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Renegy Holdings (RGYH) RSS Feed

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RENEGY HOLDINGS

Corporate Headquarters

Renegy Holdings, Inc.
3418 N. Val Vista Drive
Mesa, AZ 85213

Telephone: 480-556-5555
Fax: 480-556-5500

Contact us by e-mail.

For investor inquiries, please call 480-556-5555.

 

Renegy Holdings, Inc. is a renewable energy company engaged in biomass power generation utilizing wood waste as a primary fuel source.
 
Our first project is Snowflake White Mountain Power (Snowflake), a 24 megawatt (MW) biomass plant located near Snowflake, Arizona. This energy facility, which commenced commercial operations on June 10, 2008, has two long-term power purchase agreements in place with Arizona Public Services (APS) and Salt River Project (SRP), Arizona's two largest electric utilities.

Other business activities include an established fuel aggregation and wood products business, which collects and transports forest thinning and woody waste biomass fuel to our power plants, and which sells logs, lumber, shaved wood products and other high value wood by-products to help reduce the cost of fuel for our primary business operations.

We also provide product development, developing renewable energy products for others.

Our Mission

We seek to acquire, develop and operate a growing portfolio of biomass to electricity power generation facilities with the vision of becoming the leading independent power producer (IPP) of biomass electricity in North America.

We endeavor to apply proven technologies to transform underutilized perpetual and renewable natural resources into clean, sustainable and economical power. 

Our combination of leading edge technologies, a highly skilled and passionate workforce, and broad-ranging experience in the environmental and power generation industries, enables us to provide uniquely tailored solutions and a competitive edge to best serve our customers’ objectives.

We are committed to continuously setting new standards for quality, innovation and customer satisfaction through visionary leadership, technological and industry expertise, superior teamwork and a passionate pursuit of excellence.

Imagine a future of clean, sustainable power.
This is our vision.

Through the creation and operation of multiple renewable energy projects across North America, we aim to become part of the solution to fossil fuel dependence and the destruction of our planet. We believe that energy can be generated in a responsible manner - one that satisfies our ever-increasing demand for power while still preserving the environment.  We are driven by the assertion that our growth and success will contribute to a brighter future for generations to come.  

 

Our Values

We are committed to:

  • Employees:  Providing a workplace that attracts and inspires great people – industry experts, leading technologists, and other highly skilled, service-minded individuals – to collaborate and deliver innovative, cost-effective solutions that mitigate the impact of power generation on our environment.
  • Customers and Partners: Generating renewable power and providing value-added services through leading edge technologies that enable our customers and partners to achieve and maintain compliance with regulatory mandates and increasingly stringent air quality standards with reliable, cost-effective solutions. 
  • Stockholders:  Creating a financially rewarding business that supports our ideals while generating ever-increasing value for our stockholders.
  • Environment:  Continuing to offer ever-more effective and sustainable energy solutions to protect the planet and enhance the quality of the environment.

What is Biomass?

Biomass energy is energy from the sun captured in organic materials derived from plants or animals.  Sources of biomass include:

  • Forestry residues (green waste from landfills, sawmill waste, other vegetative and wood waste)
  • Agricultural crops grown for energy purposes and other agricultural waste
  • Woody construction and debris waste
  • Animal waste
  • Ethanol waste
  • Municipal solid waste (sewage sludge or other landfill organics)
  • Landfill gas
  • Other industrial waste (i.e. paper sludge from paper recycling processes)

Biomass power generation facilities harness the energy stored in such organic materials to produce clean, renewable power.  Biomass power plants use this material for fuel, burning it under controlled, low emissions conditions to generate electricity.   Biomass energy can be generated by gasification, pyrolysis, anaerobic digestion or direct combustion (100% biomass combustion or co-firing with coal at existing coal plants).

In addition to diverting waste from already over-burdened landfills, biomass facilities are also valued for their negative greenhouse gas footprint as they displace more potent greenhouse gas emissions of methane that would otherwise result from the decomposition and decaying of organic materials that occurs as a result of landfill accumulation, forest accumulation or composting. Emissions of methane create 20 times more greenhouse gas effect than the CO2 produced during combustion.

Biomass to electrical power facilities are also considered to be carbon neutral as CO2 emissions generated by combustion is generally offset by the CO2 emissions consumed during the lifecycle of plant material. By comparison, the CO2 emissions released from the combustion of fossil fuels (such as coal, oil and natural gas) add to the imbalance of carbon emissions in our atmosphere, which contributes to global warming. Furthermore, today’s biomass facilities are outfitted with state-of-the-art pollution control equipment to reduce other air pollutants such as particulate matter and nitrogen oxides (“NOx”) that would otherwise result from the open burning of biomass or from forest fires.

The Biomass segment of the renewable energy industry has generated increased interest since 2005 as the result of:

  1. Scientific breakthroughs in how to make the energy conversion process more efficient.
  2. State and federal government mandates for increased energy sustainability.  Renewable Portfolio Standards (RPS) are now in place in 25 states plus the District of Columbia, requiring utilities to purchase up to 25% of their electricity from renewable sources within the next 2 - 18 years.   Three additional states have set voluntary goals for increased adoption of renewable energy.
  3. The U.S. Department of Agriculture issuing grants and loan guarantees to forward-thinking ventures that are leading the charge to propel renewable, biomass energy generation into the mainstream.

 Fuel Sourcing

The Power of Biomass.  Delivered.

We have built over the past three years a fuel aggregation business that we operate near Snowflake, Arizona to collect forest thinning and woody waste within a 75-mile radius and transport such biomass fuel to our Snowflake plant. This business includes five Jackson Wood Shavers to manufacture pine shaving material for horse bedding, a high speed Virville bagger for the pine shavings, two local sawmills with up to a 20 million board foot capacity, a Morbark Pole Peeler, screening equipment for mulch production, several pieces of heavy equipment (including feller bunchers, skidders, grinders, chippers, etc.), and a fleet of semi-trucks and trailers used to transport biomass material to the plant and storage area and, on occasion, to transport wood-related products being sold to outside companies.

Our fuel aggregation business is focused on providing cost-effective forest residue biomass fuel to our Snowflake plant by collecting it directly from the source, transporting and then manufacturing and selling lumber, mulch or other high value products to outside companies to substantially reduce the cost of by-product biomass hog fuels. We also provide certain forest thinning services for hire.

As part of our fuel procurement strategy, we bid on and contract with the U.S. Forest Service (“USFS”) for timber sale, salvage sale and service contracts to remove material from the National Forests, and work with other forestry businesses and agencies to harvest biomass fuel.

We have in place or have completed approximately 23 contracts with the U.S. Forest Service, either directly or as a subcontractor, for the collection, chipping/grinding and hauling of woody waste material. We are also subcontractors for the stewardship contract awarded to Future Forests, LLC in September 2004 to thin areas of the Arizona forest that are unhealthy due to crowding, beetle kill and drought conditions.

In June 2002, the largest forest fire in the history of the southwest, the Rodeo-Chediski Fire, burned over 475,000 acres within close proximity of the site of our Snowflake plant. A large portion of the initial biomass material for our Snowflake plant comes from our harvesting of the fire damaged trees from this area under individual contracts with the USFS to remove such fuel. We have harvested over 20,000 acres of the fire-damaged area under contract.

Additionally, we have contracts to manage and collect material from several community green waste sites, and collect biomass from the waste generated by Renegy’s and other area sawmills. Historically, we had been running our sawmills with over 50% of the sawlogs’ volume becoming fuel for the Snowflake plant. However, due to recent lumber price declines, we have suspended all sawmilling operations and do not anticipate restarting such operations until lumber prices improve. We currently have in place existing contracts to grind, chip and remove all woody vegetation and biomass accumulating at several public green waste disposal sites in Payson and Heber, Arizona, and several third party sawmill sites.

Overall, from burned areas, green forest thinning work, green waste sites and sawmill waste, we have collected approximately 400,000 tons of biomass and over $1 million of retail value of saw logs. A substantial portion of that accumulated biomass and almost all of the saw logs with retail value were lost during two fires that took place in 2007. However, with additional fuel collection completed since the fire, combined with the significant remaining inventory that was not burned, as of the date of this filing, we now have approximately 24 months’ worth of wood fuel in storage to be used by our Snowflake plant.

We also recently signed a five-year agreement to process wood materials into horse shavings (wood shavings used in horse stables) for distribution throughout the southwest with a large horse shavings dealer. Beginning October 1, 2007 and continuing for five years, we committed to produce 40,000 bags, each holding twelve cubic feet of shavings, per month for this company. We have also installed equipment to peel bark and manufacture log poles for home construction, fences and utilities. Additionally, we have contracts to provide mulch material for home and garden use. We have the necessary equipment to filter out the mulch material from biomass piles in order to sell the more valuable mulch material and save the remaining chips for boiler fuel.

We understand the importance of a diversified fuel strategy.  As part of our strategy, in addition to gathering biomass fuel from the forest, we continually seek opportunities to secure alternate supplies of biomass to supplement the fuel for our plants.  Such additional sources of biomass may include industrial waste (such as paper sludge), local green waste sites, municipal waste, agricultural waste, and woody construction and debris waste.

 

Robert M. Worsley
President, CEO & Chairman of Renegy Holdings, Inc.

Robert (“Bob”) M. Worsley has served as our chairman and CEO since October 1, 2007. Mr. Worsley is also the founder and owner of NZ Legacy, LLC, an Arizona land and mineral company.  Prior to founding NZ Legacy in March 2002, Mr. Worsley served as the chairman, chief executive officer and president of SkyMall, Inc., which he founded in 1989, until his retirement in 2003. During his tenure at SkyMall, Mr. Worsley was successful in leading the Company through an IPO in 1996 and a sale to Newscorp's Gemstar affiliate in 2001, and growing the business to become the largest in-flight catalog company in the world with over $85 million in annual revenues. From 1985 to 1989, Mr. Worsley was a principal of ExecuShare, Inc., an executive services firm that provided time-shared financial executives for small companies. From 1980 to 1985, Mr.Worsley was an accountant with PriceWaterhouse, a public accounting firm, where he most recently held the position of Audit Manager. Mr. Worsley has a bachelor’s degree in accounting from Brigham Young University. Mr. Worsley was a Certified Public Accountant for over twenty years.

Ricardo B. Levy, Ph.D.

Lead Director
Retired Founder, President & CEO of Catalytica, Inc. and former Chairman of the Board of Catalytica Energy Systems, Inc.

Ricardo Levy has served on our board of directors since June 2007. Previously, Dr. Levy served as chairman of the board of Catalytica Energy Systems, Inc. from December 2000 through September 2007. In addition to his role as chairman, Dr. Levy also served as interim president and CEO of Catalytica Energy Systems from June through December 2002, having previously served as president and CEO of the former parent company Catalytica, Inc. Dr. Levy founded Catalytica, Inc. in 1974, serving as chief operating officer until 1991 and then as president and chief executive officer until December 2000, when Catalytica, Inc. and its subsidiary Catalytica Pharmaceuticals Inc. were sold to DSM N.V concurrent with the spin-off of Catalytica Energy Systems. Before founding Catalytica, Inc., Dr. Levy was a founding member of Exxon's chemical physics research team. Dr. Levy currently serves on the board of directors of public companies Accelrys, Inc. (formerly known as Pharmacopeia, Inc.) and StemCells, Inc. He has an M.S. from Princeton University, a Ph.D. in chemical engineering from Stanford University and is an alumnus of Harvard University's Executive Management Program.

Projects

Photo courtesy of Salt River Project

Our primary business activities are focused on acquiring, developing and operating a growing portfolio of biomass to electricity power generation facilities utilitizing wood waste as the predominant fuel source to generate clean, renewable power. We sell the electrical (and, in some cases, the steam) output from our facilities to local utilities and /or industrial customers.

Our current facilities are described below:

  • Commercial operations of our Snowflake White Mountain Power (Snowflake) power generation facility commenced June 10, 2008. This 24 MW biomass plant, located near Snowflake, Arizona, burns a combination of wood waste from surrounding forests and local green waste sites along with recycled paper sludge from an adjacent newsprint mill to generate enough electricity to power 24,000 homes.
  • In November 2007, we acquired an idle 13 MW biomass plant located in Susanville, California. We currently estimate this plant could be fully operational by early 2010, subject to the prospects and timing associated refurbishing the plant, obtaining various operating and environmental permits, securing necessary fuel sources at a cost-effective rate, entering into a power purchase agreement for the power output of the plant, and other activities necessary to restart and operate the plant.

Multiple biomass to electricity projects totaling in excess of 1,000 MW of power output have been identified as our targeted growth opportunity and are currently being explored. These opportunities include acquisitions of existing facilities (both operating and idle) as well as new greenfield projects in various locations across North America.

 

HISTORICAL STOCK PRICE: http://ih.advfn.com/p.php?pid=historical&symbol=RGYH

Share Structure
Market Value1 $1,298,262 a/o Feb 03, 2011
Shares Outstanding 6,491,312 a/o Mar 30, 2009
Float N/A
Authorized Shares N/A
Par Value N/A
Shareholders
Shareholders of Record N/A
Beneficial Shareholders N/A
Corporate Actions
  Ex. Date Record Date Pay Date
Security Notes
  • Capital Change=shs decreased by 1 for 2000 split Pay date=03/30/2009.
  • Note = deleted from NASDAQ on 03/30/09
  • Capital Change=shs decreased by 1 for 2000 split. Pay date=03/30/2009.
Non US Stock Exchange Listing
-
Short Selling Data
Short Interest 1 (0%)
Jan 14, 2011
Significant Failures to Deliver No
Transfer Agent(s)
Service Providers
Auditor/Accountant
N/A
Legal Counsel
N/A
Investor Relations Firm
N/A

 

RECENT NEWS!

 
Press Release Source: Laidlaw Energy Group, Inc. On Wednesday February 2, 2011, 8:00 am EST

 NEW YORK--(BUSINESS WIRE)-- Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced today that it has entered into a Letter of Intent to acquire a 14 megawatt biomass-energy power plant from Renegy Holdings, Inc. and certain other affiliated shareholders.

 Commenting on the contemplated acquisition, Laidlaw President & CEO Michael B. Bartoszek stated “We are very pleased to be moving forward with the expansion of our business model to the West Coast. We are very excited about the California market for alternative energy and the opportunities it presents. We are also excited about the prospect of a close working relationship with Bob Worsley and his team.” Mr. Worsley is the President & CEO of Renegy as well as the founder and former President & CEO of Skymall, Inc.

Bartoszek went on to state “This transaction is part of a larger strategy of growth and diversification that we have been working on for some time. We shortly expect to announce another major acquisition that will further expand our business. In addition, we have been working to add highly qualified project management personnel to our team so that we have the necessary resources in place to manage multiple projects across the U.S.”

Laidlaw does not anticipate any significant complexity with this transaction and anticipates closing on the acquisition within 45 – 60 days.

 About Laidlaw Energy Group

Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy's mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York. For more information, please visit our website at www.LaidlawEnergy.com.

 This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects, technological developments, potential markets, new products, research and development activities and similar matters. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Latest Key Developments

Renegy Holdings, Inc. Delists From NASDAQ-The Stock Exchange
Sunday, 29 Mar 2009 08:00pm EDT 

The Stock Exchange reported that Renegy Holdings, Inc. has been delisted from NASDAQ to OTC Pink Sheets. 

Renegy Holdings, Inc. Announced Termination Of Robert W. Zack As CFO-Form 8-K
Friday, 13 Mar 2009 01:35pm EDT 

Renegy Holdings, Inc. announced in its Form 8-K that it has terminated Robert W. Zack from the position of Executive Vice President and Chief Financial Officer of the Company. 

Renegy Holdings, Inc. Secure $12.3 Million of Tax Equity Financing In Exchange for Partial Interest In 24 Megawatt Snowflake Biomass Power Generation Facility
Friday, 2 Jan 2009 06:00pm EST 

Renegy Holdings, Inc. announced that it has executed an agreement to secure $12.3 million of tax equity financing from an institutional equity investor in exchange for a partial interest in its 24 megawatt Snowflake biomass power generation facility. The tax equity investment, which is expected to close in mid-January, will provide the investor with access to the federal production tax credits, depreciation benefits and certain cash flows that will be generated by Renegy's Snowflake plant over the next 10 years. Meridian Investments, Inc. acted as the exclusive investment advisor to Renegy in managing the tax equity transaction. Renegy plans to use funds from the tax equity investment to: repay all funds borrowed under its line of credit with Comerica Bank; Fund final outstanding construction and start-up costs associated with completion of the Snowflake facility; Fund certain cash reserve accounts; and pay severance and other costs associated with executing its restructuring plans. 

Renegy Holdings, Inc. To Downsize Upto 47% Employees; Announces Restructuring Plans
Friday, 2 Jan 2009 06:00pm EST 

Renegy Holdings, Inc. announced that it plans to downsize the number of its employees by 47%. Renegy's restructuring plans call for significant cost cutting measures that include substantially decreasing its corporate overhead, reducing its business development activities until conditions in the capital and credit markets improve, and narrowing the scope of its operations to focus on operating its Snowflake plant. As part of these initiatives, the Company is pursuing a reduction in force focused primarily on corporate and administrative personnel, including certain executive officer and other senior management positions. By early January, Renegy plans to reduce its workforce to a total of 48 employees, of which seven employees will constitute its corporate staff, representing a 47% reduction in force compared with 90 employees at September 30, 2008. Additional layoffs may ensue during the first quarter of 2009. The Company expects to record restructuring charges of approximately $2.0 million, the majority of which will be recorded in the first quarter of 2009. Further, President and Chief Operating Officer Hugh Smith and Chief Financial Officer Rob Zack will move to a part-time status with the Company effective January 3, 2009, with the intent of phasing out their positions over the next few months. The remaining corporate staff has begun to assume the responsibilities of these positions. 

Renegy Holdings, Inc. Announces Management Changes-Form 8K
Friday, 3 Oct 2008 02:49pm EDT 

Renegy Holdings, Inc. announced in its Form-8K that effective October 1, 2008, Robert M. Worsley, the President, Chief Executive Officer and Chairman of the Company has resigned from his position as the Company's President, Mr. Worsley will continue to serve as the Company's Chief Executive Officer and Chairman. It laso ssid that Effective October 1, 2008, Hugh W. Smith, the Company's Chief Operating Officer,was appointed as President of the Company. 

Renegy Holdings, Inc. Lowers FY 2008 Revenue Guidance
Thursday, 14 Aug 2008 04:10pm EDT 

Renegy Holdings, Inc. announced that for fiscal 2008, it expects revenues to be range from $9.0 to $10.0 million, as compared with its previous guidance for revenues in the range of $10.0 to $12.0 million. 

Renegy Holdings, Inc. To Buy Plant From Sierra Pacific Industries For $13 Million-DJ
Monday, 14 Apr 2008 08:53am EDT 

Dow Jones reported that Renegy Holdings, Inc. has signed a nonbinding letter of intent to acquire a 20-megawatt biomass power plant in Loyalton, California., from Sierra Pacific Industries for $13 million. The Company expects the deal to close by June 30. 

Renegy Holdings, Inc. Issues FY 2008 Revenue Guidance-Conference Call
Monday, 31 Mar 2008 04:45pm EDT 

Renegy Holdings, Inc. announced that for fiscal 2008, it expects revenues to be in the range of $10-$12 million. 

Renegy Holdings, Inc. Completes Acquisition of Susanville Biomass Plant
Monday, 26 Nov 2007 08:30am EST 

Renegy Holdings, Inc. announced that it has executed and closed a definitive Asset Purchase Agreement with a forest products and timber company for the acquisition of an idle biomass power plant for $1.3 million. The plant assets include a boiler capable of producing 160,000 pounds per hour of steam and a turbine that can generate approximately 13 megawatts of base-load electricity to power as many as 13,000 homes. 

Acorn Factor, Inc. Completes Acquisition Of SCR-Tech For $9.6 Million From Renegy Holdings, Inc.'s Subsidiary
Thursday, 8 Nov 2007 08:30am EST 

Renegy Holdings, Inc.: Acorn Factor, Inc. announced that it has completed the purchase of SCR-Tech LLC from Catalytica Energy Systems, Inc., a subsidiary of the Company, for a purchase price of $9.6 million in cash. 

 

CONCERNING THE DELISTING OF STOCK:

FOR IMMEDIATE RELEASE                                                                                                                             
 
CONTACT:   Tom Lagerhausen
(480) 556-5555
 
RENEGY HOLDINGS, INC. ANNOUNCES INTENT TO
VOLUNTARILY DELIST AND DEREGISTER ITS COMMON STOCK
 
MESA, Ariz. (March 10, 2009) – Renegy Holdings, Inc. (“Renegy” or the “Company”) (NASDAQ: RNGY), announced today that it has notified The Nasdaq Stock Market of its intent to voluntarily delist its common stock from The Nasdaq Capital Market, and that it intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934 (the “Exchange Act”) and cease filing reports with the Securities and Exchange Commission (the “SEC”). 
 
The decision to voluntarily delist and deregister the common stock is a cost savings step that will reduce expenses on an annual basis associated with the Company’s Nasdaq listing and compliance with SEC reporting requirements, which include legal, accounting and other administrative fees. The Company’s common stock is thinly traded and the Company does not believe the benefits of having its common stock listed and registered outweigh the annual costs. Management believes that the expense reductions inherent in delisting and deregistering its shares will benefit the Company and its shareholders, and ultimately will serve to maximize the value of the Company.
 
The Company anticipates that it will file with the SEC a Form 25 relating to the delisting of its common stock on or about March 20, 2009, with the delisting of its common stock to be effective ten days thereafter. Accordingly, the Company expects that the last day of trading of its common stock on The Nasdaq Capital Market will be on or about March 27, 2009. The filing of the Form 25 and notice to Nasdaq have been undertaken in anticipation of a vote by Renegy’s stockholders at a special meeting to be held March 27, 2009 on proposals to effect a 1-for-2,000 reverse stock split of Renegy’s common stock, the cashout of fractional shares at $0.74 per fractional share resulting from the reverse stock split, and a 2,000-for-1 forward stock split immediately following the reverse stock split and cashout of fractional shares (the “Transaction”). The Transaction is being undertaken by Renegy for the purpose of reducing the number of stockholders to less than 300 such that it can deregister its common stock pursuant to applicable Exchange Act rules and, consequently, cease filing reports with the SEC. The record date for the special meeting was February 24, 2009 and the Company filed a definitive proxy statement with the SEC regarding the proposed Transaction on March 5, 2009.
 
On the effective date of the delisting, the Company plans to file a Form 15 to deregister its common shares under Section 12(g) of the Securities Exchange Act of 1934. It will be eligible to delist and deregister because it will have fewer than 300 record holders of its common stock if the Transaction is completed as proposed. Upon filing of the Form 15, the Company’s obligation to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K, will immediately be suspended. The Company expects that the deregistration of its common stock will become effective 90 days after the date of filing of the Form 15 with the SEC. Although the Company has arranged neither for the listing or registration of its common stock on another national securities exchange nor for the quotation of its common stock on a quotation medium, it is possible that market makers will cause Renegy’s common stock to be quoted on the Pink Sheets or a similar quotation medium following its delisting from The Nasdaq Capital Market.
 
About Renegy
 
            Renegy, based in Tempe, Arizona, is a renewable energy company engaged in biomass power generation utilizing wood waste as a primary fuel source. Renegy’s current biomass power generating assets include a 24 MW facility near Snowflake, Arizona that commenced commercial operations in June 2008, and an idle 13 MW biomass plant in Susanville, California. Renegy’s other business activities include an established fuel aggregation and wood products division, which collects and transports forest thinnings and woody waste biomass fuel to its power plants, and which sells logs, lumber, shaved wood products and other high value wood by-products to provide additional value to its primary business operations. Find Renegy on the Worldwide Web at www.renegy.com.
 
            When used in this press release, the words or phrases “will likely result,” “are expected to,” “anticipate,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Such statements are subject to certain risks and uncertainties which could cause actually results to differ materially from results presently anticipated or projected. You should not place undue reliance on any such forward-looking statements, which speak only as of the date made. Actual results may differ materially from any opinions or statements expressed with respect to future periods in any current statements in this press release or in the Company’s filings with the SEC.  

 

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