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Share Name | Share Symbol | Market | Type |
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The Western Investment Company of Canada Limited | TSXV:WI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.025 | 6.02% | 0.44 | 0.44 | 0.47 | 0.44 | 0.44 | 0.44 | 2,000 | 15:09:59 |
Daylight Resources Trust (TSX:DAY.UN) ("Daylight" or the "Trust") is pleased to provide operational and financial guidance for 2009 and also announce a monthly cash distribution of Cdn$0.08 per Trust unit payable to Unitholders for each of the months of January, February and March 2009. Based on Daylight's production growth through 2008 and our successful hedging program for 2009, the Trust continues to provide an attractive cash return while maintaining a meaningful capital program and retaining a strong balance sheet. This financial flexibility will enable us to execute on counter-cyclical acquisition opportunities as they arise while allowing the Trust to maximize our earning potential on the previously announced Elmworth/Peace River Arch farmins. Execution of these opportunities will allow Daylight to grow our already extensive long-term drilling inventory and continue to position the Trust for the future. Daylight is also providing a fourth quarter 2008 operational update which includes hedging and tax pool information. Fourth quarter and full year 2008 financial and operating results are scheduled to be released on March 4, 2009. 2009 Guidance and Q4 2008 Operational Highlights - Daylight's acquisitions and capital program for 2008 have continued to drive growth in the Trust's production, with field estimates indicating that Daylight exited 2008 with production in excess of 23,000 barrels of oil equivalent ("boe") per day, confirming that Daylight accomplished our 2008 annual guidance of averaging 21,000 boe per day. - Daylight continues to make progress in drilling the earning wells required to maximize the opportunity associated with our Elmworth/Peace River Arch farmins. Of the 9 gross (3.2 net) wells required, 4 wells initiated drilling during Q4 2008, with another 2 wells having commenced drilling in 2009. One of the nine wells has been delayed into Q3 2009 with the consent of the farmor and no change to the earning terms. - The Trust's 2009 capital expenditure budget of $110 to $125 million will be invested in our inventory of repeatable, low risk exploitation projects primarily in our key growth areas of Elmworth/Peace River Arch and West Central. Daylight will continue to monitor commodity prices as 2009 progresses and will target a balanced approach to our distribution and capital program. Daylight's staff continues to build drilling inventory beyond the 2009 capital budget to allow the Trust the flexibility to increase drilling activity in the future as budget and commodity price levels dictate. - Daylight's 2009 drilling budget will continue to exploit the successful horizontal drilling and innovative completion technologies that contributed to our operational success in 2008. Our focus will be on drilling wells that will maximize the land earning opportunities associated with our above mentioned farmins. In addition, the Trust's budget will focus on recompleting wells in our West Central area and our newly acquired Elmworth lands, utilizing the technologies mentioned above on existing wells. - Daylight's current assets are expected to deliver 22,000 to 23,000 boe per day for 2009, weighted 69% to natural gas and 31% to oil and natural gas liquids ("NGLs"), an increase of 5% to 10% respectively over guided 2008 production levels. - Daylight's operating costs are expected to improve to approximately $11.50 per boe for 2009 as compared to approximately $12.00 per boe estimated for 2008. - Daylight's royalty expense for 2009 under the Province of Alberta's New Royalty Framework is estimated at 22.5% based on commodity prices of US$50.00 per barrel WTI for light oil and Cdn$7.00 per thousand cubic feet ("mcf") AECO for natural gas with an exchange rate of US$0.80 per Cdn$1.00. - The Trust's hedging activities have locked in approximately 43% of Daylight's 2009 total estimated combined production volumes which will provide important protection to our funds from operations for the year. Daylight's hedges for natural gas at Cdn$8.00 per mcf AECO and at a minimum floor price of Cdn$110.00 per barrel WTI for light oil, provide prices substantially higher than current 2009 strip pricing for natural gas of approximately Cdn$6.50 per mcf AECO and approximately Cdn$63.00 per barrel WTI for light oil. The mark to market value of our financial instruments was approximately $71.5 million at December 31, 2008. - Daylight's 2009 cash distributions and capital program will be balanced to provide an appropriate distribution level and a meaningful capital program while maintaining a strong balance sheet. During 2008, Daylight diligently pursued a policy of prudent financial management ensuring that our distributions and capital expenditures stayed in balance with our funds from operations. This bottom line approach resulted in Daylight operating with one of the better payout ratios in the sector and positioned the Trust to take advantage of the recent downturn in commodity prices by executing on several transactions in the second half of 2008 that will ensure the long term prospects for our Unitholders. Daylight will continue this approach in 2009. - Daylight expects our tax pools to be in excess of $875 million at year-end 2008. Current safe harbour capacity for the issuance of $1.0 billion of new equity plus our strong balance sheet and unutilized debt capacity provide the financial flexibility to allow the Trust to execute on counter-cyclical acquisition opportunities as they arise. The Trust has approximately $130 million available on our $350 million credit facility, complemented by our significant Safe Harbour capacity to issue new equity, that may be utilized to execute on these acquisition opportunities. 2009 GUIDANCE Capital Expenditures The 2009 capital program reflects Daylight's continued investment in repeatable, low risk exploitation activities in each of our core areas. While the main focus of our capital program in 2009 will be in the Elmworth/Peace River Arch area, the main driver of our strong operational performance in 2008, the Trust will continue to execute meaningful projects in our other high quality assets. In our West Central property, we will utilize our innovative completion technologies on a number of Cretaceous natural gas horizons and complete our first Montney well, drilled during the fourth quarter of 2008. Also in the West Central area, our successful farmout to an industry partner in our Obed property continues, with our partner indicating the potential for an additional 3 to 4 wells to be drilled in 2009 with minimal incremental capital cost to Daylight. Highly successful production optimization projects in our East business unit will continue to add strong value as well. Capital has been allocated to each of our core areas with the following geographic locations, geological zones and commodity targets: ---------------------------------------------------------------------------- 2009 Capital Geographic Geological Zone & Commodity Core Area Allocation Location Target ---------------------------------------------------------------------------- Cadomin (Horizontal) - Natural Peace $75 - $80 Elmworth Gas and Uphole Cretaceous River Arch million Bilbo / Wapiti (Multi-zone) - Natural Gas ---------------------------------------------------------------------------- Pine Creek Kaybob Cretaceous (Multi-zone) - West $25 - $30 Obed Natural Gas and Montney - Central million Medicine Lodge Natural Gas (Horizontal) ---------------------------------------------------------------------------- East & $10 - $15 Wildmere Lloydminster - Heavy Oil South million Sylvan Lake Edmonton - Natural Gas ---------------------------------------------------------------------------- Included in the drilling budget are 5 gross (1.7 net) wells required to complete the drilling under farmin arrangements in Elmworth and Bilbo as previously announced by Daylight. These wells, combined with the 4 gross (1.5 net) wells drilled under this arrangement in Q4 2008, will allow the Trust to maximize its earning under this farmin arrangement. In addition to these earning wells on the farmin lands, a portion of Daylight's capital program will be allocated to uphole Cretaceous and Cadomin completions on existing vertical and horizontal wells on lands acquired in our previously announced Q4 2008 Elmworth acquisition. This will allow the Trust to add production and reserves to the acquired assets at attractive metrics using the combination of technologies utilized by Daylight in the Elmworth property. In addition to the capital expenditure program, Daylight also expects asset retirement expenditures of approximately $4 million to be incurred during 2009. Production Volumes Production volumes are expected to average between 22,000 and 23,000 boe per day during 2009. The composition of our 2009 production volumes is expected to be derived approximately 69% from natural gas and 31% from oil and natural gas liquids (light oil, heavy oil and NGLs). Financial In 2009 Daylight will continue with our policy of balancing our distributions and capital program with our funds from operations. Given the uncertainty with respect to go forward commodity prices, mitigated by our very successful 2009 hedging program, the Trust has declared a Cdn$0.08 per Trust unit monthly distribution for Q1 2009. Daylight has also guided towards a capital budget for 2009 in the range of $110 - $125 million, with actual expenditures for the year to be determined as we monitor commodity prices through 2009 and the resulting impact on the Trust's funds from operations. Based on our budgeted production and commodity price assumptions for 2009 of US$50.00 per barrel WTI for light oil and Cdn$7.00 per mcf AECO for natural gas with an exchange rate of US$0.80 per Cdn$1.00, the Trust can maintain distributions at Cdn$0.08 per Trust unit and execute our budgeted capital program for full year 2009 while remaining within our budgeted funds from operations. Utilizing this conservative and prudent approach to our business will allow the Trust to maintain a strong balance sheet and retain considerable debt capacity to execute on strategic transactions as they become available. Daylight expects operating costs of approximately $11.50 per boe during 2009. This represents an improvement from guided 2008 operating costs of $12.00 per boe primarily due to increased production at Daylight's lower operating cost properties within the Peace River Arch. Daylight expects combined royalty rates of approximately 22.5% of revenue (prior to the impact of hedging) during 2009 based on the above noted commodity price budget assumptions. This increase relates to the implementation of the Province of Alberta's New Royalty Framework on January 1, 2009. The impact of the New Royalty Framework for 2009 has a negative impact on the Trust's funds from operations and resulted in a greater reduction in distributions than otherwise would have been necessary. Daylight actively manages the marketing of our commodities to obtain the highest available price for our production and to pursue opportunities which enhance economics and provide financial certainty whenever possible. Daylight also manages the related transportation of our commodities and expects 2009 transportation expenses to be approximately $1.00 per boe. Daylight is actively engaged in managing and operating its assets with a team of high-end technical and business execution professionals. Investing in these teams is necessary to generate value through our prospect inventory, play development, technical operations and production management. Daylight expects cash general & administrative charges to remain flat during 2009 compared to 2008 actuals of approximately $2.25 per boe. Daylight has budgeted cash financial charges based on an estimated realized interest rate of 4.25% for our bank debt, 8.5% for our Series A and Series B convertible debentures outstanding and 10.0% for our Series C convertible debentures outstanding which results in cash financial charges of approximately $3.00 per boe. Daylight does not expect to incur cash taxes during 2009. 2009 Guidance Summary Capital Expenditures (millions) ---------------------------------------------------------------------------- Land, geological and geophysical $ 12 - 15 Drill, complete and recomplete 70 - 80 Equipping and facilities 28 - 30 ---------------------------------------------------------------------------- Total $ 110 - 125 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Production Volumes ---------------------------------------------------------------------------- Average daily production (boe/d) 22,000 to 23,000 ---------------------------------------------------------------------------- Mid point of guidance: ---------------------------------------------------------------------------- Natural gas (mcf/d) 93,300 ---------------------------------------------------------------------------- Light oil (bbls/d) 3,800 Heavy oil (bbls/d) 2,200 NGLs (bbls/d) 950 ---------------------------------------------------------------------------- Oil & NGLs (bbls/d) 6,950 ---------------------------------------------------------------------------- Combined (boe/d) 22,500 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Financial ---------------------------------------------------------------------------- Royalties (% of revenue) 22.5% (1) Operating expenses (per boe) $ 11.50 Transportation (per boe) $ 1.00 ---------------------------------------------------------------------------- General & administration charges - cash (per boe) $ 2.25 Cash financial charges (per boe) $ 3.00 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Based on our budget commodity price assumptions for 2009 of US$50.00 per barrel WTI for light oil and Cdn$7.00 per mcf AECO for natural gas with an exchange rate of US$0.80 per Cdn$1.00. Fourth Quarter 2008 Operational Update Daylight's field estimated exit production volumes for 2008 exceeded 23,000 boe per day which establishes a solid entry point for the Trust in 2009. In addition, Daylight drilled 4 gross (1.5 net) wells in support of our previously announced Elmworth and Bilbo farmin, putting the Trust well on its way towards meeting our farmin commitment of 9 gross (3.2 net) wells to allow us to maximize our earning opportunity on these assets. At Elmworth during Q4 2008, Daylight initiated drilling on 2 gross (0.9 net) of the 3 gross (1.4 net) wells required to earn a 45% working interest ("WI") in six sections of land. Daylight initiated drilling on the final Elmworth well during Q1 2009. At Bilbo during Q4 2008, Daylight initiated drilling on 2 gross (0.6 net) of the 6 gross (1.8 net) wells required to earn a 30% WI in 36 sections of land. Daylight initiated drilling on the third Bilbo well during Q1 2009 and anticipates completing the remainder of the drilling as required under the farmout agreement; however, one of the six Bilbo wells has been delayed into Q3 2009, with the consent of the farmor and no change to the earning terms. Daylight anticipates meeting all of the requirements of the farmins. Preliminary results of the drilling to date have indicated that the geological model used by Daylight during the assessment of these farmin lands was valid and we expect completion operations to begin shortly. On the acquired Elmworth lands, from the transaction announced on November 26, 2008, Daylight is producing an additional 250 boe per day from the tie-in of a standing well acquired in the transaction. Completion operations to capture additional upside opportunity identified during the transaction evaluation are currently underway. In addition to the farmin related drilling, Daylight also participated in our first Montney horizontal well in the Kaybob area (WI = 17%) with encouraging results. Initial natural gas test flow rates from the completion of this well are in excess of Daylight's expected initial gross production rates of 2.0 to 3.5 mmcf per day. This key Montney evaluation well resides within a Daylight land base of several townships of land (typical WI of 17% to 25%) and will provide very valuable information as our technical team evaluates the potential impact on our West Central drilling inventory. In Obed, Daylight's industry leading farmout partner continues to execute on the previously announced strategic farmout with an additional two earning wells drilled during Q4 2008. During the fourth quarter of 2008, Daylight's average production volumes are estimated at 21,800 boe per day. Daylight's bank debt at the end of 2008 was approximately $220 million on our $350 million credit facility which results in approximately $130 million of undrawn and available funds at year-end. Daylight 2009 Strategy During 2009, Daylight plans to expand upon the successful results generated during 2008. Over the last year and a half, Daylight has developed a unique application of technologies in the Elmworth/Peace River Arch area. The Trust has utilized horizontal drilling and multi-stage hydraulic fracturing technologies combined with innovative uphole completion techniques on the overlying Cretaceous zones to successfully exploit our Elmworth property. Production in the Elmworth area has increased from under 150 boe per day prior to commencement of drilling operations in mid-2007 to over 4,000 boe per day as the Trust exits 2008, based on our highly successful drilling operations combined with our recent strategic acquisitions in the area. With the success of this program, Daylight embarked on an aggressive strategy of expanding our land base in the area. The Trust was very successful in this effort, increasing our land holdings from 4.8 net sections to a potential 92.8 net sections between December 2007 and year-end 2008. This considerable expansion was accomplished through a series of transactions including both acquisitions and farmins. These transactions have made a significant contribution to creating an unrisked opportunity to develop up to 1 trillion cubic feet (167 million boe) of potential natural gas on Daylight's Peace River Arch lands. Our primary task during 2009 will be to consolidate and expand upon this potential through the drilling of a majority of our earning wells, allowing us to maximize the potential of our farmin opportunities and embark upon the initial development of our newly acquired lands in the Elmworth area. Throughout 2008, Daylight was very careful to preserve the integrity of our balance sheet. Entering 2009, Daylight has retained considerable capacity in our bank lines through the strategic divestiture of an oil asset during a period of record high oil prices, a conservative distribution policy, a highly successful hedging program and a $75 million convertible debenture issue during Q4 2008. Currently, the Trust has approximately $130 million available on our existing bank lines, complemented by our significant Safe Harbour capacity to issue new equity, to pursue additional opportunities to further consolidate our future growth opportunity during a challenging commodity price cycle. Our balanced approach to our distribution and capital program for 2009 will allow the Trust to continue creating value for our Unitholders, not only through distribution payments, but through the execution of a capital program designed to grow annual production while positioning the Trust for a strong future with an expanding opportunity base. Daylight's highly skilled and proven business execution professionals are working closely with our high-end technical teams as we actively pursue multiple value-add acquisition opportunities for execution during 2009. Daylight is very well positioned to acquire additional high quality oil and natural gas assets given our strong performance throughout 2008. Daylight's position is further enhanced by our valuable tax pools which are expected to exceed $875 million and our current safe harbour capacity to issue $1.0 billion of new equity while remaining a distribution paying Trust entity. The current challenging environment for the oil and natural gas sector provides an attractive opportunity to acquire additional assets at better acquisition metrics than have occurred in recent years. Daylight expects to be a consolidator of oil and gas entities throughout 2009 and beyond. Our 2009 guidance does not include the impact of potential acquisition activity and Daylight would expect to update our guidance in situations where a significant acquisition was announced. Daylight's updated January 2009 corporate presentation is posted and available on our website at www.daylightenergy.ca. Cash Distributions Daylight is providing a first quarter 2009 cash distribution to Unitholders of $0.08 per unit per month based on our 2009 guidance, stable production volumes and existing hedging program as follows: ---------------------------------------------------------------------------- Distribution Payment Distribution Record Date Ex-Distribution Date Date Per Unit ---------------------------------------------------------------------------- January 30, 2009 January 28, 2009 February 16, 2009 $ 0.08 February 27, 2009 February 25, 2009 March 16, 2009 $ 0.08 March 31, 2009 March 27, 2009 April 15, 2009 $ 0.08 ---------------------------------------------------------------------------- The declared distributions of $0.08 per Trust unit continue Daylight's policy of prudent financial management, ensuring that our distributions and capital expenditures stay in balance with our funds from operations. Based on our budgeted production and commodity price assumptions for 2009 of US$50.00 per barrel WTI for light oil and Cdn$7.00 per mcf AECO for natural gas with an exchange rate of US$0.80 per Cdn$1.00, the Trust can maintain distributions of Cdn$0.08 per Trust unit and execute our budgeted capital program for full year 2009 while remaining within our budgeted funds from operations. Utilizing this conservative and prudent approach to our business will allow the Trust to maintain a strong balance sheet and retain significant debt capacity to be used to execute on strategic transactions as they become available. Since inception of the trust in November 2004 through December 31, 2008, Daylight has provided a total of $473 million or $8.74 per unit of distributions. Hedging Summary Daylight's hedging program protects our funds from operations and provides financial stability with a sizeable portion of our 2009 production volumes covered by this program at favorable prices. On a combined boe per day basis, our hedges for 2009 cover approximately 43% of our anticipated 2009 production volumes. Daylight has 3,000 barrels per day of crude oil hedged for calendar 2009 with a zero premium collar that has a minimum floor price of Cdn$110.00 per barrel WTI. Details of these crude oil hedges are as follows: ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Type of Hedged Contract Commodity Volume(3) Hedge Price Hedge Period ---------------------------------------------------------------------------- Financial Cdn$110.00 - Aug 1/08 to (Collar)(1) Crude oil 1,000 bbl/d $206.00/bbl Dec 31/09 Financial Cdn$110.00 - Aug 1/08 to (Collar)(1) Crude oil 1,000 bbl/d $205.55/bbl Dec 31/09 Financial Cdn$110.00 - Aug 1/08 to (Collar)(1) Crude oil 1,000 bbl/d $205.00/bbl Dec 31/09 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Collar price indicates floor (minimum) and ceiling (maximum). Daylight has 50,000 GJ per day, equivalent to 47,400 mcf per day, of natural gas hedged from January 1, 2009 to the end of October 2009 (10 months) at an average fixed price of $7.59 per GJ, equivalent to $8.00 per mcf AECO. Details of these natural gas hedges are as follows: ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Type of Hedged Contract Commodity Volume(2) Hedge Price Hedge Period ---------------------------------------------------------------------------- Financial Jan 1/09 to (Swap)(1) Natural gas 10,000 GJ/d Cdn$7.59/GJ Oct 31/09 Financial Jan 1/09 to (Swap)(1) Natural gas 5,000 GJ/d Cdn$7.63/GJ Oct 31/09 Financial Jan 1/09 to (Swap)(1) Natural gas 35,000 GJ/d Cdn$7.58/GJ Oct 31/09 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Swap indicates fixed price. (2) A GJ converts to a mcf at the rate of 1.055056 GJs per mcf. Tax Pools As at September 30, 2008, Daylight and it subsidiaries had combined tax pools of approximately $782 million. These tax pools are of high value since they reside primarily at the corporate level where income is generated and significant balances are available for high annual claim rates. Daylight anticipates that fourth quarter 2008 activities, including acquisitions, should increase Daylight's tax pool balances to in excess of $875 million at December 31, 2008. These tax pools provide Daylight with financial flexibility going forward and beyond the 2011 Specified Investment Flow-through ("SIFT") tax rules implementation. Safe Harbour On December 4, 2008, the Minister of Finance for the Government of Canada announced changes to the SIFT tax rules including Safe Harbour restrictions. Under the changes, income trusts are allowed to accelerate the utilization of their annual Safe Harbour equity issuance allotment without penalty. As a result, at January 1, 2009, Daylight estimates that it has $1.0 billion of safe harbour transaction capacity as a Trust to acquire assets and other operating entities. This provides Daylight with considerable capacity to increase the size of our operations. Daylight Resources Trust is a Calgary-based, open-ended, unincorporated investment trust with a high quality balanced natural gas and crude oil property base, extensive prospect inventory and large undeveloped land base that is managed by a team of highly skilled technical professionals. Daylight's properties include focused high potential assets in the Peace River Arch and West Central Alberta complemented by stable production and repeatable opportunities in Southern and Eastern Alberta. Daylight's prospect inventory includes both natural gas and crude oil opportunities with near, medium, long-term and high impact opportunities that will generate increased Unitholder value into the future. Daylight's large undeveloped land base will provide additional opportunities to create value through our highly skilled technical teams as well as through selective farmouts to targeted industry partners. Daylight has approximately 90 million Trust units currently outstanding. ADVISORY: Forward Looking Statements: This press release contains forward-looking statements as to the internal projections, expectations, estimates or beliefs relating to future events or future performance of Daylight Resources Trust ("Daylight"), including Daylight's guidance for 2008 and 2009 and the amount and type of 2009 budgeted capital expenditures set forth herein. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "can", "believes", "expects", "intends", "projects", "plans", "anticipates", "estimates" or "contains" or similar words or the negative thereof. These statements represent management's expectations or beliefs concerning, among other things, future capital expenditures and future operating results and various components thereof or the economic performance of Daylight and include, without limitation, statements with respect to Daylight's strategy; future capital spending amounts and the types of projects on which such capital will be spent; future oil and natural gas prices, the volume and product mix of Daylight's 2009 production; future royalties and operating and general administrative costs; future financial charges and access to funds under credit facilities; future cash taxes and tax pool balances; Daylight's commodity risk management program; future liquidity and financial capacity and resources; future cash distribution to Unitholders; future growth opportunities including development, exploration and acquisition activities and related expenditures; drilling success and potential gas in place. Actual events or results may differ materially. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions and assumptions at the time the statements were made including assumptions relating to economic conditions, industry conditions, the production performance of Daylight's oil and gas assets, commodity prices and exchange rates, the cost and competition for services throughout the oil and gas industry in 2008 and 2009, interest rates, and the continuation of the current regulatory and tax regime in Canada, and necessarily involve known and unknown risks and uncertainties which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements, including those material risks discussed in Daylight's annual information form under "Risk Factors" and in Daylight's MD&A under "Risks and Uncertainties." Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. Daylight does not undertake to update any forward-looking information contained in this press release whether as to new information, future events or otherwise except as required by securities rules and regulations. Barrels of Oil Equivalency: Barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. In accordance with NI 51-101, a boe conversion ratio for natural gas of 6 mcf:1bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
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