-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T85gLYumI+gvBtv+FwzKcYLOmbq09ly74N6J7q7Wld1qlpkrDNwrXr2mEtUA+Wsv W6Rf8Nyal4tjh9RhUDavjQ== 0000889812-00-001450.txt : 20000331 0000889812-00-001450.hdr.sgml : 20000331 ACCESSION NUMBER: 0000889812-00-001450 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20000330 FILED AS OF DATE: 20000330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAPIENS INTERNATIONAL CORP N V CENTRAL INDEX KEY: 0000885740 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: P8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-20181 FILM NUMBER: 586369 BUSINESS ADDRESS: STREET 1: KAYA RICHARD J BEAUJON STREET 2: WILLEMSTAD CURACAO NETHERLANDS CITY: CURACAO NETHERLANDS STATE: P8 BUSINESS PHONE: 97289382777 MAIL ADDRESS: STREET 1: P O BOX 2211 STREET 2: REHOVOT ISRAEL 76120 CITY: REHOVOT STATE: L3 6-K 1 REPORT OF FOREIGN ISSUER SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March 2000 Sapiens International Corporation N.V. (translation of registrant's name into English) c/o Landhuis Joonchi Kaya Richard J. Beaujon z/n P.O. Box 837 Willemstad Curacao, Netherlands Antilles (599) (9) 7366277 (address of principal executive offices) [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F] Form 20-F X Form 40-F --- --- [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934] Yes No X --- --- March 30, 2000 The Nasdaq Stock Market 1735 K Street, N.W. Washington, DC 20006 USA Dear Sirs: Enclosed please find the following press releases filed herewith under cover of Form 6-K (one manually signed and two conformed copies) for Sapiens International Corporation N.V. KPMG and Sapiens Sign Broad Partnership Agreement J.D. Williams Progress e-Business Initiatives with Sapiens eMerge Sapiens and Idor Sign Strategic Agreement Sapiens Joins Leading Finance and Insurance Companies to Create e-Business Forum Bosch and Sapiens Sign Euro Transition Project Agreement Air France Awards Sapiens Euro Conversion Project These documents have been filed simultaneously with the Securities and Exchange Commission. Respectfully, /s/ Steve Kronengold/AG - -------------------------- Steve Kronengold General Counsel SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Sapiens International Corporation N.V. (Registrant) Date: March 30, 2000 By: /s/ Steve Kronengold/AG ------------------------------------ Steve Kronengold General Counsel EX-99.1 2 PRESS RELEASE -- KPMG FOR ADDITIONAL INFORMATION Lauri Hanover John W. Heilshorn, Jr./Jody Burfening Chief Financial Officer Lippert/Heilshorn & Sapiens International Associates Inc. Tel: +1-877-554-2426 Tel: +1-212-838-3777 +972-8-938-2701 E-mail: lauri.h@sapiens.com E-mail: jody@lhai.com KPMG AND SAPIENS SIGN BROAD PARTNERSHIP AGREEMENT KPMG Consulting France and Sapiens to Jointly Market e-Business and Euro Conversion Solutions Paris, France and Research Triangle Park, N.C--March 9, 2000--KPMG Consulting France and Sapiens International Corporation N.V. (NASDAQ: SPNS), today announced that they have signed an agreement to jointly market and implement e-business and euro conversion solutions. The two companies will initially focus their joint efforts on their respective broad customer bases. The combination of KPMG France's consulting expertise and Sapiens' eMerge and EuroMigration(TM) solutions creates powerful capabilities that span from strategic planning and management consulting to functional as well as technical implementation of e-business and euro conversion projects. The partnership's joint expertise will offer a comprehensive suite of strategy and business transformation, methodology, technologies and IT experience to address virtually every system architecture, platform and programming language. E-business and euro conversion projects are typically implemented on an enterprise-wide basis and demand flexibility and fast time to market in order to preserve--or enhance--the client's competitive advantage. These projects, which involve functional modifications to business and economic models as well as technical changes to IT systems, require strong IT management and solution methodologies and technologies. The joint KPMG-Sapiens offering addresses each of these needs in compelling fashion. Commenting on the KPMG-Sapiens partnership, Mr. Yuda Tuval, Chairman of the Board, KPMG Consulting France, stated: "We are delighted to establish a winning partnership with Sapiens, which offers comprehensive and proven IT solutions. The global competition and the new IT technologies give the customers' needs a new dimension, which involves a new type of consulting-specialists teams with industry expertise and functional skills. The KPMG- Sapiens partnership will enable us to offer high-quality, comprehensive solutions to meet the e-business and euro markets' needs. We look forward to extending this partnership with Sapiens to our worldwide operations." Saadia Essoudry, Vice President, Sapiens France, added: "We are delighted to join forces with KPMG Consulting France, which is world-recognized for its global delivery capabilities. This partnership is concrete recognition of the success of our e-business and euro solutions by one of the world's leading consulting firms. This partnership greatly expands our project capabilities and market reach, as high level consulting is mandatory for such projects, specifically e-business. We look forward to a long and productive relationship with KPMG." Page 2 About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com. ### Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. EX-99.2 3 PRESS RELEASE -- J.D. WILLIAMS FOR ADDITIONAL INFORMATION Lauri Hanover John W. Heilshorn, Jr./Jody Burfening Chief Financial Officer Lippert/Heilshorn & Sapiens International Associates Inc. Tel: +1-877-554-2426 Tel: +1-212- 838-3777 +972-8-938-2701 E-mail: lauri.h@sapiens.com E-mail: jody@lhai.com J.D. WILLIAMS PROGRESS e-BUSINESS INITIATIVES WITH SAPIENS eMERGE(TM) PROJECTS VALUED AT $1.6 MILLION Research Triangle Park, NC--March 23, 2000--Sapiens International Corporation N.V (NASDAQ: SPNS), a global e-business solutions provider, today announced that J.D. Williams, the UK's leading direct mail business, contracted Sapiens to develop an application that adds a "click-and-mortar" dimension to their existing successful "brick-and-mortar" business. The projects involved the integration of existing legacy stock management and ordering systems, as well as state of the art management information systems, using Sapiens' eMerge solution. The new application also integrates Palm Pilots(TM), enabling the sales force direct access to head office information while in the customers' homes. In addition, Sapiens was contracted to develop an application that combines the retail shops' two separate stock control and supply systems and streamlines them into a single, stand-alone system. Sapiens' eMerge technology was deployed in the redesign and augmenting of J.D. Williams' legacy systems and processes with an improved operating environment, providing the necessary functionality. Commenting on the project, Mr. John Reynolds, Head of Systems from J.D. Williams, said: "Sapiens have delivered a high quality application built using their eMerge solution to a very challenging timescale. It enables us to exercise improved control over our field sales force, which is now equipped with Palm Pilots and is tightly integrated to our legacy applications. During the project, I have been impressed by the commitment shown by Sapiens' staff and their quiet determination to deliver a quality product for J.D Williams." Mr. Yair Spitzer, Vice President, Sapiens UK, added: "This development project further strengthens the existing relationship between J.D. Williams and Sapiens. This project is particularly gratifying since it demonstrates that those companies who come to know Sapiens' solutions find them superior to others on the market. Our eMerge offering is already gaining worldwide recognition; this project is yet another proof of our ability to provide comprehensive e-business solutions." Page 2 About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com. ### Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. EX-99.3 4 PRESS RELEASE -- IDOR FOR ADDITIONAL INFORMATION Lauri Hanover Chief Financial Officer Sapiens International Tel: +1-877-554-2426 +972-8-938-2701 E-mail: lauri.h@sapiens.com SAPIENS AND IDOR SIGN STRATEGIC AGREEMENT Enhances EuroMigration(TM) and eMerge(TM) Solutions on AS/400 Platform Research Triangle Park, NC--March 29 2000--Sapiens International Corporation N.V. (NASDAQ: SPNS), a global e-business solutions provider, and Idor Systems, a leading provider of AS/400 software tools, today announced the development of Sapiens ECR/400(TM), a proprietary diagnostic technology used in many of Sapiens' integrated solutions. The ECR/400 enhances Sapiens' two top-selling solution offerings--EuroMigration and eMerge--to an even broader customer base. Sapiens' powerful diagnostics technology, the ECR(TM), is a remarkably adaptable foundation technology applied in virtually all of the Company's integrated solutions. The ECR was developed with an "open" operational platform to manage and view all enterprise IT components and data, and to assess inter and intra-systems conflict or impact. The newly developed ECR/400 integrates seamlessly with Sapiens' EuroMigration and eMerge solutions, and improves their efficacy on the AS/400 platform. Designed with flexibility in mind, the ECR/400 readily adapts to the solution's existing methodologies and thus, the proven integrity and advantages of the solutions are preserved while the benefits are optimized with multi-platform capabilities. "Idor's international sales and marketing strategy is to establish mutually beneficial alliances with reputable, global solution providers. Sapiens is an ideal choice given their reputation, strong international presence, and excellent customer base and, more importantly, Sapiens is the recognized leader in the euro migration marketplace," said Ofer De-Picciotto, CEO of Idor Systems. "The Sapiens ECR/400 is an `all-in-one' technology that can facilitate a solution's effectiveness through all phases of the project by strengthening multi-platform functionality," he added. "This cooperation further expands our proven EuroMigration solution on the AS/400 platform, providing us with the flexibility to address broader markets in need of AS/400 solutions," said Amir Barnea, VP EuroMigration Solution, Sapiens International. "Moreover, we can also offer our eMerge solution to an expanding EuroMigration customer base." Page 2 About Idor Systems Idor Systems Ltd. is a leading experienced provider of effective powerful user friendly software tools and services consisting of high skills and technology to supply AS/400 based installations with cost-effective solutions for their IT issues. The company is engaged in a wide variety of software related activities, which include development and marketing of software products as well as system analysis, design, development and implementation of tailored projects per customer request. Idor, an IBM business partner since 1987 as well as a Lotus business partner since 1997, specializing in Lotus notes and e-business development, employs highly trained and experienced personnel comprising of professionals of diverse skills and expertise varying from project management, system analysis, system design, programming and training. About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com # # # Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. EX-99.4 5 PRESS RELEASE -- FORUM FOR ADDITIONAL INFORMATION Lauri Hanover John W. Heilshorn, Jr./Jody Burfening Chief Financial Officer Lippert/Heilshorn & Sapiens International Associates Inc. Tel: +1-877-554-2426 Tel: +1-212- 838-3777 +972-8-938-2701 E-mail: lauri.h@sapiens.com E-mail: jody@lhai.com SAPIENS JOINS LEADING FINANCE AND INSURANCE COMPANIES TO CREATE e-BUSINESS FORUM Research Triangle Park, NC--March 7, 2000--Sapiens International Corporation N.V. (NASDAQ: SPNS), a global e-business solutions provider, today announced the successful debut of its bi-annual "Finance and Insurance e-Business Forum." Designed to help organizations' top executives identify and tackle the most critical challenges presented by e-business, Sapiens' first industry-specific conference exceeded all expectations. The inaugural forum was attended by both business as well as IT senior executives of leading organizations, such as Guardian Financial Services, Liverpool Victoria, Menorah Insurance Company, AON Group, Maestro-Migdal Group, Principal Financial Group and Transamerica. During the 2-day event, lead executives presented and discussed how e-business trends affected their industry and their company's corporate directions. Furthermore, executives were given an opportunity to raise and discuss issues of mutual concern and share information about their experiences during the open-table forums. In addition, a "virtual" on-going forum was introduced on the Internet. "The forum is extremely useful for sharing ideas in the rapidly changing e-business world," said Kevin Richardson, Director, Responsible for Life and e-Business, Liverpool Victoria, U.K. "The issues raised during the forum demonstrated that a lot of the insurance companies need to address similar challenges. Open discussion at the forum is a great platform for addressing these issues," added Hillary Fletcher, IT Manager, Guardian Financial Services "This impressive event surpassed our expectations from the forum. The valuable information we obtained will help us to improve our quality of service significantly in the future", noted Hanoch Benami, Software Manager Life Insurance, Maestro-Migdal Group. Commenting on the forum, Paul Panovka, Sapiens e-Business Solution Manager, said: "We feel that the forum provides us with a unique opportunity to understand the concerns and issues faced by financial services and insurance companies in the transition to e-business. This will enable Sapiens to provide robust solutions that address these challenges--ensuring everybody wins." Page 2 About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com. ### Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. EX-99.5 6 PRESS RELEASE -- BOSCH FOR ADDITIONAL INFORMATION Lauri Hanover John W. Heilshorn, Jr./Jody Burfening Chief Financial Officer Lippert/Heilshorn & Sapiens International Associates Inc. Tel: +1-877-554-2426 Tel: +1-212- 838-3777 +972-8-938-2701 E-mail: lauri.h@sapiens.com E-mail: jody@lhai.com BOSCH AND SAPIENS SIGN EURO TRANSITION PROJECT AGREEMENT Sapiens to Conduct Comprehensive Euro Impact Analysis as First Phase of Project Research Triangle Park, NC--March 21, 2000--Sapiens International Corporation N.V. (NASDAQ: SPNS) today announced that Robert Bosch GmbH, one of the most important suppliers of automotive equipment worldwide ("Bosch"), has entered into a euro transition project agreement with Sapiens regarding the changeover of Bosch's IT host systems to the single European currency. The agreement follows the successful implementation of a pilot project, in which Sapiens addressed the full range of business as well as technical issues related to the euro changeover. The first phase of the project includes the mapping of Bosch's system components into a configuration repository, followed by a comprehensive impact analysis of the euro changeover on Bosch's IT host systems. At the customer's request, financial terms of the agreement were not disclosed. The Sapiens team will work with Bosch on all business as well as technical aspects of the project, including the identification of Bosch's business needs, the delineation of the scope of the project and the planning, coordination and implementation of all functional and technical aspects of the euro transition effort. Sapiens will employ its EuroMigration(TM) solution, including the Euro-Virtual-Machine(TM) and Euro Configuration Repository (ECR) technologies. Sapiens will manage the project at the customer site with the assistance of its international support facilities. Commenting on the project, Dr. Stefan Ihringer, the responsible manager for the euro project, said: "We selected Sapiens from a field of several leading vendors. The Sapiens team has impressed us with the level of its skill and its innovative solution to the euro transition challenge. Sapiens has demonstrated a keen understanding of our business needs and an ability to adapt project methodology to meet our objectives." Mr. Helmut Hilgers, General Manager, Sapiens Germany, added: "We are delighted to have been selected as Bosch's vendor for their euro conversion challenge. We are committed to provide Bosch with the very best technology, project methodology and consulting support to help them meet and exceed their project objectives, and look forward to working with Bosch on future IT challenges. This project also represents a breakthrough for us in the German market, where we are experiencing increased demand for our solutions and are in the process of expanding our operations." Page 2 About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com. ### Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. EX-99.6 7 PRESS RELEASE [LOGO] FOR ADDITIONAL INFORMATION Lauri Hanover John W. Heilshorn, Jr./Jody Burfening Chief Financial Officer Lippert/Heilshorn & Sapiens International Associates Inc. Tel: +1-877-554-2426 Tel: +1-212-838-3777 +972-8-938-2701 E-mail: lauri.h@sapiens.com E-mail: jody@lhai.com ------------------- ------------- AIR FRANCE AWARDS SAPIENS SECOND EURO CONVERSION PROJECT Research Triangle Park, NC--March 30, 2000--Sapiens International Corporation N.V. (NASDAQ: SPNS) today announced that Air France's Department of Finance and Industry has chosen Sapiens to convert its IT systems to the single European currency, the euro. This new project is a follow-on to the previously announced master euro transition project agreement between Sapiens and Air France. The Finance and Industry euro transition project follows the successful launch of the euro conversion project for Air France's Commercial Department, which was announced in January 2000. The Sapiens team will work with Air France's Department of Finance and Industry on business as well as technical aspects of the project, including the identification of the department's business needs and the planning, coordination and implementation of all functional and technical aspects of the euro transition effort. Commenting on the project, Ms. France Schneider, Air France's Finance and Industry Department Manager, said: "This project is the successful and natural continuation of our relationship with Sapiens." Mr. Saadia Essoudry, Vice President, Sapiens France, added: "We are delighted to receive this follow-on Air France project, which is concrete recognition of the success of our current project with Air France's Commercial Department. We look forward to servicing the euro conversion needs of the other subdivisions within Air France, and to long-term cooperation on Air France's future IT needs." About Sapiens Sapiens International (NASDAQ: SPNS) is a global e-business solutions provider. Sapiens delivers strategic end-to-end solutions that enable customers to capitalize on their IT assets in the transition to e-business. Sapiens' vertical market frameworks, such as eMerge Loan and eMerge Insure, as well as its cross-industry offerings, such as eMerge and EuroMigration, apply new business models and processes in the emerging, dynamic world of e-business and help clients meet the challenges of euro migration and reengineering. Applying proven technologies, Sapiens ensures fast time-to-market and responsiveness to change. Sapiens serves its growing customer base directly and through partnerships with such industry leaders as Cap Gemini, IBM and CA. The Company's installed base of customers includes 3M, Air France, Greyhound Pioneer Australia, Honda, IBM, International Paper, Principal Financial, La Redoute and Siemens Energy and Automation and other multinational corporations. You are invited to visit us on the World Wide Web at http://www.sapiens.com. # # # Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings. -----END PRIVACY-ENHANCED MESSAGE-----