BMW Industries Ltd Management Discussions

Economic overview

Global economy¹

In Calendar Year (CY) 2024, the global economy grew by 3.3%, primarily driven by the strong performance of emerging markets. Despite facing varied regional challenges, many countries adapted effectively to high interest rates, rising prices and changes in trade tariffs. The US registered a 2.8% growth, supported by steady discretionary spending, strong labour market and robust corporate earnings. The Euro Area saw a mixed performance, growing at around 0.9%, as countries prioritised inflation control and productivity enhancement.

Inflation started to come down, with global inflation at 5.8% in CY2024. Advanced economies exhibited a growth rate of 1.8, while emerging markets and developing economies (EMDEs) expanded at a considerably faster pace of 4.3%. Numerous countries implemented policies aimed at managing inflation and stabilising their currency exchange rates. New tariffs, especially on steel, aluminium and cars, made global trade more expensive in the short term. However, they also pushed companies to find new ways to produce goods and reduce dependence on foreign suppliers.

The steel and infrastructure sectors showed mixed results. In emerging markets, demand stayed strong due to Government projects and ongoing urban development.

In contrast, construction activity in developed countries was slower, although long-term investment plans offered some support. Even with higher costs, companies remained focused on improving efficiency and targeting high-demand areas.

Outlook

The global economy is projected to grow steadily in CY 2025, with global GDP rising by 2.8%. The anticipated moderate growth at around 1.4% in advanced economies reflects a shift towards a stable and balanced economic development. The US, Euro Area and Japan are focusing on enhancing long-term productivity and driving sustainable investment. Meanwhile, Emerging and Developing Economies (EMDEs) are set to expand at around 3.7%, led by dynamic growth, particularly in Asia and Sub-Saharan Africa.

Global inflation is likely to ease further to 4.3% in CY 2025, providing much relief to businesses and consumers alike. This improvement in price stability will support better planning and cost management across industries.

The outlook for industries linked to steel manufacturing, such as construction, infrastructure, housing and capital goods looks promising. These sectors are likely to benefit from ongoing urbanisation, increased Government spending on development and rising demand for new projects, pointing to sustained and growing demand for steel in the coming years.

Indian economy²

India?s economy remained one of the fastest-growing major economies in FY25, with GDP growth estimated at around 6.5%. This robust performance was driven by solid domestic demand, increased capital spending by the Government and a resilient services sector. Investment activity gained momentum, supported by large-scale public infrastructure projects and improving private sector confidence.

Inflation moderated during FY25, averaging close to 4.7%. Overall price stability was maintained due to timely monetary interventions by the Reserve Bank of India which helped maintain macroeconomic stability, enhanced consumer purchasing power and prompted a favourable environment for business operations.

The infrastructure sector witnessed significant growth, supported by Government-led investments in roads, railways and housing. The construction sector also improved, particularly in urban and semi-urban areas, reflecting increased housing demand. Meanwhile, the capital goods and manufacturing sectors experienced a revival, with a rise in project activity and industrial expansion. Together, these developments supported steady demand for steel and bolstered the overall performance of the industry.

Outlook

In FY26, India?s economy is projected to grow at a strong pace of approximately 6.5%, supported by solid domestic demand, rising private investment and continued Government emphasis on infrastructure and capital expenditure. The country?s economic prospects are further bolstered by structural reforms, ease of doing business and rising consumption across urban and rural areas.

Inflation is projected to remain within RBI?s target range, averaging about 4.0%, helped by stable monetary policies and easing commodity prices. Key sectors associated with steel manufacturing such as infrastructure, construction, housing and capital goods are likely to see robust growth, driven by ongoing development initiatives and rising industrial activity. These factors indicate continued robust demand for steel and a favorable environment for related industries.

Industry overview

Global steel industry (March2024-April 2025)

The steel industry continues to be a key driver of economic development worldwide. In March2025, global crude steel production reached 166.1 million metric tonnes across 69 reporting countries, accounting for nearly the entirety of global output. Asia and Oceania dominated with production of 123.6 million metric tonnes, reflecting the regions strong industrial base. Followed by European Union witRs. 11.7 million metric tonnes and north America witRs. 9.2 million metric tonnes. India recorded a notable 7% year-on-year growth, reinforcing its position as a major global steel producer. Followed by China recorded approximately 4.6% year-on-year growth.

While input increased in several regions including Africa, the EU, the Middle East and the Americas, some parts of Europe and the Commonwealth of Independent States (CIS) reported decline. Despite regional variations, the global steel industry continues to demonstrate resilience and adaptability, playing a vital role in advancing infrastructure, transportation and energy sectors worldwide.⁴

Global crude steel production as of March,2025

The global steel market is projected to grow steadily and reach around USD 2.60 trillion by 2034, expanding at a CAGR of 5.32% from 2024 to 2034. The Asia Pacific region is likely to remain the largest market during this period, with its steel market projected to grow at a CAGR of 5.33% and reach about USD 1.70 trillion by 2034. North America is also expected to see steady growth in the coming years. In terms of production, Indias annual steel output is likely to cross 300 million tonnes by 2030-31. Additionally, the automotive and aerospace sectors are set to grow at a CAGR of 5.23% during the forecast period, showcasing strong demand.⁵

Top 10 steel producing countries

	Mar 2025 (Mt)	% change Mar 2025/2024	Jan-Mar 2025 (Mt)	% change Jan-Mar 2025/2024
China	92.8	4.6	259.3	0.6
India	13.8	7.0	40.1	6.8
Japan	7.2	0.2	20.4	-4.9
United	6.7	-1.5	19.7	-0.6
States
Russia	6.2	-3.2	17.7	-3.8
South	5.0	-5.3	15.5	-3.6
Korea
T?rkiye	3.1	-2.8	9.3	-3.4
Germany	3.1 e	-11.7	8.5	-12.6
Brazil	2.9	6.6	8.5	2.8
Iran	3.3	3.7	7.3	-12.8

Steel servicing centres

In CY 2025, the market size is estimated to reach around USD 356.12 billion, up from USD 347.19 billion in CY 2024. This growth is mainly driven by strong demand from industries such as construction, automotive and manufacturing. The market is also benefiting from advances in technology and increased global trade.

The steel servicing industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 2.57% from CY 2025 to CY 2034, reaching a value of about USD 447.56 billion. North America is expected to hold the largest share of the market during this period, continuing its leadership. However, the Asia Pacific region is also set to grow steadily due to rising demand in key sectors. Future growth opportunities include expanding into emerging economies and using more sustainable practices in operations.

Indian Steel Industry⁷

India?s steel industry is experiencing rapid growth, securing its position as the world?s second-largest producer. It plays a crucial role in the country?s development, supporting key sectors like construction, railways, automobiles and manufacturing. Often rega- rded as the backbone of progress, steel is integral to major infrastructure projects, from skyscrapers and expressways to high-speed rail and smart cities. With the country aiming to become a USD 5 trillion economy, the demand for steel is expected to rise significantly. Per capita steel consumption, currently over 100 kg, is projected to grow to 160 kg in the coming years, reflecting strong momentum in both usage and production.

The industry is also creating many job opportunities and helping smaller industries grow. Events like India Steel 2025 serve as vital platforms for global collaboration, innovation and strategic partnerships. Industry leaders view the steel sector as a key driver of future economic expansion. However, the industry also faces some challenges, such as the need for new technology, better cost management and environmental concerns like carbon emissions. Nevertheless, India?s steel industry is marked by innovation, resilience and potential to significantly contribute to sustainable economic development.

India production and consumption of finished and crude steel

Source: https://pib.gov.in/PressNoteDetails. aspx?NoteId=152018&ModuleId=3&reg=3&lang=1

Government initiatives

National Steel Policy

The National Steel Policy (NSP) was a key step by the Government of India aiming to attain a steel production capacity in India of 300 million tonnes by the year 2030.

The policy?s mission was to create an environment that enables self-sufficiency in the production of steel by giving support and guidance to MSME producers of steel. Through this policy, the Government wants to create a stronger, more efficient and future-ready steel sector.

160 kg Per capita steel consumption rise by 2030

PM Gati Shakti National Master Plan (NMP)

PM Gati Shakti is a large-scale infrastructure plan that connects various sectors like roads, railways, ports and factories through a common digital platform. This plan helps in better coordination between different departments to reduce delays and improve efficiency. In the steel sector, it is being used to connect mines, steel plants and logistic hubs to support smooth movement of supply chains and finished goods. By improving infrastructure and planning, the initiative helps reduce costs and speeds up projects. It also ensures that the steel industry is better linked to other growing sectors of the economy.

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High-impact projects under PM Gati Shakti Masterplan

National Manufacturing Mission

The National Manufacturing Mission is designed to boost local manufacturing across small, medium and large industries. It encourages industries to invest more in domestic production instead of relying on imports. For the steel sector, this mission creates more business opportunities by supporting new projects to help companies scale up. It also promotes innovation and helps generate jobs across the country. The mission plays a key role in strengthening the Make in India campaign by supporting the use of locally made steel.

Production Linked Incentive (PLI) Scheme

The PLI scheme offers financial rewards to steel companies that increase production and improve quality using advanced technologies. It motivates companies to deliver better products, reduce imports and focus on high-end specialty steel. The scheme also supports investments in cleaner, greener production processes, making the sector more competitive in global markets. With companies investing in facility improvements, the sector experiences job growth and stronger economic expansion.

Focus on Greenfield Mining

The Government of India is stressing the need to speed up work on newly allotted mining areas, known as greenfield mines. These mines are important sources of raw materials like iron ore, which are needed for steel production. Delays in mining activities can cause shortages and slow down the industry. The Government has asked companies to start using these resources on time to avoid losses. Faster use of these mines will ensure that steel plants have enough supply and that national resources are used efficiently.

Guidelines issued for Green Hydrogen Steel Pilots⁸

These pilots will focus on three key areas: using hydrogen in the Direct Reduced Iron (DRI) process, in the blast furnace method and gradually replacing fossil fuels with green hydrogen. The scheme also encourages new and creative ways to reduce carbon emissions in the production of iron and steel using hydrogen.

Since green hydrogen is still expensive, the guidelines advise existing plants to begin by blending small amounts of green hydrogen, scaling up as costs decrease and technology advances. New steel plants are encouraged to be built with the capacity for green hydrogen, paving the way for the future witRs. 100% green steel production achievable.

455crore

Budget for the initiative until the year 2029–30.

Nagarnar Steel plant

The Nagarnar Steel Plant, set up by the Government of India through National Mineral Development Corporation (NMDC), is the only steel plant in the world built by a mining Company. It is located in Bastar and is seen as a big step forward for the local community. The plant uses modern technology, including thin slab caster, which is the widest of its kind in the public sector. It has a strong advantage due to its iron ore supply from the nearby Bailadila mines. The plant makes different types of steel to be used in industries like construction, transport, LPG cylinders and machinery. A notable milestone was the initiation of hot rolled coil production, shortly after beginning hot metal production. Current efforts are made to achieve a stable production level to facilitate a swift market entry.

Steel quality control⁹

The Government of India is taking various steps to ensure that only good quality steel is produced and used in the country. It has set clear rules and standards for steel through the Quality Control Order (QCO), which are based on guidelines from the Bureau of Indian Standards

(BIS). Both Indian and foreign manufacturers must follow these standards and get a BIS license to sell their steel. So far, 151 steel standards have been included in the QCO and many other are being added to cover all types of steel used in India. Steel imports are also checked to prevent poor-quality products from entering the country. At the same time, the Government of India is working on a long-term plan to help the Indian steel industry grow and compete globally. A special group has been formed to develop a strategy focused on key areas like raw materials, investment, technology and exports.

Reducing carbon emissions in the steel sector¹⁰

The Government of India is undertaking many steps to help the steel industry reduce carbon emissions and move towards cleaner production methods. A clear roadmap has been created which outlines the way forward. The focus for the coming years includes using more energy-efficient practices, increasing the use of renewable energy and supporting technologies like green hydrogen and carbon reduction. From now until 2030, the aim is to improve energy use and bring in more renewable power. Between 2030 and 2047, the steel sector will prioritise green hydrogen-based steelmaking and capture and reuse of carbon. By 2047 to 2070, the goal is to fully shift to net-zero emissions, supported by the adoption of breakthrough technologies. Pilot projects are already in progress, testing methods like hydrogen-based steel production and installation of carbon capture units. These efforts aim to drive long-term transformation, making steel production in India cleaner and more sustainable.

Opportunities for steel industry

Rising demand from key sectors

Steel is a key material in many growing industries like construction, automobiles, energy and machinery. As the Government of India continues to invest in infrastructure, the need for steel will keep rising. This growth creates steady and long-term demand for the steel industry, encouraging investment in steel production and service centres to meet this rising need.

Support from Government projects

Favourable Government initiatives such as the PM Gati Shakti and the National Infrastructure Pipeline are creating more scope for the steel industry. Projects such as building houses, roads, airports and railways, as well as clean water systems in villages, are all helping boost the steel market. The Government also supports only Indian-made steel to be used in public projects, which further helps the industry.

Focus on special quality steel

India still depends on imports for special types of steel used in defence, shipbuilding and advanced industries. To reduce this dependence, the Government has introduced the Production Linked Incentive (PLI) scheme to boost local manufacturing of such high-grade steels. This helps save foreign exchange, builds self-reliance and meets the needs of new large-scale projects within the country.

Technology and innovation

The steel industry is improving by using new technologies like automation, digital monitoring and better recycling methods. These advancements support costs reduction, improves quality, thereby make operations more efficient. The Government is actively backing research and innovation initiatives to solve current challenges and develop smarter methods of steelmaking.

Eco-Friendly and Green Steel

With the growing need to protect the environment, the steel industry is moving towards cleaner ways of production. The Government of India is encouraging the use of green hydrogen and technologies that capture and reuse carbon emissions. These efforts will be crucial for India?s role in the evolving global low-carbon economy.

‘Installed renewable energy capacity reached 220.10 GW as of 31st March2025, with a target of 500 GW of non-fossil fuel-based capacity by 2030?

Threats for steel industry

Shortage of key raw materials

Despite India?s abundant iron ore reserves, the steel industry still remains dependent on imports for key materials like coking coal and nickel. The low quality of domestic coking coal makes it unsuitable for efficient steel production. This dependence on other countries exposes the sector to global price fluctuations and supply chain disruptions.

Difficulty in reducing emissions

Steel production is one of the highest pollutions generating industrial processes because it uses a lot of energy and coal. Many steel plants still follow traditional methods that are cost-effective but create high carbon emissions. Switching to cleaner methods requires high investment and infrastructure upgrades, making it difficult to reduce emissions without escalating production costs.

Problems with cleaner fuels and technologies

Natural gas is cleaner than coal, but it?s expensive and not available everywhere in India, especially in remote areas where many steel plants are located. Newer options like green hydrogen can help reduce pollution, but they are usually very costly and not widely used. Also, the infrastructure to produce, store and transport these fuels are still being developed, making it hard to adopt them quickly.

Need to adopt new technology faster

To stay competitive and sustainable, the industry must adopt modern and energy-efficient technologies. However, many Indian steel plants still rely on outdated equipment and processes. Moving to digital, automated and environmentally friendly systems can improve productivity and reduce waste.

Company overview

BMW Industries Limited (BMWIL) incorporated in 1981, is highlighted as one of the largest steel processing companies in India. The company?s fundamental business model centers on adding value to semi-finished steel products through processing and conversion capabilities. This strategy is designed to enable stable margins by providing resilience against the inherent volatility of steel cycles. The Company is headquartered in Kolkata, West Bengal, with processing centres in Jamshedpur and Howrah. The Company has been in the business for over 30 years and has processed more than 50 million tonnes of steel. It operates seven manufacturing units with over 500 employees. BMWIL is known for its advanced technology, strong delivery record and safe & transparent work practices, which help build lasting trust with its clients.

The Company?s vision is to grow responsibly by focusing on innovation, sustainability and creating value for all its stakeholders.

Financial highlights

Consolidated financial performance

The Company operates in the steel industry. A brief summary of its performance is provided below.

particulars	FY25 (in INR Lakhs)	FY24 (in INR Lakhs)	Variance (%)
Turnover	62,862	59,819	5.09%
EBITDA	14,709	15,706	(6.78%)
Interest and Financial Charges	1,326.36	1,978.61	(32.96%)
Depreciation	4,410	4,452	(0.94%)
Profit/Loss After Tax	7,484.30	6,379.81	(17.31%)

Financial performance and state of affairs

During the year, the Company recorded a net profit of RS. 74.84 crores. The basic and diluted earnings per share at RS. 3.33 per share for FY2025.

The analysis of the key components of the financial statements is given below:

a. Revenuefromoperationsandotherincome-financialperformanceandstateofaffairs(consolidated):

particulars	FY25	FY24	Changes (%)
Revenue from operations	62,862	59,819	5.09%
Other income	1,007	429	134.73%
Total income	63,869	60,248	6.01%

b. Cost of Materials consumed:

particulars	FY25	FY24	Changes (%)
Cost of materials consumed	19,879.65	18,618.63	6.77%
Changes in inventories of finished goods, work-in- progress, and stock-in-trade	114.31	(147.19)	177.69%
Cost of goods sold	19,993.96	18471.44	8.24%

c. Employee benefits expense:

particulars	FY25	FY24	Changes (%)
Employee benefits expense	3,107.73	2,505.43	24.03%

d. Depreciation and Amortisation expense:

particulars	FY25	FY24	Changes (%)
Depreciation and Amortisation expense	4,409.87	4,451.76	(0.94%)

e. Other expenses:

particulars	FY25	FY24	Changes (%)
Other expenses	22,660.14	23,951.77	(5.39%)

f. Finance costs:

particulars	FY25	FY24	Changes (%)
Finance costs	1,326.36	1,978.61	(32.97%)

Finance costs have decreased from Rs 1,978.61 in FY24 to Rs 1,326.36 this year because of reduction in debt.

g. Fixed assets

particulars	FY25	FY24	Changes (%)
Property, plant and equipment	61,845.29	49,093.43	25.97%
Capital work-in-progress	5,496.69	9,206.31	(40.29%)
Other intangible assets	-	-	0.00%

h. Inventories

particulars	FY25	FY24	Changes (%)
Raw material	2,240.75	2,433.30	(7.91%)
Work in progress	423.69	539.77	(4.09%)
Finished goods and Work-in-Progress	549.63	1,126.61	(55.11%)
Stores, Spares and Others	2,567.96	2,757.92	(6.89%)
Total	5,782.03	6,857.59	(15.68%)

i. Trade receivables

particulars	FY25	FY24	Changes (%)
Trade receivables	8,124.64	6,163.11	31.85%

j. Cash flow

particulars	FY25	FY24	Changes (%)
Net cash flow from operating activities	12,512.42	26,824.40	(53.35%)
Net cash flow from investing activities	(14,977.85)	(11,242.42)	33.22%
Net cash flow from financing activities	2,055.12	(15,719.53)	113.07%
Net increase / decrease in cash and cash equivalents	213.68	623.99	(65.76%)

Changes in Financial ratios

particulars	FY25	FY24	Changes (%)
Debtors? turnover (Days)	41.48	58	(28.48%)
Inventory turnover (Days)	39.10	63	(37.94%)
Interest Coverage Ratio (Times)	8.52	5.36	58.96%
Current Ratio (Times)	2.25	2.05	9.76%
Net Debt/Equity Ratio (Times)	0.18	0.15	3 bps
Return on Capital Employed (%)	12.64%	12.5%	14 bps
Return on Equity (%)	10.24%	9.4%	84 bps
Operating EBITDA margin (%)	23.4%	26.3%	(286 bps)

Human resource

BMW Industries Limited places strong importance on its people and believes in growing through talent and teamwork. The Company focuses on training its workforce regularly to improve skills, product quality and overall efficiency. It values passion, responsibility and trust in the workplace, encouraging employees to take ownership of their roles. The seasoned leadership team brings in years of experience and is actively involved in guiding the Company with a combined effort of business knowledge and modern thinking. The Company is also working to strengthen its management by adding more independent directors and thanking past leaders for their valuable contributions.

Corporate social responsibility

BMW Industries Limited actively takes part in Corporate Social Responsibility (CSR) by focusing on health, safety, community support and the environment. The Company organises regular health and eye check-up camps for its staff and collaborates with local organisations to provide health support programmes. In times of natural disasters, BMWIL extends critical aid by offering shelter, food and other essentials to affected communities. Demonstrating its environmental responsibility, BMWIL has installed solar panels across its plants and is actively working toward planting thousands of trees. Rooted in transparency, fairness and ethical practices, BMWIL?s CSR approach reflects its belief in caring for both people and the planet, ensuring sustainable growth alongside positive social impact.

Initiatives for a sustainable environment

BMWIL is deeply committed to environmental sustainability through proactive initiatives aimed at reducing its ecological footprint. The Company have installed solar panels across their plants, including a solar power project at its Kolkata unit, and are developing a large rooftop solar setup in Jamshedpur. These steps help reduce the Company?s carbon footprint and promote clean energy. The Company has also achieved Zero Liquid Discharge (ZLD) at all its plants, ensuring that no harmful water is released into the environment. The Company is championing afforestation, with a goal of planting 10,000 trees, showing its care for nature and future generations.

Health support

BMWIL focuses on the well-being of its people by offering regular healthcare support and the surrounding community at the workplace. The Company regularly organises periodical medical and eye check-up , as well as free campaigns for the distribution of artificial limbs and other medical aid, particularly for those in need. By integrating healthcare, safety and environmental care into its operations, the Company provides a compassionate and responsible.

Safety, health and environment policy includes the following principles:

• Every activity is planned and done with a focus on protecting people?s health and preventing accidents.

• All employees are ensured a clean, risk-free environment to work in, across all locations.

• BMWIL meets legal requirements and tries to go beyond them wherever possible.

• Helps workers handle machines safely and train them to deal with emergencies.

• The goal is to prevent bigger issues by taking quick steps as soon as something goes wrong.

• The Company chooses tools, equipment and supplies that are safe for people and nature.

• Proper systems have been implemented to treat and dispose waste in an eco-friendly manner.

• Staff are encouraged to stay informed and play an active role in maintaining a safe workplace.

• Regular inspections help detect issues early and improve systems for enhanced performance and outcomes.

Safety approach

BMW Industries Limited continues to focus on creating a safe and secure workplace for all employees. The Company conducts regular training sessions to help workers understand safe ways of working, handle equipment carefully and respond to emergencies. These training programs are tailored to match different roles, ensuring that everyone, from factory workers to office staff, are well-informed. The Company also displays clear safety signs and guidelines across its sites to remind people of important rules and practices.

To enhance its procedures, the Company has put in place regular safety audits and inspections. These checks help in spotting possible risks early while fixing them quickly. The Company encourages employees to report unsafe conditions without fear of retaliation, supported by a clear system for addressing and resolving safety issues. Emphasis is placed on promoting safety awareness through talks, posters and group activities, helping build a work culture where everyone feels responsible for their own safety and that of their colleagues.

Risk management

BMW Industries Limited takes a balanced and proactive approach to risk management. The Company focuses on building a stable and efficient business model that can adapt to changing market conditions. It aims to reduce uncertainty by planning ahead, monitoring key business areas and making informed decisions. Regular evaluations are done to identify potential risks and appropriate steps are taken to address them early. This approach helps ensure business continuity, financial stability and long-term growth.

Risk	Description	Mitigation Strategy
Raw material risk	Volatility in steel prices could impact profitability hampering the Company?s operations.	BMWIL faces minimal raw material risk as customers supply the key raw materials free of cost, and the cost of zinc is passed through to customers. This arrangement protects the Company from fluctuations in raw material prices
Infrastructure and logistics risk	Transportation issues may impact cost and delivery timelines.	A dedicated fleet of 100+ trucks and strategic plant locations support smooth and cost-effective logistics.
Financial risk	Market fluctuations may reduce cash flow and working capital issues.	Fixed-fee contracts ensure steady margins; FY25 expansions funded through internal accruals and prudent debt use.
Quality risk	Risk of not meeting required quality expectations.	Continued focus on technology, training and efficiency ensures consistent product quality.
Contract renewal risk	Key customer contracts may not renew on time or favourable terms.	BMWIL has successfully extended key contracts like the tubes contract until RS.1 FY27. Negotiations for others are underway, with management confident about timely renewals.
Market demand risk	Fluctuations in demand or industry oversupply.	The Companys value-added processing model limits its exposure to demand-supply fluctuations. Management expects continued growth in pipes and tubes, reducing oversupply concerns.

Internal control systems and their adequacy

The Company has a strong internal control and risk management system, which forms the foundation of its corporate governance practices. This system includes a team of dedicated employees who carry out their roles effectively. The Board of Directors provides strategic guidance and oversees the actions of Executive Directors, management and various support committees. The internal controls are well-structured and properly implemented to help manage risks and maintain strong corporate governance.

Cautionary statement

Under applicable securities laws and regulations, statements in this section that outline the Company?s goals, forecasts, expectations and estimates may be considered ‘forward-looking statements?. These statements are based on future expectations and assumptions, which the Company cannot guarantee will be accurate. Due to external factors beyond the Company?s control, actual results may differ materially from those anticipated. The Company also disclaims any obligation to publicly update, modify, or revise these forward-looking statements in light of new developments.