Current Press Releases

QNB Bank and Employees Donate Over $31,000 to United Way

Quakertown, PA (January 25, 2017) QNB Bank recently held its annual campaign to raise funds for the United Way. Led by Ann Gaspar, this year’s campaign was the most successful yet, tallying up an impressive $27,351 from employees and an additional $4,500 from the Bank for a total contribution of $31,851.

QNB Bank currently operates eleven branches in Bucks, Montgomery, and Lehigh Counties and offers commercial and retail banking in the communities it serves. In addition, QNB provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC.

QNB Corp. Reports Earnings for Fourth Quarter 2016

QUAKERTOWN, PA (January 24, 2017) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the fourth quarter of 2016 of $2,269,000, or $0.66 per share on a diluted basis, compared with $1,943,000, or $0.58 per share on a diluted basis during the same period in 2015.  For the year ended December 31, 2016, QNB reported net income of $8,924,000, or $2.63 per share on a diluted basis. This compares to net income of $8,233,000, or $2.46 per share on a diluted basis, reported for 2015.

For the year 2016 the rate of return on average assets and average shareholders’ equity was 0.87% and 9.45%, respectively, compared with 0.83% and 9.29%, respectively, for the year 2015.

Total assets as of December 31, 2016 were $1,063,141,000 compared with $1,020,936,000 at December 31, 2015. Loans receivable at December 31, 2016 were $633,079,000 compared with $615,270,000 at December 31, 2015, an increase of $17,809,000, or 2.9%, with commercial lending as the largest contributor to the growth.  Total deposits at December 31, 2016 were $913,355,000, an increase of 2.6% compared with $889,786,000 at December 31, 2015, due to strong growth in non-interest bearing deposits.

David W. Freeman, President and Chief Executive Officer stated, “Our improved results reflect loan, deposit and household growth for the fourth quarter and the entire year.  Our retail brokerage business, QNB Financial Services, achieved a milestone during the quarter, with over $100 million in assets under management. Asset quality is strong.  Net interest margin declined slightly in 2016, as we continue to experience pressure due to the rate environment and competition.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter and twelve months ended December 31, 2016 totaled $7,279,000 and $28,504,000, respectively, an increase of $254,000 and $1,135,000, respectively, from the same periods in 2015. The net interest margin for the fourth quarter of 2016 was 2.97% compared to 3.00% for the fourth quarter of 2015.  Net interest margin for the twelve months ended December 31, 2016 was 3.03%, a decrease of two basis points compared to 2015.  The yield on earning assets decreased two basis points from 3.46% for the fourth quarter of 2015 to 3.44% for the fourth quarter of 2016. For the twelve months ended December 31, 2016, the yield on earning assets declined three basis points, from 3.53% in 2015 to 3.50% in 2016.  The cost of interest-bearing liabilities was 0.57% for the fourth quarter and the year ended December 31, 2016, compared with 0.56% for the same periods in 2015.

Asset Quality, Provision for Loan Loss and Allowance for Loan Loss

QNB reversed $95,000 in provision for loan losses in the fourth quarter of 2016.  In October 2016, the Company sold its interest in its indirect lease finance portfolio, recording a loss on sale of $223,000.  The allowance for loan losses associated with this sold portfolio, totaling $220,000, was reversed, while provisions for loan losses for the rest of the commercial and retail loan portfolio totaling $125,000 were recorded during the quarter.  A provision of $140,000 was recorded for the fourth quarter 2015.  For the year 2016, QNB recorded $30,000 in provision, compared to $200,000 for the year 2015.  QNB's allowance for loan losses of $7,394,000 represents 1.17% of loans receivable at December 31, 2016 compared to an allowance for loan losses of $7,554,000, or 1.23% of loans receivable at December 31, 2015. Net loan charge-offs were $104,000 for the fourth quarter of 2016, or 0.07% annualized of total average loans, compared with net charge-offs of $255,000 for the fourth quarter of 2015, or 0.17% of total average loans. For the years ended December 31, 2016 and 2015 net loan charge-offs were $190,000, or 0.03%, and $647,000, or 0.11%, of total average loans, respectively. The majority of charge-offs recorded during both 2016 and 2015 had specific reserves established prior to the decision to charge off the loan.

Non-performing assets totaled $14,219,000 at December 31, 2016 compared with $13,372,000 as of December 31, 2015. Included in this classification are non-performing loans, other real estate owned (OREO) and repossessed assets, and non-performing pooled trust preferred securities. Total non-performing loans, which represent loans on non-accrual status, loans past due 90 days or more and still accruing interest and restructured loans were $11,938,000, or 1.89% of loans receivable at December 31, 2016, compared with $10,719,000, or 1.74% of loans receivable at December 31, 2015. In cases where there is a collateral shortfall on impaired loans, specific impairment reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At December 31, 2016, $7,749,000, or approximately 77% of the loans classified as non-accrual are current or past due less than 30 days.  At December 31, 2016 substandard or doubtful loans totaled $22,204,000, a reduction of $5,121,000, or 18.7%, from the $27,325,000 reported at December 31, 2015.

QNB had no other real estate owned and other repossessed assets as of December 31, 2016 and December 31, 2015.  Non-accrual pooled trust preferred securities are carried at fair value of $2,281,000, and $2,653,000, at December 31, 2016 and December 31, 2015, respectively.

Non-Interest Income

Total non-interest income was $1,073,000 for the fourth quarter of 2016, and $5,667,000 for the year ended December 31, 2016, a decrease of $190,000 and $365,000, compared to the same periods in 2015, respectively.  Net gain on sale of loans declined $220,000, due to a loss on sale of the indirect lease finance portfolio during the fourth quarter 2016.  Losses in the trading portfolio for the fourth quarter, resulting from the increase in interest rates, contributed $103,000 to the decline.  These decreases in income were offset in part by increases in retail brokerage and advisory fees, gain on investment securities and other non-interest income of $49,000, $41,000, and $40,000, respectively.

Non-Interest Expense

Total non-interest expense was $5,435,000 for the fourth quarter of 2016, a decrease of $199,000, or 3.5%, compared with $5,634,000 for the fourth quarter of 2015.  For year ended December 31, 2016, total non-interest expense decreased $235,000, or 1.0%, to $22,163,000, compared to the year 2015.  Salaries and benefits expense decreased $219,000, or 7.0%, for the quarter ended December 31, 2016, compared to the same period in 2015, due to reduced medical insurance claims of $124,000, a $99,000 reduction in accrued bonus expense, and $32,000 in lower 401k expenses, offset in part by increased salary expense of $77,000. For the year ended December 31, 2016 salaries and benefits expense decreased $65,000, or 0.5%, compared to the same period in 2015.  Net occupancy and furniture and equipment expense increased $29,000, or 3.3%, for the fourth quarter 2016 compared to the same period in 2015, due to increases in software and building maintenance.  For year ended December 31, 2016, net occupancy and furniture and equipment costs increased $15,000 compared to the same period in 2015, due primarily to increased software maintenance, building maintenance and security expense, offset in part by lower depreciation expense.  Other operating expenses for the three months ended December 31, 2016 decreased $10,000, with increases in debit card expense and supplies and telecommunications expense of $141,000 and $23,000, respectively, offset by decreased FDIC insurance of $73,000, third party expense of $23,000 and marketing expense of $84,000.  Other operating expenses for the twelve months ended December 31, 2016 decreased $186,000, or 2.7%, due to the same reasons detailed for expense increases and decreases for the quarter.  Debit card expenses in 2015 included a contract termination fee related to card platform upgrades, which took place during 2016.  Provision for income taxes increased in the fourth quarter and year ended December 31, 2016, due to the increase in taxable net income, as well as the effective tax rate.  The increase in effective tax rate in 2016 reflects lower proportionate tax-free income in 2016, compared to 2015.

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates eleven branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at www.qnbbank.com.

Forward Looking Statement

This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

QNB Bank Promotes Suzanne Weisberg to Senior Vice President

Quakertown, Pa (January 3, 2017) QNB Bank is pleased to announce the promotion of Suzanne Weisberg to the position of Senior Vice President, Human Resources. Weisberg has been with the Bank since 2014, most recently serving as Vice President, Human Resources. She is responsible for directing the activities of the Human Resources Department as well as planning, recommending and administering personnel policies and company benefit programs.

Weisberg has worked in the banking industry in various roles for more than 26 years.  She holds a Bachelor’s degree from Temple University as well as multiple certificates from the Pennsylvania Banker’s Association.

Weisberg is an active volunteer with the American Cancer Society’s Relay for Life and Great Swamp Fish & Game. She is a member of the Society of Human Resource Management and resides in Quakertown with her family.

QNB offers commercial and retail banking services through 11 banking offices serving portions of Bucks, Montgomery and Lehigh counties. In addition, QNB provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB is available at QNBbank.com.

QNB Bank Promotes Schaffer to Senior Vice President/Chief Marketing Officer

Quakertown, Pa (January 3, 2017) QNB Bank is pleased to announce the promotion of Brian K. Schaffer, CFMP to the position of Senior Vice President/Chief Marketing Officer. Schaffer has been with the Bank since 1986, most recently serving as Vice President, Marketing. He is responsible for overseeing all marketing operations of the Bank including advertising, public relations, research and sales promotion and developing its marketing strategy and vision.

A graduate of Upper Perkiomen High School, Schaffer earned a B.S. Business Administration – Marketing degree at Kutztown University and is a graduate of the American Bankers Association School of Bank Marketing and Management at the University of Colorado-Boulder.

Schaffer serves on the Board and as Treasurer of Lehigh Valley Road Runners. He is an active volunteer with numerous charitable running events throughout the area. In addition, he holds a Certified Financial Marketing Professional (CFMP) designation as a member of The Institute of Certified Bankers and is a member of the American Bankers Association Marketing Network.

A life-long resident of the area, he currently lives in Wescosville with his family.

QNB offers commercial and retail banking services through 11 banking offices serving portions of Bucks, Montgomery and Lehigh counties. In addition, QNB provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB is available at QNBbank.com.

Tracey Sell Joins QNB Bank as Branch Manager at Quakertown Commons Office

Quakertown, PA (November 23, 2016) Tracey Sell was recently named Assistant Vice President, Branch Manager at QNB’s Quakertown Commons Office located inside the GIANT Food Store. Tracey is responsible for the efficient, effective management of a full-service supermarket branch office, as well as coaching branch staff, developing new business and retaining and expanding existing relationships.

Tracey has been in banking for 30 years. In her previous role, Tracey served as an Assistant Branch Manager at First Niagara Bank. She has completed numerous American Bankers Association classes and other banking industry training programs. She has also received several Awards for Top Sales Performer and Excellence in Customer Service.

Tracey lives in Spinnerstown with her family. She remains active in her community where she assists several local veterans clubs with donations and charity events to support our veterans.

QNB Corp. Declares Dividend

Quakertown, PA (November 22, 2016) The Board of Directors of QNB Corp. (OTC Bulletin Board: QNBC), parent company of QNB Bank, at a regular meeting on November 22, 2016 declared a quarterly cash dividend of $0.30 per share. The cash dividend is payable on December 30, 2016 to shareholders of record December 16, 2016.

QNB Corp. offers commercial and retail banking services through the 11 banking offices of its subsidiary, QNB Bank. In addition, QNB Bank provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. QNB Corp.’s stock is traded in the over-the-counter market under the symbol “QNBC.”

QNB Bank Sponsors Annual Literacy Program

LANSDALE, PA (November 21, 2016) QNB Bank once again proudly sponsored the North Penn Reading Super Bowl with a $1,500 donation. The Reading Super Bowl is a program designed to spark an interest in reading among elementary school students and has been running for 13 years. Every year, the reading incentive program reaches over 5,700 students across the school district. Players from the North Penn High School Football Team visit each of the 13 North Penn elementary schools to read a book and hand out a football trading card. The football trading cards are personalized with the player’s picture and individual stats. The QNB donation underwrites printing the cards.

QNB Bank Unveils 2017 Collector Calendar

QUAKERTOWN, PA (November 7, 2016) Another New Year is just around the corner and with that comes the annual QNB Student Art Collector Calendar. Like years past, an art contest was held, open to high school students from surrounding districts. This year’s contest received a total of 54 entries from 6 different schools. The 2017 “Transportation Through The Years” Calendar is available now at all QNB Bank locations. Stop in and pick one up for free while supplies last!

David W. Freeman Appointed to National Council for Community Bank Leaders

QUAKERTOWN, PA (November 2, 2016) The American Bankers Association has selected David W. Freeman, President and Chief Executive Officer of QNB Bank, to serve on ABA’s Community Bankers Council. Freeman attended the ABA Community Bankers Council meeting in Washington, October 3-5.

During this meeting, bankers talked at length about the current challenges facing community banks across the country, including recent regulations, pending legislation and fintech innovations.

David Wasserman, House Editor for The Cook Political Report, was one of the featured speakers at the meeting. “Community banks play such an important role in our banking industry,” Freeman said. “This appointment gives me the opportunity to represent Pennsylvania and advocate for the continued success of America’s hometown banks.”

The ABA Community Bankers Council, which meets twice a year, is made up of approximately 100 bankers from institutions with generally less than $3 billion in assets. Members are appointed by the ABA chairman.

Mr. Freeman has served as QNB Bank’s President since September 2010. His banking career spans over three decades and includes experience in executive and management positions in various sized financial institutions. As an active leader in the community, Freeman serves on several non-profit boards in the Bank’s market area including: Boy Scouts Minsi Trails Council, Bucks County Symphony, Rotary Club of Quakertown, St. Luke’s Quakertown Hospital, Upper Bucks YMCA and Union Cemetery of Quakertown.

QNB Bank currently operates eleven branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBbank.com.

QNB Corp. Reports Increased Earnings for Third Quarter 2016

QUAKERTOWN, PA (October 25, 2016) QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the third quarter of 2016 of $2,292,000, or $0.67 per share on a diluted basis. This compares to net income of $2,220,000, or $0.66 per share on a diluted basis, for the same period in 2015.  For the nine months ended September 30, 2016, QNB reported net income of $6,655,000, or $1.96 per share on a diluted basis. This compares to net income of $6,290,000, or $1.88 per share on a diluted basis, reported for the same period in 2015.

For the third quarter ended September 30, 2016, the rate of return on average assets and average shareholders’ equity was 0.86% and 9.57%, respectively, compared with 0.88% and 9.86%, respectively, for the third quarter 2015.  For nine months ended September 30, 2016, the rate of return on average assets and average shareholders’ equity was 0.87% and 9.48%, respectively, compared with 0.86% and 9.56%, respectively, for the same period in 2015.

Total assets as of September 30, 2016 were $1,071,931,000 compared with $1,020,936,000 at December 31, 2015. Loans receivable at September 30, 2016 were $608,231,000 compared with $615,270,000 at December 31, 2015, a decrease of $7,039,000, or 1.1%.  Total deposits at September 30, 2016 were $926,712,000 compared with $889,786,000 at December 31, 2015.

“QNB is pleased to report our third consecutive quarter of year-over-year increases in net income and earnings per share,” said David W. Freeman, President and Chief Executive Officer.  “Household growth continues to outpace last year, and we continue to see improvement in asset quality.”  Mr. Freeman added, “QNB Financial Services, our wealth management and retail brokerage business expanded assets under management to $95 million at September 30, 2016, an increase of approximately $25 million from December 31, 2015.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter and nine months ended September 30, 2016 totaled $7,085,000 and $21,225,000, respectively, an increase of $70,000 and $881,000, respectively, from the same periods in 2015. The net interest margin for the third quarter of 2016 decreased to 2.93% compared with 3.08% for the third quarter of 2015.  Net interest margin for the nine months ended September 30, 2016 was 3.05%, a decrease of two basis points compared to the same period in 2015.  Low interest rates and loan rate competition continues to exert pressure on asset yields.  The yield on earning assets decreased fifteen basis points from 3.55% for the third quarter of 2015 to 3.40% for the third quarter of 2016. For the nine months ended September 30, 2016, the yield on earning assets decreased three basis points, from 3.55% in 2015 to 3.52% in 2016.  The cost of interest-bearing liabilities increased slightly to 0.57% and 0.58% for the third quarter and nine months ended September 30 2016, respectively, compared with the same period in 2015.

Asset Quality, Provision for Loan Loss and Allowance for Loan Loss

QNB recorded a $125,000 provision for loan losses in the first quarter of 2016; no provision was required for the second or third quarter 2016.   QNB's allowance for loan losses of $7,593,000 represents 1.25% of loans receivable at September 30, 2016 compared to $7,554,000, or 1.23% of loans receivable at December 31, 2015, and $7,669,000, or 1.32% of loans receivable at September 30, 2015. Net loan charge-offs were $86,000 for the first nine months of 2016, or 0.02% annualized of total average loans, compared with net charge-offs of $392,000, or 0.09% annualized of total average loans for the same period in 2015.

Asset quality improved over the past nine months with total non-performing assets of $11,811,000 as of September 30, 2016 compared with $13,372,000 as of December 31, 2015, and $11,360,000 as of September 30, 2015. Included in this classification are non-performing loans, other real estate owned (OREO) and repossessed assets, and non-accrual pooled trust preferred securities. Total non-performing loans, which represent loans on non-accrual status, loans past due 90 days or more and still accruing interest and restructured loans were $9,536,000, or 1.57% of loans receivable at September 30, 2016, compared with $10,719,000, or 1.74% of loans receivable at December 31, 2015, and $8,760,000, or 1.50% of loans receivable at September 30, 2015. In cases where there is a collateral shortfall on impaired loans, specific impairment reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At September 30, 2016, $6,053,000, or approximately 73% of the loans classified as non-accrual are current or past due less than 30 days.   Commercial loans classified as substandard or doubtful, which includes non-performing loans, also improved. At September 30, 2016 substandard or doubtful loans totaled $22,165,000, a reduction of $5,160,000, or 18.8%, from the $27,325,000 reported at December 31, 2015 and a decline from the $23,462,000 reported at September 30, 2015.

QNB had no OREO and other repossessed assets as of September 30, 2016, December 31, 2015, or September 30, 2015.  Non-accrual pooled trust preferred securities are carried at fair value of $2,275,000, $2,653,000, and $2,600,000, at September 30, 2016, December 31, 2015,  and September 30, 2015, respectively.

Non-Interest Income

Total non-interest income was $1,644,000 for the third quarter of 2016, an increase of $151,000, or 10.1%, compared with the same period in 2015.  Non-interest income for the nine months ended September 30, 2016 was $4,594,000, a decrease of $175,000, or 3.7%, compared to the same period in 2015.  Net gains on investment securities increased $233,000 from $83,000 in third quarter 2015 to $316,000 in third quarter 2016.  QNB originates residential mortgage loans for sale in the secondary market.  Net gain on sale of loans increased $23,000, or 19.2% to $143,000, when comparing the third quarter 2016 to the same period in 2015, due to an increase in mortgage activity.  ATM and debit card income increased $22,000, or 5.5%, to $419,000 for the third quarter 2016, compared to the same period in 2015, due to increases in card-based transactions and expansion of checking account households.

These increases in non-interest income were offset in part by a $75,000 decrease in trading income for the third quarter 2016, which had a net loss of $39,000, compared to a net gain of $36,000 for the same period in 2015.  Retail brokerage and advisory fees declined $51,000, or 28.3%, to $129,000 for the third quarter 2016 compared to the same period in 2015.  Fees for services to customers decreased $9,000, or 2.1%, from $434,000 at September 30, 2015 to $425,000 at September 30, 2016, due primarily to a decrease in net overdraft income and the elimination of an ATM network service charge in September 2015.

Non-Interest Expense

Total non-interest expense was $5,616,000 for the third quarter of 2016, increasing $43,000, or 0.8%, from the same period in 2015.  For the nine months ended September 30, 2016 non-interest expense decreased $36,000 to $16,728,000, compared to the same period in 2015.  Salaries and benefits expense increased $161,000, or 5.5%, to $3,072,000 when comparing the two quarters.  Salaries increased $60,000, or 2.5%, due to new hires and ordinary merit increases.  Benefits costs rose $101,000, or 19.1%, due primarily to increased health insurance cost resulting from additional claims in the third quarter 2016, compared to the same period in 2015.  Net occupancy and furniture and equipment expense increased $24,000, or 2.8%, to $875,000 for the third quarter 2016, primarily due to increased building repairs and software maintenance expenses.  Other non-interest expense decreased $142,000, when comparing third quarter 2016 with third quarter 2015, with increased marketing expense and third party services expenses partially offset by decreased foreclosure costs and debit card expense.  Debit card expenses in third quarter 2015 included a contract termination fee related to card platform upgrades, which took place during 2016.  Provision for income taxes increased $106,000 in the third quarter 2016. The effective tax rate for the third quarter of 2016 and 2015 was 26.4% and 24.4%, respectively. The increase in effective rate was due to a higher proportion of taxable income and increased state income taxes for the third quarter 2016, compared with the same period in 2015.

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates eleven branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through Investment Professionals, Inc., a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at www.qnbbank.com.

Forward Looking Statement

This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including "Item lA. Risk Factors," set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

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