I could be wrong but my gut tells me it's like the old saying "spinning your wheels and going nowhere"! If any progress was made on the 8/29 Privco PR since the 9/30 shareholder update/newsletter or if any of this week's PR somehow tied into it's success or enabled it in any manner then IMO it would have been mentioned. The 9/30 newsletter mentioned the Privco dealings were "proceeding according to schedule" (in red below).
TREATY Energy Corporation
Shareholder Update: September 30, 2014
The Board of Directors of TREATY Energy Corporation is pleased to provide to shareholders the second in a series of promised updates as per the Press Release of August 29, 2014 as it seeks to reorganize and restructure the company into one that can provide return on investment to its current shareholders and provide an opportunity to attract new shareholders by appealing to the broader capital markets.
As to the PRIVCO transaction and the building of an oilfield service entity…
The transaction is proceeding according to schedule and is in the final audit and regulatory process currently as is common in all transactions of this nature.
One of the most positive developments in the PRIVCO transaction is the fact that, as reported, the Board is committed to “liberating” the oilfield service assets of TREATY (i.e. TREATY is to transfer its oilfield services assets to PRIVCO). To this end, we are pleased to announce that PRIVCO has negotiated the immediate reactivation of the “500 well drilling project” in Louisiana . We are working to get the assets moved from West Texas to Louisiana where we will partner with a private Dallas based oil and gas company to drill the wells. Positive to TREATY is that the project will encompass a debt retirement strategy as well. This is the first of what is shaping up to be many opportunities for this new entity which we believe will be of great benefit to TREATY shareholders.
The Board looks forward to continuing to update TREATY shareholders about this exciting new direction for the company.
As to SANDBOX RESOURCE SOLUTIONS LLC…
The process of installation of the Sandbox Resource Solutions ( SRS ) WATER MANAGEMENT SYSTEM will begin in Mid October. The high salinity system that SRS will incorporate to use in conjunction with its solids removal system will be brought from California near the end of October. We hope to have a showcase site fully operational in conjunction with the SRS operations team in November. SRS currently is in the process of placing a permanent operations team at its commercial operation in Montana . Construction is beginning there on a 3000-5000 barrels of water per day plant.
In addition, SRS continues to look to expand its operations globally and, subject to permitting, will look to install two field systems in South America by year end, pairing one SRS system with reverse osmosis for lower salinity and the other with a high salinity evaporative system, such as the one we intend to install at Tuscola.
The Board continues to believe that TREATY shareholders will receive far greater value for their investment and trust that is likely to result from the definitive strategy for the dedicated oilfield service entity.
As to an immediate Production Plan for TREATY ENERGY…
The Board firmly believes that TREATY needs to focus on low risk cash flow generating production at this time. Therefore, we are pleased to announce that we have further defined and entered into a sales agreement with a Canadian private company to acquire a working interest in a resource play in Colorado that would immediately see TREATY have a stable monthly operating revenue base coupled with significant upside potential. It is outlined in detail below.
Colorado Acquisition - Target Summary
¡ Target Acquisition is small non-operated working interest in approximately 1,000 net acres spread across 80 leases in the Wattenberg Field of Northern Colorado;
§ Industry is investing between $4 and $6 Billion per year developing oil reserves in three separate reservoirs in the Niobrara Formation as well as one in the Codell Formation.
¡ New horizontal wells are drilled in a field which was developed initially with over 10,000 vertical wells;
§ Small percentage of the ultimate recoverable reserves captured;
§ New HZ wells come on stream at virtually virgin pressure, and flow to surface without need for any artificial lift for the first 18 months;
§ Extremely low operating costs ($2 per BOE) and very high netbacks allow for attractive ROI;
§ Credit Suisse has ranked the Niobrara/Codell as the third best domestic US oil and gas development project in a 2013 research paper;
¡ The targeted assets are currently producing 80 BOED with associated cash flow of approximately $100,000 to 125,000 per month;
§ The targeted acreage is being acquired for $5.25 Million, or approximately 4 to 5 times current cash flow;
§ Proved Developed Producing reserve value as of Dec 31, 2013 was $3.5 Million (CDN.);
§ Total Proved and Proved plus Probable value of $10 and $23.4 Million respectively;
§ Reserve bookings were based on robust new well permitting activity in 2014 forward;
§ New wells are now being drilled and which will result in significantly increased PDP reserves for 2014 forward;
§ Presently approximately one net well forecast to be brought on-stream in the latter half of 2014, additional one net well planned for the first half of 2015;
§ With the addition of these two net wells ($8.5 to $9 Million in CAPEX) an additional 800 to 1000 BOED of initial net production will be brought on stream;
§ Robust drilling program planned for 2nd half of 2015.
¡ Colorado Acquisition - Current Field Development & Well Economics
§ Over the last 3 years, the industry has been developing the Niobrara and Codell formations with horizontal wells using multiple stage fracking completions, with excellent results.
§ New HZ wells with one mile long lateral legs typically come on-stream with initial daily production of 300-350 barrels of light (42 degree API) sweet crude oil and 500-1000 mcf per day of associated solution gas (see Noble, Anadarko, Bonanza Creek, Synergy, PDC, or Encana corporate presentations available in the public domain).
§ Estimated “all-in on stream” capital is $4.3 to $4.5 Million (US) per well;
§ Wells pay out in 12-15 months.
§ Discounted net present value for each well is $4.5 to $5 Million, creating internal rates of return of approximately 100%.
§ Using a standard industry reserve estimate of 300,000 to 350,000 BOE per one mile lateral:
§ Finding and development of between $12 and $15 per BOE;
§ Assuming a WTI price of $95/bbl and $4/mcf, field netbacks (post royalties) range between $40 and $60 per BOE depending on relative proportion of produced oil to gas;
§ Recycle ratio between 3 and 5;
§ Using current drilling spacing, the targeted working interest assets have ultimate potential for 22 net wells to be drilled over the next 5 to 7 years, creating an additional $100 Million in upside NPV.
§ Two joint operators have already begun their drilling program, Encana and Bayswater, with 1st Operator recently completing the first 8 wells on joint lands, and 2nd operator currently drilling their 6th of 8 wells on the first joint operation.
§ With these 16 wells (approx. 0.4 net wells) an additional 150 to 175 BOED will be brought on stream, increase to current production and cash flow by 200 %.
Capital market support of the transaction is also based on a serious indication by the Board that we are taking TREATY in a new and positive direction and those efforts to restructure, reorganize and revitalize the company are sincere and unwavering.
To this end, ALL of TREATY’s shareholders will be given equal opportunity to participate in a special one time equity financing package. Based on the results of this offering, we intend to offset such raise with a mix of MANAGEABLE debt and an institutional equity package.
Additionally, as this acquisition is in a relatively close proximity to the commercial operations water management operations described above, the Board intends to use its industry contacts with these operators to introduce a water management program to the extensive drilling operations in the area in 2015, potentially reducing costs significantly. Initial discussions to this effect have taken place.
As to the Company’s Drilling Plans…
The Board wishes to reiterate its commitment to development of known hydrocarbon reserves in the Tuscola Area. We are pleased to announce that we are in the process of finalizing these leases and will be looking to permit our first well prior to year end. The important item of note for our shareholders is that this first well will be 3D SEISMIC DEFINED. In addition, the company will begin the process of offsetting the 3D seismic with additional geotechnical data available to the company through its relationships with a Houston based geotechnical firm.
TREATY intends to utilize this data and systems on ALL of its West Texas operations to ensure that it is maximizing return on its leases. The company believes that by employing ALL available tools at its disposal to make informed technical decisions, it will be better able to maximize return on investment and mitigate as much risk as is possible.
Of importance to TREATY shareholders will be the fact that the SRS system discussed previously can provide all of the water resources necessary to drill the wells near Tuscola. This will see a tremendous cost savings to the company and prove that an integrated strategy of low risk development utilizing oilfield service assets that are readily available to TREATY is a formula that should see its shareholders begin to maximize their return on investment.
In addition, part of the aforementioned activities in Louisiana through the PRIVCO contract include two small leases of 10 acres each set aside for TREATY. These leases have the ability to incorporate three wells drilled per acre. TREATY and PRIVCO have negotiated a sub contract with a respected Midland/Abilene Texas based drilling company to oversee and work with PRIVCO to fulfill drilling obligations under the proposed contract. These leases are shallow and typically are brought on at initial production rates of up to 10 bopd, averaging 5 bopd. Long life reserves in place, these wells tend to flatten at 2-3 bopd for extended periods of time with low lifting costs. The integration of the SRS system will once again save significant water costs in the development of the project but will also provide a long-term alternative to traditional higher cost hauling and disposal in the area.
As to the Legal & Corporate Matters of the company…
The Board of Directors of TREATY takes the legal obligations of the company very seriously. Much, if not all, of the issues plaguing the company are legacy issues. The TREATY legal team will be actively and vigorously pursuing resolution to ALL legal issues for and against the company, and ensuring that TREATY and its shareholders do not become the victims of any additional legal claims. To this end, TREATY is in the process of retiring two lawsuits against it and has negotiated settlements on two further claims.
As to the issues surrounding the RAILROAD COMMISSION OF TEXAS, the Board has mitigated plugging liability of C&C Petroleum Management – and by association TREATY – on four more additional leases. In addition, TREATY has negotiated with a private oilfield service company to analyze production potential on an additional four leases and will either relinquish rights to the leases and allow that company to plug wells in return for salvage, and/or determine production potential on the leases and retire debt to that company out of lease production revenues.
The Board is committed to finalizing its plan to reinvigorate and restructure TREATY into the dynamic organization as stated in the August 29th Press Release. As such, the Board will release a further update to shareholders providing further details and progress on the above on or around OCTOBER 31, 2014 . The month of October will be incredibly busy for management and the Board, and we want to be able to provide a complete and meaningful update to all our shareholders.
The Board also wants to ensure our shareholders that, despite popular misunderstanding, TREATY no longer has any contractual relationships with former management and/or consultants to the company. The new Board and management will function independently of any and all ties TREATY may have had previously. The one and only exception will be during the ongoing audit process, which we hope to have a significant update as to its progress in our next shareholder update. The auditors have informed the Board that they may need to contact former CEO, Andrew Reid, to answer questions pertaining to the historical financial dealings of the company. Mr. Reid, however, no longer has any contractual arrangements with the company.
Additionally, although the Board believes that the company needs to keep an operational presence in Louisiana , it will consider transferring the corporate headquarters to Texas by the end of October. This would be more reflective of the NEW DIRECTION of the organization and further proof that the Board is serious about changing the company into a dynamic energy producer. The liberation of our service assets and reduction of overhead in Louisiana will have a significant impact on the company’s bottom line.
The Board wants to reassure TREATY’s shareholders that it is excited by the prospects ahead for all shareholders. This is YOUR company and we will continue to do everything in our power to show that we not only believe that, but will ensure our actions bear that out.
# # #
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-301-4475
Company Links
Website: www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo
About Treaty Energy Corporation
Treaty, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
About Sandbox Resource Solutions LLC
Sandbox Resource Solutions is a privately owned company dedicated to meeting your produced water requirements. Our Resource Management System, “RMS” is engineered to remove oil, solids, iron sulphides and hydrocarbons and is proven to be more efficient and cost effective than traditional methods. SRS is applying a patented proprietary technology to treat produced oilfield wastewater into useable, fresh water. Our ground breaking technology is a 2 part system designed to reduce and reuse our most precious resource, water. Micro-Encapsulating Flocculent Dispersion (“MFD”) and desalination allow us to optimise and maximize our natural resources. The company’s focus is to deliver produced fresh water and subsequent by-products from its processes, which will be suitable for commercial, industrial and agriculture sustainability while reducing the strain on our natural resources.
http://www.sandboxresourcesolutions.com/
Treaty Energy Corporation (TECO) trades on the OTC. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
Forward-Looking Statements
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
# # #
TREATY Energy Corporation
Shareholder Update: September 30, 2014
The Board of Directors of TREATY Energy Corporation is pleased to provide to shareholders the second in a series of promised updates as per the Press Release of August 29, 2014 as it seeks to reorganize and restructure the company into one that can provide return on investment to its current shareholders and provide an opportunity to attract new shareholders by appealing to the broader capital markets.
As to the PRIVCO transaction and the building of an oilfield service entity…
The transaction is proceeding according to schedule and is in the final audit and regulatory process currently as is common in all transactions of this nature.
One of the most positive developments in the PRIVCO transaction is the fact that, as reported, the Board is committed to “liberating” the oilfield service assets of TREATY (i.e. TREATY is to transfer its oilfield services assets to PRIVCO). To this end, we are pleased to announce that PRIVCO has negotiated the immediate reactivation of the “500 well drilling project” in Louisiana . We are working to get the assets moved from West Texas to Louisiana where we will partner with a private Dallas based oil and gas company to drill the wells. Positive to TREATY is that the project will encompass a debt retirement strategy as well. This is the first of what is shaping up to be many opportunities for this new entity which we believe will be of great benefit to TREATY shareholders.
The Board looks forward to continuing to update TREATY shareholders about this exciting new direction for the company.
As to SANDBOX RESOURCE SOLUTIONS LLC…
The process of installation of the Sandbox Resource Solutions ( SRS ) WATER MANAGEMENT SYSTEM will begin in Mid October. The high salinity system that SRS will incorporate to use in conjunction with its solids removal system will be brought from California near the end of October. We hope to have a showcase site fully operational in conjunction with the SRS operations team in November. SRS currently is in the process of placing a permanent operations team at its commercial operation in Montana . Construction is beginning there on a 3000-5000 barrels of water per day plant.
In addition, SRS continues to look to expand its operations globally and, subject to permitting, will look to install two field systems in South America by year end, pairing one SRS system with reverse osmosis for lower salinity and the other with a high salinity evaporative system, such as the one we intend to install at Tuscola.
The Board continues to believe that TREATY shareholders will receive far greater value for their investment and trust that is likely to result from the definitive strategy for the dedicated oilfield service entity.
As to an immediate Production Plan for TREATY ENERGY…
The Board firmly believes that TREATY needs to focus on low risk cash flow generating production at this time. Therefore, we are pleased to announce that we have further defined and entered into a sales agreement with a Canadian private company to acquire a working interest in a resource play in Colorado that would immediately see TREATY have a stable monthly operating revenue base coupled with significant upside potential. It is outlined in detail below.
Colorado Acquisition - Target Summary
¡ Target Acquisition is small non-operated working interest in approximately 1,000 net acres spread across 80 leases in the Wattenberg Field of Northern Colorado;
§ Industry is investing between $4 and $6 Billion per year developing oil reserves in three separate reservoirs in the Niobrara Formation as well as one in the Codell Formation.
¡ New horizontal wells are drilled in a field which was developed initially with over 10,000 vertical wells;
§ Small percentage of the ultimate recoverable reserves captured;
§ New HZ wells come on stream at virtually virgin pressure, and flow to surface without need for any artificial lift for the first 18 months;
§ Extremely low operating costs ($2 per BOE) and very high netbacks allow for attractive ROI;
§ Credit Suisse has ranked the Niobrara/Codell as the third best domestic US oil and gas development project in a 2013 research paper;
¡ The targeted assets are currently producing 80 BOED with associated cash flow of approximately $100,000 to 125,000 per month;
§ The targeted acreage is being acquired for $5.25 Million, or approximately 4 to 5 times current cash flow;
§ Proved Developed Producing reserve value as of Dec 31, 2013 was $3.5 Million (CDN.);
§ Total Proved and Proved plus Probable value of $10 and $23.4 Million respectively;
§ Reserve bookings were based on robust new well permitting activity in 2014 forward;
§ New wells are now being drilled and which will result in significantly increased PDP reserves for 2014 forward;
§ Presently approximately one net well forecast to be brought on-stream in the latter half of 2014, additional one net well planned for the first half of 2015;
§ With the addition of these two net wells ($8.5 to $9 Million in CAPEX) an additional 800 to 1000 BOED of initial net production will be brought on stream;
§ Robust drilling program planned for 2nd half of 2015.
¡ Colorado Acquisition - Current Field Development & Well Economics
§ Over the last 3 years, the industry has been developing the Niobrara and Codell formations with horizontal wells using multiple stage fracking completions, with excellent results.
§ New HZ wells with one mile long lateral legs typically come on-stream with initial daily production of 300-350 barrels of light (42 degree API) sweet crude oil and 500-1000 mcf per day of associated solution gas (see Noble, Anadarko, Bonanza Creek, Synergy, PDC, or Encana corporate presentations available in the public domain).
§ Estimated “all-in on stream” capital is $4.3 to $4.5 Million (US) per well;
§ Wells pay out in 12-15 months.
§ Discounted net present value for each well is $4.5 to $5 Million, creating internal rates of return of approximately 100%.
§ Using a standard industry reserve estimate of 300,000 to 350,000 BOE per one mile lateral:
§ Finding and development of between $12 and $15 per BOE;
§ Assuming a WTI price of $95/bbl and $4/mcf, field netbacks (post royalties) range between $40 and $60 per BOE depending on relative proportion of produced oil to gas;
§ Recycle ratio between 3 and 5;
§ Using current drilling spacing, the targeted working interest assets have ultimate potential for 22 net wells to be drilled over the next 5 to 7 years, creating an additional $100 Million in upside NPV.
§ Two joint operators have already begun their drilling program, Encana and Bayswater, with 1st Operator recently completing the first 8 wells on joint lands, and 2nd operator currently drilling their 6th of 8 wells on the first joint operation.
§ With these 16 wells (approx. 0.4 net wells) an additional 150 to 175 BOED will be brought on stream, increase to current production and cash flow by 200 %.
Capital market support of the transaction is also based on a serious indication by the Board that we are taking TREATY in a new and positive direction and those efforts to restructure, reorganize and revitalize the company are sincere and unwavering.
To this end, ALL of TREATY’s shareholders will be given equal opportunity to participate in a special one time equity financing package. Based on the results of this offering, we intend to offset such raise with a mix of MANAGEABLE debt and an institutional equity package.
Additionally, as this acquisition is in a relatively close proximity to the commercial operations water management operations described above, the Board intends to use its industry contacts with these operators to introduce a water management program to the extensive drilling operations in the area in 2015, potentially reducing costs significantly. Initial discussions to this effect have taken place.
As to the Company’s Drilling Plans…
The Board wishes to reiterate its commitment to development of known hydrocarbon reserves in the Tuscola Area. We are pleased to announce that we are in the process of finalizing these leases and will be looking to permit our first well prior to year end. The important item of note for our shareholders is that this first well will be 3D SEISMIC DEFINED. In addition, the company will begin the process of offsetting the 3D seismic with additional geotechnical data available to the company through its relationships with a Houston based geotechnical firm.
TREATY intends to utilize this data and systems on ALL of its West Texas operations to ensure that it is maximizing return on its leases. The company believes that by employing ALL available tools at its disposal to make informed technical decisions, it will be better able to maximize return on investment and mitigate as much risk as is possible.
Of importance to TREATY shareholders will be the fact that the SRS system discussed previously can provide all of the water resources necessary to drill the wells near Tuscola. This will see a tremendous cost savings to the company and prove that an integrated strategy of low risk development utilizing oilfield service assets that are readily available to TREATY is a formula that should see its shareholders begin to maximize their return on investment.
In addition, part of the aforementioned activities in Louisiana through the PRIVCO contract include two small leases of 10 acres each set aside for TREATY. These leases have the ability to incorporate three wells drilled per acre. TREATY and PRIVCO have negotiated a sub contract with a respected Midland/Abilene Texas based drilling company to oversee and work with PRIVCO to fulfill drilling obligations under the proposed contract. These leases are shallow and typically are brought on at initial production rates of up to 10 bopd, averaging 5 bopd. Long life reserves in place, these wells tend to flatten at 2-3 bopd for extended periods of time with low lifting costs. The integration of the SRS system will once again save significant water costs in the development of the project but will also provide a long-term alternative to traditional higher cost hauling and disposal in the area.
As to the Legal & Corporate Matters of the company…
The Board of Directors of TREATY takes the legal obligations of the company very seriously. Much, if not all, of the issues plaguing the company are legacy issues. The TREATY legal team will be actively and vigorously pursuing resolution to ALL legal issues for and against the company, and ensuring that TREATY and its shareholders do not become the victims of any additional legal claims. To this end, TREATY is in the process of retiring two lawsuits against it and has negotiated settlements on two further claims.
As to the issues surrounding the RAILROAD COMMISSION OF TEXAS, the Board has mitigated plugging liability of C&C Petroleum Management – and by association TREATY – on four more additional leases. In addition, TREATY has negotiated with a private oilfield service company to analyze production potential on an additional four leases and will either relinquish rights to the leases and allow that company to plug wells in return for salvage, and/or determine production potential on the leases and retire debt to that company out of lease production revenues.
The Board is committed to finalizing its plan to reinvigorate and restructure TREATY into the dynamic organization as stated in the August 29th Press Release. As such, the Board will release a further update to shareholders providing further details and progress on the above on or around OCTOBER 31, 2014 . The month of October will be incredibly busy for management and the Board, and we want to be able to provide a complete and meaningful update to all our shareholders.
The Board also wants to ensure our shareholders that, despite popular misunderstanding, TREATY no longer has any contractual relationships with former management and/or consultants to the company. The new Board and management will function independently of any and all ties TREATY may have had previously. The one and only exception will be during the ongoing audit process, which we hope to have a significant update as to its progress in our next shareholder update. The auditors have informed the Board that they may need to contact former CEO, Andrew Reid, to answer questions pertaining to the historical financial dealings of the company. Mr. Reid, however, no longer has any contractual arrangements with the company.
Additionally, although the Board believes that the company needs to keep an operational presence in Louisiana , it will consider transferring the corporate headquarters to Texas by the end of October. This would be more reflective of the NEW DIRECTION of the organization and further proof that the Board is serious about changing the company into a dynamic energy producer. The liberation of our service assets and reduction of overhead in Louisiana will have a significant impact on the company’s bottom line.
The Board wants to reassure TREATY’s shareholders that it is excited by the prospects ahead for all shareholders. This is YOUR company and we will continue to do everything in our power to show that we not only believe that, but will ensure our actions bear that out.
# # #
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-301-4475
Company Links
Website: www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo
About Treaty Energy Corporation
Treaty, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
About Sandbox Resource Solutions LLC
Sandbox Resource Solutions is a privately owned company dedicated to meeting your produced water requirements. Our Resource Management System, “RMS” is engineered to remove oil, solids, iron sulphides and hydrocarbons and is proven to be more efficient and cost effective than traditional methods. SRS is applying a patented proprietary technology to treat produced oilfield wastewater into useable, fresh water. Our ground breaking technology is a 2 part system designed to reduce and reuse our most precious resource, water. Micro-Encapsulating Flocculent Dispersion (“MFD”) and desalination allow us to optimise and maximize our natural resources. The company’s focus is to deliver produced fresh water and subsequent by-products from its processes, which will be suitable for commercial, industrial and agriculture sustainability while reducing the strain on our natural resources.
http://www.sandboxresourcesolutions.com/
Treaty Energy Corporation (TECO) trades on the OTC. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
Forward-Looking Statements
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
# # #
