Tuesday, 12 December 2017

InvestorIntel: International Lithium Close To Update On Hotly Awaited Ganfeng Argentina Entry.




International Lithium Receives Encouraging Pump Test Results On Mariana Lithium Brine Project, Argentina.




“The ongoing confirmation that the aquifers at Salar de Llullaillaco can sustain extending pumping are complementary to our goals of achieving a positive production decision through upcoming Preliminary Economic Assessment and Feasibility Studies,” commented Kirill Klip, Executive Chairman of ILC, “These tests pave the way for us to determine the best technology and economic scenario to advance our Mariana Lithium joint venture project.”







International Lithium Receives Proof Of Concept Study For Lithium Recovery Using Membrane Separation.



"We consider this report very encouraging news for the advancement of our Mariana Lithium JV Project," commented Kirill Klip, Executive Chairman of ILC.




LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.



Lithium Hydroxide Production From Brine: Effective Separation Of Lithium From Contaminants By Membrane Technology.




Lithium Hydroxide Production From Brine: Effective Separation Of Lithium From Contaminants By Membrane Technology.

Kirill Klip, Executive Chairman International Lithium Corp.

We are talking here a lot about the new groundbreaking technologies for electric cars and lithium batteries. Now it is time to consider the most advanced technologies for the production of lithium as a raw material. The increasing usage of lithium batteries is driving the demand for lithium as a raw material and new extraction technologies will provide the technological advantage to the most progressive companies investing in the future.

My lower estimate for future demand is that 36 million tonnes of LCE (Lithium Carbonate Equivalent) must be produced by 2040 in order to meet the IEA's target for the 600 million electric cars necessary to keep global temperature increase below 2%. However, over 100 million tonnes of LCE will be needed if all new cars are to be electric by 2040, this being one of IMF's scenarios for the future. Now let's just start adding here the Energy Storage for Solar and Wind Power Generation.

Our starting point for electric cars is just over 1% of total auto sales in the world and only 200,000 tonnes of LCE produced in 2016. The dramatic increase in demand for lithium will require accelerated production from all known reserves of lithium and new resources will need to be found and put into production, this being crucial to the Energy rEVolution.

At International Lithium, we are very interested in processes developed for the recovery of Lithium Hydroxide directly from brine. Lithium Hydroxide is the highly sought strategic commodity which is used in lithium batteries as Tesla and Panasonic are doing for example at Tesla GigafactoryRead more."


All latest information is available in Company's filings on SEDAR www.sedar.com

Please Note that International Lithium Qualified Person - as it is defined by NI 43-101, was NOT able to Verify and Confirm Any Provided Information by The Third Parties in the Articles, News Releases or on the Links embedded in this article; you must NOT rely in any sense on any of this information in order to make any Resource or Value Calculation, or attribute any particular Value or Price Target to any Discussed Securities.



InvestorIntel:

International Lithium Close To Update On Hotly Awaited Ganfeng Argentina Entry.

International Lithium Corp. (TSXV: ILC) is close to going ahead with a pre-feasibility study on the Mariana project in Argentina in 2018, a step that will provide key details on the pace of overseas expansion of Jiangxi Ganfeng Lithium Co., China’s biggest lithium processor.
The two companies are readying a “very important” budget to carry out an economic assessment and pre-feasibility study for Mariana, a lithium-rich salt-lake in Argentina’s northwest Salta province, International Lithium CEO Kirill Klip told InvestorIntel. The two companies plan to bring production online in three years from now, he said.
Ganfeng’s timetable in developing Mariana may effectively serve as a bellwether for the state of global lithium supply. The company is the largest integrated supplier of refined lithium in the world and provides a host of products including lithium carbonate to Panasonic, which in turn provides battery cells for Tesla’s Gigafactory in Nevada.
The Xinyu, China-based company possesses the technical expertise needed to understand the chemistry of Mariana’s brine and how that fits into Ganfeng’s logistics chain. “We are already plugged into Ganfeng’s supply chain,” Klip said. “This is what sets us apart from other junior exploration companies.”
The Chinese company has made multiple investments in lithium projects. Ganfeng owns 43% of Mt Marion, an Australian lithium spodumene project, a 17% stake in Lithium Americas, also based in Argentina, and a 5% stake in Pilbara Minerals that plans to start output in the next six months and sell the output to Ganfeng. Automakers and electrical appliance makers’ search for long-term supply contracts has become an industry standard, according to Albemarle Corp., the world’s largest lithium producer.
International Lithium publicized the results of trial pump tests on December 6th carried out by Australian Geos Mining Minerals, confirming the suitability of the Llullaillaico salt-lake for brine extraction. The aquifer system has high transmissivity and high hydraulic conductivity, must haves for a brine operation, Klip said. Another test back in September showed that the operator could directly extract lithium hydroxide from raw brine, without the need for a traditional evaluation process.
“These tests pave the way for us to determine the best technology and economic scenario to advance our Mariana lithium joint venture project,” Klip said.
Brine operations have traditionally been the lowest cost in the lithium industry, requiring much less heavy machinery to extract raw material as they rely on evaporation to dry out minerals normally rich in lithium and potassium.
SQM and Albemarle have dominated world supply lithium supply since the 1980s from the Atacama Desert in northern Chile, along with Philadelphia-based FMC Corp. in neighboring Argentina. SQM, Albemarle and FMC’s stronghold on global supply was weakened in 2012 when Albemarle and China’s Tianqi Lithium carried out a major expansion of the Greenbushes mine in Western Australia, and supply that the automotive and electronic components industries say is much needed because of an expected surge in global demand.
Since the 2015 election pro-business reformist Mauricio Macri, Argentina has become a hotbed of mining exploration activity, especially in the northwest of the country that forms part of South America’s so-called Lithium Triangle along with Chile and Bolivia.
Australia’s Orocobre started Olaroz, the country’s second lithium operation, in 2015, partnering with Toyota Tsusho Corp. Private equity firm Sentient Group is developing its Salar de Rincon project in Argentina.
International Lithium holds a strategic stake in Mariana and together with its 10% back-in right can boost this to over 20%. The two companies are also working to explore the Avalonia project in Ireland, while International Lithium holds exploration concessions in Ontario, Canada.
Publishers Note: This piece was written by Guest Editor Matt Craze. We will have his bio listed in next 24 hrs."

Thursday, 7 December 2017

Ganfeng Lithium, The Largest Integrated Lithium Producer In China, Invests USD $38 Million To Build Solid-State Battery Plant.




This is why I call International Lithium's JV partner In Argentina and Ireland Ganfeng Lithium a vertically integrated lithium business. Ganfeng is the largest integrated lithium materials producer in China and in the "New Lithium Top Five" now. After incredible growth in its main lithium chemicals business, this company is moving forward towards the high-end value of the Energy rEVolution supply chain. 



Ganfeng has been engaged in lithium batteries business before after acquisition of mobile battery maker in China. Now they are taking a very serious step to embrace the new technology for lithium batteries. Lithium Solid State Battery is the next chapter for electric cars and Energy Storage which can bring lithium batteries prices below $100 per kWh and give over 500 miles range on a single charge for Tesla Model S.





"I will not be surprised that we are going for another treat in our Lithium Technology space by Elon Musk! Chatting with my friends today on twitter we are getting a drift that actually Tesla can be moving into the prismatic lithium cells to be produced at Gigafactory and used in Tesla Model 3 and its other EV models. I will speculate that in this case, we are talking about Solid State Lithium Batteries. Solid State Lithium Technology is the new breakthrough which promises safer batteries with higher energy density. They promise higher performance, even lower memory effect and no thermal run away. Translation - batteries will be more powerful and much safer allowing you to store the larger amount of Energy in the same volume and weight! Is it the magic which allows Elon musk to go as low as $100 per kWh cost of lithium batteries to be produced at Gigafactory?" Read more.




Update 10.12.2017:

I am listening to more and more very interesting comments about New Tesla Roadster and think that quite widely spread idea that this monster electric supercar from Elon Musk is powered by double-decker sandwich made of 2 Tesla Model S 100 batteries is not the case. Maybe, it is time to revisit my speculations about Elon Musk working on Lithium Solid State Battery for Tesla model 3 at Gigafactory. It still remains a speculation at this moment but it will make all sense taking into account dimensions of New Tesla Roadster, its incredible performance and price. It can explain the totally unexpected very aggressive low pricing for Tesla Semi Truck as well. Has Elon Musk cracked the code of the Holy Grail of the mass market for electric cars already? Any insights from my readers will be very much appreciated.








Lithium is the magic metal at the very heart of this Energy rEVolution. Ganfeng Lithium has started very early to secure supply of lithium by investing in International Lithium IPO in 2011 and now we are developing two JV projects: Mariana in Argentina and Avalonia in Ireland. Below you can find more information.





Tesla's rEVolution: The Dramatic Increase In Demand For Lithium Will Require Accelerated Production From All Known Reserves Of Lithium.





Tesla's rEVolution: The Dramatic Increase In Demand For Lithium Will Require Accelerated Production From All Known Reserves Of Lithium.

Kirill Klip, Executive Chairman of International Lithium Corp.




Tesla New Roadster And Electric Semi Truck.



I am a very strong believer in the ongoing fundamental shift in technology which is happening these days. We are entering the era of Post Carbon Economy. The Oil ICE Age is over: for centuries we have been burning things just to get the energy and it has been mostly oil for the last 100 years, but now we can produce electricity by using Solar and Wind Power Generation.





Electricity is the best and the most efficient form of energy known to us and now we can store it and use it when we really needed it. Cheap lithium batteries change everything. Electric Cars will become cheaper to own than comparable models of fuel-powered cars next year according to UBS. Tesla Model 3, with more than 400,000 advance reservations for purchase is starting the real mass market for electric cars. Now Bloomberg estimates that more than 200 models of electric cars will be available by 2020.






We are at the tipping point for the mass market of electric cars. It took us all human history to get to 1 million electric cars on the roads by 2015 and then less than a couple of years to double this EV fleet. I expect that in 2018, worldwide sales of EVs will exceed 1 million units per year.






We are in the exponential stage of the adoption rate for electric cars, but most of the investment banks who are following lithium batteries' supply chains are still estimating 5% - 10% of cars being sold in the next 5 years will be EVs. I have a different view: that all cars will be electric mush faster than a lot of people are anticipating. We are talking here about the disruption of $4 Trillion Transportation and $8 Trillion Energy industries. 

Energy storage for Solar and Wind power generation will be consuming, even more, lithium batteries than transportation in the future. Disruption of $12 Trillion industries is reliant on the lithium market which was last year around 200,000 T of Lithium Carbonate Equivalent ("LCE") in production terms. In monetary value, it was close only to $2.5 Billion dollars in sales even after the dramatic increase in lithium prices. 





This is why we are witnessing very strong prices this year, when spot prices in Shanghai are above $20,000 for both LCE and Lithium Hydroxide and long-term prices are reaching $15,000 per LCE T. This view of the ongoing fundamental shift and that The Switch is already happening, when millions of people will be buying electric cars, is finally making its way in the mainstream media and in the reports of government agencies and major financial institutions.









The views on the rate of adoption for electric cars can be different, but industry trends are already supporting this very bullish case for lithium. "Old Lithium Big Three": Albemarle, SQM and FMC "had to accept" the new aggressive players: Ganfeng Lithium and Tianqi from China. "The New Lithium Top Five" now looks more like: Albermarle, SQM, Ganfeng Lithium, Tianqi and FMC. But if we will be talking about lithium supply chain in terms of lithium chemical products used in lithium batteries, China is already in the lead and controls close to 75% of supply. For example, Tesla Gigafactory lithium supply chain goes all around the globe and back to China as well. And now there are 24 Lithium Megafactories announced to be built all around the world with the majority of them being located in China.





We are already witnessing the wave of consolidation in the sector in order to secure the supply of lithium as raw material, which is becoming critical. SQM is diversifying this year from brine lithium operations into hard rock lithium mining with its JV partner Kidman Resources in Australia following Albemarle. Tianqi bought 51% in Talison Lithium in Australia with Rockwood holding 49% in 2014 and after that Albemarle has acquired Rockwood and this way becoming partners with Tianqi.






Ganfeng Lithium, the largest integrated lithium producer from China, was very early in securing the supply chain for lithium raw materials. Ganfeng has acquired the strategic stake in International Lithium IPO in 2011 and now operates two JVs with ILC: Mariana lithium brine project in Argentina and Avalonia with lithium hard rock exploration in Ireland. Ganfeng has bought a stake in Neometals and in its lithium hard rock mining operations at Mt Marion lithium project in Australia in 2015. This year Ganfeng has bought a stake in Lithium Americas and its JV developing lithium brine operations with SQM in Argentina. Last spring Ganfeng acquired another stake in Australian lithium developer Pilbara Minerals, this time 5%, suggesting that Ganfeng is really after null of supply. The main part of the deal is the off-take agreement for 160,000 T of lithium concentrate.




But M&A in the lithium sector can only redistribute the existing known resources of lithium. The next phase of the game to secure supply for the Energy rEVolution will the advanced exploration and new technologies to recover lithium. We are talking a lot about the new groundbreaking technologies for electric cars and lithium batteries. Now it is time to consider the most advanced technologies for the production of lithium as a raw material. The increasing usage of lithium batteries is driving the demand for lithium as a raw material and new extraction technologies will provide the technological advantage to the most progressive companies investing in the future.







My lower estimate for future demand is that 36 million tonnes of LCE (Lithium Carbonate Equivalent) must be produced by 2040 in order to meet the IEA's target for the 600 million electric cars necessary to keep global temperature increase below 2%. However, over 100 million tonnes of LCE will be needed if all new cars are to be electric by 2040, this being one of IMF's scenarios for the future. Now let's just start adding here the Energy Storage for Solar and Wind Power Generation.







Our starting point for electric cars is just over 1% of total auto sales in the world and only 200,000 tonnes of LCE produced in 2016. The dramatic increase in demand for lithium will require accelerated production from all known reserves of lithium and new resources will need to be found and put into production, this being crucial to the Energy rEVolution.





At International Lithium, we are very interested in processes developed for the recovery of Lithium Hydroxide directly from brine. Lithium Hydroxide is the highly sought strategic commodity which is used in lithium batteries as Tesla and Panasonic are doing for example at Tesla Gigafactory


LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.





All latest information is available in Company's filings on SEDAR www.sedar.com




In September International Lithium has announced that it has received a final report, "Proof of Concept Study — Lithium Recovery Using Membrane Separation" (the "Study") prepared by Synexus (Pty) Limited of South Africa ("Synexus"). The Study was conducted utilizing (filtered) raw brine from the Salar de Llullaillaico, location of the Mariana lithium brine joint venture project ("Mariana") in Salta, Argentina. Results from the Study indicate that the selective recovery of lithium directly from raw (filtered) brine, with the simultaneous rejection of other cation and anion species, using a proprietary lithium selective separation process (the "technology") is possible. Lithium was selectively recovered from the raw brine to produce lithium hydroxide ("LiOH"), a high-value ingredient used directly in lithium battery manufacturing, as a final product.







Summary of Study Results:
  • The use of the technology presents a possible alternative to the natural evaporation process currently proposed at Mariana.
  • The technology could provide a process route to produce lithium hydroxide directly from the raw brine without the need to remove contaminants like magnesium by liming, as would be required in the natural evaporation process. 
  • Based on initial estimates, the technology can achieve higher recoveries than natural evaporation even with relatively low concentrations of lithium.*
  • Use of technology has the potential to enable a considerable increase in production rate compared to evaporative ponds. Lithium is directly removed from the brine and the (spent) brine can be returned to the basin with little effect on the water balance.* 
  • With further refining, the technology could also permit the recovery of potassium and other cations if desired.


Now Mariana JV partners Ganfeng Lithium and International Lithium are studying the results of this report and the best way to incorporate the advanced lithium extraction technologies into  Mariana Lithium development phase leading to Preliminary Economic Assessment and Pre Feasibility studies of the project. 



LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.

Yicai Global:

Chinese Lithium Firm Invests USD38 Million to Build Solid-State Battery Plant


DOU SHICONG

Chinese Lithium Firm Invests USD38 Million to Build Solid-State Battery Plant
 Chinese Lithium Firm Invests USD38 Million to Build Solid-State Battery Plant
(Yicai Global) Dec. 6 -- Jiangxi Ganfeng Lithium Co. [SHE:002460], a leading Chinese lithium product maker, plans to invest CNY250 million (USD38 million) to build a production line in Zhejiang province for its first-generation solid-state lithium batteries.
The listed firm will set up a new company in Ningbo, Zhejiang to build the plant, it said. Construction will take around two years. After completion, Jiangxi Ganfeng’s annual battery-making capacity will increase to 100 million watt-hours. The firm hopes to release the product onto the new-energy vehicle (NEV) market.
Compared with the widely used liquid lithium battery, its solid-state counterpart has a higher energy-density, making it more suitable to power electric vehicles. Data shows that the latter could replace the former as the mainstream power source
Construction of the production line will speed up the company’s research, development and industrialization of new lithium battery technology and optimize the structure of the lithium industry chain, the company said, adding that the new plant will make it more competitive.
Founded in 2000, Ganfeng Lithium makes more than 30 different lithium products. The battery maker sells most of its products in China, but also exports its most comprehensive equipment to the US, Japan, South Korea, the European Union and Southeast Asia."

Wednesday, 6 December 2017

International Lithium Receives Encouraging Pump Test Results On Mariana Lithium Brine Project, Argentina.



“The ongoing confirmation that the aquifers at Salar de Llullaillaco can sustain extending pumping are complementary to our goals of achieving a positive production decision through upcoming Preliminary Economic Assessment and Feasibility Studies,” commented Kirill Klip, Executive Chairman of ILC, “These tests pave the way for us to determine the best technology and economic scenario to advance our Mariana Lithium joint venture project.”







International Lithium Receives Proof Of Concept Study For Lithium Recovery Using Membrane Separation.



"We consider this report very encouraging news for the advancement of our Mariana Lithium JV Project," commented Kirill Klip, Executive Chairman of ILC.




LEGAL DISCLAIMER

Please read legal disclaimer. There is no investment advice on this blog. Always consult a qualified financial adviser before any investment decisions. DYOR.


Lithium Hydroxide Production From Brine: Effective Separation Of Lithium From Contaminants By Membrane Technology.



Lithium Hydroxide Production From Brine: Effective Separation Of Lithium From Contaminants By Membrane Technology.

Kirill Klip, Executive Chairman International Lithium Corp.

We are talking here a lot about the new groundbreaking technologies for electric cars and lithium batteries. Now it is time to consider the most advanced technologies for the production of lithium as a raw material. The increasing usage of lithium batteries is driving the demand for lithium as a raw material and new extraction technologies will provide the technological advantage to the most progressive companies investing in the future.

My lower estimate for future demand is that 36 million tonnes of LCE (Lithium Carbonate Equivalent) must be produced by 2040 in order to meet the IEA's target for the 600 million electric cars necessary to keep global temperature increase below 2%. However, over 100 million tonnes of LCE will be needed if all new cars are to be electric by 2040, this being one of IMF's scenarios for the future. Now let's just start adding here the Energy Storage for Solar and Wind Power Generation.

Our starting point for electric cars is just over 1% of total auto sales in the world and only 200,000 tonnes of LCE produced in 2016. The dramatic increase in demand for lithium will require accelerated production from all known reserves of lithium and new resources will need to be found and put into production, this being crucial to the Energy rEVolution.

At International Lithium, we are very interested in processes developed for the recovery of Lithium Hydroxide directly from brine. Lithium Hydroxide is the highly sought strategic commodity which is used in lithium batteries as Tesla and Panasonic are doing for example at Tesla Gigafactory. Read more."


All latest information is available in Company's filings on SEDAR www.sedar.com



International Lithium:

International Lithium Receives Encouraging Pump Test Results on Mariana Lithium Brine Project, Argentina

Vancouver, B.C. December 6, 2017: International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE: ILC) is pleased to announce that it has received a report prepared by Geos Mining Minerals Consultants of Australia (“Geos”) through ILC’s joint venture partner, Mariana Lithium Co., Ltd., a subsidiary of Jiangxi Ganfeng Lithium Co., Ltd. The report summarizes results from trial pump tests conducted in September 2017 at Salar de Llullaillaico, location of the Mariana lithium brine joint venture project (“Mariana”) in Salta, Argentina. The trial tests are part of ongoing pump tests to be completed at three locations on the project. A conclusion from the trial pump test report states, “A step-drawdown test pumped at three (3) rates of between 10 and 30 litres per second (“L/s”) indicated a high transmissivity, hydraulic conductivity and storativity.” The ultimate goal for these ongoing tests is to carry out long term pumping at a constant rate of 60 L/s at three sites within the resource area. The Company will provide further updates on the progress of these tests.

The study results from the Geos report are summarized below:
  • Litio Minera Argentina SA conducted trial pump tests on bore MA17-20PW, located in the Mariana Project western Salar de Llullaillaco resource area during September 2017. An exploratory aquifer test with observation bores was conducted to provide: training and understanding to staff, preliminary aquifer drawdown and response assessment, plus a step-drawdown test to provide information on well efficiency.
  • Initially a constant rate test utilising five observation bores was conducted for a five hour period pumping at 30.4 L/s. Minor drawdown was observed in observation bores monitoring both higher and lower parts of the aquifer system. No drawdown was observed in more distal observation bores. 
  • The lack of drawdown in shallower observation bores, plus the one deeper observation bore MA17-20A, indicates that the pumped aquifer at the level of MA17-20B is acting in a nearly confined manner, and there was minimal interaction over the short pumped time period with overlying or underlying aquifers. 
  • A step-drawdown test pumped at 3 rates of between 10 and 30 L/s indicated a high transmissivity, hydraulic conductivity and storativity. 
Whilst no modelling of the drawdown from the trial pumping tests was undertaken, preliminary graphical analysis suggests the salar interlayered and intercalated sedimentary package makes up an interconnected leaky aquifer system at site MA17-20PW. This aquifer system has a very high transmissivity, high hydraulic conductivity and a significant storativity.
“The ongoing confirmation that the aquifers at Salar de Llullaillaco can sustain extending pumping are complementary to our goals of achieving a positive production decision through upcoming Preliminary Economic Assessment and Feasibility Studies,” commented Kirill Klip, Executive Chairman of ILC, “These tests pave the way for us to determine the best technology and economic scenario to advance our Mariana Lithium joint venture project.”
At Mariana, the current focus for lithium extraction is to determine the break points of contaminants such as magnesium and sulphate in the natural evaporation process in order to define the timing of the liming process. Large quantities of lime and other reagents needed to neutralize the brine chemistry to prevent the loss of lithium through precipitation during the evaporation concentration process generally tend to have a severe negative impact on the economics of lithium brine operations.
In its news release of September 5, 2017, the Company released results of an early study regarding the utlilization of membrane technology to produce a much higher valued lithium product. The adoption of alternative technologies such as described in the September 5, 2017 news release have potential to provide an alternative to the currently adopted plan of using natural solar evaporation to produce a brine concentrate that would be exported to China for further refining.
The Mariana Lithium joint venture partners are currently reviewing options for the 2018 budget year that are aimed at accelerating the project through the studies required to prove economic viability.
Afzaal Pirzada, P.Geo., a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
 For further information concerning this news release please contact +1 604-700-8912
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this news release include: the timing and anticipated results of environmental impact studies and pump tests, timing of preliminary economic studies on the Mariana project, the expectation of feasibility studies, lithium recoveries, modelling of capital and operating costs, and the Company’s continued interest in the Mariana project. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Risks” and “Forward-Looking Statements” in the interim and annual Management’s Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.