EXFO Reports Record Revenues and Operating Results for the Fourth Quarter and Fiscal 2000.Business EditorsQUEBEC--(BUSINESS WIRE)--Oct. 4, 2000 EXFO EXFO Engineering Electro-Optics (NASDAQ: EXFO, TSX: EXF) is a company that manufactures and designs test equipment for fiber optic networks. It is headquartered in Quebec City, Quebec, Canada. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EXFO) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EXF EXF Exhaust Fan EXF External Fire EXF Standard Extract Format EXF Exception Fill EXF Exif Format File EXF Easy Fax EXF Exchange File .) [pilcrow (paragraph sign)] * Revenues up 85% in the quarter and 70% for fiscal 2000 * Net earnings from operations up 76% in the quarter and 71% for fiscal 2000 EXFO Electro-Optical Engineering Inc. (NASDAQ:EXFO)(TSE:EXF.) today reported record revenues and operating results for the fourth quarter and year ended August 31, 2000. Revenues increased 85% to US$23.1 million in the fourth quarter from US$12.5 million for the same period in 1999, and 19% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from US$19.4 million in the third quarter. Net earnings increased 76% to US$3.5 million, or $0.08 per share, for the fourth quarter from US$2.0 million, or $0.05 per share, for the same period in fiscal 1999, and 26% sequentially from US$2.8 million, or $0.07 per share, for the third quarter in 2000. Overall for fiscal 2000, revenues increased 70% to US$71.6 million from US$42.2 million in fiscal 1999. Net earnings, meanwhile, increased 71% to US$9.9 million, or $0.25 per share, for fiscal 2000 from US$5.8 million, or $0.14 per share, for fiscal 1999. "We are extremely pleased with our strong growth in the fourth quarter," said Germain Ger`main´ a. 1. See Germane. Lamonde, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and President of EXFO. "A few years ago, we had set our sights on two growing market opportunities: DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing and High-Bandwidth Solutions and the Industrial and Scientific Market. "We are now beginning to see evidence that we have a winning strategy." EXFO began shipping a number of new products in the fourth quarter including the DWDM Passive Component Test System dedicated to the production environment, the second-generation sec·ond-gen·er·a·tion adj. 1. Of or relating to a person or persons whose parents are immigrants. 2. Of or relating to a person or persons whose parents are citizens by birth and whose grandparents are immigrants. 3. Remote Fiber Test System with DWDM monitoring capabilities to ensure network performance, and the second-generation Optical Spectrum Analyzer A hardware device or software used to examine the frequency and power components of a signal. It provides more information than an oscilloscope, because it can display the signals over a range of frequencies. for field deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. . All of these products have quickly received market acceptance from customers, especially the DWDM Passive Component Test System. This test system has been well received by manufacturers of optical components, value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: optical modules, and optical networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. systems because it allows them to drastically dras·tic adj. 1. Severe or radical in nature; extreme: the drastic measure of amputating the entire leg; drastic social change brought about by the French Revolution. 2. reduce their testing time from hours to less than one minute for a 40 or 80-channel multiplexer-demultiplexer, the essential building block of a DWDM system. "Test and measurement can account for as much as 60% of total production time for some optical components or value-added optical modules," Lamonde added. "Not surprisingly, manufacturers are turning to third-party vendors such as EXFO to provide them with fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. , off-the-shelf test systems so that they can achieve substantial improvements in productivity, yields, and manufacturing costs while concentrating their energies on product development." Selling and administrative expenses amounted to US$7.8 million, or 33.8% of revenues, for the fourth quarter compared to US$3.9 million, or 30.8% of revenues, for the same period in fiscal 1999 and US$6.5 million, or 33.7% of revenues, in the third quarter of fiscal 2000. Overall for fiscal 2000, selling and administrative expenses were at US$24.3 million, or 33.9% of revenues, compared to US$13.3 million, or 31.5% of revenues, for fiscal 1999. Gross research and development expenses were at US$2.4 million, or 10.5% of revenues, in the fourth quarter compared to US$2.0 million, or 15.9% of revenues, for the same period in fiscal 1999 and US$2.2 million, or 11.6% of revenues, in the third quarter of fiscal 2000. Overall for fiscal 2000, gross R&D expenses amounted to US$9.4 million, or 13.1% of revenues, compared to US$6.4 million, or 15.2% of revenues, for fiscal 1999. The audio Web cast of the fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. conference call can be accessed live on EXFO's Web site, under Investor Relations Investor relations The process by which the corporation communicates with its investors. , at 8:00 a.m. (Eastern time) on Oct. 5, 2000. Guests are invited to click on the Web cast icon and enter 9799 as a password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. . A replay of the Web cast will be available for 90 days. The replay of EXFO's fourth quarter and year-end conference call can also be accessed after 11:00 a.m. (Eastern time) October October: see month. 5, 2000 until midnight (Eastern time) October 12, 2000 via telephone. The replay numbers are (800) 558-5253 and the password is 16401516, or (416) 626-4100 and the password is 16399799. About EXFO EXFO is a leading designer, manufacturer, and marketer of fiber-optic See fiber optics. test, measurement, and monitoring instruments for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. EXFO develops products mainly for two markets. Its Portable and Monitoring Division provides solutions primarily to telecommunications carriers, cable television companies, public utilities, private network operators, as well as third-party installers and equipment rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. companies. Its Industrial and Scientific Division designs an extensive line of more sophisticated and higher performance instruments for manufacturers of optical components, value-added optical modules, and optical networking systems, as well as for research and development markets.
EXFO Electro-Optical Engineering Inc.
Interim Consolidated Balance Sheets
(in thousands of U.S. dollars)
As at August 31,
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1999 2000
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Assets
Current assets
Cash and cash equivalents $423 $729
Short-term investments 1,371 162,659
Accounts receivable
Trade 8,869 18,272
Other 1,026 2,790
Income taxes receivable 381 284
Inventories 7,591 18,868
Prepaid expenses and deposits 475 1,023
Future income taxes - 995
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20,136 205,620
Capital assets 2,639 8,694
Goodwill and other assets 65 2,320
Future income taxes - 3,089
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$22,840 $219,723
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---------------------------------------------------------------------
Liabilities
Current liabilities
Bank advances $- $10
Accounts payable and
accrued liabilities 5,523 10,353
Dividend payable 51 -
Mandatorily redeemable
preferred shares - 543
Loan from a company under
common control 1,337 -
Deferred revenue 218 395
Current portion of long-term debt - 152
Future income taxes 262 -
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7,391 11,453
Deferred revenue 109 151
Deferred grants 533 1,109
Long-term debt - 16
Future income taxes 128 -
---------------------------------------------------------------------
8,161 12,729
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Shareholders' Equity
Share capital 87 198,459
Cumulative translation adjustment - 1,555
Retained earnings 14,592 6,980
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14,679 206,994
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$22,840 $219,723
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EXFO Electro-Optical Engineering Inc.
Interim Consolidated Statements of Earnings
(in thousands of U.S. dollars, except share and per share data)
Three Twelve Three Twelve
Months Months Months Months
Ended Ended Ended Ended
August 31, August 31, August 31, August 31,
1999 1999 2000 2000
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(unaudited) (unaudited)
Sales $12,522 $42,166 $23,117 $71,639
Cost of sales 4,224 14,998 7,756 24,712
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Gross margin 8,298 27,168 15,361 46,927
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Operating expenses
Selling and
administrative 3,850 13,279 7,817 24,304
Net research and
development 1,466 4,315 1,916 6,402
Amortization of capital
assets and other assets 253 898 484 1,498
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Total
operating expenses 5,569 18,492 10,217 32,204
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Earnings from
operations 2,729 8,676 5,144 14,723
Interest income, net (57) (136) (1,625) (1,480)
Foreign exchange loss 6 506 1,073 684
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Earnings before income
taxes and amortization
of goodwill 2,780 8,306 5,696 15,519
Income taxes 809 2,492 2,106 5,298
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Earnings before
amortization of
goodwill 1,971 5,814 3,590 10,221
Amortization of goodwill - - 126 297
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Net earnings for
the period $1,971 $5,814 $3,464 $9,924
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Basic and fully diluted
earnings per share
Earnings before
amortization of
goodwill 0.05 0.14 0.08 0.26
Net earnings 0.05 0.14 0.08 0.25
Basic weighted average
number of shares
outstanding (000's) 38,002 38,001 44,220 39,951
EXFO Electro-Optical Engineering Inc.
Interim Consolidated Statements of Retained Earnings
(in thousands of U.S. dollars, except per share data)
Three Twelve Three Twelve
Months Months Months Months
Ended Ended Ended Ended
August 31, August 31, August 31, August 31,
1999 1999 2000 2000
---------------------------------------------------------------------
(unaudited) (unaudited)
Balance -
Beginning of period $15,547 $12,044 $21,052 $14,592
Add
Net earnings for
the period 1,971 5,814 3,464 9,924
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17,518 17,858 24,516 24,516
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Deduct
Dividends
Class A shares 2,926 2,926 17,216 17,216
Class C share - 340 - -
Class F shares - - 320 320
---------------------------------------------------------------------
2,926 3,266 17,536 17,536
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Balance -
End of period $14,592 $14,592 $6,980 $6,980
---------------------------------------------------------------------
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Dividends per share
Class A shares $0.08 $0.08 $0.43 $0.43
Class C share $- $340 $- $-
Class F shares $- $- $0.45 $0.45
EXFO Electro-Optical Engineering Inc.
Interim Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
Twelve Months Ended August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Cash flows from operating activities
Net earnings for the period $5,814 $9,924
Add (deduct) items not affecting
cash and cash equivalents
Amortization of discount on
short-term investments - (807)
Amortization of capital assets 857 1,451
Amortization of goodwill
and other assets 41 344
Future income taxes (42) (33)
Change in non-cash operating
working capital items
Accounts receivable (3,875) (10,476)
Income taxes receivable (381) 2,149
Inventories (1,259) (10,732)
Prepaid expenses and deposits (205) (519)
Accounts payable and
accrued liabilities 1,965 3,917
Income taxes payable (115) -
Deferred revenue 327 215
Deferred grants 533 567
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3,660 (4,000)
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Cash flows from financing activities
Bank advances (136) (357)
Repayment of loan from a company
under common control - (1,349)
Repayment of long-term debt (20) (812)
Issuance of share capital 86 209,690
Share issue expenses - (16,743)
Dividends paid (3,215) (17,587)
---------------------------------------------------------------------
(3,285) 172,842
---------------------------------------------------------------------
Cash flows from investing activities
Additions to short-term investments (33) (519,645)
Proceeds from disposal of
short-term investments - 359,886
Additions to capital and
other assets (1,181) (7,180)
Business combination, net of cash
anash equivalents acquired - (2,108)
---------------------------------------------------------------------
(1,214) (169,047)
---------------------------------------------------------------------
Change in cash and cash equivalents (839) (205)
Effect of foreign exchange rate
changes on cash and cash equivalents - 511
Cash and cash equivalents -
Beginning of period 1,262 423
---------------------------------------------------------------------
Cash and cash equivalents -
End of period $423 $729
---------------------------------------------------------------------
---------------------------------------------------------------------
Supplementary information
Interest paid $148 $480
Income taxes paid $2,801 $3,761
EXFO Electro-Optical Engineering Inc. Notes to Interim Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge (tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. amounts in thousands of U.S. dollars, except share and per share data and as otherwise noted) 1 Interim financial information The financial information as at August 31, 1999 and 2000 and for the twelve months ended August 31, 1999 and 2000 is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from our audited consolidated financial statements. The financial information for the three months ended August 31, 1999 and 2000 is unaudited; however, in the opinion of management, all adjustments necessary to present fairly the results of these periods have been included. The adjustments made were of a normal recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. nature. Interim results may not necessarily be indicative indicative: see mood. of results anticipated for the year. 2 Additional disclosures required by U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and differences between Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP and U.S. GAAP Change in reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. On September September: see month. 1, 1999, the company adopted the U.S. dollar as its reporting currency. Under U.S. GAAP, the financial statements, including prior years, are translated according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the current rate method. Under Canadian GAAP, at the time of change in reporting currency, the historical financial statements are presented using a translation of convenience. Under Canadian GAAP, the statements of earnings for the periods ended August 31, 1999 were translated into U.S. dollar using an exchange rate of US$1.00 = Cdn$1.4958. Under U.S. GAAP, revenue and expenses would be translated at exchange rates prevailing at the respective transaction dates. Average exchange rates for the three months and the twelve months ended August 31, 1999 were US$1.00 = Cdn$1.4834 and Cdn$1.5068 respectively. Accounting for stock-based compensation To conform with U.S. GAAP, the company measures stock-based compensation costs using the intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. method (APB APB See Accounting Principles Board (APB). 25 "Accounting for Stock Issued to Employees"). Stock purchase plan Under APB 25, compensation cost related to the stock purchase plan is measured as the difference between the fair value of the purchased stock and the purchase price paid by plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . Compensation cost is amortized to expense over a period of five years, being the restriction restriction - A bug or design error that limits a program's capabilities, and which is sufficiently egregious that nobody can quite work up enough nerve to describe it as a feature. period. During the twelve months ended August 31, 1999 and 2000, the weighted average fair value per share under the stock purchase plan amounted to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.68 and $10.80, respectively. The fair value per share since inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the plan ranged between $0.68 and $18.00. As at August 31, 1999 and 2000, the balance of deferred stock-based compensation amounted to $40,000 and $2,144,000, respectively. Stock option plan In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with APB 25, the company's stock option plan is considered to be a variable plan. Accordingly, subsequent increases in the fair value of the underlying stock, in excess of the exercise price of the option, are accounted for as additional compensation costs. Compensation cost is amortized to expense over the estimated vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: period to a maximum of four years. As at August 31, 2000, the balance of deferred stock-based compensation amounted to $17,285,000. Under Canadian GAAP, no compensation cost is recognized for these stock-based compensation plans.
Reconciliation of net earnings to conform with U.S. GAAP
Three Twelve Three Twelve
Months Months Months Months
Ended Ended Ended Ended
August 31, August 31, August 31, August 31,
1999 1999 2000 2000
---------------------------------------------------------------------
(unaudited) (unaudited)
Net earnings for the
period in accordance
with Canadian GAAP $1,971 $5,814 $3,464 $9,924
Non-cash stock-based
compensation costs
related to stock
purchase plan * (3) (10) (101) (538)
Non-cash stock-based
compensation costs
related to stock option
plan under variable
accounting * - - (1,464) (1,464)
Change in reporting
currency 161 (44) - -
Unrealized gains on
forward exchange
contracts - 208 71 -
Future income taxes on
forward exchange
contracts - (67) (27) -
---------------------------------------------------------------------
Net earnings for the
period in accordance
with U.S. GAAP 2,129 5,901 1,943 7,922
Other comprehensive
income (loss)
Foreign currency
translation
adjustments (415) 606 1,753 1,555
Unrealized holding
gains on short-term
investments, net of
related income taxes 36 36 37 1
---------------------------------------------------------------------
Comprehensive income $1,750 $6,543 $3,733 $9,478
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic and diluted net
earnings per share
in accordance with
U.S. GAAP $0.06 $0.15 $0.04 $0.20
* Required under APB 25.
Earnings available to common shareholders is reconciled as
follows:
Three Twelve Three Twelve
Months Months Months Months
Ended Ended Ended Ended
August 31, August 31, August 31, August 31,
1999 1999 2000 2000
---------------------------------------------------------------------
(unaudited) (unaudited)
Net earnings for
the period $2,129 $5,901 $1,943 $7,922
Dividend on
Class C share - (333) - -
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Earnings available to
common shareholders $2,129 $5,568 $1,943 $7,922
---------------------------------------------------------------------
---------------------------------------------------------------------
The diluted weighted average number of common shares outstanding
calculated according to U.S. GAAP is as follows:
Three Twelve Three Twelve
Months Months Months Months
Ended Ended Ended Ended
August 31, August 31, August 31, August 31,
1999 1999 2000 2000
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(unaudited) (unaudited)
Weighted average
number of common
shares outstanding
- Basic (000's) 38,002 38,001 44,220 39,951
Conversion of preferred
shares Series 1 - - 45 26
Exercise of stock options - - 418 109
---------------------------------------------------------------------
Weighted average number
of common shares
outstanding
-Diluted (000's) 38,002 38,001 44,683 40,086
---------------------------------------------------------------------
---------------------------------------------------------------------
The number of common shares issuable upon the assumed conversion of
preferred shares Series 1 has been determined by dividing the
paid-in value of the preferred shares Series 1 (previously Class G
shares) by the estimated fair value of the former Class A shares as
at February 4, 2000 (the date the Class G shares were issued), or
$18.00 per Class A share, weighted from the date of issuance of the
Class G shares to the end of the year.
Share capital
As at August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Share capital in accordance with Canadian GAAP $87 $198,459
Stock-based compensation costs related to stock
purchase plan
Current period 10 538
Cumulative effect of prior periods - 10
---------------------------------------------------------------------
Share capital in accordance with U.S. GAAP $97 $199,007
---------------------------------------------------------------------
---------------------------------------------------------------------
Other capital
As at August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Other capital in accordance with Canadian GAAP $- $-
Stock-based compensation costs related to stock
option plan under variable accounting - 1,464
---------------------------------------------------------------------
Other capital in accordance with U.S. GAAP $- $1,464
---------------------------------------------------------------------
---------------------------------------------------------------------
Retained earnings
As at August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Retained earnings in accordance
with Canadian GAAP $14,592 $6,980
Stock-based compensation costs
Current period (10) (2,002)
Cumulative effect of prior periods - (10)
Change in reporting currency
Current period
Net earnings (44) -
Dividends 24 -
Cumulative effect of prior periods 1,036 1,016
---------------------------------------------------------------------
Retained earnings in accordance with U.S. GAAP $15,598 $5,984
---------------------------------------------------------------------
---------------------------------------------------------------------
Accumulated other comprehensive income (loss)
Twelve Months Ended August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Foreign currency translation adjustments
Balance - Beginning of period $(1,622) $(1,016)
Change during the period 606 1,555
---------------------------------------------------------------------
Balance - End of period (1,016) 539
---------------------------------------------------------------------
Unrealized holding gains on short-term
investments, net of income taxes
Balance - Beginning of period - 36
Unrealized gains arising during the period,
net of related income taxes of
$23,000 in 1999 and 2000 36 37
Reclassification adjustment for amounts
included in net earnings, net of related
income taxes of $23,000 - (36)
---------------------------------------------------------------------
Balance - End of period 36 37
---------------------------------------------------------------------
Accumulated other comprehensive income (loss) $(980) $576
---------------------------------------------------------------------
---------------------------------------------------------------------
Balance sheets
As at August 31,
---------------------------------------------------------------------
1999 2000
---------------------------------------------------------------------
Current assets
Cash and cash equivalents $423 $729
Available for sale securities 1,430 162,719
Accounts receivable 9,895 21,062
Inventories 7,591 18,868
Other current assets 856 1,307
Future income taxes - 972
---------------------------------------------------------------------
20,195 205,657
Capital assets 2,639 8,694
Goodwill and other assets 65 2,320
Future income taxes - 3,089
---------------------------------------------------------------------
$22,899 $219,760
---------------------------------------------------------------------
---------------------------------------------------------------------
Current liabilities
Bank advances $- $10
Accounts payable and accrued liabilities 5,523 10,353
Other current liabilities 1,891 1,090
---------------------------------------------------------------------
7,414 11,453
Long-term liabilities 770 1,276
---------------------------------------------------------------------
8,184 12,729
---------------------------------------------------------------------
Shareholders' Equity
Share capital 97 199,007
Other capital - 1,464
Accumulated other comprehensive income (loss) (980) 576
Retained earnings 15,598 5,984
---------------------------------------------------------------------
14,715 207,031
---------------------------------------------------------------------
$22,899 $219,760
---------------------------------------------------------------------
---------------------------------------------------------------------
Statements of cash flows
For the twelve months ended August 31, 1999 and 2000, there are no
material differences between the statement of cash flows under
Canadian GAAP as compared to U.S. GAAP.
This news release may contain statements that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are statements other than historical information or statements of current condition. These statements may appear in a number of places in this news release and include statements concerning our intent, belief, or current expectations regarding future events. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Although we believe that the expectations reflected in the forward-looking statements are reasonable based on information currently available to us, we cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of the date of this news release. We undertake no obligation to revise or update any of them to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this news release, or to reflect new information or the occurrence of unanticipated events. Readers are referred to our Registration Statement on Form F-1 and our other filings with the U.S. Securities and Exchange Commission and the Canadian securities commissions for a discussion of the various factors that may affect our future performance and other important risk factors concerning us and our operations. |
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