Final Results for the year to 31 January 2024
31/07/2024 07:01
31 July 2024
LIMITLESS EARTH PLC
("Limitless" or the "Company")
Final Results for the year to 31 January 2024
Notice of AGM
Limitless Earth plc (AIM: LME), an AIM quoted investing company, announces its
final results for the year to 31 January 2024.
The Annual Report and Accounts for the year ended 31 January 2024 will shortly
be posted to shareholders and uploaded to the Company’s website:
www.limitlessearthplc.com.
The Company also announces that its 2024 Annual General Meeting (“AGM”)
will be held at 11.00 a.m. BST on Friday 23 August 2024, at the offices of
Cairn Financial Advisers LLP, 80 Cheapside, 3(rd) Floor, London, EC2V 6EE.
This announcement contains inside information for the purposes of UK Market
Abuse Regulation. The Directors of the Company take responsibility for this
announcement.
For further information, please contact:
Limitless Earth plc Guido Contesso +44 7780 700 091 www.limitlessearthplc.com
Cairn Financial Advisers LLP Nominated Adviser Jo Turner / Sandy Jamieson / Ludovico Lazzaretti +44 20 7213 0880 www.cairnfin.com
Peterhouse Capital Limited Broker Charles Goodfellow / Lucy Williams +44 20 7469 0930 www.peterhousecap.com
Chairman’s Statement
During the reporting period, the Company continued to strategically invest in
sectors influenced by demographic trends, focusing on areas such as cleantech,
life sciences, and technology. These areas, including investments in Saxa Gres
S.p.A (“Saxa Gres”), V-Nova International Ltd. (“V-Nova”), Chronix
Biomedical, inc. (“Chronix”), and Exogenesis Corporation
(“Exogenesis”), represent current holdings guided by the Company's
investment policy. The board plans to expand these investments, leveraging new
opportunities through a specialized management team and capital raising.
Acknowledging the need for timely and strategic investments, the Board has
traditionally opted for follow-on investments in existing companies. However,
it remains open to exploring and potentially investing in new opportunities
that align with the Company's investment criteria. The Company aims to ensure
that any new investments are viable and align with its established policy.
The Company's investment policy focuses on sectors where demographic shifts
significantly drive growth, investing in both quoted and unquoted securities,
either directly or indirectly through partnerships, joint ventures, or
individual assets. Investments can occur at any development stage, emphasizing
direct investments that may or may not involve other investors.
Recent global events like Brexit and the COVID-19 pandemic have led to market
volatility, prompting the Board to consider co-investment opportunities
through connections in family and asset wealth management. This approach is
anticipated to provide increased liquidity for exits and access to follow-on
funding, which could enhance risk management and divestment strategies.
Investments are predominantly in equity or convertible loans, and all are
assessed at fair value. To determine this, Directors review information from
investee companies and publicly available data. Despite positive data, there
is insufficient evidence to adjust the fair value beyond the cost,
highlighting a lack of substantial information to support an increase or
decrease in valuation.
The investments during the reporting period are:
Saxa Gres S.p.A, a turn-around circular economy company which specialises in
an innovative tile production process. The company has been successful in
expanding its operations by competitor acquisitions which has enabled it to
satisfy the increasing demands for its products while attracting relevant
institutional investors such as A2A S.p.A, a €4 billion listed company which
took a holding in this investment of 27.7%
The spike in global gas prices in 2022 significantly impacted operations for
companies like Saxa Gres, which rely heavily on gas for production. Multiple
factors contributed to this surge in prices, including geopolitical tensions,
supply chain disruptions, and varying demand dynamics as global economies
recovered from the pandemic. Saxa Gres' decision to reshape the terms of its
bonds, likely in response to the 2022 spike in gas prices and the financial
strain it caused, has resulted in a decreased market value for these bonds.
Given the need to simultaneously reduce debt and recapitalise the group, Saxa
Gres has advised the market that it is currently identifying and exploring
options for the most suitable solution to achieve this result.
The company has informed the market about its exploration of various options
to find a suitable solution.
This includes a potential acquisition, as indicated by a binding letter from a
prominent Real Estate Asset Manager expressing interest.
Once a definitive solution is formulated, it will be presented to bondholders
for assessment and approval in accordance with applicable laws. Given the
uncertainty of these plans, Saxa Gres' board has opted for a conservative
financial strategy, marking a significant 60% reduction in investment as a
fair value adjustment.
V-Nova International Ltd. is a London-headquartered technology company
providing next-generation compression solutions that address the ever-growing
media processing and delivery challenges. As an IP software company, V-Nova
has developed an innovative video and imaging compression technology with
valid proof of revenues and concept also in relevant emerging market
countries.
V-Nova’s LCEVC (Low Complexity Enhancement Video Coding) is the industry’s
first highly optimised implementation of MPEG-5 Part 2 Low Complexity
Enhancement Video Coding (LCEVC), the codec-agnostic ISO/IEC enhancement
standard capable of providing higher quality at up to 40% lower bitrates than
codecs used natively. Its unique low-complexity design can allow for
immediately accelerated encoding by up to 4 times compared to other commonly
used codecs via a simple software upgrade, producing significant transcoding
cost efficiencies.
V-Nova’s management has helped ensure that the company’s technology is
becoming an integrated world standard.
Following a fundraising round in 2021, which raised €33 million in total and
included industry-relevant investors, technical validation of V-Nova’s
offering continued. In the first quarter of 2022, the V-Nova MPEG-5 LCEVC was
selected for the video enhancement codec layer of Brazil’s next-generation
broadcast system.
Brazil’s Digital Terrestrial Television System Forum (SBTVD Forum) has been
working on its next-generation broadcast/broadband solution for a while and
after extensive and rigorous testing followed by agreement by the Brazilian
Ministry of Communication, Brazil’s SBTVD announced the selection of
technologies that will be adopted as part of the TV3.0 Project which
incorporates V-Nova’s MPEG-5 LCEVC codec, the only multilayer enhancement
video codec selected.
Due to exponential video consumption growth, V-Nova’s technology can
materially increase energy savings, including direct server electricity
consumption. It assists in reducing hardware replacement rates and provides
greater reach to using older technology. It drives indirect savings in areas
including manufacturing costs, cooling, content transmission, storage and
caching, and end-user decoding.
V-Nova rapidly expanded its footprint of reference players integrated with its
MPEG-5 LCEVC technology with several new web players.
On Revenue Generation Update the Brazilian government has announced their
support to accelerate the adoption of the new SBTVD specification, with first
roll-outs – and consequently a potential revenue generation for V-Nova to
start in Q1 2025. The Board is waiting for V-Nova to sign relevant contracts
in order to secure a recurring revenue stream. From public news, new Customers
are moving from support to commitment: Even more conservative parties are
actively evaluating the deployment of LCEVC The Company is then optimistic
that V-Nova has reached a stage of development where it will be able to
exploit its years of hard work and, importantly, value the investments in it
as it progresses towards reaching profitability and expanding V-Nova’s
patented capabilities in as many verticals as possible.
In the last fundraising, V-Nova was able to reach a higher valuation as
reflected by LME accounts
Chronix Biomedical, Inc. is a privately-owned biotech company founded in 1997
which specialises in simple blood tests (liquid biopsies) for real-time
monitoring of the effectiveness of cancer drugs, including immunotherapies,
and rejection of transplanted organs. The cancer test is based on a patented
technology whereby Chronix can identify gains and losses in cell free DNA that
allow them to determine if a cancer therapy is working. The transplant test
allows Chronix to determine if the organ that is transplanted is being
accepted or rejected, and thereby allows the physician to alter the
immunosuppressive drug regimen given to the patient.
In June 2018, Chronix signed its first commercial agreement with a large
EU-based lab group. The group already processes more than 150,000 laboratory
samples daily and provides an exclusive licence for Germany, Austria,
Switzerland, and Belgium. The contract is for 15 years, and independent
research analysts have estimated the net present value of the licensing
payments to Chronix over the life of the agreement to be approximately $92
million.
In April 2021, Oncocyte, a listed Nasdaq Company specialised in precision
diagnostics, with the mission to improve patient outcomes by providing
personalised insights that inform critical decisions throughout the patient
care journey, bought Chronix, allowing them to use their network to distribute
Chronix’s products. As part of the terms of the acquisition, Chronix’s
shareholders received rights to future revenues on Chronix’s products sold.
In Q2 2022, Oncocyte announced that it had completed the development of its
proprietary TheraSure™ Transplant Monitoring test for liver transplant
patients, marking the successful completion of the Chronix technology
transfer.
Oncocyte’s readiness to deploy TheraSure following the company’s
acquisition of Chronix Biomedical and Oncocyte's announcement marks the first
product to be launched clinically from the Chronix acquisition.
Oncocyte-Chronix’s impact investment angle: Chronix’s tests provide the
opportunity for patients and healthcare providers to avoid billions of pounds
of diagnostic surgery costs, for patients to avoid invasive surgery,
healthcare providers to reduce demand on resources. Chronix’s products
provide for cost-effective, surgery-free treatment monitoring which could lead
to more effective care and treatments, saving money and lives.
The Company is currently awaiting detailed financial data regarding the
distribution agreements and projected sales revenue for Oncocyte Chronix
products in 2025. This information is critical as it will influence the
potential recovery of the company's investment and ultimately impact the
future revenue generated from these products.
Due to the delay in this year's expected product distribution, the Board has
decided to take a conservative approach and reduce the value by 38% compared
to the previous year.
Exogenesis Corporation headquartered in Massachusetts, USA, is a private,
venture-capital-backed company that has developed and is commercialising a
proprietary technology to modify and control surfaces without applying a
coating or creating sub-surface damage. Exogenesis is commercialising a
platform technology, NanoAccel™, using Accelerated Neutral Atom Beam (ANAB)
and Gas Cluster Ion Beam (GCIB) technologies that modify and control surfaces
of materials at a nanoscale level. The company's proprietary technologies are
used for surface modification and control in a broad range of biomedical,
optical and semiconductor applications.
On Mid 2021, nanoMesh™ LLC, a subsidiary of Exogenesis Corporation,
announced the formation of a Medical Advisory Board supporting the commercial
launch of the nanoMesh™ product line indicated for the repair of abdominal
wall hernias and abdominal wall deficiencies that require the addition of
reinforcing material to obtain the desired surgical result.
nanoMesh™ was commercially available in the US and possesses a unique
nanometer-level surface texture, via the application of Accelerated Neutral
Atom Beam (ANAB) technology during manufacturing.
Exogenesis’ impact investment angle: its technology can modify materials in
order to alter their behaviour or effectiveness or change their chemical
and/or physical properties to replicate other, more expensive materials.
The Board facing Exogenesis financial challenges, has had to make tough
decisions regarding its investment.
In 2023, it opted for a 50% reduction in investment values as a fair value
adjustment, demonstrating a cautious approach to Exogenesis's financial
health.
By 2024, it became clear that further Exogenesis funding was not forthcoming,
leading the board to impair the full investment while holding out for
potential minor revenue from the sale of residual assets.
It is the intention of the Board to seek to exit the current investments when
conditions provide for a successful exit, in order to provide funds for
reinvestment. The Board looks forward to updating shareholders with
further progress in due course.
Guido Contesso
Chief Executive Officer
30 July 2024
Income Statement and Statement of Comprehensive Income
for the year ended 31 January 2024
Year ended 31 January Year ended 31 January
2024 2023
Continuing operations £ £
Investment income -
Interest Income 397
Total income 397 -
Administrative expenses (102,846) (475,730)
Operating loss and loss before taxation (102,449) (475,730)
Taxation - -
Loss for the year (102,449) (475,730)
Total comprehensive loss for the year (102,449) (475,730)
Earnings per share:
Basic and diluted earnings per share (0.149) (0.730)
There are no items of other comprehensive income.
The notes in the annual report form an integral part of these financial
statements.
Statement of Financial Position
As at 31 January 2024
2024 2023
£ £
Non-current assets
Financial asset investments at fair value through profit and loss 1,248,290 1,150,774
Non-current assets 1,248,290 1,150,774
Current assets
Trade and other receivables 5,751 16,250
Cash and cash equivalents 74,520 83,894
Current assets 80,271 100,144
Current liabilities
Trade and other payables (187,475) (159,284)
Current liabilities (187,475) (159,284)
Net Assets 1,141,086 1,091,634
Equity
Issued Share Capital 685,000 654,000
Share Premium 2,471,530 2,350,630
Retained Earnings (2,015,444) (1,912,996)
Total Equity 1,141,086 1,091,634
The notes in the annual report form an integral part of these financial
statements.
The financial statements were approved and authorised for issue by the Board
on 30 July 2024.
Statement of Changes in Equity
for the year ended 31 January 2024
Share capital Share premium Share warrant reserve Retained earnings Total
£ £ £ £ £
At 31 January 2022 654,000 2,350,630 - (1,437,266) 1,567,364
Total comprehensive loss for the year - - - (475,730) (475,730)
At 31 January 2023 654,000 2,350,630 - (1,912,996) 1,091,634
Total comprehensive loss for the year - - - (102,449) (102,449)
Ordinary Shares issued during the year 31,000 124,000 155,000
Share issue costs (3,100) (3,100)
At 31 January 2024 685,000 2,471,530 - (2,015,444) 1,141,086
The notes in the annual report form an integral part of these financial
statements.
Statement of Cash Flows
for the year ended 31 January 2024
Year ended Year ended
31-Jan 31-Jan
2024 2023
£ £
Cash flows from operating activities
Loss for the year before tax (102,449) (475,730)
Investment income - -
Foreign currency exchange gain/loss 15,961 77,406
(Increase)/decrease in receivables 10,500 32,940
Increase in payables 28,190 (90,621)
Other items - (7,030)
Net cash outflow from operating activities (47,798) (463,035)
Cash flows from investing activities
Investment income received net - -
Fair value revaluation of Investment (113,476) 310,546
Sale or (Purchase) of investments - 140,646
Net cash outflow from investing activities (113,476) 451,192
Cash flows from financing activities
Share Issue 31,000 -
Share premium issue 120,900 -
Net Cash outflow from financing activities 151,900 -
Net decrease in cash and cash equivalents during the year (9,374) (11,843)
Cash at the beginning of year 83,894 95,737
Cash and cash equivalents at the end of the year 74,520 83,894
The notes in the annual report form an integral part of these financial
statements.
Notes
1. General information
Limitless Earth Plc is a company incorporated and domiciled in the United
Kingdom. The Company is a public limited company, which is listed on the AIM
market of the London Stock Exchange. The address of the registered office is
Suite 2, Northside House, Mount Pleasant, Barnet, Hertfordshire, England, EN4
9EB.
The Investing Policy is to invest principally, but not exclusively, in sectors
where changing demographic factors are important drivers of growth. The
Company intends to focus initially on projects located in Europe but will also
consider investments in other geographical regions. The Company may become an
active investor, acquire controlling stakes or minority positions, in each
case, as the Board considers appropriate and commercial.
The financial statements are presented in Pounds Sterling, which is the
Company’s functional and presentational currency.
1. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of these
financial statements are set out below. The policies have been consistently
applied throughout the period, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs) and IFRIC interpretations and with
Companies Act 2006 applicable to companies reporting under IFRSs.
The financial statements have also been prepared under the historical cost
convention, as modified by the revaluation of financial assets at fair value
through profit or loss.
The preparation of financial statements in conformity with IFRSs requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company’s accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the financial
statements are disclosed later in these accounting policies.
Going Concern
At the reporting date the Company had cash resources of £74,520 and the
Directors have prepared cash forecasts that show that, at the time of
approving the financial statements, the Company has adequate resources to
continue in existence for the foreseeable future. Thus, they continue to
adopt the going concern basis of accounting in preparing the financial
statements.
Changes in accounting policies and disclosures
New standards, amendments and interpretations adopted by the Company
No new standards, amendments or interpretations to existing standards that
have been published and are mandatory for the Company’s accounting periods
beginning on or after 1 February 2024, or later periods, have been adopted
early.
1. Financial Asset Investments
2024 2023
£ £
On 1 February 1,150,774 1,524,560
Cost of investment purchases - -
Sale proceeds from investments - (140,646)
Foreign currency exchange gain/(loss) (15,961) 77,406
Fair value revaluation 113,476 (310,546)
31 January – Investments at fair value 1,248,290 1,150,774
Categorised as:
Level 3 – Unquoted investments 1,248,290 1,150,774
1,248,290 1,150,774
The valuation model adopted by management is explained in Note 3 of the Annual
Report and Accounts, Critical accounting judgements and estimations and is
applicable to each of the investments listed below:
Chronix Biomedical Inc (“Chronix”)
On 8 October 2015 the Company made an investment in Chronix of US $500,000
(approximately £329,511) in the series I round of convertible preference
stock (“Series I Stock”) at a price of US $0.40 per share. On a fully
diluted basis, considering all classes of common and preference stock in
issue, at the date of investment, Limitless’ investment represented 0.72% of
Chronix’s issued share capital and values Chronix at approximately US $69
million.
On 20 September 2019, the Company announced that it made a further investment
of $100,000 (£81,526) in form of a promissory note.
On 19th Match 2021, the Company announced that Chronix had entered into an
agreement with Oncocyte Corporation Inc. (“Oncocyte”), a listed US based
molecular diagnostics company, for its acquisition for cash, equity and a
future revenue share consideration on Chronix products from now on using the
Oncocyte distribution channels
On 20th April 2021 and after the financial year, Chronix repaid $109,460.09
which comprises of the $100,000 promissory note interest.
On 29th June 2022 the Chronix Equity Representative receiving Chronix products
sales updates from Oncocyte, estimated the possibility of receiving a first
cash flow within one year (potentially up to the 50% on the investment) if the
current sales track were maintained.
Future cash flows will be received yearly over a period of 7 to 10 years,
depending on each type of Oncocyte Chronix product and the countries in which
Oncocyte distribution channels sell them.
Due to the delay in this year's expected product distribution, the Board has
decided to take a conservative approach and reduce the value by 50% compared
to the previous year.
V Nova International Ltd (“V-Nova”)
On 18 December 2015, the Company made a cash investment of £500,000 in
V-Nova, a company that specialises in Advanced Signal & Data Compression
Solutions. The investment was through the acquisition of £500,000 worth of
Convertible loan notes. On 4 April 2017, these notes were converted into
7,284,382 Series B1 Participating shares at a 20% discount to the preferential
valuation of V-Nova at the time, of £100 million.
On 30 October 2020, V-Nova raised £16,810,410 on a series C1 funding round
and the company settled unconverted loan not holders with £8,556,144 cash. V
Nova raised a further £5,661,027 in December 2020.
On 16 June 2022, V-NOVA finalized fundraising of £27,014,336 at £0.09 with
Limitless Earth holding 7,284,382 Shares.
On the current VNova round of fundraising the shares in V-Nova are priced at
£0.136 each. This values the Limitless portfolio at £990,675.95
Saxa Gres S.A (”Saxa Gres”)
On 23 December 2015, the Company invested €350,000 (approximately £258,830)
in Saxa Gres. As a first-round subscriber, Limitless has also been granted
an option to acquire 1.1655 per cent of the equity in Saxa Gres at nominal
value with the intention that, once the bonds have been repaid, Limitless will
be able to maintain an interest in Saxa Gres of approximate value to the bond
investment.
On 21 March 2017, Limitless announced that it had increased its investment in
Saxa Gres by acquiring a further 267 Notes for a value of €267,000. These
Notes were also accompanied by options to acquire shares in Saxa Gres, in this
case, to acquire another 1.333% of its equity share capital with each option
having an exercise price of €1. In total, Limitless has options to acquire
approximately 2.5% of the equity share capital of Saxa Gres at an exercise
price of €1 per share.
On 16 November 2017, the Company announced that it had made a further
investment in Saxa Gres. of approximately EUR €75,000 in form of a loan.
Saxa Gres was raising funds, via an increase in its share capital, in order to
invest in a new production line, it required to meet a significant increase in
orders. Limitless participated alongside two sizable credit funds in order to
maintain its interest in Saxa Gres.
On 19th January 2021, the Company announced that a recent investor in Saxa
Gres, was A2A S.p.A., a €4 billion listed company, as a Saxa Gres
shareholder (27.7%) and as a relevant industrial partner which could help to
expand and solidify Saxa Gres’ successful business model.
At the request of Saxa Gres in order for it to gain better access to bank
financing to further its investment plans, the Board of LME, together with 96%
of the existing 2023 bondholders, agreed to exchange its 617 Saxa Gres bond
notes with maturity in 2023 into a similar amount of Saxa Gres notes of 7 per
cent with maturity in 2026.
On 29th July 2021, the Company entered into an agreement with an FCA regulated
broker to dispose of 30 Saxa Bonds ISIN: IT0005418436 (for a nominal value of
€29,131.73 net of a 3.5% commission).
On 19th July 2022, the Company entered into an agreement with an FCA regulated
broker to dispose EUR 275,000 Saxa Bonds ISIN: IT0005418436 (for a nominal
value of €165,000 net of commission). The Board have provided a fair value
reduction of EUR 227,820 on the carrying value in Saxa Gres investment at
31.1.2022.
On 27th July 2023, the Board agreed to impair the investment in Saxa Gres and
provided a fair value reduction of EUR 211,781 (£178,653).
On 25th 2024 of July, the company received a Bid from an institutional
counterpart at 95% of the notional value of the holding bonds, while impairing
the value of the warrants.
Exogenesis Corporation (“Exogenesis)
On 6 May 2016, the Company made an investment in Exogenesis, a nanotechnology
company that has developed nanoscale surface modification technology to, inter
alia, improve the safety and efficacy of implantable medical devices and is
being used to develop next-generation microscopy tools for DNA analysis.
The Company invested US $300,000 (approximately £200,000) in the Exogenesis
senior convertible notes which accrued an 8 % annual interest (“Notes”).
The Notes, together with accrued interest, are convertible into Exogenesis
series B preferred stock at a price of US $0.382 per share or, at the option
of Limitless, into Exogenesis series C preferred stock at a 20 % discount to
the issue price at the time of the next financing.
On 9 June 2017, the Company extended the maturity date of the loan notes to 31
December 2017 from 30 June 2017 and lowered the conversion threshold amount to
$2,500,000. Upon achieving cash financing and reaching the maturity date, the
notes were then converted into series B preferred stock at the agreed price.
On 27th July 2023, the Board agreed to impair the investment in Exogenesis and
provided a fair value reduction of USD 150,000 (£ 131,893).
Today, it became clear that further funding was not forthcoming, leading the
board to impair the full investment while holding out for potential minor
revenue from the sale of residual assets.
The table of investments sets out the fair value measurements using the IFRS 7
fair value hierarchy. Categorisation within the hierarchy has been determined
on the basis of the lowest level of input that is significant to the fair
value measurement of the relevant asset as follows:
Level 1 – valued using quoted prices in active markets for identical assets.
Level 2 – valued by reference to valuation techniques using observable
inputs other than quoted prices included within Level 1.
Level 3 – valued by reference to valuation techniques using inputs that are
not based on observable market data.
The valuation techniques used by the Company are explained in the accounting
policy note, “Financial asset investments”.
LEVEL 3 FINANCIAL ASSETS
Reconciliation of Level 3 fair value measurement of financial assets:
2024 2023
£ £
Brought forward 1,150,774 1,524,560
Purchases - -
Sale proceeds from investments - (140,646)
Foreign currency exchange gain /(loss) (15,961) 77,406
Fair value revaluation 113,476 (310,546)
Carried forward 1,248,290 1,150,774
1. Earnings Per Share
(a) Basic
Basic earnings per share is calculated by dividing the loss attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period.
2024 2023
£ £
Loss from continuing operations attributable to equity holders of the company (102,449) (475,730)
Weighted average number of ordinary shares in issue 68,500,000 65,400,000
Pence Pence
Basic earnings per share from continuing operations (0.149) (0.730)
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. There were no potentially dilutive instruments
outstanding at 31 January 2024.
1. Post Year End Events
On 31 July 2024, the Company plans to announce the appointment of Mr Edgar
Hernandez as President and Chief Executive Officer of the Company. In addition
to the appointment, Mr Hernandez entered into a subscription agreement with
the Company, raising £150,000 via the subscription through the issue of
10,714,286 new ordinary shares of 1 pence each in the Company at a price of
1.4p per ordinary share.
Forward Looking Statements
Certain statements made in this announcement are 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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