Embedding a linked image from html file into .xls file

I work for a company that does a lot of its business on an old Unix box. They put out reports in plain text format, and I decided to see if we could update the look by replacing the plain text formatting with some HTML tags. The Bosses liked it alot and asked me to go further with it and to include a company logo. I have no problems seeing the logo in excel if I open the .htm file and can save it to an .xls file, but the logo is a linked object in the spreadsheet, so if it is sent to a client they will see a box with a red x. Is there enyway that the linked image can be embedded into the spreadsheet?