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CDL Cloudbreak Discovery Plc

0.36
-0.04 (-10.00%)
26 Apr 2024 - Closed
Delayed by 15 minutes
Cloudbreak Discovery Investors - CDL

Cloudbreak Discovery Investors - CDL

Share Name Share Symbol Market Stock Type
Cloudbreak Discovery Plc CDL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.04 -10.00% 0.36 16:40:28
Open Price Low Price High Price Close Price Previous Close
0.40 0.40 0.40 0.36 0.40
more quote information »
Industry Sector
MINING

Top Investor Posts

Top Posts
Posted at 21/2/2022 10:33 by kiplig
See their RNS on 31 Jan 2022.Paid 58m shares, up front, to an opaque entity without a website for "corporate services". To be clear - these 58m shares (worth over 5 million US dollars today) have been paid up front - and are not subject to performance conditions, not subject to escrow, not subject to any share price hurdles etc. hTTps://cloudbreakdiscovery.com/news/cloudbreak-engages-group-for-corporate-development-services/Investors must question the bona fides of such payments, because is most definateky is not normal.
Posted at 14/2/2022 11:16 by andrbea
LSE board

Tim Brown

"I am very confident that CloudBreak Discovery (Ticker: CDL ISIN: GB00B44LQR57) could be next… The share price of CDL could easily go from £0.05 to over £1.00 in the next months as investors jump on high-potential mining stocks.

Their current properties hold potential Gold, Copper, Silver and Zinc reserves worth over £5,000,000,000 (Over £5 billion) according to the current and historical drill data across their 19 projects".
Posted at 28/11/2011 22:38 by david brent
Looks like our man rob is going to dig more holes for investors to fall into.


criminal should be behind bars!!
Posted at 04/11/2011 13:32 by janek01
Robert Bensh is going on. You have to scroll down.

3P International Energy Corp. Announces Letter of Intent to Acquire A 30% Interest in Five License Areas in the Dnieper-Donetsk Basin of Eastern Ukraine Through Business Combination

11/03/2011 - 22:39

- ADDS PROVEN RESERVES
- FIVE NEW LICENSE AREAS IN PROLIFIC DNIEPER-DONETSK BASIN
- CASH FLOW AND CURRENT NET PRODUCTION TO 3P OF 640 BOE/D
- A STRONG LOCAL PARTNER WITH SIGNIFICANT OPERATING EXPERIENCE
- A SEASONED CHIEF EXECUTIVE OFFICER WITH A SUCCESSFUL TRACK RECORD IN UKRAINE
- OWNERSHIP OF 1 DRILLING RIG AND 3 SERVICE RIGS

(businesspress24) - TORONTO, ONTARIO -- (Marketwire) -- 11/03/11 -- 3P INTERNATIONAL ENERGY CORP. ("3P" or the "Corporation") (TSX VENTURE: DOH) is pleased to announce that it has entered into a letter of intent dated October 31, 2011 (the "Letter of Intent") with Gastek LLC ("Gastek") and its sole shareholder Parma Limited ("Parma") under which 3P intends to issue common shares of 3P ("3P Shares") to acquire Gastek's indirect 30% interest in KUB-Gas LLC ("KUB-Gas"). The assets of KUB-Gas consist of 100% interests in five licenses near to the city of Lugansk in the northeast part of Ukraine and includes an extensive portfolio of service and drilling equipment and four gas distribution plants. Four of the five licenses held by KUB-Gas are currently producing natural gas.

The Transaction will be a reverse take-over of 3P under TSX Venture Exchange (the "TSX-V") policies. None of the insiders of 3P or their associates and affiliates has any interest in the business of Gastek or are otherwise insiders of, or have any relationship with, Gastek or its direct or indirect shareholders. As such, the Transaction is an "Arm's Length Transaction" as defined under TSX-V policies.

The 3P Shares to be issued in the Transaction will be issued pursuant to exemptions from the prospectus requirements of applicable securities legislation, may be subject to resale restrictions as required under the applicable securities legislation and certain shares may be subject to escrow conditions as required by the TSX-V.

Benefits of the Transaction

The Transaction provides several benefits to 3P, including:

Transaction Terms

Pursuant to the Transaction, 3P Shares will be issued to acquire Gastek's indirect 30% interest in KUB-Gas. This will result in the recipients holding 60% of the outstanding 3P Shares upon closing of the Transaction and constitute a reverse take-over of 3P. The 3P Shares will be issued to Gastek, to its sole shareholder Parma or to the shareholders of Parma, as determined after full analysis of relevant tax and other considerations. Parma is a private corporation controlled by Mikhail Afendikov of San Rafael, California and two other persons.

There are currently 65,006,911 3P Shares outstanding, with an additional 17,500,000 3P Shares expected to be issued by way of a private placement financing, as announced in a press release dated October 17, 2011, which would result in an aggregate of up to 82,506,911 3P Shares outstanding prior to the closing of the Transaction.

3P will issue 123,806,858 3P Shares pursuant to the Transaction. The exchange ratio is based on a valuation of CAN$32,874,000 for 3P (assuming the maximum number of 3P Shares are issued pursuant to the aforementioned private placement), and a valuation of CAN$49,311,000 for Gastek. 3P Shares to be issued are expected to be subject to TSX-V escrow requirements.

Upon completion of the Transaction, the combined entity will be fully funded to complete the individually stated work programs which combined are to drill ten new development wells, complete four hydraulic fractures ("fracs") and complete up to ten work-overs in calendar 2012.

Conditions to the Completion of the Transaction

The obligations of 3P, Parma and Gastek to consummate the Transaction are subject to, among other things: (i) the receipt of all necessary regulatory approvals including TSX-V approvals; (ii) the receipt of all necessary shareholder and board of director approvals; (iii) the receipt of all necessary third party approvals and/or waivers; (iv) the absence of any material adverse effect, actual or reasonably expected to occur, on the financial and operational condition or the assets of each of the parties; (v) there not being outstanding more than: (a) 82,506,911 3P Shares; (b) warrants to purchase 12,373,299 3P Shares at the exercise prices disclosed in 3P's public disclosure filings; and (c) options to purchase 5,474,451 3P Shares under the 3P stock option plan at the exercise prices disclosed in 3P's public filings; (vi) Gastek not having total indebtedness of more than US$3,000,000; (vii) each of 3P's directors, officers and principal shareholders entering into an agreement to irrevocably vote all 3P Shares controlled by them in favour of the Transaction or sign written approvals of the Transaction; and (viii) other conditions which are by precedent customary for a transaction such as the Transaction. The conditions listed above are for the benefit of, and may be waived by, a party as they relate to the obligations of another party to perform or obtain the same.

Sponsorship

Cormark Securities Inc., subject to completion of satisfactory due diligence, has agreed to act as sponsor in connection with the Transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the Transaction or the likelihood of completion.

KUB-Gas LLC Overview

KUB-Gas was established in 2000 to engage in exploration, development and production of natural gas and gas condensate in the Dnieper-Donetsk Basin located in Ukraine. KUB-Gas is incorporated in Ukraine and its registered office and the principal place of business is 8 Karl Marx Street, Lugansk, Ukraine. KUB-Gas also owns a 1,000 horsepower drilling rig, three work-over rigs for use on all new and existing wells, four gas processing facilities, over 20 kilometres of main gas pipelines and approximately 100 other pieces of various equipment. KUB-Gas' ownership of the drilling rig and work-over rigs enhances development timelines and leads to economies of scale as additional wells are drilled.

On November 10, 2009, Kulczyk Oil Ventures Inc. ("Kulczyk") of Calgary, Canada entered into two Sale and Purchase Agreements with Gastek, under which Kulczyk agreed to acquire an indirect 70% ownership in the shares of KUB-Gas. This transaction was completed in June 2010 for approximately US$45 million in consideration.

The assets of KUB-Gas are jointly operated by Gastek and Kulczyk and consist of 100% working interests in five natural gas and gas condensate licenses (one production licence and four exploration licences) in the northeastern part of Ukraine in the Dnieper-Donetsk Basin. Combined, the total landholdings across the five licenses are 36,315 hectares (89,736 acres). KUB-Gas is currently producing natural gas and gas condensate from four of the five licences. Total current production from the licenses is approximately 12.1 MMcf/d of natural gas and 35 bbl/d of gas condensate for a total of 2,300 boe/d. On the Olgovskoye Field, the O-12 well was tested at 8.1 MMcf/d (2.4 MMcf/d net to Gastek). Production from the O-12 well is expected to start towards the end of 2011 with management expecting this well to increase Gastek's share of production by 200 boe/d to 900 boe/d.

3P is purchasing Gastek's indirect 30% operating interest in the above five fields and service assets.

3P Chairman's Statement

Greg Cameron, Chairman of 3P, stated "This transaction is company-making as it provides access to the prolific Dnieper Donetsk Basin where 90% of the proven hydrocarbons in the Ukraine exist today. The team at KUB-Gas are proven in-country operators who have successfully built their business organically by drilling wells. This in-country operating experience will be invaluable to our team at Tysagaz as they build out operations in the Western Ukraine. The combined entity will have nine license areas and full operations in both Ukraine oil and gas basins with production and cash flow from both areas. This all-stock deal aligns the new management with shareholders and I'm honoured to continue to serve as a director and look forward to working with new 3P directors and officers Robert Bensh and Mikhail Afendikov to build the new company."

License Overview

Olgovskoye Field

The Olgovskoye exploration license was granted on May 31, 2006, was issued as a new license with additional acreage in 2009 and is set to expire on August 11, 2014, though it may be extended until 2019. An application has been submitted to convert this license from a five-year exploration license to a 20-year production license. This is currently the most productive of the licenses held by KUB-Gas and has experienced several excellent drilling results over the year. KUB-Gas has drilled five wells through 2011, with a sixth currently underway (an infill target with good permeability and porosity). The wells drilled over the course of the year have seen consistently better results. Logs on the O-9 well indicated multiple hydrocarbon bearing zones and a new discovery in the Lower Bashkirian reservoir (tested at 1.2 MMcf/d). The primary zone of this well, the Middle Bashkirian, tested at a maximum rate of 4.4 MMcf/d (stabilized at 2.9 MMcf/d). Most recently, the O-12 well tested at a rate of 8.1 MMcf/d, which is the best result seen to date. The results from this well are important as it was a step-out location that further defined the extent of the main producing structure. Plans for 2012 include one appraisal well (O-11) and one development well (O-15) to be drilled by the end of Q4, 2012. This exploration license is expected to be converted to a 20-year production license in the first quarter of 2012.

Makeevskoye Field

The Makeevskoye exploration license was granted on May 18, 2001, was issued as a new license with additional acreage in 2009 and is set to expire on August 11, 2014, though it may be extended until 2019. An application has been submitted to convert this license from a five-year exploration license to a 20-year production license. This license has experienced exciting exploration successes and as such as become a focus for KUB-Gas. Most recently, the M-19 exploration well, drilled in the second half of 2010 to a depth of 2,060 metres, recorded initial test results of 5.0 MMcf/d over 15 days. This was the first KUB-Gas well to use Western-style logging tools. Directly adjacent to the Olgovskoye Field, this license will be the focus of substantial activity in 2012. Current plans are for the M-21 well to be drilled in Q2, 2012 followed by another follow up in Q3, 2012. The M-21 well is seen as a low risk step-out location based on the success of the M-19 well and will be located 830 metres away. This exploration license is expected to be converted to a 20 year production license in the first quarter of 2012.

Krutogorovskoye Field

The Krutogorovskoye exploration license was granted on July 16, 2004, was issued as a new license with additional acreage in 2009 and is set to expire on August 11, 2014, though it may be extended until 2019. This field is currently a nominal producer and remains an exploration project of KUB-Gas. 2D seismic has defined a four-way dip closure in the northeast corner of the license which the K-5 well will test in Q3, 2012. Targets include Muscovian and Bashkirian formations (several sands in the Bashkirian formation have produced gas in both the earlier K-1 and K-3 wells). Management's preliminary view is that trap and stratigraphy will be the main risk factors on the 2,800 metres well. This exploration license is expected to be converted to a 20-year production license prior to first quarter 2012.

Vergunskoye Field

The Vergunskoye production license was issued on September 27, 2006 and will expire on September 27, 2026. The field is approximately 1 kilometre x 2 kilometres and is not a substantial producer at this time, though historically the field has produced 13.8 bcf from six wells. Three zones have been identified for multi-zone production or restart, but as of this time there are no plans to drill any wells in 2012 until available data has been analyzed in detail.

North Makeevskoye Field

The North Makeevskoye exploration license was granted on December 29, 2010 and is set to expire on December 29, 2015. Gross acreage position is approximately 47,073 acres. Similar to the Olgovskoye and Makeevskoye licenses, the license lies along the primary southeastern Dnieper-Donetsk Basin gas/condensate structural trend and is prospective for gas production from multiple zones within the Muscovian and Bashkirian sedimentary section. The license area is located only four kilometres from the recent M-19 gas discovery, which tested at 5 MMcf/d. To date, 2D seismic has provided the Northern Prospect, which management believes has significant resource potential. Plans include completing the 2D seismic program, currently underway, and drilling the first exploration well in Q1, 2012. 3D seismic is planned to commence in Q4, 2012.

Exploration License Legislation

Under the terms of licences, KUB-Gas may produce gas and gas condensate on the exploration fields capped by 10% of total reserves estimated and approved by the licensor, the Ministry for Environmental Protection of Ukraine, and may not exceed the cap during the exploration status. Management of KUB-Gas closely monitors the compliance with terms of the licenses. Should KUB-Gas wish to produce more, it would need to convert the exploration licenses into production licenses. The production license allows unlimited production of gas and gas condensate over the terms of the license. Management expects that KUB-Gas will be able to convert the exploration licences into production licences once this is necessary and three applications are currently submitted for approval.

Reserves and Resources

A reserve evaluation report on the properties of KUB-Gas has been filed with the Exchange as supporting documentation of the Transaction. A detailed press release including reserve estimation included in such report will be issued at a later date. At this time, the Corporation believes that an increase in production or reserves could come from the development of Olgovskoye and Makeevskoye. The Corporation also expects that the application of new field operating practices commonly used elsewhere in the world to improve overall well productivity, such as dual completions and compression of gas will be applied by KUB-Gas to the fields.

The work program for 2011-2012 will principally target a continuation of the exploitation of the Olgovskoye and Makeevskoye fields. This will involve the drilling of new wells, the completion of new zones in existing wells, dual completions, stimulation treatments using modern and technology advanced methods commonly used elsewhere in the world and the implementation of a compression strategy. To date this work program drilled five successful wells in 2011 and completed 160 kilometres of 2D and 3D seismic and four work-overs.

Exploration/Development Activity and Future Plans

The development plan is fully funded with cash on hand, expected cash flow and the European Bank for Reconstruction and Development facility for the five fields within KUB-Gas. Below is a summary of this planned activity for the fields within KUP-Gas.

Selected Financial Information

The following table sets forth certain unaudited financial information for Gastek's net 30 % working interest in KUB-Gas as at and for the six month period ended June 30, 2011.

Board of Directors and Executive Officers on Completion of the Transaction

Subject to any necessary shareholder and regulatory approvals, the board of directors and officers of the Corporation, upon the completion of the Transaction, will be as follows:

Summary Biographies of the Board of Directors and Executive Officers

The background of each of the aforementioned persons is as follows:

Robert Bensh - President, Chief Executive Officer, Director and Chairman

Mr. Bensh is the former Chairman, President and Chief Executive Officer of Condor Exploration, Inc. a private oil and gas company operating in Colombia since July of 2007. In addition to Condor Exploration, Mr. Bensh was the Executive Chairman of Northcote Energy Ltd. and its predecessor from February 2008 to January 2011. Prior to that he served as Chairman, President and Chief Executive Officer of Cardinal Resources plc and its predecessor, Carpatsky Petroleum Inc. He joined Carpatsky in 2001 as Executive Vice President and Chief Operating Officer. From May 1998 to December 2000, Mr. Bensh was Vice President Capital Markets, then Senior Vice President, Chief Financial Officer and Corporate Secretary of Bellwether Exploration Company. From 1996 to 1998 he worked at Torch Energy Advisors in various roles in finance, capital markets and acquisitions. From April 1995 to August 1996, Mr. Bensh was Director of Investor Relations and Strategic Planning for Box Energy Corp. He worked as a financial analyst for Johnson & Company in 1995 and from 1986 to 1995, he worked for the Department of Defense and the United States Department of Justice. He has served on various boards of public companies. Mr. Bensh received a degree in Political Science and Economics from Syracuse University in New York.
Posted at 11/11/2010 21:33 by zengas
David

If you were sued for libel over what you've written - defamation etc (which some have been before on other threads, Nighthawk, Nostra Terra and some other companys' investigating untrue remarks about directors amongst other things in recent months etc), then your being careless as you could end up with it costing you additional to what you have already lost in Cardinal. Advfn have been taken to task before and have had to disclose details about posters.
----------------------

9 August 2010

Nostra Terra Oil and Gas Company plc, (AIM: NTOG) confirms that it is pursuing
action in response to untrue and malicious statements about the Company's
activities and personnel that have been made repeatedly by certain posters on
the internet and, inter alia, via the online message boards of Interactive
Investor Trading Limited ("iii") and ADVFN plc ("ADVFN").

On 22 July 2010, Nostra Terra obtained an order from the High Court of Justice
instructing iii and ADVFN to provide information relating to several posters.

Both iii and ADVFN are cooperating fully on this matter, and the identities of
the posters covered by the court order have been established. The Company and
its legal advisers are now considering whether to instigate civil proceedings
for defamation against the identified posters, and further announcements will be
made as appropriate.


See likewise for 1 or 2 other Cos/directors around the same time.
Posted at 11/11/2010 14:32 by bb44
so now you think I'm Rob?
well - rob or not, I can't wait to see how wrong you are
Investors money wasn't stolen and you never seem to be bale to say how it was stolen. Just that it was. Yes - Iw ould like to know whoa you are, so a proper lawsuit could be served on you for libel - but you're a toothless tiger. Bensh had more money and time invested in this than you or anyone else aside from the top three shareholders. So show me where he stole and how.
Posted at 11/11/2010 14:23 by zengas
DB

No disrepect, but he did not steal investors money and quite frankly what you say amazes me. The art of investing is taking on risk. Even BP went almost to the wire for what was a safe investment for many.
The problems with Ukraine and payment mechanisms destroyed us there. No investment is a sure thing.
Posted at 11/11/2010 14:16 by david brent
bb44, would it make a difference if i put my name and address on here? the truth is the truth, Rob Bensh STOLE investors money thru lies and deception. He should be brought to justice for his actions and be sent to PRISON for at least 15 to 20 years. These fly-by-night CEO's know all the loopholes, they come in, rape the company and are gone before dawn...

let's see how much of our investment will come back to us!! NOTHING, that's how much Rob.
Posted at 05/11/2010 14:08 by david brent
Bensh should get at least 15 years in prison for the money he has taken frauduently from investors in cardinal who were lied to.

i'm sure he'll get his comeupence tho, what goes around comes around....

beware bensh beware..........
Posted at 16/8/2007 09:21 by bb44
Yanukovych and gas price capping
Aug 15 2007, 22:49


In May 2005, when the Yulia Tymoshenko government introduced limited and temporary price caps on oil, President Viktor Yushchenko threatened to remove her from office. Western observers also quickly jumped on the bandwagon and used price capping and re-privatization as two sticks with which to beat the Tymoshenko government.

The result has been that in some business circles and among foreign investors the enduring memory of the 2005 Tymoshenko government is price capping and support for mass re-privatization. Both memories are taken out of context and are merely used by the same group of critics of Tymoshenko who refer to her negatively as 'populist' (see "Whose 'populist' in Ukrainian politics," Kyiv Post, July 5).

Why then the deafening silence over the price capping on a far greater scale of gas prices by the Viktor Yanukovych government?

Prime Minister Yanukovych told his government on July 18 that 'his government would never undertake populism.' In reality, the bans on export of grain and gas price controls are two big examples of populist price controls introduced by the Yanukovych government to win votes.

On Dec. 19 of last year, the Anti-Crisis parliamentary coalition adopted the 2007 state budget. Article 3 of the budget law states that all enterprises with state ownership of more than 50 percent, as well as joint ventures and Joint Activity Agreements (JAAs) concluded with these enterprises must sell their monthly production to a company specified by the government.

In a Jan. 16 government resolution (No. 31), Naftogaz Ukrainy was named as the company authorized by the government. Naftogaz became de facto the only company authorized to buy gas from JAAs and then sell it on to the Ukrainian population. The aim of these policies introduced by the Yanukovych government is to control the price of gas for the population on a scale far greater than temporary oil caps in 2005. The difference between the historic selling price of gas in Ukraine to industrial end-users at market prices of $4.88 mcf (1,000 cubic feet) and the fixed government price of $1.63 is more than 300 percent.

Many Western companies have opted to therefore halt all sales of gas rather than sell at a capped unprofitable price. The new capped price does not cover the costs of exploration, development and production, leading to lower production and investment. Cardinal Resources, a public limited company traded in London with a US subsidiary, Carpatsky Petroluem, is one of a number of Western companies which have halted all gas sales and instead placed their gas into storage.

The Yanukovych government policies have two negative outcomes.

Firstly, foreign investors, such as Cardinal, have an adverse cash flow because they cannot sell gas at market prices. To agree to sell their gas at the capped price to Naftogaz Ukrainy would be to sell it at a loss.

Secondly, Cardinal, as with other foreign investors, sees the government's price capping policy as particularly having a negative effect on foreign investors. Price capping reduces the incentive for foreign investors to come to Ukraine at a time when only 28 percent of Ukraine's gas demand is met by domestic production.

Government price capping of gas directly contradicts Ukrainian legislation, such as the Civil Code and the Law on Foreign Investment. In April, Europa Oil and Gas (Holdings) plc won their case in court of the right to sell gas at market prices but the government continues to ignore the court ruling. This is not the only evidence of a non-listening government. Cardinal Resources sent letters on the gas price capping policy to Prime Minister Yanukovych last December, to Minister for Fuel and Energy Yuriy Boyko in March and to the CEO of Naftogaz Ukrainy in May.

Cardinal Resources failed to receive responses to two of the letters and only a curt and non-committal reply from the Deputy Minister for Fuel and Energy. A March letter from US Ambassador William Taylor to Minister Boyko also failed to receive any response. Two meetings between Boyko and Cardinal Resources produced no results.

A July paper published by the prestigious Washington think tank, the Center for Strategic and International Studies (CSIS), described how it was 'extremely difficult' for Western energy companies to obtain a foothold in the Ukrainian market. Western investors have the potential to make Ukraine independent in its energy needs, thereby making Ukraine free of Russia's monopolist and corrupt energy relationship.

It has long been evident though that a large proportion of the Ukrainian elites wish to maintain the status quo because they receive large rents from the existing corrupt energy relationship with Russia. Energy corruption therefore overrides Ukraine's national interest and the country's national security.

According to Ambassador Keith Smith, author of the CSIS report, a major factor blocking Western investment in the energy sector is 'control of natural resources by groups hostile to Western investors.' The Yanukovych government is effectively squeezing Western investors out of Ukraine, Ambassador Smith concludes. The two groups which benefit from these price capping policies are the corrupt intermediary RosUkrEnergo, which, according to a Radio Free Europe/Radio Liberty report, is the biggest money laundering operation in Europe, and local oligarchs. Only one political force – the Tymoshenko bloc – has consistently opposed the use of RosUkrEnergo as a middle man.

The Ukrainian population meanwhile suffers while Western investors pause, or withdraw. Desperately needed foreign direct investment (FDI) and technologies are directed toward governments that show themselves amenable to international standards of economic behavior.

The Yanukovych government's policy puts into question its stated desire to join the WTO, establish a free trade zone with the EU and eventually join the EU. Price capping also puts into doubt the government's declared interest in attracting foreign investors and its stated desire for energy security and independence. These policies are far more populist than anything introduced in 2005. The unwillingness of the Yanukovych government to respond to the concerns of foreign investor, or to have any common courtesy in responding to the US Ambassador, necessitates a stronger response from the US government, EU and WTO. A demarche should point out that the Ukrainian government's price capping policy is inconsistent with international norms on attracting foreign investment, attaining WTO standards consistent with membership and the Ukrainian government's statements on seeking energy self-sufficiency.

A failure to change the price capping policies should warn against returning the Yanukovych government to office after the Sept. 30 pre-term parliamentary elections. Ukraine's post-election new government should be committed to three policies: attracting foreign investment, battling corruption and energy independence. The Yanukovych government has proven that it has no commitment to any of these three policies.



Dr. Taras Kuzio is a Research Associate of the Institute for European, Russian and Eurasian Studies, Elliott School for International Affairs, George Washington University and President of the consulting firm Kuzio Associates.

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