To set actual market prices of coal and ensure accurate, and prompt delivery of trading information to sellers, buyers, and other participants, the discussion on “Electronic Trading of Export Coal” was held successfully at Premier Tuushin Hotel on February 27.

Within the “Procedure on Electronic Trading of Export Coal” framework approved by Resolution No. 466 of the Government of Mongolia, export coal that meets “Coal Classification MNS 6457:2022” will be traded in an open, transparent, and fair method. It will establish the prerequisites for fair market price determination and accurate and timely trading information delivery to all stakeholders, including buyers, sellers, and other parties.

The Minister of Mining and Heavy Industry J. Ganbaatar, the Head of National Committee for Port Revitalization Kh. Bulgantuya, Financial Regulatory Commission Deputy Chairman T. Tserenbadral, CEO of the Mongolian Stock Exchange Kh. Altai opened the discussion. The Director of the Business Development Department T. Khash-erdene presented the regulations and instructions for regulating coal trading.

A leading Kalmyk activist who says he may face persecution if he is deported to Russia has not been allowed to enter Mongolia over his expired Russian passport.

Batyr Boromangnaev, who is deputy of Kalmyk’s self-governing Congress of the Oirat-Kalmyk people and former leader of the Yabloko party's branch in Kalmykia, is currently stuck at immigration services in Ulan Bator's international airport.

He told RFE/RL on February 28 that his passport expired while he was temporarily detained in Kazakhstan, which he passed through en route to Mongolia.

According to Boromangnaev, Mongol authorities tried to deport him to Kazakhstan, the last country he was in before arriving in Mongolia, but the move was postponed until March 2 after he filed a request addressed to Mongolia's chief of the Border Guard Service not to deport him.

"Formally, the border guarding service officers are carrying out their duties and act in accordance with the regulations, but they in fact are trying to remove from the country a person who may face persecution on politically motivated charges," Boromangnaev told RFE/RL.

"I thought I was going to the cradle of the Mongol people, to a democratic country, where my situation would be fully understood," he added.

The Congress of the Oirat-Kalmyk people has regularly coordinated Kalmyk activists' congresses in Russia's Republic of Kalmykia near the North Caucasus region since 2015.

After Russia launched its ongoing unprovoked invasion of Ukraine in February 2022, most of the group's members fled the country.

In October 2022, Boromangnaev's group published a declaration on Kalmykia's independence from Russia.

The influx of Russian citizens, mostly of Kalmyk, Buryat, and Tyvan origin, to Mongolia has dramatically increased since President Vladimir Putin announced a partial military mobilization to support the war in Ukraine in late September last year.

Kalmyks in Russia's southwest and Buryats in Siberia are mostly Buddhist, Mongol-speaking ethnic groups. Tyvans are another mostly Buddhist indigenous people in Siberia, whose language is Turkic.

Glencore Plc was ordered by a federal judge in New York to pay $700 million as a criminal punishment for a global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant.

US District Judge Lorna G. Schofield on Tuesday imposed the sentence, following the terms of a plea deal with prosecutors entered when Glencore pleaded guilty in May to a single count of conspiring to violate the Foreign Corrupt Practices Act. The company must pay a fine of $428.5 million and $272.2 million in criminal forfeiture.

The penalty, one of the largest in a foreign corruption case, is part of the $1.5 billion Glencore agreed to pay to resolve bribery and market-manipulation probes in the US, UK and Brazil. Glencore units agreed to plead guilty to a list of charges ranging from bribery and corruption in South America and Africa, to price manipulation in US fuel-oil markets.

Glencore was guilty of “a very serious offense,” Schofield said, though he noted the company’s efforts to cooperate with the government and to beef up compliance procedures after receiving a federal grand jury subpoena in 2018.

Prosecutors claimed Glencore paid more than $100 million in bribes to government officials in Brazil, Nigeria, the Democratic Republic of the Congo and Venezuela. They said Glencore made $315 million from the scheme.

In addition to the fine and forfeiture, Glencore will spend five years on probation, continue with improvements to its ethics and compliance programs and employ an outside monitor for three years.

Glencore conducted an internal investigation, eventually disciplining more than 20 people, a lawyer for the company said during the hearing Tuesday in Manhattan federal court. Glencore produced more than 1 million documents, many from outside the US, and hired a forensic accounting firm to look into suspect trading activity.

On Monday, Schofield ruled Glencore must pay $29.6 million to the founders of a company that provided healthcare services in 11 African countries, but was forced to shut down. Crusader Health claimed it was driven out of business after Glencore bribed a public official in the Democratic Republic of the Congo to throw out a lawsuit brought by Crusader against a Glencore subsidiary.

In September, the commodity firm was sentenced in Connecticut to pay $486 million in fines and forfeitures in a case in which Glencore admitted conspiring to manipulate oil-price benchmarks. In November, a London judge imposed a £276 million ($333 million) penalty for Glencore’s effort to bribe government officials for access to oil cargoes across Africa.

The case is US v. Glencore, 22-cr-00297, US District Court, Southern District of New York (Manhattan).

(By Bob Van Voris)

The European Union Commission has officially confirmed to the Mongolian National Federation of Pasture User Groups (MNPUGs) the official opening of the EUROPEAN PROTECTED GEOGRAPHIC INDICATION OF ORIGIN (PGI/IGP) CERTIFICATION process of the “SUSTAINABLE CASHMERE” produced in Mongolia (МОНГОЛ ТОГТВОРТОЙ НООЛУУР / MONGOL TOGTVORTOI NOOLUUR).

MNFPUGs today has become the herders’ largest collective organization in Mongolia, whose 1.754 associated PUGs of herders and cooperatives and its 93.000+ member herder families (equivalent to 1/3 of the total Mongolian population and 70% of the rural population), produce about 28% of the worldwide cashmere fibre.

MNFPUG’s new “business model” for a “GI certified” and fully traceable value chain has won Milan EXPO 2015 award as the best project for a Sustainable and Community driven initiative for Natural Resource management in the world. SDC’s Green Gold’s “Responsible Nomads” (RN) Code of Best Herding Practices, following intense work with the MoFALI, has been recognized as the Mongolian Government’s only National Standard for Sustainable Herding and Rangeland Management (MNS 6891:2020). MNFPUGs has obtained the Certification of Origin (GI) of Cashmere fibre herded in compliance with the RN Standard from the Mongolian Patent Office (IPOM) and engineered a sophisticated blockchain-based traceability system, to be used by end-buyers for certifying their Cashmere products’ exact origins and chains of supply.

Ensuring a source of Cashmere fibre at origin has also become an increasingly vital matter to European & Italian textile industries, and – more generally – to all Western Luxury brands due to frequently insufficient stock levels, caused by greater global demand for fine Cashmere products.

The chain of value disruption which European Textile industries experienced, especially during the COVID outbreak, is somehow similar to those western economies are facing in other sectors, which rely on foreign supplies of, for instance, micro-conductors and microchips, solar panels, energy, and gas. We expect the registration process to take 6 to 8 months, being it a mere recognition of already existing MNPUG’s Mongolian GI certifications, following both WTO TRIPS reciprocity agreements and the EU PGI/IGP Regulation. Sustainable Cashmere of Mongolia PGI’s Book of Specifications (BoS) foresees the fibre to be obtained from Sustainable Herding following the “Responsible Nomads” Code of Best Herding Practices (MNS 6891:2020 Government standard), and ​be processed in Mongolia following the “Mongolian Noble Fibre” Code of Practice (MNS 6809:2019 Government standard).

The European PGI Certification scheme will therefore ensure to international end-consumers the quality, origin, and true sustainability of the Cashmere Fibre which their products are made of, in compliance with the Government of Mongolia’s official standards.

Making Mongolian “Nomadic” Cashmere distinctive and truly unique (e.g. compared to Cashmere farmed intensively in Inner Mongolia), will also allow global Luxury brands to prove transparently a new, priceless, storytelling. To make it short, the MONGOL TOGTVORTOI NOOLUUR European PGI certification will deliver big added value to the whole Mongolian Cashmere Sector.

The “Sustainable Cashmere of Mongolia PGI” mark, according to MNFPUG's italian partner Mr. Francesco Saldarini, will be issued to any Mongolian producer which will comply with the Mongol Togtvortoi Nooluur’s PGI Book of Specifications, and it’ll therefore be a tremendous incentive to promote furthermore Rangeland Preservation, Animal Welfare, and a truly Responsible and Sustainable production. The combination of the European PGI Scheme and the compliance to those only valid and official Government Standards for sustainable production will also void the harm and the confusion caused on international markets by fake “sustainability certifications” for Cashmere fibre, backed by foreign private interests. The European PGI certification will ultimately boost bilateral economic relations with Europe and the USA in the Cashmere sector and deliver big added value to Mongolia’s GDP.

For all said reasons, MNPUGs is keen to extend furthermore its know-how to the Government of Mongolia and the MWCA, and to share the value it’s building with all the Cashmere Sector Stakeholders. MNFPUG’s social role and the importance of its plan of action for supporting the entire Mongolian Cashmere Sector, have been endorsed by the US Government (cf. USAID & USTR 28.2.2021 Report to the Government of Mongolia) and the Italian Government (cf. 22.6.2021 Italy – Mongolia “Bilateral technical economic commission,” co-chaired by the Minister of Agriculture and the Light Industry and by U/S the Hon. Manlio di Stefano). MNPUGs has seeded its precious know-how nationwide, and we’ve tendered to other stakeholders for jointly managing several projects, including some which were funded by the European Union such as – for instance - the so-called "Step Ecolab” program, which the MWCA also is a co-applicant of. MNPUG’s new “business model” for a “GI certified” and fully traceable value chain (and their underlying technical papers and tools) are scalable, and they could be easily used for delivering value to other Sectors in Mongolia with similar needs (e.g., for the Meat and Dairy products chains of value).

The MoFALI and the MWCA Association, which MNPUGs shares the very same “final goals to achieve” with, have acted greatly in establishing the “Mongolian Noble Fibres” Code of Practices (MNS 6809:2019 Government standard) and the Mongolian Sustainable Textile Production (MNS 6926:2021 Government standard) which will ensure the compliance of Mongolian industries to process fibres (e.g., Cashmere, Yak, Camel and Baby Camel) in an environmental-friendly way, also respecting highest international labor standards.

A working team headed by the Minister of Education and Science L. Enkh-Amgalan worked in Japan between February 3-12. Over the course of this visit, several meetings were held on extending collaboration in the areas, including professional training, information technology, and capacity building of the university hospital.

Minister of Education and Science expressed gratitude on behalf of the Government of Mongolia.

During the meeting with the Minister of Foreign Affairs of Japan Mr. HAYASHI Yoshimasa, Minister of Education and Science L. Enkh-Amgalan expressed gratitude on behalf of the Government of Mongolia to the Government of Japan for their economic assistance, support, and valuable contributions to many sectors, especially economic, social and education sector development, since the establishment of diplomatic relations between our countries.

For his side, Mr. HAYASHI Yoshimasa said, “In addition to the official visits of the President of Mongolia U. Khurelsukh, Prime Minister L. Oyunerdene, and Minister of Foreign Affairs B. Battsetseg, I paid an official visit to Mongolia as well. This time, the Minister of Education and Science of Mongolia is paying an official visit to Japan, which is demonstrating the fact that the cooperation between our two countries has been actively developing. We will cooperate with Mongolia in the education sector which develops and inspires “Human”, a basis to strengthen relations and cooperation between people of the two countries in all sectors.

Readiness expressed to cooperate in education sector

During the visit, Minister of Education and Science L. Enkh-Amgalan met with Minister of Education, Culture, Sports, Science and Technology of Japan Keiko Nagaoka and put forth several proposals to cooperate. For instance, there are three Japanese-style KOSEN (College of Industrial Technology) colleges in Mongolia, where around 1000 students are studying. In the further, introducing the KOSEN education system to about 40 Vocational Training Centers and colleges of Mongolia and preparing highly skilled technical engineers will be our main goal. To that extent, the Minister of Education and Science requested the Japanese side to extend the operation period of KOSEN representative office in Mongolia.

In regard to agriculture, opportunities to train Mongolian students in Namegata city, Ibarake, let them do their intern there and gain best practices were also discussed. Number of students who study in Japan has drastically decreased due to the pandemic. Now the goal to increase the number to the same level as prior to the pandemic by 2027 has been set. Furthermore, since the 1000 Engineers Program has successfully completed, the Minister of Education and Science proposed to re-start the 2nd Program and cooperate on business projects of innovative start-up companies of Mongolia.

At the meeting, the two parties also exchanged opinions regarding the growing need for functional enhancement and human resource development at Mongolia-Japan Hospital affiliated to the Mongolian National University of Medical Sciences and agreed to cooperate on this matter.

While expressing her readiness to support the cooperation in education sector, Ms. Keiko Nagaoka said that it is better to implement the investment projects through the JICA based on the agreement between Governments of Mongolia and Japan.

A new educational platform of Google will be introduced in Mongolia.

Minister of Education and Science L. Enkh-Amgalan, met with the representatives of the Google company and discussed their educational online tools for teachers and students.

During the meeting, the parties agreed to:

- Tailor the curriculum of information technology courses to the characteristics of each grade of secondary schools and Vocational training centers.

- Cooperate on equipping teachers with computers, and implement project to improve quality of education

- Introduce Google’s modern software and innovative applications for education and corporate digital solutions to eliminate the burden of outdated program, ease teacher’s work load and improve digital environment.

The 2nd phase of the Mongolia-Japan hospital project will be jointly implemented with JICA.

The officials from the Ministry of Education and Science working in Japan held a meeting with Tanaka Akihiko, President of Japan International Cooperation Agency (JICA) at JICA headquarters. The Mongolian side put forth proposals to implement projects in science and innovation and cooperate in supporting start-up companies following the Mongolian Government’s policy.

The JICA side presented their decision to start the 2nd phase of the Mongolia-Japan hospital project, which was built using JICA grant aid, to build hospital expansion, prepare highly-skilled doctors and supply advanced medical equipment with high accuracy.

The sides then discussed implementing joint projects with Japanese university hospitals and health research centers.

Bolor-Erdene Battsengel wants to transform Mongolia into a “digital first” country — and help young people, especially girls in this sparsely populated nation of 3.3 million, to learn how to code.

During her time with Mongolia’s digital development and communications authority, including a year as vice minister, Battsengel, 30, worked on digitizing the country’s government services so people in remote areas don’t have to spend long days traveling and waiting in lines for access to things like passport renewals or filing taxes.

Today, Battsengel is completing a policy fellowship at Oxford University and runs Girls Code, which teaches girls from disadvantaged communities and nomadic families computer programming.

She spoke to The Associated Press about facing online harassment as a young woman in politics and about Mongolia’s unique position as a democracy nestled between Russia and China. Over 84% of Mongolia’s population is connected to the internet, up from just 18% a decade ago, according to the World Bank.

The interview has been edited for clarity and length.

QUESTION: Why was this digitization project so important?

ANSWER: Mongolia is one of the most sparsely populated countries in the world. We have nomadic communities living in the countryside. Unlike the people in the cities, nomads would have to drive 5-10 hours just to get to their government facility.

And then they would, you know, have to stay there for a week to wait for the passport or come back. So now it’s very convenient. And one of the things I love about Mongolia is that now you can see a herder on a horse in the middle of nowhere, using e-Mongolia and registering a company or getting an ID card or looking at their social security etc.

Q: What is internet access like in Mongolia?

A: We have 330 small villages and towns in Mongolia. It’s a very big country for 3.2 million people and the most important thing I worked on was digital inclusion — I wanted to reach out to people who do not have regular access to the internet. Those are the communities who need to be connected, to be well-informed. So now we have internet in all 330 small villages and towns in Mongolia. And it’s relatively free, we haven’t banned any website or social media or anything like that. So actually the statistics on our spending on social media is quite high.

Mongolia is a democratic country. And it’s very interesting actually, being stranded between Russia and China and trying to protect our democracy. When they travel to Mongolia, I know a lot of people are shocked there is free speech. And now with social media and internet, a lot of things are coming out. For example, currently the Mongolian prime minister has a big fight against corruption. So a lot of parliament members are being prosecuted, resigning because of the corruption issues.

Q: Why did you leave your government post?

A: My vision always has been to transform Mongolia to a digital nation, because Mongolia is a very mining dependent economy. I genuinely still believe that digital technology will give us a second chance and it will be the second economic sector in Mongolia.

When I worked in government, it was typical that I would get a question asking me like, “Oh, whose assistant are you?” Or like, “Are you here to work as a waitress?” Whenever you see a young woman, it’s the stereotype. And even from the public, it’s an unusual image. And then I got a lot of cyberbullying from old male politicians because they would see me as a competitor. But I also got a lot of young supporters as well. So by the time I resigned, I needed to be able to fight against the system. But me being in the system, it was almost impossible to fight. I wanted to resign and then bring young people together, especially women together, and also tell them realistically what it is like to be in government as a young woman.

Q: What changes are you hoping for in Mongolia?

A: I always feel bad that the world does not know what’s happening in Mongolia, not aware of the things that we have done except like Genghis Khan or horses or these typical images. I really hope that the world learns about modern Mongolia. I believe it is the next tech hidden gem.

Q: Do you think that you will be able to push for them better now that you are organizing from the outside?

A: What I’m looking for, honestly, and hoping to achieve in the future is a generational shift in the government. Mongolia is very small country. We have to use young talent. And if you have been in the government for 20, 30 years, not understanding the modern world and not willing to accept advancement and human rights, etc., you can’t really make much change.

So for us to create change or create this society, we want young people, especially talented, well-educated, persistent young people, to join together. I get a lot of questions from Harvard graduates who are Mongolian but working in the U.S. Graduates from Cambridge, Oxford, who want to join the government or who want to come back to Mongolia and work. But still they’re on the fence. They can’t decide. So I hope we are going to bring those young people together.

A celebration ensued when Mongolia headed back to their locker room at the UG Arena, with everyone exchanging high fives and exulting following a masterful win over Singapore, Saturday night.

It was a match where the Blue Wolves could do no wrong, leaving their Southeast Asian foes searching for any answer that never came while the appreciative home crowd couldn't be any happier with what they saw.

They posted easily one of the most lopsided wins of the FIBA Asia Cup 2025 Pre-Qualifiers, but the 73-49 victory meant so much more than that.

It meant that they have accomplished their goal of making it to the Asia Cup Qualifiers. Yes, a stage much bigger, where the lights are brighter.

That's quite an achievement for a nation that had just made its FIBA seniors debut in the First Round of the Pre-Qualifiers last November, where they garnered attention in the region after winning three of their four matches.

But the Mongolian cagers aren't just happy to have made it. For national team stalwart Anand Ariunbold, it is just the start for him and the squad.

"Well, this is just the beginning," said the versatile 1.97 M (6'6") guard, who has been part of the Blue Wolves for about five years now.

It's only natural for Ariunbold to have faith with his team. After all, his teammates have become brothers. The entire team has become family.

But it's also because he believed that Mongolia basketball was about to head into the same trajectory it's in now, when the country emerged as one of the best in the world after achieving glory in the 3x3 stage.

In 2017, it won the FIBA 3x3 Asia Cup following a 19-14 victory over New Zealand in Ulaanbaatar to become just the second team to cop the continental gold. The next two meets would see them finish with silver medals.

"Mongolia is considered the champion of the continent and one of the strongest teams in the world in the 3x3 category, and it is a sign that we all have the opportunity to compete in the 5x5 category," he said.

Ariunbold himself has made a name in the halfcourt game as well. Just a year after making his Blue Wolves debut in the 2018 Asian Games, he decided to dabble into 3x3 and steadily rose as one of its stars.

His crowning glory, perhaps, was winning the 2022 FIBA 3x3 World Tour Most Spectacular Player of the Year after shining with Sansar MMC Energy.

So, the 25-year-old has already represented his homeland multiple times in both events, thus the immense gratitude on his part.

"It is a dream of an athlete to represent his country," said Ariunbold, who aspired to become a pro back when he was 16 years young -- during his high school years in Japan. "Right now, I'm living my dream."

FUTURE IS WHERE HOPE IS

One could say that the seeds were planted over at 3x3 but nevertheless, Mongolia basketball is reaping the benefits of its efforts to develop the game and, most importantly, the young hoopers for the future.

Ariunbold was actually one of those who's part of the program's plans for the long-term. He was one of the youngest in that Asiad team at 21; now, he's become a key cog to the team mentored by Ijilbold Chimegdorj.

But what excites him more is the time when the talents currently gaining exposure and experience overseas join forces for the national team.

University of Dayton standout Mike Sharavjamts. Batbayar Narangerel of the Seoul Samsung Thunders in the Korean Basketball League (KBL). Bayasgalan Delgerchuluun with the Taichung Suns of Taiwan's T1 League.

And surely, there will be more players that will tread the same paths those aforementioned have taken, which would only make Blue Wolves veteran Sanchir Tungalag beaming with pride -- being a trailblazer himself.

For starters, the 33-year-old legend was the first Mongolian pro baller to play in a foreign league in two decades when he played for Barangay Ginebra San Miguel in the Philippine Basketball Association (PBA) in 2015.

Once all those ripened talents make up the pack, Ariunbold is convinced that they can all make a 'big statement in the region,' something that they could do when the Asia Cup Qualifiers get rolling later this year.

"I think that Mongolian basketball will be able to compete with the big Asian powers on the world stage in the future," he said. "We have full potential to compete strongly at the Asian level."

"With the future of Mongolian basketball, with young players starting to play in the U.S. and other major leagues, the Blue Wolves are close to making a big statement in the region," added Ariunbold.

FIBA

SANTA MONICA, Calif.--(BUSINESS WIRE)--February 27, 2023--

Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced today that its Asia-based digital business unit has become the Authorized Sales Partner in Mongolia of Meta, the company that owns Facebook, Instagram and WhatsApp.

"This partnership reinforces our commitment to advertisers and their agencies to connect brands to consumers through local strategic support, creative expertise and relevant in-market training," said Pieter-Jan de Kroon, Chief Executive Officer of Entravision Asia. "As we continue to expand our presence throughout Asia, we are thrilled to partner with Meta as their Authorized Sales Partner in Mongolia to equip and empower local businesses with the most advanced and effective advertising solutions."

As an Authorized Sales Partner of Meta, Entravision will provide a dedicated local team, strategic direction, support, training, lines of credit and local billing to advertisers in the Mongolian market to enable them to meet their business objectives.

"Mongolia is an important country for Meta, and it is a priority for us to invest in the market and to be closer to the people and businesses here," said Jordi Fornies, Managing Director of Emerging Markets for APAC at Meta. "As such, we are excited to introduce Entravision as Meta's Authorized Sales Partner in Mongolia. With robust local expertise and insights, we can provide better support for businesses and agencies to help them to emerge from this challenging time stronger and further unlock their potential growth."

About Entravision

Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.

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