including the system of internal controls. The independent auditors are responsible for expressing an opinion on the conformity of the audited financial statements with accounting principles generally accepted in the United States of America.

In reliance on the reviews and discussions noted above, the Audit Committee recommended to the Board of Directors (and the Board approved) that the audited financial statements be included in the Company’s Annual Report on Form 10-KSB for the year ended March 31, 2007 for filing with the SEC.

The Audit Committee of the Board of Directors
Joseph Looney, Chairman
Peter Gutmann
Edward M. Elkin

On June 20, 2007, the Board of Directors authorized, subject to approval by the Company’s shareholders, an amendment of the Company’s Certificate of Incorporation to modernize the purposes for which the Company is organized. The form of the proposed amendment to the Certificate of Incorporation is included as Exhibit A of this Proxy Statement. A Restated Certificate of Incorporation, in the form of Exhibit E of this Proxy Statement, incorporating the form of proposed amendment set forth on Exhibit A will be filed with the New York Department of State promptly after the Annual Meeting if the proposed amendment is adopted by the Company’s shareholders.

The Board of Directors has determined that the adoption of the proposed amendment will be in the best interests of the Company.

Under the Certificate of Incorporation, the purposes for which the Company is organized are to review bills and claims and determine accuracy and appropriateness of charges and to engage in ancillary activities.

The purpose of the amendment is to modernize the language of the Certificate of Incorporation so as to allow the Company to engage in any lawful act or activity for which corporations may be organized under New York corporate law. Absent the proposed amendment, the Company might not be able to take advantage of an acquisition opportunity for a business that is not engaged in the Company’s current line of business.

The adoption of the above-described amendment to the Certificate of Incorporation requires the affirmative vote of not less than a majority of all outstanding Shares entitled to vote on this proposal. All members of the Board of Directors and each of our executive officers who beneficially hold as of the Record Date an aggregate of 2,938,400 outstanding Shares (approximately 61.7% of the outstanding Shares as of the Record Date) have indicated that they will vote in favor of the proposal. Because of the percentage of beneficial ownership of Shares held by directors and management, approval of this amendment is assured.

The Board of Directors believes that the above-described amendment to the Certificate of Incorporation is in the best interests of the Company and the shareholders and recommends a vote ‘‘FOR’’ this proposal. It is intended that the Shares represented by the enclosed form of proxy will be voted in favor of this proposal unless otherwise specified in such proxy.

THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE ‘‘FOR’’ THE AMENDMENT OF THE COMPANY’S CERTIFICATE OF INCORPORATION TO AMEND THE PURPOSES FOR WHICH THE COMPANY IS ORGANIZED TO ENGAGE IN.

On June 20, 2007, the Board of Directors authorized, subject to approval by the Company’s shareholders, an amendment of the Certificate of Incorporation increasing the total number of authorized Shares from ten (10) million Shares to twenty (20) million Shares. The form of the proposed amendment to the Certificate of Incorporation is annexed hereto as Exhibit B. A Restated Certificate of Incorporation, in the form of Exhibit E of this Proxy Statement, incorporating the form of proposed amendment set forth in Exhibit B will be filed with the New York Department of State promptly after the Annual Meeting if the proposed amendment is adopted by the Company’s shareholders.

The Board of Directors has determined that the adoption of the proposed amendment will be in the best interests of the Company.

Under the Certificate of Incorporation, the Company has 10,000,000 authorized shares of capital stock, all of which are shares of common stock. The Board of Directors believes it is in the best interest of the Company to increase the number of authorized shares of capital stock to 20,000,000, all of which will be shares of common stock. As of the Record Date, the Company had outstanding 4,761,800 Shares. Further, at such date, 1,236,000 Shares were reserved for issuance under the Company’s Stock Option Plans in respect of outstanding options.

As a result of the increase, the number of authorized Shares that are not issued or outstanding will increase, as reflected in the following table:


Number of Shares	Prior to Increase		After Increase
Authorized		10,000,000		20,000,000
Outstanding		4,761,800		4,761,800
Reserved for issuance(1)		1,236,000		1,236,000
Available for future issuance		334,000		334,000

In approving the increase in the authorized Shares, the Board of Directors believes that the number of authorized Shares remaining available was not sufficient to enable the Company to respond to potential business opportunities and pursue important objectives that may present themselves. Although the Company has no commitments or agreements with any other person or entity regarding a proposed transaction, the Board of Directors believes that the availability of additional authorized but unissued Shares will provide the Company with the flexibility to issue Shares without further shareholder action (subject to applicable laws and stock exchange rules) in the event that the Board of Directors determines to enter into any such transaction. Accordingly, the Board of Directors believes it is in the Company’s best interests to increase the number of authorized Shares as described above.

The Board of Directors also believes the availability of such Shares will provide the Company with the flexibility to issue Shares for other proper corporate purposes that may be identified by the Board of Directors from time to time, such as stock dividends (including stock splits in the form of stock dividends), financings, acquisitions, or strategic business relationships. Further, the Board of Directors believes the availability of additional Shares will enable the Company to attract and retain talented employees through the grant of additional stock options and other stock-based incentives following any such acquisition. The issuance of additional Shares may have a dilutive effect on earnings per share and a person who does not purchase additional Shares will not be able to maintain his or her pro rata interest of a shareholder’s percentage voting power.

The authorized Shares in excess of those issued or reserved for issuance, will be available for issuance at such times and for such corporate purposes as the Board of Directors may deem advisable without further action by the Company’s shareholders, except as may be required by applicable laws or the rules of any stock exchange or national securities association trading system on which the securities may be listed or traded. Upon issuance, such Shares will have the same rights as the outstanding Shares. Holders of Shares do not have preemptive rights. The Board of Directors does not intend to issue any Shares except on terms that the Board of Directors deems to be in the best interest of the Company and its then-existing shareholders.

The Board of Directors did not approve this proposed amendment with the intent to use the ability to issue additional Shares to discourage tender offers or takeover attempts. However, the availability of authorized Shares for issuance could render more difficult or discourage a merger, tender offer, proxy contest or other attempt to obtain control of the Company. The proposed amendment is not in response to any effort on the part of any party to accumulate material amounts of Shares or to acquire control of the Company by means of merger, tender offer, proxy contest or otherwise, or to change the Company’s management. In addition, the corporate action is not part of any plan by management to recommend a series of similar amendments to the Board of Directors and the shareholders.

On June 20, 2007, the Board of Directors authorized, subject to approval by the Company’s shareholders, an amendment of the Certificate of Incorporation permitting the Company’s shareholders to act without a meeting by written consent of the holders of less than all of the outstanding Shares. The form of the proposed amendment to the Certificate of Incorporation is annexed hereto as Exhibit C. A Restated Certificate of Incorporation, in the form of Exhibit E of this Proxy Statement, incorporating the form of proposed amendment set forth in Exhibit C will be filed with the New York Department of State promptly after the Annual Meeting if the proposed amendment is adopted by the Company’s shareholders.

Prior to February 23, 1998, New York law permitted the shareholders of a corporation to take action without a meeting only if all shareholders signed a written consent to such action. Effective as of February 23, 1998, the New York statute was amended to permit such action when the written consent is signed by the holders of shares having at least the minimum number of votes that would be necessary to take the action at a meeting of shareholders at which all shares were present and voting. In order for the action to be effective, the minimum number of signed written consents must be delivered to the relevant company within 60 days of the earliest dated written consent in the manner required by the New York Business Corporation Law. Moreover, prompt notice of the action without a meeting by less than unanimous written consent must be given to any shareholders who do not sign the written consent.

In order for the Company to take advantage of this liberalization of New York law, the Company’s Restated Certificate of Incorporation must be amended to so provide. The Board of Directors considers such an amendment to be in the best interests of the Company and its shareholders, because it will obviate the expense and the timing problems associated with the necessity of calling special shareholders’ meetings or deferring actions until the next annual meeting.

Although the amendment will permit Gary Gelman, the Company’s Chairman, President and Chief Executive Officer and majority shareholder (the ‘‘Majority Shareholder’’), to take action without a meeting on matters requiring a simple majority approval, the Majority Shareholder already has the right to take such action at a shareholders’ meeting. Thus, the meeting performs an essentially informational function, which can be less expensively served by the circulation of written notice of the action taken. As the vast majority of beneficial owners of the Company’s Shares tend to forgo attendance at shareholders’ meetings, they will be better served by eliminating the need for special meetings to the fullest extent possible.

The adoption of the above-described amendment to the Certificate of Incorporation requires the affirmative vote of not less than a majority of all outstanding Shares entitled to vote on this proposal. All members of the Board of Directors and each of the Company’s executive officers who beneficially hold as of the Record Date an aggregate of 2,938,400 outstanding Shares (approximately 61.7% of the outstanding Shares as of the Record Date have indicated that they will vote in favor of the proposal. Because of the percentage of beneficial ownership of Shares held by directors and management, approval of this amendment is assured.

The Board of Directors believes the above-described amendment to the Certificate of Incorporation is in the best interests of the Company and the Company’s shareholders and recommends a vote ‘‘FOR’’ this proposal. It is intended that the Shares represented by the enclosed form of proxy will be voted in favor of this proposal unless otherwise specified in such proxy.

THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE ‘‘FOR’’ THE AMENDMENT OF THE COMPANY’S CERTIFICATE OF INCORPORATION TO PERMIT SHAREHOLDER ACTION BY WRITTEN CONSENT.

On June 20, 2007, the Board of Directors authorized, subject to approval by the Company’s shareholders, an amendment of the Certificate of Incorporation prescribing a majority vote of outstanding Shares for the adoption or approval of a plan of merger or consolidation, the sale, lease, exchange or other disposition of all or substantially all of the assets of the Company, or a plan of binding share exchanges. The form of the proposed amendment to the Certificate of Incorporation is annexed hereto as Exhibit D. A Restated Certificate of Incorporation, in the form of Exhibit E of this Proxy Statement, incorporating the form of proposed amendment set forth in Exhibit D will be filed with the New York Department of State promptly after the Annual Meeting of the proposed amendment is adopted by the Company’s shareholders.

The Board of Directors has determined that the adoption of the proposed amendment will be in the best interests of the Company.

Prior to February 22, 1998, New York law provided that a merger or consolidation or a sale, lease, exchange or other disposition of all or substantially all of the assets of a New York corporation, such as the Company, would require the affirmative vote of the holders of at least two-thirds of the shares entitled to vote thereon. A similar requirement applied to certain exchanges of the shares of an acquired corporation for shares of an acquiring corporation.

Effective as of February 22, 1998, New York law was amended to reduce the two-thirds minimum vote requirement for the above-described transactions to a simple majority of the outstanding shares entitled to vote on the proposed transaction, but only for New York corporations formed on or after February 22, 1998. For corporations like the Company that were formed prior to February 22, 1998, the required approval for the above described transactions remained two-thirds of the shares entitled to vote unless the certificate of incorporation of the relevant corporation expressly provides for approval by a simple majority of the outstanding shares entitled to vote on the proposed transaction. The Board of Directors believes that the Company should take advantage of this modernization of New York law, which has conformed the New York Business Corporation Law to the laws of popular states of incorporation such as Delaware.

After the proposed amendment, the Majority Shareholder will have the ability to control Company decisions regarding such transactions. However, the Board of Directors believes that the Company’s shareholders’ opportunity to maximize the value of their Shares will be enhanced if such a transaction cannot be blocked by a minority of the shareholders. Moreover, in many cases, New York law provides a mechanism whereby shareholders who vote against such a transaction can receive fair value for their shares.

The adoption of the above-described amendment to the Certificate of Incorporation requires the affirmative vote of not less than two-thirds of all outstanding Shares entitled to vote on this proposal. All

members of the Board of Directors and each of the Company’s executive officers who beneficially hold as of the Record Date an aggregate of 2,938,400 outstanding Shares (approximately 61.7% of the outstanding Shares as of the Record Date) have indicated that they will vote in favor of the proposal.

The Board of Directors believes the above-described amendment of the Certificate of Incorporation is in the best interests of the Company and the Company’s shareholders and recommends a vote ‘‘FOR’’ this proposal. It is intended that the Shares represented by the enclosed form of proxy will be voted in favor of this proposal unless otherwise specified in such proxy.

THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE ‘‘FOR’’ THE AMENDMENT OF THE COMPANY’S CERTIFICATE OF INCORPORATION TO PRESCRIBE MAJORITY VOTE FOR CERTAIN TRANSACTIONS.

On June 20, 2007, the Board of Directors adopted, subject to approval of the shareholders, the 2007 Stock Incentive Plan (the ‘‘2007 Plan’’). The following description of the 2007 Plan is qualified in its entirety by reference to the text of the 2007 Plan, a copy of which is annexed hereto as Exhibit F.

The purpose of the 2007 Plan is to provide an incentive to key employees (including directors and officers who are key employees), non-employee directors, independent contractors and consultants of the Company and to offer an additional inducement in obtaining the services of such individuals.

The 2007 Plan is administered by the independent directors of the Company (the ‘‘Independent Directors’’). Each of the Independent Directors is intended to be a non-employee director as defined in Rule 16b-3 under the Exchange Act, and an outside director as defined under Section 162(m) of the Internal Revenue Code of 1986, as amended (the ‘‘Code’’). The current Independent Directors are Messrs. Gutmann, Elkin and Looney. The Independent Directors are authorized, subject to the provisions of the 2007 Plan, to determine the employees, non-employee directors, independent contractors and consultants who will receive options under the 2007 Plan, the number of Shares subject to each option and the terms of those options, and to interpret the 2007 Plan and to make such rules and regulations relating to the 2007 Plan as the Independent Directors may deem proper.

Options granted under the 2007 Plan to key employees will either be Incentive Stock Options (‘‘ISOs’’) under the provisions and subject to the limitations of Section 422 of the Code or non-statutory options under the Code, as determined by the Independent Directors; options granted to non-employee directors, independent contractors and consultants are non-statutory options under the Code. The 2007 Plan permits the granting of an aggregate of 1,000,000 Shares at a price equal to not less than 100% of the fair market value of the Shares on the date that the option is granted. Further, no ISO may be granted to an employee owning Shares having more than 10% of the voting power of the Company unless the option price for such employee’s ISO is at least 110% of the fair market value of the Shares subject to the ISO at the time the ISO is granted and the ISO is not exercisable after five years from the date of granting. No option may be granted under the 2007 Plan after the tenth anniversary of the adoption of the 2007 Plan. Options may be granted through June 19, 2017. The closing price of the Shares on August 30, 2007 was $0.97 per Share.

Upon the grant of any option, the optionee must enter into a written agreement with the Company setting forth the terms upon which the option may be exercised. Such an agreement sets forth the length of the

term of the option and the timing of its exercise as determined by the Independent Directors. In no event shall the length of an option extend beyond ten years from the date of its grant. An optionee may exercise an option by delivering payment to the Company in cash, previously acquired Shares or a combination thereof.

Under the 2007 Plan, if the employment of any person to whom an option has been granted is terminated for any reason other than the death or disability of the optionee, the optionee may exercise within ninety days of such termination such options as the optionee could have exercised if his or her employment had continued for such ninety day period. If the optionee dies while employed by the Company or its subsidiaries, or during a period after termination of employment in which the optionee could exercise an option, the optionee’s beneficiary may exercise the option within one year of the date of the optionee’s death but in no event may the option be exercised later than the date on which the option would have expired if the optionee had lived. If the termination is by reason of disability, the optionee may exercise the option, in whole or in part, at any time within one year following such termination of employment, but in no event may the option be exercised later than the date on which the option would have expired if the optionee had not been terminated for disability. Notwithstanding the above, an optionee terminated either (a) for cause or (b) without the consent of the Company may not exercise his or her outstanding options.

In the event of a merger or consolidation in which the Company is not the surviving corporation, or any other capital reorganization in which more than 50% of the Shares entitled to vote are exchanged, any outstanding options shall vest in their entirety and become exercisable within the period of thirty days commencing upon the date action of the shareholders (or the Board of Directors if shareholder action is not required) is taken to approve the transaction and upon the expiration of that period all options shall automatically terminate, unless other provision is made therefor in the transaction.

With respect to the tax effects of ISOs, the optionee does not recognize any taxable income when the option is granted or exercised. If no disposition of shares issued to an optionee pursuant to the exercise of an ISO is made by the optionee within two years from the date of grant or within one year after the transfer of such shares to the optionee then (a) upon sale of such shares, any amount realized in excess of the option price (the amount paid for the Shares) will be taxed to the optionee as long-term capital gain and any loss sustained will be a long-term capital loss and (b) no deduction will be allowed to the Company for Federal income tax purposes. The exercise of an ISO will give rise to an item of tax preference that may result in alternative minimum tax liability for the optionee.

If Shares acquired upon the exercise of an ISO are disposed of prior to the expiration of the two year and one year holding periods described above (a ‘‘Disqualifying Disposition’’) generally (a) the optionee will realize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of the Shares at exercise (or, if less, the amount realized upon the sale of such Shares) over the option price thereof, and (b) the Company will be entitled to deduct such amount, subject to applicable withholding requirements. Any further gain realized will be taxed as short-term or long-term capital gain and will not result in any deduction by the Company. A Disqualifying Disposition will eliminate the item of tax preference associated with the exercise of the ISO.

If an optionee is permitted to, and does, make the required payment of the option price by delivering Shares, the optionee generally will not recognize any gain as a result of such delivery, but the amount of gain, if any, which is not so recognized, will be excluded from his basis in the new Shares received. However, the use by an optionee of Shares previously acquired pursuant to the exercise of an ISO to exercise an ISO will be treated as a taxable disposition if the transferred Shares are not held by the optionee for the requisite holding period described above.

A recipient of a non-statutory option incurs no income tax liability as a result of having been granted those options. The exercise by an individual of a non-statutory option normally results in the immediate

realization of income by the individual of the difference between the market value of the Shares which are being purchased on the date of exercise and the price being paid for such Shares. The amount of such income also is deductible by the Company. If the exercise price is paid in whole or in part in Shares, no income, gain or loss is recognized by an optionee on the receipt of Shares equal in number to the Shares delivered in payment of the exercise price, and the fair market value of the remainder of the Shares received upon exercise of the option, determined as of the date of exercise, less the amount of cash, if any, paid upon exercise, is treated as compensation income received by the optionee.

Under current law an individual who sells Shares which were acquired upon the exercise of non-statutory options will receive long-term capital gains or loss treatment, if the individual has held such Shares for longer than one year following the date of such exercise, on the gain or loss equal to the difference between the price for which such Shares were sold and the market value of the Shares on the date of the exercise. If the individual has held the Shares for one year or less than the gain or loss will be treated as short-term capital gain or loss.

In addition, (i) any officers and directors of the Company subject to Section 16(b) of the Exchange Act may also be subject to special tax rules regarding the income tax consequences concerning their options, (ii) any entitlement to a tax deduction on the part of the Company is subject to the applicable tax rules (including, without limitation, Section 162(m) of the Code regarding a $1,000,000 limitation on deductible compensation), (iii) the exercise of an ISO may have implications in the computation of alternative minimum taxable income, and (iv) in the event that the exercisability or vesting of any option is accelerated because of a change in control, payments relating to the option, either alone or together with certain other payments, may constitute parachute payments under Section 280G of the Code, which excess amounts may be subject to excise taxes.

In general, Section 162(m) of the Code denies a publicly held corporation a deduction for federal income tax purposes for compensation in excess of $1,000,000 per year per person to its chief executive officer and four other officers whose compensation is disclosed in its proxy statement, subject to certain exceptions. Options will generally qualify under one of these exceptions if they are granted under a plan that states the maximum number of shares with respect to which options may be granted to any recipient during a specified period and the plan under which the options are granted is approved by stockholders and is administered by a Committee comprised of outside directors.

The 2007 Plan may be terminated, suspended, or modified at any time by the Independent Directors, but no amendment increasing the maximum number of Shares for which options may be granted (except to reflect a stock split, stock dividend or other distribution), materially increasing the benefits accruing to an optionee or changing the class of persons eligible to be optionees shall be made without first obtaining approval by a majority of the outstanding Shares of the Company entitled to vote. No termination, suspension or modification of the 2007 Plan shall adversely affect any right previously acquired by the optionee or other beneficiary under the 2007 Plan without such optionee’s or beneficiary’s consent.

ISOs granted under the 2007 Plan may not be transferred other than by will or by the laws of descent and distribution or a qualified domestic relations order and, during the optionee’s lifetime, may be exercised only by the optionee. Non-statutory stock options may be transferred as determined by the Committee and as set forth in the written agreement between the optionee and the Company.

The benefits or amounts that will be received by or allocated to any participants are not now determinable.

The 2007 Plan requires the affirmative vote of a majority of the votes cast at the Annual Meeting. All members of the Board of Directors and each of our executive officers who beneficially hold as of the Record Date an aggregate of 2,938,400 outstanding Shares (approximately 61.7% of the outstanding

Shares as of the Record Date) have indicated that they will vote in favor of the proposal. Because of the percentage of beneficial ownership of Shares held by directors and management, approval of this amendment is assured.

The Board of Directors believes that the 2007 Plan is in the best interests of the Company and the shareholders and recommends a vote ‘‘for’’ this proposal. It is intended that the Shares represented by the enclosed form of proxy will be voted in favor of this proposal unless otherwise specified in such proxy.

THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE ‘‘FOR’’ THE 2007 PLAN.

The Audit Committee has selected the firm of Holtz Rubenstein Reminick LLP (‘‘Holtz Rubenstein’’) to act as the Company’s independent registered public accounting firm for the 2008 fiscal year. A representative of Holtz Rubenstein is expected to be available at the Annual Meeting to respond to appropriate questions from shareholders and will be given the opportunity to make a statement if he/she desires to do so.

On August 8, 2007, the Company dismissed J.H. Cohn LLP (‘‘J.H. Cohn’’) as its independent registered public accounting firm. The reports of J.H. Cohn on the Company’s financial statements as of and for each of the fiscal years ended March 31, 2007 and 2006 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended March 31, 2007 and 2006 and through the date hereof, there were no disagreements with J.H. Cohn on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to J.H. Cohn’s satisfaction, would have caused J.H. Cohn to make reference to the subject matter of the disagreement in connection with its report on the Company’s financial statements for such years.

Simultaneously with the dismissal of J.H. Cohn, the Company engaged Holtz Rubenstein to act as its independent registered public accounting firm as successor to J.H. Cohn.

The Audit Committee of the Company’s Board of Directors approved the dismissal of J.H. Cohn and this action was ratified by the Company’s Board of Directors. The Audit Committee of the Company’s Board of Directors simultaneously approved the appointment of Holtz Rubenstein as the Company’s independent registered public accounting firm and this action was ratified by the Company’s Board of Directors.

The aggregate fees billed or billable for the fiscal years ended March 31, 2007 and 2006 for professional services rendered by J.H. Cohn were as follows:

The Audit Committee’s policy is to pre-approve all audit services and all non-audit services that the Company’s independent auditor is permitted to perform for the Company under applicable federal securities regulations.

On August 20, 2004, the Company entered into a seven-year noncancelable operating sublease, which commenced on December 1, 2004, for office space with American Para Professional Systems, Inc., an

entity under the control of Mr. Gelman. Basic rent under the sublease was established as a pass-through with the Company’s cost being fixed at a cost equal to the pro-rata rent payable for the subleased space by American Para Professional Systems, Inc. to the building’s landlord.

The Board of Directors is not aware of any other matters which are likely to be brought before the Annual Meeting. However, in the event that any other matters properly come before the Annual Meeting, it is intended that the persons named in the accompanying proxy will vote the Shares represented by all properly executed proxies on such matters in such manner as shall be determined by a majority of the Board of Directors.

An Annual Report to Shareholders will accompany this Proxy Statement but is not to be considered a part hereof. The Company will provide to all shareholders, free of charge, a copy of its Annual Report on Form 10-KSB (without exhibits) for the fiscal year ended March 31, 2007, upon written request of such shareholder to Gary J. Knauer, Secretary, American Claims Evaluation, Inc., One Jericho Plaza, Jericho, New York 11753.

Proposals by shareholders intended to be presented at the 2008 Annual Meeting of Shareholders must be received by the Company on or before May 17, 2008 in order to be included in the proxy statement for that meeting. It is suggested that proponents submit their proposals by certified mail, return receipt requested, addressed to the Secretary of the Company. Under the SEC’s proxy rules, proxies solicited by the Board of Directors for the 2008 Annual Meeting may be voted at the discretion of the persons named in such proxies (or their substitutes) with respect to any shareholder proposal not included in the Company’s proxy statement if the Company does not receive notice of such proposal on or before July 31, 2008, unless the 2008 Annual Meeting is not held within 30 days before or after the anniversary date of the 2007 Annual Meeting.

Article Second of the Certificate of Incorporation, relating to the purposes for which the Company is organized, is amended in its entirety to read as follows:

‘‘SECOND: The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the Business Corporation Law, provided that it is not formed to engage in any act or activity requiring the consent or approval of any state official, department, board, agency or other body without such consent or approval first being obtained.

For the accomplishment of the aforesaid purpose, and in furtherance thereof, the corporation shall have and may exercise all of the powers, rights and privileges which are now and may hereafter be conferred by the Business Corporation Law upon corporations formed thereunder, subject to any limitations thereof contained in the laws of the State of New York.’’

Article Third of the Certificate of Incorporation, relating to the number of authorized shares of the Company, is hereby amended to increase the number of authorized shares of common stock from 10,000,000 shares to 20,000,000 shares and should read as follows:

‘‘THIRD: The aggregate number of shares of capital stock of the corporation is 20,000,000, all of which shall be common stock, par value $.01 per share (‘‘Common Stock’’).

As permitted by Section 615 of the Business Corporation Law, Article Seventh, permitting the shareholders of the corporation under certain circumstances to take action on the written consent of the holders of less than all of the outstanding shares, is added to the certificate of incorporation to read as follows:

‘‘SEVENTH: Whenever the shareholders are required or permitted to take any action by vote, such action may be taken without a meeting upon written consent, setting forth the action so taken, signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted; provided that no such written consent shall be effective unless written consents signed by a sufficient number of holders to take action are delivered to the corporation within the time, and in the manner, required by paragraph (b) of Section 615 of the Business Corporation Law.’’

As permitted by Sections 903, 909 and 913 of the Business Corporation Law, Article Eighth, prescribing a majority of the votes of all outstanding shares entitled to vote thereon as the required vote for adoption or approval of a plan of merger or consolidation, a sale, lease, exchange or other disposition of all or substantially all of the assets of the corporation or a plan for binding share exchanges, is added to the Certificate of Incorporation to read as follows:

‘‘EIGHTH: By an affirmative vote of the holders of a majority of all outstanding shares entitled to vote thereon, (i) a plan of merger or consolidation in which the corporation would be a constituent corporation nay be adopted by the shareholders of the corporation as provided in Section 903 of the Business Corporation Law, (ii) a sale, lease, exchange or other disposition of all or substantially all of the assets of the corporation may be approved by the shareholders of the corporation, and the shareholders of the corporation may fix, or may authorize the board of directors of the corporation to fix, any of the terms and conditions of such sale, lease, exchange or other disposition and the consideration to be received by the corporation therefor, as provided in Section 909 of the Business Corporation Law, or (iii) a plan of exchange in which the corporation would be the subject corporation, within the meaning of Section 913 of the Business Corporation Law, may be adopted by the shareholders of the corporation as provided in paragraph (c) of Section 913 of the Business Corporation Law.’’

SECOND: The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the Business Corporation Law, provided that it is not formed to engage in any act or activity requiring the consent or approval of any state official, department, board, agency or other body without such consent or approval first being obtained.

THIRD: The aggregate number of shares of capital stock of the corporation is 20,000,000, all of which shall be common stock, par value $.01 per share (‘‘Common Stock’’).

FOURTH: The office of the corporation shall be located in the Town of Jericho, County of Nassau and State of New York.

FIFTH: The Secretary of State is designated as the agent of the corporation upon whom process in any action or proceeding against it may be served within the State of New York. The address to which the Secretary of State shall mail a copy of any process against the corporation which may be served upon him pursuant to law is:

AMERICAN CLAIMS EVALUATION, INC.
One Jericho Plaza
Jericho, New York 11753-1635
Attention: Chairman or President

(a) No director of the corporation shall be personally liable to the corporation or its shareholders for damages for any breach of duty in such capacity; provided however, that the provisions of the foregoing sentence shall not eliminate or limit (1) the liability of any director if a judgment or other final adjudication adverse to him establishes that his acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled or that his acts violated Section 719 of the Business Corporation Law, or (2) the liability of any director for any act or omission prior to the adoption of this Article SIXTH.

(b) The provisions of this Article SIXTH are in addition to and not in limitation of any other rights a director may have for indemnification for any acts or alleged acts and are in addition to and not in limitation of any other provisions from time to time applicable restricting actions against or reducing liabilities of a director of the corporation, it being the intention of this Article SIXTH to permit a director to obtain the most beneficial treatment to directors with respect to protection from and against costs, expenses and liabilities incurred as a result of service as such, and the benefits of indemnification as may be hereafter permitted to directors of a New York corporation under the laws of the State of New York.

SEVENTH: Whenever the shareholders are required or permitted to take any action by vote, such action may be taken without a meeting upon written consent, setting forth the action so taken, signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted; provided that no such written consent shall be effective unless written consents signed by a sufficient number of holders to take action are delivered to the corporation within the time, and in the manner, required by paragraph (b) of Section 615 of the Business Corporation Law.

EIGHTH: By an affirmative vote of the holders of a majority of all outstanding shares entitled to vote thereon, (i) a plan of merger or consolidation in which the corporation would be a constituent corporation nay be adopted by the shareholders of the corporation as provided in Section 903 of the Business Corporation Law, (ii) a sale, lease, exchange or other disposition of all or substantially all of the assets of the corporation may be approved by the shareholders of the corporation, and the shareholders of the corporation may fix, or may authorize the board of directors of the corporation to fix, any of the terms and conditions of such sale, lease, exchange or other disposition and the consideration to be received by the corporation therefor, as provided in Section 909 of the Business Corporation Law, or (iii) a plan of exchange in which the corporation would be the subject corporation, within the meaning of Section 913 of the Business Corporation Law, may be adopted by the shareholders of the corporation as provided in paragraph (c) of Section 913 of the Business Corporation Law.

IN WITNESS WHEREOF, this amended and restated certificate has been subscribed to this 9^th day of October, 2007 by the undersigned who affirms that the statements made herein are true under the penalties of perjury.

This stock incentive plan (the ‘‘Plan’’) is designed to provide an incentive to key employees (including directors and officers who are key employees), non-employee directors, independent contractors and consultants of American Claims Evaluation, Inc., a New York corporation (the ‘‘Company’’), and its present and future subsidiary corporations, as defined in Paragraph 19 (‘‘Subsidiaries’’), and to offer an additional inducement in obtaining the services of such individuals. The Plan provides for the grant of (i) ‘‘incentive stock options’’ (‘‘ISOs’’) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the ‘‘Code’’) to key employees of the Company (including directors and officers who are key employees) and (ii) ‘‘nonstatutory options’’ (‘‘Nonqualified Options’’) to key employees of the Company (including directors and officers who are key employees), non-employee directors, independent contractors and consultants of the Company. The Company makes no warranty as to the qualifications of any option as an ‘‘incentive stock option’’ under the Code.

Subject to the provisions of Paragraph 12, the aggregate number of shares of common stock, $.01 par value per share, of the Company (‘‘Common Stock’’) for which options may be granted under the Plan shall not exceed 1,000,000. Such shares of Common Stock may, in the discretion of the Board of Directors of the Company (the ‘‘Board of Directors’’), consist either in whole or in part of authorized but unissued shares of Common Stock or shares of Common Stock held in the treasury of the Company. The Company shall at all times during the term of the Plan reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the requirements of the Plan. Subject to the provisions of Paragraph 13, any shares of Common Stock subject to an option which for any reason expires, is canceled or is terminated unexercised or which ceases for any reason to be exercisable shall again become available for the granting of options under the Plan.

The Plan shall be administered by a committee appointed by the Board of Directors (the ‘‘Committee’’). Each member of the Committee must be ‘‘independent’’ within the meaning of the Qualitative Listing Requirements of the NASDAQ Stock Market. A majority of the members of the Committee shall constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present, and any acts approved in writing by all members without a meeting, shall be the acts of the Committee.

Subject to the express provisions of the Plan, the Committee shall have the authority, in its sole discretion, to determine the key employees, non-employee directors, independent contractors and consultants who shall receive options; the times when they shall receive options; whether an option shall be an ISO or a Nonqualified Option (provided, however, that non-employee directors, independent contractors and consultants may only receive Nonqualified Options); the number of shares of Common Stock to be subject to each option; the term of each option; the date each option shall become exercisable; whether an option shall be exercisable in whole, in part or in installments, and, if in installments, the number of shares of Common Stock to be subject to each installment; whether the installments shall be cumulative; the date each installment shall become exercisable and the term of each installment; whether to accelerate the date of exercise of any installment; whether shares of Common Stock may be issued on exercise of an option as partly paid, and, if so, the dates when future installments of the exercise price shall become due and the amounts of such installments; the exercise price of each option; the form of payment of the exercise price; the amount, if any,

necessary to satisfy the Company’s obligation to withhold taxes; whether a Nonqualified Option is transferable and, if so, the terms of such transfer; whether to restrict the sale or other disposition of the shares of Common Stock acquired upon the exercise of an option and to waive any such restriction; whether to subject the exercise of all or any portion of an option to the fulfillment of contingencies as specified in the contract referred to in Paragraph 11 (the ‘‘Contract’’), including, without limitation, contingencies related to entering into a covenant not to compete with Company and its Parent and Subsidiaries, to financial objectives for the Company, a Subsidiary, a division, a product line or other category, and/or the period of continued employment of the optionee with the Company, its Parent or its Subsidiaries, and to determine whether such contingencies have been met; to construe the respective Contracts and the Plan; with the consent of the optionee, to cancel or modify an option, provided such option as modified would be permitted to be granted on such date under the terms of the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; and to make all other determination necessary or advisable for administering the Plan. The determinations of the Committee on the matters referred to in this Paragraph 3 shall be conclusive.

The Committee may, consistent with the purposes of the Plan, grant options from time to time to key employees, non-employee directors, independent contractors and consultants (including directors and officers who are key employees) of the Company or any of its Subsidiaries. Options granted shall cover such number of shares of Common Stock as the Committee may determine; provided, however, that the aggregate market value (determined at the time the option is granted) of the shares of Common Stock for which any eligible person may be granted ISOs under the Plan or any other plan of the Company, or of a Parent or a Subsidiary of the Company, which are exercisable for the first time by such optionee during any calendar year shall not exceed $100,000. The $100,000 ISO limitation shall be applied by taking ISOs into account in the order in which they were granted. Any option (or the portion thereof) granted in excess of such amount shall be treated as a Nonqualified Option.

The exercise price of the shares of Common Stock under each option shall be determined by the Committee; provided, however, that the exercise price shall not be less than 100% of the fair market value of the Common Stock subject to such option on the date of grant; and further provided, that if, at the time an ISO is granted, the optionee owns (or is deemed to own under Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, of any of its Subsidiaries or of a Parent, the exercise price of such ISO shall not be less than 110% of the fair market value of the Common Stock subject to such ISO on the date of grant.

The fair market value of the Common Stock on any day shall be (a) if the principal market for the Common Stock is a national securities exchange, including The NASDAQ Stock Market LLC (‘‘NASDAQ’’), the last trade on such day as reported by such exchange or on a consolidated tape reflecting transactions on such exchange or (ii) if such information is not available, the average between the highest bid and the lowest asked prices for the Common Stock on such day on NASDAQ, or (b) if the principal market for the Common Stock is not a national securities exchange and the Common Stock is not quoted on NASDAQ, the average between the highest bid and lowest asked prices for the Common Stock on such day as reported on the OTC Bulletin Board Service or by National Quotation Bureau, Incorporated or a comparable service; provided that if clauses (a) and (b) of this Paragraph are all inapplicable, or if no trades have been made or no quotes are available for such day, the fair market value of the Common Stock shall be determined by the Committee by any method consistent with applicable regulations adopted by the Treasury Department relating to stock options. The determination of the Committee shall be conclusive in determining the fair market value of the Common Stock.

The term of each option granted pursuant to the Plan shall be such term as is established by the Committee, in its sole discretion, at or before the time such option is granted; provided, however, that

the term of each ISO granted pursuant to the Plan shall be for a period not exceeding 10 years from the date of grant thereof, and further, provided, that if, at the time an ISO is granted, the optionee owns (or is deemed to own under Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, of any of its Subsidiaries or of a Parent, the term of the ISO shall be for a period not exceeding five years from the date of grant. Options shall be subject to earlier termination as hereinafter provided.

An option (or any part or installment thereof), to the extent then exercisable, shall be exercised by giving written notice to the Company at its principal office (at present One Jericho Plaza, Jericho, NY 11753, Attn: Secretary), stating which ISO or Nonqualified Option is being exercised, specifying the number of shares of Common Stock as to which such option is being exercised and accompanied by payment in full of the aggregate exercise price therefor (or the amount due on exercise if the Contract permits installments payments) (a) in cash or by certified check made payable to the Company or (b) if the Contract (at the time of grant) so permits, through a ‘‘cashless exercise’’ procedure whereby the optionee delivers irrevocable instructions to a broker to deliver promptly to the Company an amount equal to the purchase price; or (c) on such other terms and conditions as may be acceptable to the Committee (including, without limitation, the relinquishment of ISOs or Nonqualified Options or by payment in full or in part in the form of Common Stock owned by the optionee for a period of at least 6 months or such other period as may be required to avoid an accounting charge against the Company’s earnings (and for which the optionee has good title free and clear of any liens and encumbrances) based on the fair market value of the Common Stock on the payment date as determined by the Committee), with previously acquired shares of Common Stock having an aggregate fair market value, on the date of exercise, equal to the aggregate exercise price of all options being exercised, or with any combination of cash, certified check or shares of Common Stock.

A person entitled to receive Common Stock upon the exercise of an option shall not have the rights of a shareholder with respect to such shares of Common Stock until the date of issuance of a stock certificate to him for such shares; provided, however, that until such stock certificate is issued, any option holder using previously acquired shares of Common Stock in payment of an option exercise price shall continue to have the rights of a shareholder with respect to such previously acquired shares.

In no case may a fraction of a share of Common Stock be purchased or issued under the Plan.

Any holder of an option whose employment with the Company (and its Parent and Subsidiaries) has terminated for any reason other than his death or Disability (as defined in Paragraph 19) may exercise such option, to the extent exercisable on the date of such termination, at any time within 90 days after the date of termination, but not thereafter and in no event after the date the option would otherwise have expired; provided, however, that if his employment shall be terminated either (a) for cause, or (b) without the consent of the Company, said option shall terminate immediately. Options granted under the Plan shall not be affected by any change in the status of the holder so long as he continues to be a full-time employee of the Company, its Parent or any of its Subsidiaries (regardless of having been transferred from one corporation to another).

For the purposes of the Plan, an employment relationship shall be deemed to exist between an individual and a corporation if, at the time of the determination, the individual was an employee of such corporation for purposes of Section 422(a) of the Code. As a result, an individual on military, sick leave or other bona fide leave of absence shall continue to be considered an employee for purposes of the Plan during such leave if the period of the leave does not exceed 90 days, or, if longer, so long as the individual’s right to reemployment with the Company (or a related corporation) is guaranteed either by statute or by contract. If the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed by statute or by contract, the employment relationship shall be deemed to have terminated on the 91^st day of such leave.

Nothing in the Plan or in any option granted under the Plan shall confer on any individual any right to continue in the employ of the Company, its Parent or any of its Subsidiaries, or interfere in any way with the right of the Company, its Parent or any of its Subsidiaries to terminate the employee’s employment at any time for any reason whatsoever without liability to the Company, its Parent or any of its Subsidiaries.

If an optionee dies (a) while he is employed by the Company, its Parent or any of its Subsidiaries, (b) within 90 days after the termination of his employment (unless such termination was for cause or without the consent of the Company) or (c) within one year following the termination of his employment by reason of Disability, the option may be exercised, to the extent exercisable on the date of his death, by his executor, administrator or other person at the time entitled by law to his rights under such option, at any time within one year after death, but not thereafter and in no event after the date the option would otherwise have expired.

The Committee may require, in its discretion, as a condition to the exercise of any option that either (a) a Registration Statement under the Securities Act of 1933, as amended (the ‘‘Securities Act’’), with respect to the shares of Common Stock to be issued upon such exercise shall be effective and current at the time of exercise, or (b) there is an exemption from registration under the Securities Act for the issuance of shares of Common Stock upon such exercise. Nothing herein shall be construed as requiring the Company to register shares subject to any option under the Securities Act.

The Committee may require the optionee to execute and deliver to the Company his representation and warranty, in form and substance satisfactory to the Committee, that the shares of Common Stock to be issued upon the exercise of the option are being acquired by the optionee for his own account, for investment only and not with a view to the resale or distribution thereof. In addition, the Committee may require the optionee to represent and warrant in writing that any subsequent resale or distribution of shares of Common Stock by such optionee will be made only pursuant to (i) a Registration Statement under the Securities Act which is effective and current with respect to the shares of Common Stock being sold, or (ii) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption, the optionee shall, prior to any offer of sale or sale of such shares of Common Stock, provide the Company with a favorable written opinion of counsel, in form and substance satisfactory to the Company, as to the applicability of such exemption to the proposed sale or distribution.

In addition, if at any time the Committee shall determine in its discretion that the listing or qualification of the shares of Common Stock subject to such option on any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to, or in connection with, the granting of an option or the issue of shares of Common Stock thereunder, such option may not be exercised in whole or in part unless such listing, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.

Each option shall be evidenced by an appropriate Contract which shall be duly executed by the Company and the optionee, and shall contain such terms and conditions not inconsistent herewith as may be determined by the Committee.

Notwithstanding any other provisions of the Plan, in the event of any change in the outstanding Common Stock by reason of a stock dividend, recapitalization, merger or consolidation in which the Company is the surviving corporation, split-up, combination or exchange of shares or the like, the aggregate number and kind of shares subject to the Plan, the aggregate number and kind of shares subject to each outstanding option and the exercise price thereof shall be appropriately adjusted by the Committee, whose determination shall be conclusive.

In the event of (a) the liquidation or dissolution of the Company, (b) a merger or consolidation in which the Company is not the surviving corporation, or (c) any other capital reorganization in which more than 50% of the shares of Common Stock of the Company entitled to vote are exchanged, any outstanding options shall vest in their entirety and become exercisable within the period of thirty (30) days commencing upon the date of the action of the shareholders (or the Board of Directors if shareholder action is not required) is taken to approve the transaction and upon the expiration of that period all options and all rights thereto shall automatically terminate, unless other provision is made therefore in the transaction.

The Plan was adopted by the Committee on June 20, 2007. No option may be granted under the Plan after June 19, 2017. The Committee, without further approval of the Company’s shareholders, may at any time suspend or terminate the Plan, in whole or in part, or amend it from time to time in such respects as it may deem advisable, including, without limitation, in order that ISOs granted hereunder meet the requirements for ‘‘incentive stock options’’ under the Code, to comply with applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended, and to conform to any change in applicable law or to regulations or rulings of administrative agencies; provided, however, that no amendment shall be effective without prior shareholder approval which would (a) except as contemplated in Paragraph 12, increase the maximum number of Common Stock for which options may be granted under the Plan, (b) materially increase the benefits to participants under the Plan or (c) change the eligibility requirements for individuals entitled to receive options hereunder. No termination, suspension or amendment of the Plan shall, without the consent of the holder of an existing option affected thereby, adversely affect his rights under such option. The power of the Committee to construe and administer any options granted under the Plan prior to the termination or suspension of the Plan nevertheless shall continue after such termination or during such suspension.

No ISO granted under the Plan shall be transferable otherwise than by will or the laws of descent and distribution or a qualified domestic relations order (‘‘QDRO’’) as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and options may be exercised, during the lifetime of the holder thereof, only by him or his legal representatives or pursuant to a QDRO. A Nonqualified Option shall be transferable to the extent determined by the Committee and set forth in the Contract. Except to the extent provided above, options may not be assigned, transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.

The Company may withhold cash and/or shares of Common Stock to be issued with respect thereto having an aggregate fair market value equal to the amount which it determines is necessary to satisfy its obligation to withhold Federal, state and local income taxes or other taxes incurred by reason of the grant or exercise of an option, its disposition, or the disposition of the underlying shares of Common Stock. Alternatively, the Company may require the holder to pay to the Company such amount, in cash, promptly upon demand. The Company shall not be required to issue any shares of Common Stock pursuant to any such option until all required payments have been made. Fair market value of the shares of Common Stock shall be determined in accordance with Paragraph 5.

The Company may endorse such legend or legends upon the certificates for shares of Common Stock issued upon exercise of an option under the Plan and may issue such ‘‘stop transfer’’ instructions to its transfer agent in respect of such shares as it determines, in its discretion, to be necessary or appropriate to (a) prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act, (b) implement the provisions of the Plan or any agreement between the Company and the optionee with respect to such shares of Common Stock, or (c) permit

the Company to determine the occurrence of a ‘‘disqualifying disposition,’’ as described in Section 421(b) of the Code, of the shares of Common Stock transferred upon the exercise of an ISO granted under the Plan.

The Company shall pay all issuance taxes with respect to the issuance of shares of Common Stock upon the exercise of an option granted under the Plan, as well as all fees and expenses incurred by the Company in connection with such issuance.

The cash proceeds from the sale of shares of Common Stock pursuant to the exercise of options under the Plan shall be added to the general funds of the Company and used for such corporate purposes as the Committee may determine.

Anything in this Plan to the contrary notwithstanding, the Committee may, without further approval by the shareholders, substitute new options for prior options of a Constituent Corporation (as defined in Paragraph 19) or assume the prior options of such Constituent Corporation.

The Plan, such options as may be granted hereunder and all related matters shall be governed by, and construed in accordance with, the laws of the State of New York.

The invalidity or illegality of any provision herein shall not affect the validity of any other provision.

The Plan shall be subject to approval by the holders of a majority of the Company’s stock outstanding and entitled to vote thereon at the next meeting of its shareholders. No options granted hereunder may be exercised prior to such approval, provided that the date of grant of any options granted hereunder shall be determined as if the Plan had not been subject to such approval. Notwithstanding the foregoing, if the Plan is not approved by a vote of the shareholders of the Company on or before June 20, 2008, the Plan and any options granted hereunder shall terminate.

The undersigned hereby appoints Gary Gelman, Edward M. Elkin, M.D., Peter Gutmann and Joseph Looney as Proxies, each with the power to appoint a substitute, and hereby authorizes them to represent and to vote, as designated below, all the shares of common stock, par value $.01 per share, of American Claims Evaluation, Inc. held of record by the undersigned on August 31, 2007 at the Annual Meeting of Shareholders to be held on October 9, 2007 or any adjournment thereof (the ‘‘Annual Meeting’’) .

PLEASE MARK, SIGN, DATE AND RETURN
THE PROXY CARD PROMPTLY IN THE ENVELOPE PROVIDED.

ELECTION OF DIRECTORS

For All

Withhold All

For All

To withhold authority to vote, mark ‘‘For All Except’’ and write the nominee # on the line below

01) Gary Gelman

03) Peter Gutmann

02) Edward M. Elkin, M.D.

04) Joseph Looney

VOTE ON PROPOSAL

For

Against

Abstain

Approval of the adoption of an amendment of the Certificate of Incoproration of the Company to amend the purposes for which the Company is formed to engage in

Approval of the adoption of an amendment of the Certificate of Incoproration of the Company to increase the number of shares of Common Stock

Approval of the adoption of an amendment of the Certificate of Incoproration of the Company to permit shareholder action by written consent of the holders of less than all of the outstanding shares

Approval of the adoption of an amendment of the Certificate of Incoproration of the Company to prescribe a majority vote of the outstanding shares for certain transactions

Approval of the 2007 Stock Incentive Plan

In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Annual Meeting. This Proxy, when properly executed, will be voted in the manner directed herein by the undersigned shareholder. If no direction is made, the Proxy will be voted FOR all nominees listed, FOR approval of the adoption of an amendment of the Certificate of Incorporation of the Company to amend the purposes for which the Company is formed to engage in, FOR approval of the adoption of an amendment of the Certificate of Incorporation of the Company to increase the number of shares of Common Stock, FOR approval of the adoption of an amendment of the Certificate of Incorporation of the Company to permit shareholder action by written consent of the holders of less than all of the outstanding shares, FOR approval of the adoption of an amendment of the Certificate of Incorporation of the Company to prescribe a majority vote of the outstanding shares for certain transactions and FOR approval of the 2007 Stock Incentive Plan.

When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by President or other authorized officer. If a partnership, please sign in partnership name by authorized person. Please note any change in your address alongside the address as it appears on the Proxy.

PLEASE MARK IN BLUE OR BLACK INK, SIGN, DATE AND
RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.


Name	Fees Earned or Paid in Cash ($)			Option Awards ($)(1)(2)			Total ($)
Edward Elkin		$	2,500		$	14,250		$	16,750
Peter Gutmann		$	3,000		$	14,250		$	17,250
Joseph Looney		$	3,500			—		$	3,500


	Fiscal year ended March 31,
	2007			2006
Audit fees (1)		$	40,000		$	35,000
Audit-related fees			—			—
Tax fees			—			—
All other fees			—			—
Total fees		$	40,000		$	35,000

		Referenced-On Page
This ‘PRE 14A’ Filing	Date	First	Last	Other Filings

	6/19/17	18	35
	7/31/08	22
	6/20/08	36
	6/6/08	11
	5/17/08	22
For Period End:	10/9/07	3	37	8-K, DEF 14A
	9/14/07	3	22	DEF 14A
Filed on:	9/4/07
	8/31/07	3	37
	8/30/07	18
	8/8/07	21		8-K
	6/20/07	13	35	4, 8-K
	3/31/07	7	22	10KSB
	10/10/06	7		4, DEF 14A
	4/1/06	7
	3/31/06	11	21	10KSB
	6/14/05	7		3, 8-K
	12/1/04	21
	8/20/04	21		10QSB
	2/23/98	16
	2/22/98	17
				List all Filings

American Learning Corp – ‘PRE 14A’ for 10/9/07

On: Tuesday, 9/4/07, at 3:49pm ET · For: 10/9/07 · Accession #: 950136-7-6203 · File #: 0-14807

Preliminary Proxy Solicitation Material — Schedule 14A
Filing Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference


1)	Title of each class of securities to which transaction applies:


2)	Aggregate number of securities to which transaction applies:


3)	Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):


	Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.


	(2)	To approve an amendment of the Company’s Certificate of Incorporation to amend the purposes for which the Company is organized to engage in;


	(7)	To transact such other business as may properly come before the Annual Meeting or any adjournment thereof.


Name	Age		Position
Gary Gelman		60	Chairman of the Board, President and Chief Executive Officer
Gary J. Knauer		48	Chief Financial Officer, Treasurer and Secretary


	•	The Audit Committee reviewed and discussed the audited financial statements contained in the Company’s Annual Report on Form 10-KSB for the year ended March 31, 2007 with the Company’s management and the independent auditors.


	•	The Audit Committee discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61 (Communications with Audit Committees).


	•	The Audit Committee received from the independent auditors written disclosures regarding the auditors’ independence, as required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and discussed with the auditors their independence from the Company and its management.


	No fee required.


1)	Amount Previously Paid:


3)	Filing Party:


4)	Date Filed:


	(1)	Each share of Common Stock issued and outstanding shall be identical in all respects one with the other, and no dividends shall be paid on any share of Common Stock unless the same dividend is paid on all shares of Common Stock outstanding at the time of such payment.


	(2)	Except as may be provided by the Business Corporation Law of the State of New York, the holders of Common Stock shall have exclusively all other rights of shareholders including, but not by way of limitation: (i) the right to receive dividends when, as, and if declared by the Board of Directors out of assets lawfully available therefor, and (ii) in the event of any distribution of assets upon liquidation, dissolution or winding up of this corporation or otherwise the right to receive ratably and equally all of the assets and funds of the corporation remaining after the payment to other parties of any amounts to which such parties are lawfully entitled to receive upon such liquidation, dissolution or winding up of the corporation as herein provided.


	(3)	Each holder of any shares of Common Stock shall be entitled to one vote for each share of Common Stock held on any matter requiting shareholder approval.


	(4)	All preemptive rights, or other rights of shareholders to subscribe pro rata to their holdings in the corporation upon issuance of new shares, are expressly eliminated.’’


1.	The name of the corporation is AMERICAN CLAIMS EVALUATION, INC.


2.	The Certificate of Incorporation of the corporation was originally filed by the Department of State of the State of New York on December 11, 1981.


3.	The Certificate of Incorporation as now in full force and effect is hereby amended to effect the following changes authorized in Section 801 of the Business Corporation Law:


	2.	To increase the total number of authorized shares of common stock, par value $.01 per share, from ten (10) million shares to twenty (20) million shares.


	3.	Article SEVENTH relating to permitting the corporation’s shareholders to act without a meeting by written consent of the holders of less than all of the outstanding shares shall be added.


	4.	Article EIGHTH relating to prescribing a majority vote of the outstanding shares for the adoption or approval of a plan of merger or consolidation, the sale, lease, exchange or other disposition of all or substantially all of the assets of the corporation, or a plan of binding share exchanges shall be added.

American Learning Corp – ‘PRE 14A’ for 10/9/07

On: Tuesday, 9/4/07, at 3:49pm ET · For: 10/9/07 · Accession #: 950136-7-6203 · File #: 0-14807

Preliminary Proxy Solicitation Material — Schedule 14AFiling Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Preliminary Proxy Solicitation Material — Schedule 14A
Filing Table of Contents


4.	The Certificate of Incorporation is being restated as amended and set forth in its entirety as follows:


6.	Upon filing with the Department of State, the original certificate of incorporation of the corporation and any amendments thereto shall be superseded and this amended and restated certificate of incorporation shall be the certificate of incorporation of the corporation.


18.	SUBSTITUTIONS AND ASSUMPTIONS OF OPTIONS OF CERTAIN CONSTITUENT CORPORATIONS.


	a.	Subsidiary. The term ‘‘Subsidiary’’ shall have the same definition as ‘‘subsidiary corporation’’ in Section 424(f) of the Code.


	b.	Parent. The term ‘‘Parent’’ shall have the same definition as ‘‘parent corporation’’ in Section 424(e) of the Code.


	c.	Constituent Corporation. The term ‘‘Constituent Corporation’’ shall mean any corporation which engages with the Company, its Parent or any Subsidiary in a transaction to which Section 424(a) of the Code applies (or would apply if the option assumed or substituted were an ISO), or any Parent or any Subsidiary of such corporation.


	d.	Disability. The term ‘‘Disability’’ shall mean a permanent and total disability within the meaning of Section 22(e)(3) of the Code.