REG - Gunsynd PLC - Final Results
21/12/2023 11:45
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RNS Number : 6456X Gunsynd PLC 21 December 2023
Gunsynd plc
("Gunsynd" or the "Company")
Final Results for the Year Ended 31 July 2023
Gunsynd (AIM: GUN, AQSE: GUN) is pleased to announce that its Final Results
for the year ended 31 July 2023 will shortly be posted to shareholders and are
available on the Company's website: http://www.gunsynd.com/
(http://www.gunsynd.com/) .
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.
The Directors of the Company are responsible for the release of this
announcement.
For further information please contact:
Gunsynd plc +44 (0) 78 7958 4153
Hamish Harris / Peter Ruse
Cairn Financial Advisers LLP (Nominated Adviser and AQSE Corporate Adviser) +44 (0) 20 7213 0880
James Caithie / Liam Murray
Peterhouse Capital Limited (Broker) +44 (0) 20 7469 0936
Lucy Williams
CHAIRMAN'S REPORT (INCORPORATING THE STRATEGIC REVIEW)
I present the annual report and financial statements for the year ended 31
July 2023. The Company made a loss for the year to 31 July 2023 of
£1,706,000 (2022: loss £2,426,000) after taxation. The loss was a result of
unrealised losses on the value of investments held. The Company had net assets
of £2,145,000 (2022: £3,851,000) at 31 July 2023, and cash balances of
£164,000 (2022: £824,000).
Review of Investments
1. NATURAL RESOURCES INVESTMENTS
Charger Metals Limited ("Charger")
Gunsynd currently holds 2.5m shares in Charger representing approximately 4%
of Charger's issued share capital.
Charger (ASX: CHR) is a Western Australian ("WA") focussed base metals
(Ni,Cu,Co-PGE) and lithium exploration company which currently holds three
highly prospective projects in WA and the Northern Territory ("NT") in
Australia.
Highlights to 30 September 2023 for its current projects:
Bynoe Lithium Project, NT (Charger 70%)
• Maiden reverse circulation (RC) drill programme and diamond drill
programme commenced.
• Initial ~2,000m RC drill programme completed as first-pass test of high
priority targets including the Megabucks, Old Bucks and Enterprise prospects.
• Assays confirm significant lithium mineralisation in spodumene-bearing
pegmatites at the Enterprise Prospect, with results including:
- 7m @ 0.96% Li2O from 107m, including 5m @1.13% Li2O from 108m
(CBYRC023); and
- 16m @ 0.65% Li2O from 185m, including 1m @1.91% Li2O from 198m
(CBYRC024)
• First hole of 1,500m diamond drill programme intersected 19.25m of
spodumene-bearing pegmatite at the Enterprise Prospect - assays pending
• 5,000m RC drill programme commenced early July 2023 (post reporting
period) with two drill rigs operating concurrently with the diamond rig
Lake Johnston Lithium Project, WA (Charger 70%-100%)
• Assay results received for the maiden RC drill programme completed at the
Medcalf Spodumene Prospect, which totalled 41 holes for 7,199 metres and:
- Delineated a swarm of stacked spodumene-bearing pegmatites up to
13m thick (down-hole) within a 100m wide corridor along 700m of strike and
250m down-dip
- Confirmed numerous high-grade lithium results returned from
spodumene-bearing pegmatites
• Priority targets have been identified for follow-up drilling to test for
extensions to the high-grade lithium mineralisation
Rincon Resources Pty Ltd ("Rincon")
Gunsynd holds 11.1 million shares representing approximately 6.5% of Rincon's
issued share capital.
Rincon (ASX: RCR) is a Western Australian ("WA") focussed gold and base metals
exploration company quoted on the ASX. It holds the rights to three highly
prospective gold and copper projects in WA, with its main focus on the South
Telfer Project, covering 50,000-hectares in Paterson province. Each project
has been subject to historical exploration, which has identified prospective
mineralised systems. Rincon is systematically exploring these projects, aiming
to delineate economic resources.
Highlights to 30 September 2023 for its current projects:
South Telfer Copper-Gold Project
- 3,000m reverse circulation ("RC") drilling program at Mammoth
underway.
- 29m zone of quartz-sulphide mineralisation intersected down-dip
of historic 'Westin' high grade gold intercept
- Successful application for Exploration Incentive Scheme ("EIS"2)
co-funding grant of up to $180,000 for Recurve RC drilling program
- The final report for the Hasties technical review now received
with planning for next steps underway
West Arunta Project (formerly Kiwirrkurra project)
- Heritage survey completed ahead of diamond drilling program at
Pokali
- 1,000m diamond drilling program at Pokali set to commence as
soon as site works are completed
- Site reconnaissance completed with a further 46 rock-chip
samples collected for analysis
Laverton Project
- The final report for the Laverton Project assessment, target
generation and prioritisation process now received with planning for next
steps underway
Pacific Nickel Limited ("Pacific Nickel")
Gunsynd currently holds 2.78m shares in Pacific Nickel representing
approximately 0.66% of its issued capital.
Highlights to 30 September 2023 for its current projects:
Kolosori Nickel Project (PNM 80%)
• Final drawdown of US$19m from the Glencore International AG (Glencore)
Financing Facility
• Execution of a Barging Agreement with Marinepia Shipping Company Limited
for the Transfer of Nickel Ore
• Mining Contractor HBS PNG Pty Ltd (HBS) delivered two tranches of mining
equipment to site from PNG.
• HBS commenced major development activities (working 24 hours, two shift
operations) including:
- Construction of the haul road and access roads to the stockpile
area
- Commenced major earth works and removal of overburden from the
first higher-grade ore blocks.
- Backfill for the wharf.
- Construction of site laboratory
- Construction of mining contractors workshop area
- Construction of a 250 man camp
Subsequent to the reporting period, commencement of mining and stock piling of
nickel ore for shipment forecast for November 2023.
Jejevo Nickel Project (PNM 80%)
• Subsequent to the 30 September 2023, the company has entered into a
Surface Access Rights Agreement (SARA) for a Mining Lease with landowners in
respect of the Jejevo Nickel Project.
Corporate:
• Cash of $23.075 million at 30 September 2023
Eagle Mountain Mining Limited ("Eagle Mountain")
Gunsynd holds 2.5 million shares in Eagle Mountain representing approximately
1% of its issued share capital.
Eagle Mountain Mining Limited (ASX: EM2), is a copper focused exploration and
development company with a key objective of becoming a low emission producer
at its high-grade Oracle Ridge project in Arizona, USA, to supply the rapidly
growing green energy market.
Highlights to 30 September 2023 for its current projects:
- Further positive drilling and channel sampling results confirmed potential
upside to the mineral resource estimate (MRE)
- Underground channel sampling assays were some of the strongest to date
including:
− 15.3m at 4.02% Cu, 18.71g/t Ag and 0.14g/t Au
− 19.2m at 3.32% Cu, 37.66g/t Ag and 0.31g/t Au
− 35.7m at 2.60% Cu, 14.86g/t Ag and 0.08g/t Au
− 32.6m at 2.23% Cu, 26.13g/t Ag and 0.28g/t Au including 1.6m at 9.47%
Cu, 100g/t Ag and 1.01g/t Au
- Drill core assays are expected to increase both the resource size and
quality of the MRE. Results received during the Quarter include: 11.4m at
2.29% Cu, 16.45g/t Ag and 0.14g/t Au; 4.4m at 2.23% Cu, 23.41g/t Ag and
0.39g/t Au; and 63.9m at 1.11% Cu, 10.14g/t Ag and 0.09g/t Au
-Various metallurgical test work programs progressed including Ore sorting;
Concentrate variability testwork including locked cycle tests; Flash
floatation testwork; High pressure grind roll comminution tests; Mineral
speciation testwork; and Magnetic separation testwork to recover magnetite or
garnets
-Assessment of sulphide leaching processes commenced which could reduce
capital and operating costs for the Project
- New MRE update on track for completion in the December 2023 quarter
incorporating drilling and channel sampling undertaken since the previous MRE
in October 2022 and extensive new knowledge gained from the underground
mapping program
-$1.6 million in cash available at 30 September 2023
Aberdeen Minerals Limited ("Aberdeen")
Aberdeen Minerals Limited is a privately owned mineral exploration company
currently engaged in mineral exploration in North East Scotland for battery
raw materials.
Gunsynd subscribed for 2,000,000 shares at 7.5 pence per ordinary share for
a total consideration of £150,000 as part of the fundraising announced on
16 January 2023.
Recent update from Aberdeen:
-Aberdeen has been awarded £294,000 in grant funding by
the UK Government through the Automotive Transformation Fund ("ATF").
-Aberdeen expects the ATF grant will meet 70% of the cost of a feasibility
study into innovative methods to process the minerals at the company's
Arthrath Nickel-Copper-Cobalt Project in Aberdeenshire. This study will
investigate the potential to accelerate
the production of cathode raw materials in North East Scotland
for UK battery manufacturing, using more environmentally sustainable and
socially acceptable approaches than the carbon-intensive, overseas supply
chains on which UK industry currently relies.
-Innovations to be tested include Glycine Leaching Technology, a technique
patented by Draslovka, which uses glycine, a non-toxic amino acid often used
as a food additive or nutritional supplement in humans and animals, as an
environmentally sustainable and cost-effective way to produce critical
minerals.
-The ATF is delivered by the Advanced Propulsion Centre ("APC") in
collaboration with the Department for Business and Trade and Innovate UK to
support large-scale industrialisation and the transition to net zero. The ATF
grant awarded to Aberdeen is part of a broader package of funding announced
by APC.
Omega Oil & Gas Limited ("Omega")
Gunsynd subscribed for 450,000 shares at AUD 20 cents per ordinary share for
a total consideration of AUD$90,000 (approximately £50,000) as part of the
IPO fundraising announced on 25 October 2022.
Omega Oil and Gas Limited ("Omega") is an ASX listed Australian energy and
resources company focused on natural gas exploration and oil production (ASX:
OMA), on its Basin-Centred Gas drilling campaign.
Recent update from Omega:
· Estimated maiden gross 2C contingent resources of 1.73
trillion cubic feet ("TCF") and 3C contingent resources of 4.5 TCF across
Omega Oil and Gas' 100% owned ATPs 2037 and 2038 in Queensland's Taroom
Trough.
· Net 2C contingent resources comprise 1.51 TCF Gas and
68.6 million barrels (MMBBLS) of condensate.
· The independent resource assessment, based on the
Canyon drilling campaign results, was conducted by Netherland, Sewell &
Associates, Inc., a global leader in petroleum property analysis.
· Allocated resources based on a modelled average
reservoir thickness of 27m in the Kianga Formation which is 221m thick at the
site of the Canyon 2 well.
· Strong growth potential, with further assessment to be
considered on other hydrocarbon-bearing reservoirs within the Kianga Formation
and the Back Creek Group, which are highly prospective.
· The next phase of exploration and appraisal includes an
innovative horizontal well targeting the Kianga Formation and a multi-stage
stimulation.
· The $21 million capital raising completed on 8 August
2023 fully funds the next stage of exploration and appraisal.
First Tin Limited ("First Tin")
Gunsynd currently holds 618,000 shares in First Tin representing approximately
0.3% of its issued capital.
First Tin (LSE:1SN) successfully completed its IPO on the Standard List of
the London Stock Exchange in April 2022, raising £20 million (before
expenses) of new equity capital, positioning it to invest into and add value
to its advanced portfolio of tin assets. As part of the IPO, First Tin
acquired the Taronga tin asset in NSW Australia, the 5(th) largest
undeveloped tin reserve globally. Taronga will now be developed alongside
First Tin's other lead asset of Tellerhäuser which is located in Saxony in
Germany.
First Tin recently commenced Definitive Feasibility Studies ("DFS") at Taronga
and Tellerhäuser, which are both scheduled to be completed in Q4 2023. During
the period, the management team focused on advancing both assets through their
respective DFS. Strong operational progress was made at the Taronga asset,
successfully completing all drilling and exploration work and publishing an
updated JORC compliant Mineral Resource Estimate ("MRE") which increased the
size of the Taronga resource by over 240% to 133 million tonnes. This updated
JORC MRE statement demonstrates the true scale of the Taronga asset and there
remains plenty of scope to further increase the size of total resource both
from the Taronga asset itself and from its satellite orebodies.
Oyster Oil and Gas Limited ("Oyster")
Gunsynd has a holding valued at £130,000, and there has been no material
change since year end. The oil price gives the Company some confidence of
restoring value to this investment. Gunsynd will update the market as and when
material developments occur.
2. OTHER INVESTMENTS
Rogue Baron PLC ("Rogue Baron")
Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium spirit sector
listed on the Access segment of the AQSE Growth Market. Gunsynd currently
holds 21,543,563 ordinary shares in Rogue Baron, representing approximately
24% of its
issued share capital. Gunsynd also retains a balance of £111,464 of
Convertible Loan Notes consisting of accrued interest.
Rogue Baron's flagship Shinju Whisky won two medals in October 2021 including
a double gold with a perfect score of 100 when voted best whisky at the 2021
Santé International Spirit Competition. In November 2021 Shinju won another
gold medal, this time at the prestigious John Barleycorn awards.
Following the successful completion of transitioning to a new USA distributor
in September 2022, Rogue Baron resumed full-scale sales operations in October
2022. During the fourth quarter of 2022, Rogue Baron sold around 930 cases of
Shinju whisky worldwide, marking an impressive growth of approximately 100%
compared to the corresponding period in 2021. Sales of Shinju whisky decreased
during the first quarter of 2023 as Q1 tends to be the slowest quarter in the
spirits industry. While this slowdown may impact our short-term sales figures,
Rogue Baron projects an increase in sales as they move further into the Spring
and Summer months.
Rogue Baron anticipates a favourable outlook for sales and margins in the
second half of 2023. This positive projection is primarily attributed to the
resolution of shipping issues that have arisen in recent years, but
maintaining proper inventory levels will be necessary to continue the growth.
Additionally, there is potential for significant growth as Rogue Baron intends
to launch the 8- year-old Shinju expression into the United States market for
the first time, projected in late 2023.
With an established distribution network in both Europe and the US, Rogue
Baron is confident that securing the required capital would enable it to
achieve a substantial increase in revenue within the short to medium term. At
the time of releasing these accounts, they are actively engaged in discussions
with multiple potential investors. There is an optimistic outlook that the
necessary funds can be raised, leading to higher levels of revenue and
profitability in the future.
Low 6 Limited ("Low6")
The Company invested approximately £265,000 in Low6 of which £152,000 was
impaired during the year to reflect the most recent valuation of Low6 share
price. We hold 0.66% of Low6's issued share capital.
Recent update from Low6:
Low 6 has reached a significant milestone by generating revenue of just
under £1m (unaudited) for the quarter ended 30 September 2023, and expects
to continue its current trajectory during Q2. Its financial year runs from 1
July 2023 to 30 June 2024. Audited revenue for the year ended 30 June 2022
was £854,851 and loss before tax was £18,350,342.
Low 6 was successful in a Request for Proposal (RFP) process with 'OPTA' Stats
Perform. Its work with OPTA focuses on the launch of multiple games based on
Premier League statistics. Low6 also successfully launched products with
Oddschecker for the new English Premier League season and signed a significant
contract extension with Rush Street Interactive in North America for product
development over the next 18 months.
Oscillate plc ("Oscillate"; formerly DiscovOre plc)
Oscillate is an investment company listed on the AQSE Growth Market Exchange
with the ticker, AQSE: MUSH. In April 2021, Gunsynd invested £200,000 into
Oscillate being 10 million shares at 2p representing circa 4.5% of Oscillate.
Oscillate underwent internal repositioning and restructuring during what has
been a difficult year.
Other unlisted investments
The Company has various other minor stakes in unlisted public company
investments totalling £124,000. These have been impaired by £62,000 during
the year to reflect the downturn in economic markets.
Finance Review
As noted above, the Company made a loss for the year of £1,706,000 (2022:
loss £2,426,000) after taxation. Most of the loss generated was from decrease
in value of the Company's investment portfolio. The Company had net assets
of £2,145,000 (2022: £3,851,000) at 31 July 2023, and cash balances of
£164,000 (2022: £824,000).
Outlook
Whilst good progress was made by a number of companies in our portfolio this
unfortunately hasn't been as yet reflected in their share price performance.
The board took the decision to take profits on some of our listed investments
at prices much higher than they are today which has allowed the Company to
maintain a healthy cash balance. Gunsynd has not raised money since 2020.
Gunsynd maintains a low fixed cost structure and this will continue through
volatile and uncertain conditions across global markets.
We maintain a level of diversification in our portfolio with positions in
natural resources, gaming and beverages.
The Board continues to look at investments in line with its investment policy
as highlighted on the Company's website. This could potentially include
increasing a stake(s) in investments already held. Such investment(s) may or
may not lead to a reverse takeover.
The Board would also like to take this opportunity to thank shareholders for
their continued support.
Hamish Harris
Chairman
20 December 2023
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2023
2023 2022
£000 £000
Continuing operations
Income
Unrealised (loss) on financial investments (1,043) (2,168)
Realised (loss)/gain on financial investments (35) 221
(1,078) (1,947)
Administrative expenses
Salaries and other staff costs (305) (300)
Other costs (263) (224)
Total administrative expenses (568) (524)
Impairment of financial investments (212) -
Other income 149 15
Finance income 3 30
(Loss) before tax (1,706) (2,426)
Taxation - -
(Loss) for the period attributable to equity shareholders of the Company (1,706) (2,426)
Other comprehensive income / (expenditure) for the period net of tax - -
Total comprehensive earnings for the period attributable to shareholders (1,706) (2,426)
Earnings per ordinary share
Basic (pence) (0.379) (0.540)
Diluted (pence) (0.379) (0.540)
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2023
2023 2022
£000 £000
ASSETS
Non-current assets
Financial investments at fair value through profit or loss 1,891 2,944
Total non-current assets 1,891 2,944
Current assets
Trade and other receivables 194 163
Cash and cash equivalents 164 824
Total current assets 358 987
Total assets 2,249 3,931
Current liabilities
Trade and other payables (104) (80)
Total current liabilities (104) (80)
Total liabilities (104) (80)
Net assets 2,145 3,851
Equity attributable to equity holders of the company
Ordinary share capital 382 382
Deferred share capital 2,299 2,299
Share premium reserve 13,459 13,459
Investment in own shares (26) (26)
Share based payments reserve 24 39
Retained earnings (13,993) (12,302)
Total equity 2,145 3,851
The financial statements were approved and authorised for issue by the Board
of Directors on 20 December 2023 and were signed on its behalf by:
Hamish
Harris
Donald Strang
Chairman
Director
Company number: 05656604
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2023
Deferred Share Investment Share-based
Share Share premium in own payments Retained
capital capital reserve shares reserve earnings Total
£000 £ 000 £000 £000 £000 £000 £000
At 31 July 2021 382 2,299 13,459 - 131 (9,968) 6,303
Loss for the year - - - - - (2,426) (2,426)
Total comprehensive Loss for the period - - - - - (2,426) (2,426)
Transactions with owners:
Adjustment for shares held in Trust - - - (26) - - (26)
Transfer within Equity on lapse of share options - - - - (92) 92 -
At 31 July 2022 382 2,299 13,459 (26) 39 (12,302) 3,851
Loss for the year - - - - - (1,706) (1,706)
Total comprehensive Loss for the period - - - - - (1,706) (1,706)
Transactions with owners:
Transfer within Equity on lapse of share options - - - - (15) 15 -
At 31 July 2023 382 2,299 13,459 (26) 24 (13,993) 2,145
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023
2023 2022
£000 £000
Cash flow from operating activities
(Loss) after tax (1,706) (2,426)
Tax on losses - -
Finance income net of finance costs (3) (10)
Unrealised loss on revaluation of financial investments 1,043 2,168
Realised loss/(gain) on sale of financial investments 35 (221)
Other income (124) -
Impairment provision 212 -
Adjustment for issue of own shares - (26)
Foreign exchange movements 1 1
Changes in working capital:
Decrease in trade and other receivables 4 11
Increase in trade and other payables 24 14
Cash outflow from operations (514) (489)
Taxation received - -
Net cash outflow from operating activities (514) (489)
Cash flow from investing activities
Payments for financial investments (405) (158)
Disposal proceeds from sale of financial investments 294 400
Unsecured loans to investee company (35) -
Net cash inflow/(outflow) from investing activities (146) 242
Cash flows from financing activities
Proceeds on issuing of ordinary shares - -
Cost of issue of ordinary shares - -
Net cash inflow from financing activities - -
Net decrease in cash and cash equivalents (660) (247)
Cash and cash equivalents at the beginning of the year 824 1,071
Cash and cash equivalents at the end of the year 164 824
During the year, there were share for share exchanges involving Pacific Nickel
Limited that resulted in additional non cash investment of £124,154.
NOTES TO THE FINANCIAL STATEMENTS
1 Presentation of the financial statements
Description of business & Investing Policy
Gunsynd plc is public limited company domiciled in the United Kingdom. The
Company's registered office is 78 Pall Mall, London SW1Y 5ES.
Basis of preparation - Going concern
The financial statements have been prepared on a going concern basis. This
basis assumes that the company will have sufficient funding to enable it to
continue to operate for the foreseeable future and the Directors have taken
steps to ensure that they believe that the going concern basis of preparation
remains appropriate.
The Company made a loss for the year of £1,706,000 (2022: loss £2,426,000)
after taxation. The Company had net assets of £2,145,000 (2022:
£3,851,000) and cash balances of £164,000 (2022: £824,000) at 31 July
2023. The Directors have prepared financial forecasts which cover a period
of at least 12 months from the date that these financial statements are
approved to 31 December 2024. These forecasts show that the Company expects
to have sufficient financial resources to continue to operate as a going
concern.
In forming the conclusion that it is appropriate to prepare the financial
statements on a going concern basis the Directors have made the following
assumptions that are relevant to the next twelve months:
- In the event that the Company's investments require further funding,
sufficient funding can be obtained by the various investee companies; and
- In the event that operating expenditure increases significantly as a
result of successful progress with regards to the Company's investments,
sufficient funding can be obtain by selling level 1 investments.
The cost structure of the Company comprises a high proportion of discretionary
spend and therefore in the event that cash flows become constrained, costs can
be quickly reduced to enable the Company to operate within its available
funding. As a junior investment company, the Directors are aware that the
Company must go to the marketplace to raise cash to meet its investment plans,
and/or consider liquidation of its investments and/or assets as is deemed
appropriate. The Company has previously constantly demonstrated its ability to
raise further cash by way of completing placings during the prior years, and
are confident of further equity fund raising should the company require such
cash injection. Therefore, they are confident that existing cash balances,
along with the any new funding would be adequate to ensure that costs can be
covered.
Consequently, the Directors have a reasonable expectation that the Company has
adequate resources to continue to operate for the foreseeable future and that
it remains appropriate for the financial statements to be prepared on a going
concern basis.
Financial period
These financial statements cover the financial year from 1 August 2022 to 31
July 2023, with comparative figures for the financial year from 1 August 2021
to 31 July 2022.
Accounting principles and policies
The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
The financial statements have been prepared in accordance with the Company's
accounting policies approved by the Board and signed on their behalf by Hamish
Harris and Donald Strang.
2 Earnings per share
(Loss)/profit attributable to ordinary shareholders 2023 2022
The calculation of (loss) per share is based on the loss after taxation
divided by the weighted average number of shares in issue during the period:
(Loss) from operations (£000) (1,706) (2,426)
Total (£000) (1,706) (2,426)
Number of shares
Weighted average number of ordinary shares for the purposes of basic (loss) 449.80 449.80
per share (millions)
Weighted average number of ordinary shares for the purposes of diluted (loss) 475.30 533.84
per share (millions)
Basic (loss) per share (expressed in pence) (0.379) (0.540)
Diluted (loss) per share (expressed in pence) (0.379) (0.540)
3 Events after the end of the reporting period
On 16 November 2023, the Company advised it had made payment of the first
tranche of £250,000 to Metals One as referenced in Note 20.
On 5 December 2023, the Company advised it had raised gross proceeds of
£210,000 through the issue of 105 million shares at 0.2p each.
Forward-looking statements
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders and
prospective security holders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only as of
the date of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the statements are
made. The Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
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