ARS/Rescue Rooter Announces a Veterans Day Initiative to Benefit Veterans in Need

MEMPHIS, TN—(Marketwired – November 08, 2016) – American Residential Services (ARS), a Memphis, Tenn. based, privately–held national provider of air conditioning, heating and plumbing services, is giving back to military veterans in need, as well as recognizing military veterans in their organization, as part of a Veterans Day initiative.

ARS will be donating dozens of casseroles to the veterans at Alpha Omega Veterans Services, a 501(c)(3) non–profit charitable organization headquartered in Memphis, Tennessee that assists military veterans to reintegrate into society, often after achieving recovery and rehabilitation from debilitating mental and physical conditions. “It is a privilege to be able to serve those who have selflessly served our country,” says Chris Mellon, ARS Chief Marketing Officer. The casseroles are stored and distributed at AOVS to their veteran clients, many of whom do not have the means to prepare a home cooked meal. “The volunteers and donations from American Residential Services have been invaluable to our organization. Something that seems so trivial is truly the most impactful,” says Cordell Walker, Executive Director of Alpha Omega Veterans Services. Learn more about AOVS at alphaomegaveterans.org.

In addition, ARS is adding veterans to the list of recipients of their “ARS Cares” plan: donating a HVAC unit or water heater to a household with that need.

ARS/Rescue Rooter understands the importance of both employing and honoring active and retired military personnel. “It is truly an honor to employ the men and women who have fought for our freedom,” says Dave Slott, ARS President and COO. “Our employees who are veterans already know the value of teamwork, communication and organization.” ARS also recognizes their employees for their service, and offered many thanks for the veterans' service.

ABOUT AMERICAN RESIDENTIAL SERVICES: Based in Memphis, Tenn., privately–owned ARS operates a network of more than 70 locally–managed service centers in 22 states, with approximately 5,500 employees. The ARS network features industry–leading brands including, A.J. Perrin, Aksarben ARS, Allgood, Andy's Statewide, ARS, Aspen Air Conditioning, Atlas Trillo, Beutler, Blue Dot, Brothers, Columbus Worthington Air, Conway Services, Efficient Attic Systems (EAS), Florida Home Air Conditioning, Green Star Home Services, McCarthy Services, Rescue Rooter/ Proserv, Rescue Rooter, RighTime Home Services, RS Andrews, The Irish Plumber, Unique Services, “Will” Fix It, Yes! Air Conditioning and Plumbing, and Yes! Efficient Attic Systems. United by Exceptional Service®, the ARS / Rescue Rooter Network serves both residential and light commercial customers by providing heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation and ventilation services. Each location has a knowledgeable team of trained specialists, who have undergone rigorous drug testing and criminal background checks. Providing exceptional service and ensuring the highest standards of quality, ARS has the experience to do any job right — the first time, with all work fully guaranteed.

Hudbay Announces Temporary Suspension of Operations at Constancia

TORONTO, ON—(Marketwired – November 08, 2016) – HudBay Minerals Inc. (“Hudbay” or the “company”) (TSX: HBM) (NYSE: HBM) today announced it has temporarily suspended operations at its Constancia mine in Peru as a result of trespassers in the open pit area. The decision is necessary for the safety of employees and the people occupying the site.

Many of the trespassers are from the district of Chamaca, about an hour from the mine, which within the last two weeks signed an agreement with national and local governments and Hudbay Peru confirming areas of social co–operation. The trespassers have yet to present specific demands.

Police are present to ensure the safety of people and assets and Hudbay Peru is working with representatives of the national and local governments, as well as other parties toward a goal of resolving the situation peacefully and safely.

Forward–Looking Information

This news release contains “forward–looking statements” and “forward–looking information” (collectively, “forward–looking information”) within the meaning of applicable Canadian and United States securities legislation. Forward–looking information includes information that relates to, among other things, our objectives, strategies, and intentions, including our expectations that the situation will be resolved peacefully and safely. Forward–looking information is not, and cannot be, a guarantee of future results or events. Forward–looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward–looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward–looking information.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward–looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), risks related to political or social unrest or change, risks in respect of aboriginal and community relations, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, dependence on key personnel and employee and union relations, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, planned infrastructure improvements in Peru not being completed on schedule or as planned, compliance with government and environmental regulations, including permitting requirements and anti–bribery legislation, depletion of Hudbay's reserves, volatile financial markets that may affect Hudbay's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or

clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the company's ability to comply with its pension and other post–retirement obligations, Hudbay's ability to abide by the covenants in its debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading “Risk Factors” in the company's most recent Annual Information Form.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward–looking information. Accordingly, you should not place undue reliance on forward–looking information. Hudbay does not assume any obligation to update or revise any forward–looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward–looking information, except as required by applicable law.

About Hudbay

Hudbay (TSX: HBM) (NYSE: HBM) is an integrated mining company producing copper concentrate (containing copper, gold and silver) and zinc metal. With assets in North and South America, the company is focused on the discovery, production and marketing of base and precious metals. Through its subsidiaries, Hudbay owns four polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and a copper project in Arizona (United States). The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol “HBM” on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Hudbay also has warrants listed under the symbol “HBM.WT” on the Toronto Stock Exchange and “HBM/WS” on the New York Stock Exchange. Further information about Hudbay can be found on www.hudbayminerals.com.

Electrovaya Provides Business Update

TORONTO, ON—(Marketwired – November 08, 2016) – Electrovaya Inc. (TSX: EFL) (OTCQX: EFLVF) is providing the following update on business developments previously disclosed by Electrovaya Inc. (“Electrovaya”). Some of the items below were described in the press release of Electrovaya dated October 19, 2016 and are being restated for completeness in one document. This press release is being issued by Electrovaya in connection with a disclosure review undertaken by the Ontario Securities Commission in connection with the filing by Electrovaya of a preliminary short form base shelf prospectus dated September 21, 2016.

On May 26, 2016, Electrovaya announced the signing of a Master Service Agreement with a Fortune 1000, NYSE listed company and estimated potential revenues of up to US$80 million over a three–year period under such contract (the “Hyster–Yale Agreement”). On July 26, 2016, Electrovaya issued a press release announcing that it had commenced receiving purchase orders under the Hyster–Yale Agreement. On September 15, 2016, Electrovaya issued a press release which identified the customer as Hyster–Yale, a leading electric forklift manufacturer. The forward–looking estimated revenue and volumes disclosed by Electrovaya in its earlier press releases were based upon the customer's expectations and forecasts for end customer sales of new lithium–ion forklift products. Electrovaya's estimated revenue from the customer is dependent on the customer's ability to generate sales of its lithium–ion based forklifts and to order products from Electrovaya in connection with such sales. The Hyster–Yale Agreement does not provide for a minimum contracted volume nor have firm irrevocable commitments been obtained from the customer. As with any new program, Electrovaya is in the ramp–up and prototyping phase under the Hyster–Yale Agreement and accordingly, the amount of orders placed under the Hyster–Yale Agreement to date are deminimis. However, as previously disclosed by Electrovaya, Electrovaya expects that sales under the Hyster–Yale Agreement will accelerate over CY 2017 once the initial ramp up phase under the Hyster–Yale Agreement is completed.

On June 14, 2016 Electrovaya announced a non–binding Memorandum of Understanding (“MoU”) with a European original equipment manufacturer (“European OEM”), a battery assembler for electric buses which has manufacturing plants in both Europe and China. Electrovaya and the potential customer are engaged in negotiations towards a definitive agreement. The MoU contains certain indicative fundamental terms (price and maximum volume discount) agreed by the parties. The MoU is for a product that is not a standard product of Electrovaya and accordingly, Electrovaya is currently engaged in the production of prototype products for this potential customer in order to be in a position to execute a definitive agreement once terms are agreed. Electrovaya anticipates the definitive agreement will be consistent with the indicative fundamental terms contained in the MoU, however, there is no assurance a binding agreement will be entered into or if entered into will be on the terms contained in the MoU. The forward–looking potential estimated revenues of EUR11 million for 2017 previously disclosed by Electrovaya were based upon the customer's expectations regarding end customer sales of the product. Neither the MoU nor any definitive agreement is expected to provide for a minimum contracted volume or firm irrevocable commitment.

On July 6, 2016 Electrovaya/Litarion announced a non–binding MoU, with an international original equipment manufacturer (“International OEM”). The MoU contains certain indicative fundamental terms (price and maximum volume discount) agreed to by the parties. A working group has been set up with key personnel from both organizations to collaborate on specification, development, prototyping and testing. Electrovaya anticipates that the definitive agreement will be consistent with the MoU however, there is no assurance a binding agreement will be entered into, or if entered into will be on the terms contained in the MoU. Development work is being done by both sides and commercialization is expected to start in CY 2017. If a definitive agreement is executed, Electrovaya would be a supplier to the International OEM's electric vehicle and the actual revenues of Electrovaya will be dependent on the success of the International OEM's electric vehicle in the market and the International OEM ordering the products of Electrovaya. Neither the MoU nor is it expected that any definitive agreement will provide for a minimum contracted volume or firm irrevocable commitment. The International OEM has a large internal fleet demand for electric vehicles as well as external demands. Based upon the customer's expectations regarding end customer sales of the product, Electrovaya's forward–looking potential revenues from this International OEM are estimated to be up to EUR37 million in 2017, with the actual revenues dependent on the International OEM's commercialization of the electric vehicle with Electrovaya's products for both its internal fleet usage and external sales.

On September 20, 2016, Electrovaya announced it signed a Service Agreement with a NYSE Fortune 1000 OEM. This Service Agreement is for the design and development of battery modules for a range of the NYSE Fortune 1000 OEM's electromobility products. Volume manufacturing and commercial production are subject to Electrovaya and the NYSE Fortune 1000 OEM entering into a definitive Supply Agreement and the customer providing Electorvaya with orders thereunder. Accordingly, there is no assurance that large volume commercial production will start in late 2017.

On October 19, 2016, Electrovaya announced that it entered into a Strategic Supplier Agreement and a Supply Agreement (collectively, the “Agreements”) with a global original equipment manufacturer (the “Global OEM”). The Agreements follow the earlier announced Letter of Intent in June 2016. Electrovaya will supply 48V LITASTORE battery modules to the Global OEM if, as and when the Global OEM delivers purchase orders under the Agreements. Prior to the execution of the Agreements, Electrovaya completed, shipped and billed the Global OEM for prototypes delivered by Electrovaya. The Agreements contain tiered volume and pricing. Should the forward–looking maximum volume anticipated in the volume pricing schedule be achieved, this would result in EUR199 million being the potential value of the Agreement over a three–year period. There is no assurance, however, that the Global OEM will order nor Electrovaya supply to this extent. On October 31 , 2016 Electrovaya received from the Global OEM a EUR6.9 million purchase order for delivery of battery modules in the first half of 2017.

With the introduction of Electrovaya's new battery module, LITACORE1000, as announced by Electrovaya on May 16, 2016 Electrovaya's focus moved from component sales to battery module and system sales, as indicated in the August 11, 2016 Q3 financial results announcement. This change in focus, accompanied by deferral of deliveries for battery components requested by customers, as noted in the Management Discussion and Analysis of Electrovaya for the quarter ended June 30, 2016, resulted in a decrease in the third quarter June 30, 2016 revenue and also impacted future revenue from two contracts previously announced.

With respect to the Lithium Ion product supply contract announced by Electrovaya on September 1, 2015 (the “Battery Component Contract”), Electrovaya estimated on such date that the value over the life of the contract (being 3 years and 8 months) to be EUR18.5 million, based on the orders under the Battery Component Contract advised by the customer. From September 1, 2015 to June 30, 2016 Electrovaya recorded EUR1.7 million of revenue under the Battery Component Contract. However, as noted in the Management Discussion and Analysis of Electrovaya for the quarter ended June 30, 2016 the customer requested a deferral of deliveries under the Battery Component Contract. Following this request for deferral, Electrovaya and the customer amended the Battery Component Contract to include a firm commitment by the customer to order EUR1.3 million of products prior to September 2017 and providing the customer an option to order additional products above this committed amount. This deferral of the firm orders may have a material and adverse impact on the future optional orders, if any, under the contract. As the customer has not provided a revised forecast of orders to Electrovaya, Electrovaya is not at this time able to provide an updated estimate as to the value of the remaining potential orders under the Battery Component Contract nor is there any assurance Electrovaya will accept such orders if received. Electrovaya's estimated revenue from the customer is dependent on the customer's ability to generate sales to its customers.

With respect to the Lithium Ion Cells purchase order announced by Electrovaya on January 1, 2016 (the “Cell Contract”), Electrovaya received a purchase order from a North American distributor for approximately US $16 million with deliveries through to March 2017. From January 1, 2016 to June 30, 2016 Electrovaya recorded US $1.6 million of revenue under the purchase order. However, as noted in the Management Discussion and Analysis of Electrovaya for the quarter ended June 30, 2016 the customer requested a deferral of further deliveries with no time frame specified. This deferral of the Firm Orders may have a material and adverse impact on the future orders, if any, under the contract. There is no assurance further deliveries will be requested nor accepted by Electrovaya if a request is received.

Electrovaya announced on June 2, 2015 that it had received an order for SEPARION from a leading Chinese Battery Company. This order was fulfilled, however, Electrovaya subsequently determined that SEPARION provided it with a key competitive advantage in terms of safety and cycle life. As such no further orders for SEPARION were accepted nor is it likely any will be accepted as Electrovaya pursues a strategy to keep SEPARION proprietary to its own products.

Electrovaya also announces that it filed material change reports today with respect to its press releases dated July 26, 2016 and September 20, 2016.

Electrovaya is also clarifying certain information which was contained in its previously filed Annual Information Form dated December 1, 2015:

The order to supply prototype battery packs for DongFeng Motors in China (announced by Electrovaya on January 15, 2013) was completed and Electrovaya does not expect any future revenues from DongFeng Motors.

Electrovaya had a research and demonstration program with Chrysler which was partially funded by the US Department of Energy (as announced by Electrovaya on March 24, 2010). The program enabled the development of plug in hybrid Ram trucks and Minivans where Electrovaya supplied the complete battery system. Chrysler did not pursue the commercialization of this project and Electrovaya ceased work on this project.

In mid to late November 2016, Electrovaya will be filing an amended and restated Annual Information Form dated December 1, 2015 to among other things, (i) satisfy form requirements, (ii) clarify certain disclosure in the prior Annual Information Form, including removing outdated or unnecessary disclosure, (iii) include appropriate guidance regarding forward–looking statements and (iv) include appropriate risk factors.

See “Forward–Looking Statements”, “Risk Factors” and “Regulatory Review” below.

About Electrovaya Inc.

Electrovaya Inc. (TSX: EFL) (OTCQX: EFLVF) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery–related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION™ ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive patents and other Intellectual Property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe.

To learn more about how Electrovaya and Litarion is powering mobility and energy storage, please explore www.electrovaya.com, www.litarion.com and www.separion.com.

Risk Factors

The Hyster–Yale Agreement, the Agreements with the Global OEM, the Battery Component Contract, the Cell Contract and other definitive agreements between Electrovaya and its customers (collectively the “Contracts”) are subject to a number of risks, including: (i) no sales are assured under the Contracts and no firm irrevocable commitments have been obtained by Electrovaya under the Contracts or if firm irrevocable commitments are obtained the customer may not honour such commitments or may seek to re–negotiate or defer such commitments; (ii) the Contracts do not provide for a minimum contracted volume, and therefore, Electrovaya is subject to the requirements of Hyster–Yale and the Global OEM as to if, as and when and in what volume they wish to ultimately purchase; (iii) Electrovaya's estimation of revenue is calculated based on the expectations and forecasts for orders during the life of the contract provided to Electrovaya by the customers (the “Estimates”) which orders are solely at the discretion of the customers — accordingly the actual revenues of Electrovaya under the Contracts could be materially less than initially estimated as the Contracts are not, unless otherwise disclosed by Electrovaya, “take or pay' nor do they provided for a minimum contracted volume; (iv) the Estimates constitute forward–looking information and Electrovaya does not have (X) knowledge of the material factors or assumptions used by the customers to develop the Estimates or as to their reliability or (Y) the ability to monitor the performance of the business of the customers in order to confirm that the volumes initially represented by them in the Estimates remain valid; and (v) if the Estimates do not remain valid, or if firm irrevocable orders are not obtained, the potential estimated revenues of Electrovaya could be materially and adversely impacted.

Non–binding MoUs entered into by Electrovaya, including the MoUs discussed above, are subject to a number of risks including: (i) the arrangements are still in the negotiation phase and there is no assurance a definitive agreement will be reached or if reached, such agreement will be on the same terms as disclosed in the MoU, (ii) product specifications have not yet been agreed and thus Electrovaya cannot enter into a definitive agreement nor commence deliveries until the product specifications are agreed and a definitive arrangement is signed; (iii) no sales are assured under the MoUs and no firm irrevocable commitments have been obtained from the potential customer; and (iv) the MoUs and any definitive agreement entered into in furtherance thereof, may be subject to the same risk factors as the Contracts.

Forward–Looking Statements

This press release contains forward–looking statements, including statements that relate to, among other things, estimated orders and volumes provided to Electrovaya by customers and potential customers revenues, order forecasts, forecasted customer orders and estimated revenues, technology development progress, plans for shipment using Electrovaya's technology, production plans, Electrovaya's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as “forward–looking”, “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” (or the negative thereof) and words and expressions of similar import. Although Electrovaya believes that the expectations reflected in such forward–looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements.

Specific forward–looking statements of Electrovaya in this press release include, among other things (i) potential revenues of up to US$80 million under the Hyster–Yale Agreement, (ii) increased purchase orders in CY 2017 under the Hyster–Yale Agreement, (iii) potential revenues of up to EUR199 million over a three–year period under the Agreements with the Global OEM, (iv) potential estimated revenues of up to EUR11 million for 2017 if a definitive agreement with the European OEM is entered into on terms similar to the MoU Electrovaya executed with the European OEM, (v) the potential estimated revenues of up to EUR37 million for 2017 if a definitive agreement with the International OEM is entered into on terms similar to the MoU Electrovaya executed with the International OEM and (vi) the potential estimated value of the Battery Component Contract of EUR18.5 million and the remaining orders Electrovaya anticipates receiving under the Battery Component Contract.

Readers and investors should note that estimated and forecasted orders and volumes provided by customers and potential customers to Electrovaya constitute forward–looking information and Electrovaya does not have (X) knowledge of the material factors or assumptions used by the customers or potential customers to develop the estimates or forecasts or as to their reliability and (Y) the ability to monitor the performance of the business its customers and potential customers in order to confirm that the forecasts and estimates initially represented by them to Electrovaya remain valid and if such forecasts and estimates do not remain valid, or if firm irrevocable orders are not obtained, the potential estimated revenues of Electrovaya could be materially and adversely impacted.

Certain material factors or assumptions are applied by Electrovaya in making forward–looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: parties with whom Electrovaya has executed MoUs not entering into a definitive agreement with Electrovaya in a timely manner or at all or on terms different than those contained in the applicable MoU, the purchase orders actually placed by customers of Electrovaya;, the customers of Electrovaya terminating the agreements or not renewing such agreements annually; general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Electrovaya's liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward–looking statements may be found in Electrovaya's most recent annual and interim Management's Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Electrovaya does not undertake any obligation to update publicly or to revise any of the forward–looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

Polaris Infrastructure Announces 2016 Third Quarter Results

TORONTO, ON—(Marketwired – November 08, 2016) – Polaris Infrastructure Inc. (TSX: PIF) (“Polaris Infrastructure” or the “Company”), a Toronto–based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to report its financial and operating results for the quarter ended September 30, 2016. This earnings release should be read in conjunction with Polaris Infrastructure's financial statements and management's discussion and analysis (“MD&A”), which are available on the Company's website at www.polarisinfrastructure.com and have been posted on SEDAR at www.sedar.com. The dollar figures below are denominated in US Dollars unless noted otherwise.

HIGHLIGHTS

San Jacinto–Tizate Project Highlights

  • Improved average power generation and revenue: The San Jacinto–Tizate Power Plant (the “San Jacinto project”) generated 120,358 MWh (net) (an average of 54.6 MW (net)), resulting in revenue of $14.3 million for the quarter ended September 30, 2016, compared to revenue of $12.9 million on generation of 112,210 MWh (net) (an average of 50.8 MW (net)), for the same period in 2015. The increase in power generation was the result of connecting two new wells to the San Jacinto plant, SJ 9–4 and SJ 6–3, which occurred part–way through the quarter. This increase was partially offset by downtime associated with unit 3 turbine maintenance, which took place in July 2016.
  • Record level Adjusted EBITDA driven by revenue growth from new wells: The Company generated Adjusted EBITDA (a non–GAAP measure) of $12.0 million in the third quarter of 2016, an 18% increase from the same period in 2015, driven by a strong increase in revenue and a modest decrease in costs. See Use of Non–GAAP Measures section below for reconciliation of Adjusted EBITDA to Total loss and comprehensive loss.
  • Successful connection of two new wells from the 2015/2016 drilling program: After commencing in October 2015, the drilling execution portion of the 2015/2016 San Jacinto project drilling program was substantially completed on July 21, 2016. While a more detailed discussion of the 2015/2016 drilling program can be found in our MD&A, highlights are as follows:
    • Drilling of SJ 9–4 was completed on July 21, 2016, and the well was connected to the plant on August 24, 2016. Current power generation from the well is estimated at 10 MW. We continue closely monitoring the well in order to maximize near–term production while also best integrating into our broader steamfield management strategy.
    • The first new production well, SJ 6–3, was completed in late December 2015, and has been undergoing thermal recovery since then. The well was successfully connected to the plant on August 1, 2016, and on average has been contributing approximately 2–3 MW. We anticipate further modest improvements in temperature and pressure, which could result in average contribution approaching 3 MW.

FINANCIAL OVERVIEW

The financial results of Polaris Infrastructure for the three and nine months ended September 30, 2016 and 2015 are summarized below:

           
  Three months ended   Nine months ended  
(all $ figures in thousands except loss per share) September 30, 2016   September 30, 2015   September 30, 2016   September 30, 2015  
Average production   54.6 MW (net )   50.8 MW (net )   49.8 MW (net )   50.1 MW (net )
Total revenue $ 14,260   $ 12,896   $ 38,965   $ 38,048  
Adjusted EBITDA (1)   11,961     10,143     32,178     29,723  
Finance costs   (6,201 )   (4,467 )   (14,687 )   (8,737 )
Impairment loss       (30,345 )       (40,440 )
Net loss attributable to Owners of the Company   (1,642 )   (24,222 )   (6,017 )   (36,047 )
Loss per share (basic and diluted) attributable to Owners of the Company   ($0.10 )   ($1.56 )   ($0.39 )   ($4.48 )
                         
                As at September 30, 2016     As at December 31, 2015  
Total assets             $ 409,793   $ 415,863  
Long–term debt               168,153     171,120  
Total liabilities               215,370     212,974  
Cash               42,415     61,592  
Working capital               40,628     52,900  
(1)  Refer to Use of Non–GAAP Measures section for further details with respect to calculation of Adjusted EBITDA. 

For the three months ended September 30, 2016, the Company reported revenue of $14.3 million and Adjusted EBITDA of $12.0 million, compared to revenue of $12.9 million and Adjusted EBITDA of $10.1 million, for the same period in 2015. The increase in revenue resulted from a combination of incremental power generation stemming from the partial–quarter impact of two new production wells, as well as the 3% annual tariff increase under the power purchase agreement. Average generation in the three months ended September 30, 2016, was negatively impacted by downtime associated with planned maintenance of the unit 3 turbine, which lasted two weeks in July 2016. The strong increase in Adjusted EBITDA reflects the increase in contribution from the San Jacinto project, combined with a modest decrease in expenses. See Use of Non–GAAP Measures section below for reconciliation of Adjusted EBITDA to Total loss and comprehensive loss.

For the nine months ended September 30, 2016, the Company reported revenue of $39.0 million and Adjusted EBITDA of $32.2 million, compared to revenue of $38.0 million and Adjusted EBITDA of $29.7 million, for the same period in 2015. The increase in revenue was the result of the 3% annual tariff increase offsetting a modest decrease in average power generation. The increase in Adjusted EBITDA reflects the combination of reduced general and administrative expenses, paired with a modest increase in contribution from the San Jacinto project. See Use of Non–GAAP Measures section below for reconciliation of Adjusted EBITDA to Total loss and comprehensive loss.

For the nine months ended September 30, 2016, the Company had net operating cash inflows of $14.8 million, net investing cash outflows of $24.4 million and net financing cash outflows of $9.5 million. The Company expended $22.2 million with respect to the 2015/2016 San Jacinto drilling program. At September 30, 2016, the Company had cash of $42.4 million, of which $16.4 million was held for current use in the San Jacinto project.

“We are pleased with the operating results of the third quarter of 2016, particularly given the time and effort over the last twelve months that have gone into successful execution of our drilling program,” said Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. “Achieving the successful connection of two new wells is a major milestone for our Company and leaves us well positioned to deliver clean, renewable energy to the people of Nicaragua, as well as strong returns to our shareholders.”

     
     
  Polaris Infrastructure will hold its earnings call to discuss financial and operating results for the quarter ended September 30, 2016 on Wednesday, November 9, 2016 at 10:00 am EST.  
  To listen to the call, please dial +1 (647) 788–4919 or +1 (877) 291–4570.  
     
  A digital recording of the earnings call will be available for replay two hours after the call's completion, until November 23, 2016. Please dial +1 (416) 621–4642 or +1 (800) 585–8367; Conference ID: 92791008.  
     
     

About Polaris Infrastructure

Polaris Infrastructure is a Toronto–based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua.

USE OF NON–GAAP MEASURES

Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS”) and, therefore, are not considered generally accepted accounting principles (“GAAP”) measures. Where non–GAAP measures or terms are used, definitions are provided. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.

EBITDA is a non–GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, other gains and losses, impairment loss, depreciation and amortization of plant assets, share–based compensation and other non–recurring items. The Company adjusts for these factors as they may be non–cash, unusual in nature and are not factors used by management for evaluating the performance of the Company. The Company believes the presentation of this measure will enhance an investor's understanding of its operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP. The table below reconciles between Adjusted EBITDA and Net loss and comprehensive loss, calculated in accordance with IFRS.

           
  Three months ended     Nine months ended  
(in thousands) September 30, 2016     September 30, 2015     September 30, 2016     September 30, 2015  
Total loss and comprehensive loss attributable to Owners of the Company $ (1,642 )   $ (24,222 )   $ (6,017 )   $ (36,047 )
Add (deduct):                              
  Net loss attributable to non–controlling interest   (12 )     (279 )     (48 )     (279 )
  Current and deferred tax expense   2,100       (7,174 )     5,696       (6,044 )
  Finance costs   6,201       4,467       14,687       8,737  
  Interest income   (51 )     (25 )     (219 )     (53 )
  Other losses (gains)   303       139       469       1,950  
  Impairment loss         30,345             40,440  
  Depreciation and amortization of plant assets   4,865       6,558       16,807       19,865  
  Share–based compensation   197       334       803       1,154  
Adjusted EBITDA $ 11,961     $ 10,143     $ 32,178     $ 29,723  
                               

Cautionary Statements

This news release contains certain “forward–looking information” which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, estimated future revenue, requirements for additional capital, revenue and production costs, future demand for and prices of electricity, business prospects and opportunities. In addition, statements relating to estimates of recoverable geothermal energy “reserves” or “resources” or energy generation are forward–looking information, as they involve implied assessment, based on certain estimates and assumptions, that the geothermal resources and reserves described can be profitably produced in the future. Such forward–looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward–looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward–looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal industry; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled “Risk Factors” in the Company's Annual Information Form. These factors should be considered carefully and readers of this news release should not place undue reliance on forward–looking information.

Although the forward–looking information contained in this news release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward–looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward–looking information. The information in this news release, including such forward–looking information, is made as of the date of this news release and, other than as required by applicable securities laws, Polaris Infrastructure assumes no obligation to update or revise such information to reflect new events or circumstances.

Polaris Infrastructure Announces Increase in Quarterly Dividend

TORONTO, ON—(Marketwired – November 08, 2016) – Polaris Infrastructure Inc. (TSX: PIF) (“Polaris Infrastructure” or the “Company”), a Toronto–based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to announce that its board of directors has declared a quarterly dividend of US$0.11 per common share outstanding. This dividend will be paid on November 24, 2016 to shareholders of record at the close of business on November 18, 2016.

Consistent with the Company's previously stated dividend policy to pay common share dividends on a quarterly basis based on a target ratio of 40% to 60% of Cash Flow Available for Distribution (“CFAD”), our dividend for the second quarter of 2016 equates to a 34% payout ratio, while on a year–to–date basis, our cumulative dividends equate to a 41% payout ratio. The Company defines CFAD as follows: Adjusted EBITDA less debt service less estimated sustaining capex contribution less cash taxes (if any).

The 10% increase in quarterly dividend (from US$0.10 to US$0.11) is viewed as sustainable and at the lower end of the targeted range of 40% to 60% of CFAD. The Board is committed to the above–noted dividend policy and will evaluate further dividend increases in subsequent quarters, as additional comfort is gained with respect to sustainable contributions from recently connected production wells.

Commenting on the increased quarterly dividend of the Company, Chief Executive Officer, Marc Murnaghan, said, “We are pleased with the progress achieved to date towards increasing the power generation and free cash flow of the San Jacinto project. Today's announcement of a dividend increase reflects our belief in the long term cash generation of the Company, our commitment to return capital to our shareholders and leaves room for further dividend increases in the short–term. As noted previously, we have anticipated dividend growth in two principal ways: firstly, through growing our cash flow available for distribution to shareholders, and secondly, through increasing the payout ratio. Today reflects the execution of the former, and we will pursue the latter as we continue to focus on strong execution heading into 2017.”

About Polaris Infrastructure

Polaris Infrastructure is a Toronto–based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua.

USE OF NON–GAAP MEASURES

Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS”) and, therefore, are not considered generally accepted accounting principles (“GAAP”) measures. Where non–GAAP measures or terms are used, definitions are provided. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.

EBITDA is a non–GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, other gains and losses, impairment loss, depreciation and amortization of plant assets, share–based compensation and other non–recurring items. The Company adjusts for these factors as they may be non–cash, unusual in nature and are not factors used by management for evaluating the performance of the Company. The Company believes the presentation of this measure will enhance an investor's understanding of its operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.

Cautionary Statements

This news release contains certain “forward–looking information” which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's growth, results of operations, estimated future revenue, requirements for additional capital, revenue and production costs, future demand for and prices of electricity, business prospects and opportunities. In addition, statements relating to estimates of recoverable geothermal energy “reserves” or “resources” or energy generation are forward–looking information, as they involve implied assessment, based on certain estimates and assumptions, that the geothermal resources and reserves described can be profitably produced in the future. Such forward–looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward–looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward–looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal industry; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled “Risk Factors” in the Company's Annual Information Form. These factors should be considered carefully and readers of this news release should not place undue reliance on forward–looking information.

Although the forward–looking information contained in this news release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward–looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward–looking information. The information in this news release, including such forward–looking information, is made as of the date of this news release and, other than as required by applicable securities laws, Polaris Infrastructure assumes no obligation to update or revise such information to reflect new events or circumstances.

InQpharm Announces the First bmiSMART I-REMOVE Brand Ambassadors

SALT LAKE CITY, UT—(Marketwired – November 08, 2016) – InQpharm, a member of the Zaluvida family of life sciences companies and global leader in weight management supplements, announced the winners of the North American bmiSMART Real Women Real Results contest.

Eleven women were chosen to compete in the 12–week contest, which launched August 6. For the duration of the contest, participants were given I–REMOVE Fat Binder along with a personal trainer and weekly consultations with a nutritionist.

The contest was designed to follow the guidelines used during the human clinical trials of Litramine, the proprietary formula in bmiSMART I–REMOVE. An important requirement was that the participants adhere to a 20 percent decrease in calories from their daily caloric needs, along with regular weigh–ins and body measurements.

Litramine is clinically tested to increase weight loss by up to three times more than dieting alone. The 11 participants successfully lost weight while taking I–REMOVE, losing a total of 194 pounds, with an average weight loss of 17.54 pounds.

“Litramine has helped millions of women in Europe and other parts of the world to safely reduce their body weight while improving digestion and curbing their appetite,” said Dave Mastroianni, managing director of InQpharm North America. “We are excited that our 11 contestants achieved similar results and look forward to helping more women in the U.S. achieve their weight loss goals.”

Along with cash prizes and a shopping spree, the winners will be featured in print and television campaigns, as well as in–person events. Additionally, the winners will receive paid contracts for special appearances as brand ambassadors in 2017.

“Choosing our winners was tough, since all of them were strong contenders. Weight loss wasn't the only component in our final decision,” said Holly Tully, vice president of InQpharm North America. “Factors such as personal story, social media presence, camera–readiness, and relatability played key roles in our choices.”

The 2016 Real Women Real Results contest winners are:

  • Amy Johnson, 32, of Riverton, Utah
  • Melissa Neil, 33, of Woods Cross, Utah
  • Jenna Beesley, 34, of Murray, Utah

Says winner Jenna Beesley, “I feel like one of the luckiest women to have been selected to represent a company and product that has helped change me for the better.”

NOT marketed as a “magic pill” weight–loss solution, bmiSMART I–REMOVE Fat Binder works by reducing the amount of calories absorbed from dietary fat, as well as increasing satiety to decrease caloric consumption. The brand believes that quick fixes are unhealthy for consumers and do not promote sustainable weight loss. Along with dieting and increased activity, I–REMOVE assists women in getting a bigger reward for their consistent efforts.

About InQpharm
InQpharm is a global life sciences company active in consumer and animal health, developing best in class healthcare solutions based on its proprietary bioactive–based platform technologies. InQpharm is part of the Zaluvida Group, which focuses on companies that discover and develop natural compounds with therapeutic properties for consumer health, animal health and crop science applications. With offices in Switzerland, Germany, Netherlands, UK, Malaysia, and the USA, Zaluvida's activities and customers span more than 55 countries worldwide. Visit Zaluvida.com for additional information.

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Guaranty Bancorp Announces Quarterly Cash Dividend

DENVER, CO—(Marketwired – November 08, 2016) – Guaranty Bancorp (NASDAQ: GBNK), a community bank holding company based in Colorado, today announced that its Board of Directors has declared a quarterly cash dividend of $0.115 per common share. The dividend is payable on November 28, 2016 to stockholders of record as of the close of business on November 18, 2016.

About Guaranty Bancorp

Guaranty Bancorp is a $3.3 billion financial services company that operates as the bank holding company for Guaranty Bank and Trust Company, a premier Colorado community bank. The Bank provides comprehensive financial solutions to consumers and small to medium–sized businesses that value local and personalized service. In addition to loans and depository services, the Bank also offers wealth management solutions, including trust and investment management services through its subsidiary registered investment advisory firms. More information about Guaranty Bancorp can be found at www.gbnk.com.

Study to look at impact of childhood abuse

CALGARY, AB—(Marketwired – November 08, 2016) – A new partnership between the Sheldon Kennedy Child Advocacy Centre (SKCAC) and the University of Calgary's Mathison Centre for Mental Health Research & Education will study the impact of child abuse on the developing brain. The goal is to use a scientific approach to understand which interventions work best to mitigate the impact of child abuse, to compare the impact of childhood sexual abuse to that of other forms of childhood trauma, and to understand why some children are more resilient than others.

WHAT: News conference followed by one–on–one interviews.

WHEN: Thursday, November 10, 2016 at 11:15 a.m.

WHERE: Sheldon Kennedy Child Advocacy Centre, 400, 3820 24 Ave NW

Parking: Lot 53, adjacent to the Centre and facing the hand print. Parking payment is required.

About the University of Calgary
The University of Calgary is making tremendous progress on its journey to become one of Canada's top five research universities, where research and innovative teaching go hand in hand, and where we fully engage the communities we both serve and lead. This strategy is called Eyes High, inspired by the university's Gaelic motto, which translates as 'I will lift up my eyes.'

For more information, visit ucalgary.ca. Stay up to date with University of Calgary news headlines on Twitter @UCalgary. For details on faculties and how to reach experts go to our media centre at ucalgary.ca/news/media.

About the Cumming School of Medicine
The University of Calgary's Cumming School of Medicine is a leader in health research, with an international reputation for excellence and innovation in health care research and education. We train the next generation of health practitioners, and take new treatments and diagnostic techniques from the laboratory to the patient, always keeping in mind our goal: Creating the Future of Health.
The medical school was created in 1967 and on June 17, 2014, was formally named the Cumming School of Medicine in recognition of Geoffrey Cumming's generous gift to the university.

For more information, visit cumming.ucalgary.ca, or follow us on Twitter @UCalgaryMed.

About The Mathison Centre for Mental Health Research & Education
The Mathison Centre for Mental Health Research & Education supports research and education into the early identification, prevention and treatment of mental illness, with a special emphasis on youth populations. Created by the Hotchkiss Brain Institute and the Department of Psychiatry, The Mathison Centre partners with the Cumming School of Medicine and other faculties at the University of Calgary to inform mental health care strategies in our community and offer new hope to families in Calgary, throughout Alberta and the world. mathison.ucalgary.ca.

Titan Medical Reports Financial Results for Third Quarter Ended September 30, 2016

TORONTO, ON—(Marketwired – November 08, 2016) – Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF), a medical device company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (MIS), today announced financial results for the three and nine months ended September 30, 2016. All financial results are reported in US dollars, unless otherwise stated. The unaudited condensed interim financial statements and management's discussion and analysis for the period ended September 30, 2016 may be viewed on SEDAR at www.sedar.com.

“The third quarter was a very eventful period. We conducted a successful raise in the capital markets that closed September 20, 2016 which has enabled Titan to re–engage with our principal development suppliers. Our team is now focused on getting them back to their full development modes. We remain committed to accomplishing our next major milestones towards achieving submission of our 510(k) application to the FDA,” commented John Barker, Interim Chief Executive Officer.

“I have been operating as Interim CEO for the past four weeks while Martin Bernholtz assumed the position of permanent Chair of the Board of Directors. My main focus is to find and recommend to the Board of Directors a new CEO as soon as is practically possible. The Board is also actively seeking new board members with successful business track records especially in the healthcare field,” added Mr. Barker.

Third Quarter Operational Highlights

  • On August 8, 2016, the Company announced that it exhibited its SPORT™ Surgical System at the World Robotics Gynecology Congress in New York, August 5th and 6th.
  • On August 24, 2016 Titan announced that it had extended the rights granted to Longtai Medical Inc. to negotiate an exclusive distribution agreement. The parties have agreed to modify their previous three–month extension to monthly progress reviews.
  • On September 6, 2016 Titan announced that Dr. Rafael Sanchez–Salas presented an over view of the SPORT™ Surgical System, at the 13th meeting of the European Association of Urology Robotic Urology Section in Milan Italy on September 14 –16.

Financial Highlights

  • Cash and cash equivalents at September 30, 2016 totaled $7,399,331, compared to $11,197,573 at December 31, 2015.
  • Net and comprehensive loss for the three and nine months ended September 30, 2016 was $1,659,863 and $21,315,131, which included a gain on change in fair market value of warrants of $3,277,044 and $4,623,658, respectively compared to a net and comprehensive loss of $10,899,586 and $28,276,677 for the three and nine months ended September 30, 2015.
  • The Company's research and development expenses for the three and nine months ended September 30, 2016 were $3,429,550, and $21,527,968, respectively, compared to $10,694,838 and $25,110,409 for the three and nine months ended September 30, 2015.
  • The decrease in research and development costs and net and comprehensive loss for the three and nine months ended September 30, 2016 compared to September 30, 2015 was possible due to the most recent equity financings completed in the first quarter of 2016 as well as the fourth quarter of 2015.
  • On September 20, 2016 Titan announced that it closed its previously announced public offering pursuant to an agency agreement dated September 13, 2016 between the Company and Bloom Burton & Co. Limited and Echelon Wealth Partners Inc. The Company sold 17,083,333 units at a price of CDN $0.60 per unit for gross proceeds of CDN $10,250,000 (US $ 7,749,000).
  • On October 27, 2016 the Company announced that the over–allotment option to the Company's September 20, 2016 offering was had been partially exercised and the Company sold an additional 2,030,000 units at the offering price for additional gross proceeds of CDN $ 1,218,000 (US $ 913,500).

About Titan Medical Inc.

Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”). The Company's SPORT™ Surgical System, currently under development, includes a surgeon–controlled robotic platform that incorporates a 3D high–definition vision system and multi–articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high–definition endoscopic view of inside a patient's body. The SPORT™ Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.

Forward–Looking Statements

This news release contains “forward–looking statements” which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions have been used to identify these forward–looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward–looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward–looking statements, including, without limitation, those listed in the “Risk Factors” section of the Company's Annual Information Form dated March 30, 2016 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward–looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward–looking statements. Although the forward–looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward–looking statements.