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Tecnoglass Reports Fourth Quarter and Full Year 2018 Results

-  Total Revenues Increased 18% to a Record $371.0 million for Full Year 2018; Led by Strong U.S. Growth -

- Net Income Grew 48% to $8.5 million for Full Year 2018 -

- Adjusted Net Income Expanded by 2.8x to a Record $32.3 Million for Full Year 2018 -  

- Adjusted EBITDA Increased 30% to a Record $80.8 Million for Full Year 2018 -

-  Backlog Expanded to a Record $515 Million; Up 3.2% Year-over-Year and 1.8% Quarter-over-Quarter -

- Introduced Full Year 2019 Outlook for Adjusted EBITDA1 Growth to $86 million to $94 million on Total Revenues of $395 million to $415 million - 

/EIN News/ -- Fourth Quarter 2018 Highlights                                                                                             

  • Total revenues increased 16% to $97.9 million on strong U.S. activity; 7th consecutive record revenue quarter
  • Net loss of $4.4 million, or ($0.12) per diluted share, including non-cash foreign currency transactions losses associated with mark to market adjustment of USD denominated assets and liabilities to the Colombian Peso
  • Adjusted net income1 increased by 3.5x to $10.2 million, or $0.26 per diluted share
  • Adjusted EBITDA1 grew 25% to a fourth quarter record of $21.5 million
  • In January 2019, entered into joint venture agreement with Saint-Gobain through the planned purchase of a minority ownership interest in Vidrio Andino, a Colombia-based subsidiary of Saint-Gobain with annualized sales of approximately $100 million

BARRANQUILLA, Colombia, March 07, 2019 (GLOBE NEWSWIRE) --  Tecnoglass, Inc. (NASDAQ: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, today reported financial results for the fourth quarter and full year ended December 31, 2018.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, "2018 marked a solid year of progress for our company. We achieved record levels of revenues and Adjusted EBITDA while improving our full year gross margin by 90 basis points to 32.4% on greater efficiencies and lower product installation costs. We continue to see healthy construction activity within our markets in the U.S. as we reap the benefits of our expanding geographic footprint. In the U.S. single family residential market, we achieved a four-fold increase in 2018 sales year-over-year, surpassing our expectation and validating our efforts to penetrate that end market primarily through our Elite® and Prestige product lines. In January, we were excited to partner with Saint-Gobain to acquire a stake in their expanding float glass production operations in Colombia, which reinforces our vertical integration strategy and secures our long-term float glass supply while driving significant efficiencies over time. Overall, our structural advantages are paying off as evidenced by our 2018 performance and we are enthusiastic about our prospects for additional success and market share gains in 2019 and beyond.” 

Christian Daes, Chief Operating Officer of Tecnoglass, stated, “Building on solid momentum in 2018, we were pleased to end the year with backlog at a record level. Bidding activity remains firm in the U.S., and we are benefitting from expansion in regions where economic fundamentals support long-term demand for our architectural glass systems. We were recently awarded our first project through our Schüco partnership, which is already delivering benefits. We are well positioned to continue growing faster than our end markets at industry leading margins. We look forward to another year of solid growth in sales and Adjusted EBITDA."

Fourth Quarter 2018 Results

Total revenues for the fourth quarter of 2018 improved 16.1% to $97.9 million compared to $84.3 million in the prior year quarter. Excluding the impact of unfavorable foreign currency, total revenues increased 17.0% compared to the prior year quarter. U.S. revenues increased 27.8% to $81.5 million compared to $63.8 million in the prior year quarter, driven by stronger residential invoicing, continued healthy construction activity, market share gains and slight pricing improvement. Colombia revenue, a majority of which is represented by long-term contracts priced in Colombian Pesos but indexed to the U.S. Dollar, was $12.9 million compared to $18.2 million in the prior year quarter.

Gross profit increased 25.5% to $34.1 million, representing a 34.9% gross margin, compared to $27.2 million, representing a 32.3% gross margin, in the prior year quarter. The 260 basis point improvement in gross margin reflected lower installation costs on service revenue and lower direct labor costs, with essentially stable raw material costs per unit. Operating expenses were $19.8 million compared to $16.5 million in the prior year quarter. As a percent of total revenues, operating expenses were 20.3% compared to 19.6% in the prior year quarter, primarily due to higher ground transportation costs in the U.S. Operating income increased 34.0% to $14.3 million compared to $10.7 million in the prior year quarter. 

Net loss was $4.4 million, or ($0.12) per diluted share in the fourth quarter of 2018, compared to net income of $1.1 million, or $0.03 per diluted share in the prior year quarter, including non-cash foreign currency transactions losses in both periods related to the re-measurement of USD denominated assets and liabilities against the Colombian Peso as functional currency.  Adjusted net income1 improved to $10.2 million, or $0.26 per diluted share, compared to adjusted net income of $3.0 million, or $0.08 per diluted share in the prior year quarter. Adjusted net income1, as reconciled in the table below, excludes the impact of non-cash foreign exchange gains or losses and other non-core items and the tax impact of adjustments at statutory rates, to better reflect core financial performance.  

Adjusted EBITDA1, as reconciled in the table below, increased 25.2% to $21.5 million, compared to $17.2 million in the prior year quarter, primarily attributable to sales growth and higher gross profit.

Full Year 2018 Results

Total revenues for the full year 2018 increased 18.0% to $371.0 million compared to $314.5 million in the prior year. The foreign currency impact to total revenues was negligible compared to the prior year.

Gross profit was $120.2 million, representing a 32.4% gross margin, compared to $99.2 million, representing a 31.5% gross margin in the prior year. Operating income was $47.2 million compared to $34.4 million in the prior year. Net income was $8.5 million, or a $0.22 per diluted share, compared to net income of $5.5 million, or $0.15 per diluted share in the prior year.  Adjusted net income1 was $32.3 million, or $0.85 per diluted share, compared to $11.4 million, or $0.30 per diluted share in the prior year.  Adjusted EBITDA improved to $80.8  million, or 21.8% of sales, compared to $62.0 million, or 19.7% of sales, in the prior year.  

The Company ended 2018 with cash and cash equivalents of $33.0 million compared to $40.9 million in the prior year, with the reduction attributable to working capital investments to support growth during the year as well as higher inventory to support expected shipment growth in the first quarter of  2019. During 2018, the Company incurred $13.1 million of cash capital expenditures, compared to $7.0 million in the prior year, with the increase attributable to targeted high-return projects in the fourth quarter of 2018 focused on operational enhancements and efficiency initiatives.

Strategic Joint Venture with Saint-Gobain

In January 2019, as previously announced, the Company entered into a strategic joint venture agreement with Saint-Gobain, through the planned purchase of a minority ownership interest in Vidrio Andino, a Colombia-based float glass manufacturing subsidiary of Saint-Gobain with annualized sales of approximately $100 million. The joint venture is expected to significantly augment Tecnoglass’ vertical integration strategy by allowing it to acquire an ownership interest in one of the first stages of its production supply chain, secure stable long-term float glass supply, improve purchasing economics for a significant portion of its float glass sourcing, while also reducing waste and transportation costs. The transaction is expected to be completed in the second quarter of 2019. 

Dividend

The Company declared a regular quarterly dividend of $0.14 per share for the fourth quarter of 2018, which was paid on February 28, 2019 to shareholders of record as of the close of business on January 31, 2019.

Full Year 2019 Outlook

For the full year 2019, the Company expects to see growth in construction end markets and additional market share gains in the U.S. In 2019, the Company anticipates revenues to grow to a range of $395 to $415 million. The Company expects Adjusted EBITDA in 2019 to be in the range of $86 million to $94 million, representing growth of 11.3% at the midpoint year over year, driven by higher revenues and greater operational efficiencies.

Conference Call

Management will host a conference call on Thursday, March 7, 2019 at 10:00 a.m. eastern time (10:00 a.m. Bogota, Colombia time) to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass' website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. To participate by telephone, please dial:

  • (877) 705-6003 (Domestic)
  • (201) 493-6725 (International)

If you are unable to listen live, a replay of the conference call will be archived on the website. You may also access the conference call playback by dialing (844) 512-2921 (Domestic) or (412) 317-6671 (International) and entering pass code: 13686987.            

About Tecnoglass

Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. Tecnoglass is the #1 architectural glass transformation company in Latin America and the second largest glass fabricator serving the United States. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7 million square foot vertically‐integrated, state‐of‐the‐art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies over 900 customers in North, Central and South America, with the United States accounting for more than 75% of revenues. Tecnoglass' tailored, high‐end products are found on some of the world’s most distinctive properties, including the El Dorado Airport (Bogota), 50 United Nations Plaza (New York), Trump Plaza (Panama), Icon Bay (Miami), and Salesforce Tower (San Francisco). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.

[1] Adjusted net income and Adjusted EBITDA in both periods are reconciled in the table below.

Investor Relations:                                                                                                                        

Santiago Giraldo
CFO
305-503-9062
investorrelations@tecnoglass.com


Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
 (In thousands, except share and per share data)
(Audited)

    December 31, 2018     December 31, 2017  
             
ASSETS                
Current assets:                
Cash and cash equivalents   $ 33,040       $ 40,923    
Investments     1,163         1,680    
Trade accounts receivable, net     92,791         110,464    
Unbilled receivables on uncompleted contracts     -         9,996    
Due from related parties     8,239         8,500    
Inventories     91,849         71,656    
Contract assets – current portion     46,018         -    
Prepaid expenses     1,367         1,165    
Other current assets     18,932         17,514    
Total current assets     293,399         261,898    
                 
Long term assets:                
Property, plant and equipment, net     149,199         168,701    
Contract assets – non-current     6,986         -    
Intangible assets     9,006         11,517    
Goodwill     23,561         23,130    
Deferred income tax     4,770         135    
Other long term assets     2,853         2,619    
Total long term assets     196,375         206,102    
Total assets   $ 489,774       $ 468,000    
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Short-term debt and current portion of long-term debt   $ 21,606       $ 3,260    
Trade accounts payable     65,510         55,182    
Accrued interest expense     7,567         7,392    
Dividend Payable     736         585    
Due to related parties     1,500         975    
Payable associated to GM&P acquisition     -         29,000    
Taxes payable     7,154         12,076    
Labor liabilities     1,733         1,550    
Contract liabilities – current portion     16,789         -    
Current portion of customer advances on uncompleted contracts     -         11,429    
Total current liabilities     122,595         121,449    
                 
Deferred income taxes     2,706         2,317    
Long Term Payable associated to GM&P acquisition     8,500         -    
Long term receivables from related parties     600         -    
Customer advances on uncompleted contracts     -         1,571    
Contract liabilities – non-current     1,436         -    
Long-term debt     220,709         220,998    
Total long term liabilities     233,951         224,886    
Total liabilities   $ 356,546        $ 346,335    
                 
Commitments and contingencies                
                 
Shareholders’ equity                
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2018 and 2017   $ -       $ -    
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 38,092,996 and 34,836,575 shares issued and outstanding at December 31, 2018 and 2017, respectively     4         3    
Legal reserves     1,367         1,367    
Additional paid capital     157,604         125,317    
Retained earnings     10,439         22,212    
Accumulated other comprehensive income (loss)     (37,058 )       (28,651 )  
Shareholders’ equity attributable to controlling interest     132,356         120,248    
Shareholders’ equity attributable to non-contolling interest     872         1,417    
Total shareholders’ equity     133,228         121,665    
Total liabilities and shareholders’ equity   $ 489,774       $ 468,000    


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
 (In thousands, except share and per share data)
(Audited)

    Three months ended December 31,     Twelve months ended December 31,  
    2018       2017       2018       2017    
Operating revenues:                                
External customers   $ 96,329       $ 82,930       $ 365,646       $ 309,375    
Related parties     1,534         1,349         5,338         5,081    
Total operating revenues     97,863         84,279         370,984         314,456    
Cost of sales     63,729         57,077         250,767         215,274    
Gross Profit     34,134         27,202         120,217         99,182    
                                 
Operating expenses:                                
Selling expense     (10,764 )       (8,435 )       (39,390 )       (33,784 )  
General and administrative expense     (9,054 )       (8,082 )       (33,632 )       (31,034 )  
Total Operating Expenses     (19,818 )       (16,517 )       (73,022 )       (64,818 )  
                                 
Operating income     14,316         10,685         47,195         34,364    
                                 
Non-operating income     327         585         2,915         3,190    
Foreign currency transactions (losses) gains     (13,633 )       (2,134 )       (14,461 )       (3,028 )  
Loss on extinguishment of debt     -         12         -         (3,136 )  
Interest expense and deferred cost of financing     (5,636 )       (4,982 )       (21,187 )       (19,872 )  
                                 
Income before taxes     (4,626 )       4,166         14,462         11,518    
                                 
Income tax benefit (provision)     211         (2,997 )       (5,976 )       (5,793 )  
                                 
Net income   $ (4,415 )     $ 1,169       $ 8,486       $ 5,725    
                                 
(Income) loss attributable to non-controlling interest     116         (103 )       545         (276 )  
                                 
Income attributable to parent   $ (4,299 )     $ 1,066       $ 9,031       $ 5,449    
                                 
Comprehensive income:                                
Net income   $ (4,415 )     $ 1,169       $ 8,486       $ 5,725    
Foreign currency translation adjustments     7,843         (2,165 )       8,407         549    
                                 
Total comprehensive income   $ 3,428       $ (996 )     $ 16,893       $ 6,274    
Comprehensive (income) loss attributable to non-controlling interest     116         (103 )       545         (276 )  
                                 
Total comprehensive income attributable to parent   $ 3,544       $ (1,099 )     $ 17,438       $ 5,998    
                                 
Basic income per share   $ (0.12 )     $ 0.03       $ 0.23       $ 0.15    
Diluted income per share   $ (0.11 )     $ 0.03       $ 0.22       $ 0.16    
Basic weighted average common shares outstanding     38,092,996         36,848,415         37,511,851         36,836,075    
Diluted weighted average common shares outstanding     38,643,780         37,399,199         38,062,635         37,386,858    


Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 (In thousands)
(Audited)

    Years Ended December 31,  
    2018       2017      
               
CASH FLOWS FROM OPERATING ACTIVITIES                  
 Net income (loss)    $ 8,486       $ 5,725      
 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                  
 Depreciation and amortization     23,157         20,969      
 Provision for bad debts     369         3,128      
 Provision for obsolete inventory     (20 )       80      
 Other fair value adjustments, net     (155 )       (72 )    
 (Gain) Loss on disposition of assets     33         17      
 Change in fair value of earnout share liability     -         -      
 Change in fair value of warrant liability     -         -      
 Director Stock compensation     -         284      
 Deferred income taxes     (3,289 )       (6,137 )    
 Extinguishment of Debt     -         2,558      
 Amortization of deferred financing costs     1,468         1,204      
 Changes in operating assets and liabilities, net of effects from acquisitions:              
 Trade accounts receivable     (23,700 )       2,497      
 Inventories     (28,064 )       (16,447 )    
 Prepaid expenses     (1,161 )       22      
 Other assets     (4,645 )       (2,004 )    
 Unbilled receivables     -         (10,653 )    
 Trade accounts payable     34,588         13,055      
 Accrued interest expense     466         3,769      
 Taxes payable     (4,315 )       (8,542 )    
 Labor liabilities     340         134      
 Related parties     (23 )       1,815      
 Contract assets and liabilities     (8,566 )       -      
 Advances from customers     -         2,807      
 CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES   $ (5,031 )     $ 14,209      
                   
 CASH FLOWS FROM INVESTING ACTIVITIES                  
 Acquisition of property and equipment     (13,117 )       (7,027 )    
 Proceeds from sale of property and equipment     -         -      
 Acquisition of businesses and intangible assets     (6,000 )       (7,873 )    
 Proceeds from sale of investments     1,575         571      
 Purchase of investments     (1,184 )       (600 )    
 CASH USED IN INVESTING ACTIVITIES   $ (18,726 )     $ (14,929 )    
                   
 CASH FLOWS FROM FINANCING ACTIVITIES                  
 Proceed from bond issuance     -         201,801      
 Repayments of debt and capital leases     (8,860 )       (205,330 )    
 Proceeds from debt     28,600         20,761      
 Proceeds from the exercise of unit purchase options     -         -      
 Dividends paid     (2,714 )       (2,471 )    
 Subsidiary distributions prior to acquisition     -         -      
 Proceeds from the exercise of warrants     -         -      
 CASH PROVIDED BY FINANCING ACTIVITIES   $ 17,026       $ 14,761      
                   
 Effect of exchange rate changes on cash and cash equivalents     (1,152 )       (36 )    
                   
 NET INCREASE IN CASH     (7,883 )       14,005      
 CASH - Beginning of year     40,923         26,918      
 CASH - End of year   $ 33,040       $ 40,923      
                   
 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION                  
 Cash paid during the year for:                  
 Interest   $ 18,223       $ 15,774      
 Taxes   $ 8,399       $ 17,834      
                   
 NON-CASH INVESTING AND FINANCING ACTIVITES:                  
 Assets acquired under capital lease, financial obligations or credit   $ 447       $ 1,751      
Gain in extinguishment of GM&P payment settlement $ 3,606       $ -      


Revenues by Region
(Amounts in thousands)
(Audited)

  Three months ended   Twelve months ended
  December 31,   December 31,
2018   2017   % Change   2018   2017   % Change
Revenues by Region                      
United States 81,466   63,762   27.8 %   296,534   238,529   24.3 %
Colombia 12,926   18,247   -29.2 %   62,445   63,539   -1.7 %
Other Countries 3,471   2,270   52.9 %   12,005   12,388    -3.1 %
Total Revenues by Region 97,863   84,279   16.1 %   370,984   314,456   18.0 %
                       


Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures

(In thousands)
(Unaudited)

The Company believes that total revenues with foreign currency held neutral non-GAAP performance measures, which management uses in managing and evaluating the Company's business, may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period.  However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States. 

  Three months ended   Twelve months ended
  December 31,   December 31,
  2018       2017   % Change     2018       2017   % Change
                       
Total Revenues with Foreign Currency Held Neutral $ 98,640     $ 84,279   17.0 %   $ 371,092     $ 314,456   18.0 %
Impact of changes in foreign currency     (777 )       -    -0.9 %       (108 )       -    0.0 %
Total Revenues, as Reported $ 97,863     $ 84,279   16.1 %   $ 370,984     $ 314,456   18.0 %

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data)
(unaudited)

Adjusted EBITDA and adjusted net (loss) income are not measures of financial performance under generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, is useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. 

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

A reconciliation of Adjusted net (loss) income and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows, with amounts in thousands:

    Three months ended   Twelve months ended
    December 31,   December 31,
    2018     2017     2018   2017  
                 
Net (loss) income   (4,415 )   1,169     8,486   5,725  
Less: Income (loss) attributable to non-controlling interest   116     (103 )   545   (276 )
 (Loss) Income attributable to parent   (4,299 )   1,066     9,031   5,449  
Foreign currency transactions losses (gains)   13,633     2,134     14,461   3,028  
Deferred cost of financing   390     338     1,468   338  
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   983     668     6,686   6,544  
Tax impact of adjustments at statutory rate   (508 )   (1,256 )   673   (3,964 )
Adjusted net (loss) income   10,199     2,950     32,319   11,395  
                 
Basic income (loss) per share   (0.12 )   0.03     0.23   0.16  
Diluted income (loss) per share   (0.12 )   0.03     0.22   0.15  
                 
Diluted Adjusted net income (loss) per share   0.27     0.08     0.85   0.30  
                 
Diluted Weighted Average Common Shares Outstanding in thousands   38,093     37,399     38,063   37,387  
Basic weighted average common shares outstanding in thousands   38,093     36,848     37,512   36,836  
Diluted weighted average common shares outstanding in thousands   38,644     37,399     38,063   37,387  


    Three months ended   Twelve months ended
    December 31,   December 31,
    2018     2017     2018   2017  
                 
Net (loss) income   (4,415 )   1,169     8,486   5,725  
Less: Income (loss) attributable to non-controlling interest   116     (103 )   545   (276 )
 (Loss) Income attributable to parent   (4,299 )   1,066     9,031   5,449  
Interest expense and deferred cost of financing   5,636     4,982     21,187   19,872  
Income tax (benefit) provision   (211 )   2,997     5,976   5,793  
Depreciation & amortization   5,674     5,277     23,157   20,969  
Foreign currency transactions losses (gains)   13,633     2,134     14,461   3,028  
Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other)   983     668     6,686   6,544  
Director Stock compensation and provision for obsolete inventory   69     71     282   364  
Adjusted EBITDA   21,485     17,195     80,780   62,019  



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