News Article | February 15, 2017
The International Finance Corporation (IFC) is to oversee the funding of what will be the largest solar plant in Jordan. The World Bank company has been appointed by UAE renewables firm Masdar, whose subsidiary Baynouna Solar Energy Company is developing the 200-MW project.
News Article | February 28, 2017
The Global Food Safety Initiative (GFSI) today held a press conference to launch the 16th Global Food Safety Conference, announce the release of a new edition of GFSI's flagship Benchmarking Requirements and to share groundbreaking strides in public-private collaboration with a G30 of food safety. The industry's top global food safety event has brought together 1,150 food industry representatives from 56 countries in Houston, Texas, where 70 experts and thought leaders will take the stage over the coming days to share insights on Leadership for Growth. CEOs of food industry heavy-weights will be joined by government representatives and regulators from several countries, practitioners from across the supply chain and even an astronaut. Peter Begg, Senior Director, Global Quality Programs, Mondelez International & Chair of the Global Food Safety Conference committee, shared insights as to what is in store for delegates and how the programme was shaped in line with the ever-changing industry and regulatory landscape. 30 Institutions Come Together with GFSI in a "G30" of Food Safety Notably announced at the press conference was a series of meetings hosted by GFSI yesterday which gathered over 100 representatives from more than 20 countries and multilaterals organisations to discuss better collaboration for global public health outcomes. Countries including Japan, China, Mexico, Canada, the UK and the United States of America had a strong presence at this second edition of the meetings, sending delegations from their food safety agencies. Multilateral organisations including the United Nations Industrial Development Organization (UNIDO), Food and Agriculture Organization of the United Nations (FAO), Inter-American Institute for Cooperation on Agriculture (IICA) and the International Finance Corporation (IFC, World Bank Group) also participated in the meetings. "Going forward, the hope is for this growing dialogue to create first-of-its kind understandings between world governments and business for a mutually beneficial results for consumers, industry and regulators" said Mike Robach, Vice President, Corporate Food Safety, Quality & Regulatory for Cargill, Inc. USA & Chair of the GFSI Board of Directors. "GFSI is an example of reciprocity on a global scale. By investing in food safety together, sharing knowledge and harmonising systems, we can go beyond borders and barriers to ensure one safe global food supply," commented Herman Diricks, Chief Executive Officer of the Belgian Federal Agency for the Safety of the Food Chain (FASFC) and Co-Chair of the G2B meetings. "We are excited to be participating in this groundbreaking collaboration with global food leaders, for the benefit of all." See the full Press Release here GFSI also announced a key breakthrough with the highly-anticipated publication of the Benchmarking Requirements V7, the world's most widely accepted benchmarking criteria which acts as a "food safety passport" across global supply chains, facilitating international trade and mutual trust in the level of safety systems in place. On behalf of GFSI, Mike Robach thanked the many stakeholders who have been involved in the review process and explained how the document triggers continuous improvement throughout supply chains, for the benefit of consumers around the globe. See the full Press Release here Irene Rosenfeld, Chairman and CEO of Mondelēz International, shared how her company is leveraging GFSI for success, saying that GFSI-benchmarked certifications are a critical component of their food safety management program as they provide third-party assurance that high quality standards are in place and meet internationally recognised standards. Irene announced that Mondelēz has made a commitment to have 100% of their suppliers attain one of the GFSI benchmarked certifications by the end of 2017. By the end of 2016, 94% of their suppliers had already met this requirement. GFSI is powered by The Consumer Goods Forum (CGF) and Irene sits on the CGF Board of Directors, where she represents GFSI to over 50 other CEOs of leading retail and manufacturing companies.
News Article | February 16, 2017
As Colombia’s energy regulator CREG finalises rules for renewable energy tenders, local finance house Bancolombia is ready to lend around $55m to clean-energy projects with money raised via Latin America’s first international green bond issue by a commercial bank. “We have started disbursing the money and by May we will...announce the projects financed,” Bancolombia’s finance chief Jose Humberto Acosta told Recharge. Bancolombia finalised the issue of 350bn Colombian pesos ($115m) in January. The bonds were all bought by the World Bank’s International Finance Corporation (IFC) as part of a programme to bolster green bond issues worldwide and help Colombia meet its greenhouse gas reduction target of 20% by 2020. “About 50% of the issue will be directed to renewable energy,” said Acosta without giving details. The rest will go to other green industries in fields such as construction and sanitation, he added. The green bond issue comes ahead of the implementation of Colombia’s revamped renewable energy policies, expected to be finalised this year. The country’s power agents, government officials and the energy regulator CREG have until the end of February to conclude a public consultation process to finalise tender rules to contract renewables under 15-year PPAs. Colombia’s Caribbean Sea region of La Guarija has huge wind and solar power potential, but the lack of clear regulations in the 2014 renewable energy bill and the absence of grid connection in the region have delayed the country’s entry onto the global renewable energy scene. The country has 19MW of wind installed – out of a 16GW of total capacity – but has more than 2GW of wind projects in place, according to the newly-created Colombian Renewable Energy Association (SER). At the same time the government’s 2030 power expansion plan points to around 1GW of wind to be installed and some 300MW of solar. For Bancolombia, the green bond issue and the partnership with IFC aim to get its clients ready for a growing green technology market. “For our clients it’s a learning curve and the bank together with IFC will advise its clients on how meet compliance requirements for green projects,” said Acosta. Another aim of the issue is to mitigate foreign exchange risks for renewable energy projects since the lending will be done in Colombian pesos. Although the government wants renewable energy tenders to be in pesos, energy market players prefer US dollar-denominated auctions. Even so, Acosta said that the finance will not be significantly cheaper than other loans in Colombia. For the IFC, Bancolombia’s green bond issue is part of the institution’s programme to support renewable energy and green technology financing in Latin America. Since 2010, the IFC has issued $5.6bn in green bonds worldwide. The IFC’s manager for the Andean region, Carlos Leiria Pinto, said at the time of the issue that “by investing in the first green bond issued by Bancolombia, we hope to pave the way for other issuers and investors and contribute to the development of the green bond market in Colombia”. Acosta agreed: “Other banks will follow our footsteps and we ourselves could hold another issue in three years.”
News Article | September 26, 2016
Nine months after filing papers for an Initial Public Offering (IPO) at the New York Stock Exchange (NYSE), India-based Azure Power has finally made the offer public. According to media reports, Azure Power, and its shareholders, will offer a total of 6.82 million shares in the price range of US$21-23 per share. Proceeds from the public offer, likely to be just under $113 million, will be used to cover operational costs of the company as well as equity investment towards future projects. Recently, Indian media outlets reported that Canadian pension fund Caisse de depot et placement du Quebec (CDPQ) is looking to invest $180 million and pick up a 35% stake in Azure Power. Exiting investors in Azure Power International Finance Corporation (IFC) — Foundation Capital, Helion Ventures, and German development bank DEG — are expected to sell a portion of their stake. Another Canadian company — Brookfield — was also reportedly looking to invest in the company, eyeing a minority stake in Azure Power for Rs 500 crore (US$75 million). Azure Power is among the pioneering solar power project developers in India. The company set up the first utility-scale solar power project in India in 2009. It also claims to have the largest portfolio under the National Solar Mission, with 900 MW capacity at various stages of operation and development across 15 states. The company is working on 11 additional projects with a combined capacity of 244 MW. It recently won 150 MW in an auction under the Punjab solar power policy and another 100 MW in Andhra Pradesh. The company operates the largest solar power project (100 MW) commissioned under the National Solar Mission central government auctions. Azure Power has pledged to install 11 GW of solar power capacity over the next 5-7 years. Buy a cool T-shirt or mug in the CleanTechnica store! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | November 16, 2016
NEWPORT BEACH, California, Nov. 16, 2016 /PRNewswire/ -- SAIL Capital Partners LLC has been recognized and received awards in three separate categories by Wealth & Finance International of London: "Most Innovative Cleantech-Focused Investment Firm– USA," "Best Cleantech Venture Capital Firm - New York" and "Best Energy Technology Investment Company." Nathan Angell of Wealth & Finance International stated: "These awards highlight the game changing methods and stunning results achieved by the truly top performing businesses, individuals and departments on today's fund landscape, and our expert teams have worked tirelessly throughout the process to ensure that only the most deserving receive one of our prestigious awards." Long-standing SAIL Capital investor Jim Weber reflected: "Over the years I have watched as SAIL Capital was an early thought leader and pioneer, usually the first, in almost every major move of sustainable innovation, including energy storage, energy efficiency, water technology, and the application of aerospace technology to energy challenges." Mr. Weber is the Founder and CEO of Wyvern Technologies Inc., a developer of advanced technologies for the aerospace and defense markets. SAIL Capital Founder Walter Schindler added: "We are proud to report that our water technology company WaterHealth International Inc. has posted its third consecutive record quarter of positive EBITDA performance on rising revenues. WaterHealth is the world's leading provider of pure drinking water to rural villages, reaching almost 6 million people every day. We want to acknowledge with our gratitude the investment capital and dedicated support over many years of our key co-investors Dow Chemical, Coca-Cola, the International Finance Corporation (IFC), Tata Power, Vital Capital and Acumen Fund. Together we have proven that profitable sustainable capitalism can be achieved." SAIL Capital Partners LLC is a leading US pioneer of sustainable investment in energy and water technology companies.
News Article | February 16, 2017
The Singaporean Private Equity Tech Conference (PETC) 2017 will be the latest in a series of events which is attracting a strong following among leading Asian private equity LPs and GPs. To be held on Friday, February 24th at the Novotel Singapore Clarke Quay, the event will build on the success of the Asian PETC 2016, held in Malaysia, and the Australian PETC 2016, held in Sydney in October. The Singapore PETC will gather 150+ attendees from across Asia to meet and discuss latest best practice in the industry under the theme "Bridging Investment Opportunities in Asian Companies". Attendees will explore private equity as a value driver alongside existing management, and an investment vehicle to fueling company growth across the region, with a range of tech-related issues such as the growing demand for fintech in Asia and the role of technology in investing. Building one of the most promising networking and deal-making opportunities in Asia this year, the conference will be attended by an impressive group of top-tier regional and local leaders and investors from private equity firms and funds, funds of funds, sovereign wealth funds, investment banks and business development service providers, as well as other exciting, fast-growing businesses that round out the industry. Confirmed attendees includes Temasek, Adam Street Partners, Morgan Stanley Alternative Investment Partners, International Finance Corporation, CVC Capital Partners, the Carlyle Group, Partners Group, Ardian, Unigestion, Kuwait Investment Authority, Affinity Equity Partners, SBI Venture Capital & SBI Holdings Japan, and many more. About PETC Ltd. (PE-TechConferences) PETC is the Asian region's foremost series of private equity technology conferences. We bring together global and regional industry pioneers to discuss and share invaluable insights into technology trends and its unrivaled role in shaping the private equity market in Asia. Operating in the fastest growing financial hub, our conferences connect the top and most valued industry leaders and professionals, investors, private equity fund and venture capital fund managers, service providers and technology businesses across Asia. To learn more, please visit http://pe-techconference.com/. Please email or telephone: Nicole Goh Regional Manager, PETC Ltd. (Subsidiary, Techspace Sdn Bhd) Telephone: +60 173 576 860 http://pe-techconference.com
News Article | February 22, 2017
One of the successful bidders of India’s cheapest solar power project has brushed aside apprehensions about the project’s financial viability. Mahindra Renewables, one of the three successful bidders in the recently concluded auction for the Rewa solar power park, has stated that the development and operations of the project will be financially viable at the tariff of Rs 3.30/kWh over a 30 year period. Talking to an Indian media outlet, Basant Jain, Director–Mahindra Renewables, said that the incentives offered for this particular project were attractive enough for the company to quote the bid of Rs 2.974/kWh (4.4¢/kWh) for the first year. The tariff will increase by Rs 0.05/kWh (0.07¢/kWh) every year for 15 years, thus translating into a levelized tariff of Rs 3.30/kWh (4.9¢/kWh), the lowest-ever in India. The levelized tariff is 24% lower than the previous lowest tariff bid of Rs 4.34/kWh (6.5¢/kWh) for a 70 megawatt project in Badhla solar power park. The tender for the 750 megawatt Rewa solar power park was launched in March 2016, giving ample time to the project developers for making preparations for the actual auction. Mahindra Renewables visited the project site several times and carried out technical analysis of the project site, Jain stated. Having 25% of the capacity already tied up with the Delhi Metro Rail Corporation (DMRC), the provisions of deemed generation in case of unavailability of transmission capacity, payment guarantees from the state government, and option to sell power in the open market are some of the major incentives offered for the first time in an auction. Another significant incentive was the availability of low-cost debt from the International Finance Corporation (IFC). Jain noted that such tariffs can be sustainable in the upcoming auctions only if similar conditions are available to the project developers. Buy a cool T-shirt or mug in the CleanTechnica store! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | October 28, 2016
DALLAS, TX--(Marketwired - Oct 24, 2016) - Parks Associates and Ayla Networks will host an upcoming webcast "Best Practices for IoT Security and Privacy," Tuesday, October 25, at 1 p.m. CT (11 a.m. PT), to discuss the growing need for privacy solutions in IoT and smart home products. The IoT research firm finds almost 50% of U.S. broadband households rank privacy as their greatest concern when connecting devices to the Internet. "Near the end of 2015, 40% of U.S. broadband households reported having a recent privacy or security problem with a connected device, primarily a virus, spyware, or a company tracking them," said Brad Russell, Research Analyst, Parks Associates. "In 2016, nearly 60% of U.S. broadband households are bothered when their online viewing history is used for advertising, and nearly 40% of U.S. broadband households worry about the safety and usage of their personal data through an online video service. These experiences with products and online services lead consumers to calculate risks versus rewards, based on the sensitivity of data, when deciding on future purchases." The IoT research firm notes that the smart home and IoT industries will need to work together to tackle privacy issues, and offer transparent explanations of the steps they take to ensure security of consumer data, in order to ensure continued growth. The webcast examines best practices in IoT data security and privacy and how companies are addressing these challenges to create and secure value for their customers. Participating speakers: "Maintaining data security and data privacy in IoT solutions is as difficult as it is necessary," said Craig Payne, Security and Privacy Officer at Ayla Networks. "Delivering IoT security and privacy is not a one-time event. Rather, it's an ongoing effort that requires up-to-date understanding of the interplay among IoT technologies, constantly updated regulations, and the evolution of how IoT data is generated, shared, and used. The most effective approaches begin with a proven, comprehensive IoT platform that provides end-to-end, integrated security." The complimentary webcast will address smart home device ownership, consumer concerns for connected devices, preferences for device guarantees against hacking, willingness to share data, and the impact of privacy rights for consumers. Key issues presented during the webcast: To register for this webcast, go to http://www.parksassociates.com/iot-security. To schedule a meeting with Brad Russell or request specific research data, contact Holly Sprague at firstname.lastname@example.org or 720-987-6614. About Parks Associates Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions. The company's expertise includes digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security. Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit: Engaging Consumers, and Smart Energy Summit: Engaging the Consumer. http://www.parksassociates.com About Ayla Networks Ayla Networks empowers leading manufacturers by simplifying the inherent complexity of the Internet of Things (IoT), enabling them to turn their products into smart connected systems and transform their businesses to compete in the game-changing world of connectivity. Delivered as a cloud platform-as-a-service (PaaS), Ayla's IoT platform provides the flexibility and modularity to enable rapid changes to practically any type of device, cloud or app environment. Ayla Networks was named a 2015 Cool Vendor in the Internet of Things by Gartner, Inc. Ayla's investors include Cisco Investments, the International Finance Corporation, Mitsui, SAIF Partners, Crosslink Capital, Voyager Capital, Ants Capital, 3NOD, Linear Venture, SJF Ventures and Acorn Pacific. For more information, visit www.aylanetworks.com.
News Article | February 18, 2017
A total of 18 project developers from India and abroad toiled for almost a day and a half in one of the largest solar power auctions in India. The competitive auction for the 750 megawatt (MW) solar power park in Rewa, Madhya Pradesh, has yielded the lowest-ever tariff for a solar power project in India. The contract for development of the solar park has been awarded to three companies that will set up 250 megawatts of capacity each. For a tender of 750 megawatts, cumulative bids of 7,500 megawatts were placed by participating companies. Three of these companies had offered to set up the entire capacity. The three units of the solar power park have been awarded at tariffs of Rs 2.970 to Rs 2.979 per kWh (4.4¢/kWh). The lowest bid was placed by ACME Cleantech Solutions, one of the leading solar power project developers in India. Mahindra Renewables, part of a large industrial conglomerate, secured a 250 MW unit at Rs 2.974/kWh, and Solenergi secured the third unit at Rs 2.979/kWh. The bids placed by these developers are for only the first year of project operations. The tariffs will increase by Rs 0.05/kWh (0.07¢/kWh) for a period of 15 years. Thus, the levellised tariff for all three units will be around Rs 3.30/kWh (4.9¢/kWh). The previous low price bid for a solar power project in India was Rs 3.00/kWh (4.5¢/kWh) in a tender for a rooftop solar power tender. However, this project will receive substantial subsidies. Aside from subsidized projects, a subsidiary of Fortum placed a bid of Rs 4.34/kWh (6.4¢/kWh) to become the lowest unsubsidised solar tariff bid in India until the Rewa auction. Some of the reasons for the sharp drop of 31.5% at the Rewa auction from the previous low include: availability of land for the project developers, open access for sale of electricity, commitment by the International Finance Corporation for low-cost lending, and long-term power purchase agreements signed with the Delhi Metro Rail Corporation. Some of the project developers that failed to make the cut in the auction include: Orange Renewables, Torrent Power, GDF Suez, RattanIndia Power, Aditya Birla Renewables, Azure Power, Canadian Solar, ReNew Power, SBG Cleantech, and Enel Green Power. Buy a cool T-shirt or mug in the CleanTechnica store! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | February 16, 2017
LOS ANGELES--(BUSINESS WIRE)--Fifth paragraph, first sentence of the release dated February 16, 2017, should read: Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by INP, an Ecuadorian institute specialized in biological, technological and economic research aimed at the management and development of fisheries (instead of "Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by the National Fisheries Institute, a global non-profit organization dedicated to promoting seafood safety, sustainability and nutrition."). TRILINC GLOBAL IMPACT FUND SURPASSES $500 MILLION IN INVESTMENTS IN AFRICA, LATIN AMERICA, AND SOUTHEAST ASIA TriLinc Global Impact Fund announced today that it has funded an excess of $500 million in total aggregate investments since inception. During January alone, TriLinc has approved an additional $25.8 million in term loan and trade finance facilities to companies operating in Latin America and Sub-Saharan Africa, bringing total financing commitments as of January 31, 2017 to $270.1 million for business expansion and socioeconomic development through its holdings in Africa, Latin America, and Southeast Asia. TriLinc Global Impact Fund (“TriLinc” or the “Company”) announced today that it has funded an excess of $500 million in total aggregate investments, since inception, across 20 countries and 38 sectors through its global network of institutional-class sub-advisors. TriLinc is an impact investing fund that provides growth-stage loans and trade finance to established small and medium enterprises (“SMEs”) in developing economies where access to affordable capital is significantly limited. Impact Investing is defined as investing with the specific objective of achieving a competitive financial return as well as creating positive, measurable impact in communities across the globe. TriLinc recently approved $25.8 million in term loan and trade finance transactions which meet the Company’s requirements for underwriting, economic development, and societal advancement, as described below: On January 4, 2017, the Company funded $14,850,000 as part of a new $15,000,000 senior secured four-year term loan to a Namibian property developer. Priced at 12.50%, the term loan is set to mature on August 15, 2021 and is secured by a second-lien mortgage on the land bank. The company initially prepares the land by installing the necessary infrastructure, such as water piping, sewage, storm water reticulation, electric grid connections, road pavement, and street lighting, after which the property is sold to small- and medium-sized developers and individuals for residential and commercial construction. This project caters to middle-income individuals, many of whom are first-time home buyers. The borrower’s efforts seek to address the middle-income housing shortage that currently exists in Windhoek due to the steady increase in urbanization, combined with geographical hindrances. All of the company’s property development land acquisition meets the International Finance Corporation’s Performance Standards, as well as the company’s proprietary environmental management system. Between January 4, 2017 and January 31, 2017, the Company funded ten separate transactions, totaling $6,780,000 as part of an existing $6,000,000 revolving trade finance facility with an Ecuadorian shrimp exporter, whose local suppliers of farm-raised shrimp are all licensed by INP, an Ecuadorian institute specialized in biological, technological and economic research aimed at the management and development of fisheries. With a fixed interest rate of 9.25%, the transactions are set to mature on June 6, 2017. The financings are secured by inventory, accounts receivable, and purchase contracts. The company uses state-of-the-art, cost-efficient cooling and freezing equipment to preserve the quality of their product and reduce their environmental footprint. TriLinc’s financing will support the borrower’s position as the seventh-largest shrimp exporter in Ecuador, strengthening the company’s ability to offer competitive wages, health services, and childcare support to its employees. On January 13, 2017, the Company funded $167,578 as part of an existing $9,000,000 senior secured trade finance facility to an energy efficient Moroccan-based scrap metal recycler and processor that sources its product from local micro, small, and medium size suppliers. With an interest rate of one month Libor +10.50%, the transaction is secured by inventory and receivables and is set to mature on July 17, 2017. It is anticipated that TriLinc’s financing will support the borrower’s strategy in growing its employee base as the main employer where it operates, while increasing its market access as one of the only local companies engaged in the full value chain of processing recycled scrap metal into finished goods for local use and regional export. Between January 19, 2017 and January 25, 2017, the Company funded two separate transactions, totaling $4,038,873, as part of a new $5,000,000 revolving trade finance facility with a Dolphin-Safe certified Ecuadorian tuna processor and exporter. Priced at 9.50%, both transactions are set to mature on May 9, 2017 and are secured by inventory and accounts receivable. TriLinc’s financing will support the borrower’s job creation efforts, as the borrower anticipates that it will increase its processing capacity by 30% in the next three years, requiring another work shift and a substantial increase in its workforce. The company is dedicated to the wellbeing of its employees, offering extensive training programs upon hiring, and performing human resource studies to measure the happiness and efficiency of its employees. “We are extremely pleased with our ability to deploy over $500 million to local SMEs, successfully executing on our investment strategy to finance established, growth-stage companies in the catalytic middle market sector,” said Gloria Nelund, CEO of TriLinc. “We look forward to working with our current investment partners, in addition to sourcing new partners with promising deal pipeline, to continue to deliver competitive financial returns alongside measurable, positive social and economic impacts for both our portfolio companies and the communities in which they work.” TriLinc is a non-traded, externally managed, limited liability company that makes impact investments in SMEs in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. TriLinc invests in SMEs through experienced local market sub-advisors, and expects to create a diversified portfolio of financial assets consisting primarily of collateralized private debt instruments. TriLinc’s investment objectives are to generate current income, capital preservation and modest capital appreciation. In addition, the Company aggregates and analyzes social, economic, and environmental impact data to track progress and measure success against stated objectives. This press release contains forward-looking statements within the meaning of the federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company's expectations.