Q4 2021 SG Blocks Inc Earnings Call

April 18, 2022

Speaker 1: [Music]

Operator: Good day and welcome to SG Block's fourth quarter and year-end 2021 earnings conference call and webcast. Today's conference call is being recorded. At this time, I would like to turn the conference call over to Stephanie Prince of PCG Advisory.

Speaker 2: Today's conference call is being recorded.

Speaker 2: At this time, I would like to turn the conference call over to Stephanie Prince of PCG advisory.

Stephanie Prince: Good afternoon. Thank you all for joining us for the SG block fourth quarter and year-end 2021 earnings call. With me on the call today are Paul Galvin, Chairman and Chief Executive Officer, and Gerald Sheeran, Acting Chief Financial Officer.

Speaker 3: A press release detailing the company's results was issued after the market close at 4:05 PM today, and is now available in the Investor Relations section of the company's website at sgblocks com. A replay of this conference call can be accessed in the IR section of the website as well.

Speaker 3: Before I turn the call over to management, please remember that various remarks about future expectations, plans and prospects made on today's call constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. SG Block cautions that these forward-looking statements are subject to risks and uncertainties that may cause their actual results to differ materially from those indicated, including the risks described in the company's filings with the SEC.

Speaker 3: Any forward-looking statements made on this conference call speak only as of today's date Monday, April 18th, 2022. SG Blocks does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today. With that, I'll now turn the call over to Paul Galvin, CEO of SG Blocks. Paul.

Speaker 3: With that, I'll now turn the call over to Paul Galvin, CEO of SG Blocks. Paul.

Paul M. Galvin: Thank you Stephanie, and hello everyone. Thank you for joining us today.

Speaker 4: 2021 was an historic year for SG Blocks and its subsidiaries by every metric.

Speaker 4: Every quarter of the year, had higher revenue and built on the success of the previous quarter.

Speaker 4: We ended 2021 with $38.3 million in revenue. 12 times higher than the $3 million that we reported just two years ago in 2019.

Speaker 4: 12 times higher than the $3 million that we reported just two years ago in 2019.

Speaker 4: We're proud that we achieved this growth while maintaining our low share count, which remains at approximately 12 million shares on a fully diluted basis. Gerald will review the financial results in a few minutes.

Speaker 4: Now let's turn to some of the many highlights of the past year. Starting 2021, we increased our asset base significantly by reinvesting $3.75 million of the distributions generated from our clear COVID testing lab at LAX into development projects.

Speaker 4: Starting 2021, we increased our asset base significantly by reinvesting $3.75 million of the distributions generated from our clear COVID testing lab at LAX into development projects.

Speaker 4: To date, we've invested over $9 million of capital in other companies, projects and factories that we expect will yield manufacturing revenue and cash flow over time.

Speaker 4: In the first quarter we established SG Development Corp, which has grown tremendously since then. We have established a residential unit pipeline in excess of 4,100 homes and apartments.

Speaker 4: We expect to add significantly to that with the signing of additional projects currently being vetted.

Speaker 4: We're continuing to execute on our made in the USA production strategy. At this time, we have approximately one million square feet of manufacturing space, either open or in development.

Speaker 4: These new manufacturing lines will produce the modules for our development company and our medical segment, which is called Clarity Mobile Ventures. We also manufacture units for other qualified third-party clients.

Speaker 4: We also manufacture units for other qualified third-party clients.

Speaker 4: This is part of our sillar factories, with our own project strategy, which has multiple benefits for our company that I'll discuss in more detail in a few moments. In the third quarter, we completed an efficient capital raise that netted us $10.5 million of new capital. With this cash and other expected inflows, we believe that we have adequate cash balances to execute our growth plans while still having the peace of mine that comes from having adequate operating reserves. At year-end, our cash totaled approximately $13 million.

Speaker 4: In February of 2022, SG Development Corp announced that it listed Lago Vista site in Austin Texas for sale at $15 million, multiples of what we paid for it less than a year ago.

Speaker 4: During the time that we've owned this beautiful waterfront site, we advanced all aspects of preconstruction and now have an extremely attractive shovel-ready asset.

Speaker 4: We had announced last quarter that we were planning to refinance this asset. However, subsequent to year end, we received a new and materially higher appraisal of the site and instead elected to pursue a total asset sale and capture the significant increased value for our shareholders while eliminating development risk.

Speaker 4: At the time of this call, SG Blocks has a construction pipeline of approximately $750 million, which grew from zero in less than a year.

Speaker 4: Now before I discuss some of the recent activity in each of our verticals, I'd like to do a quick update for those new to our story.

Speaker 4: SG Blocks entered the medical testing business in the depths of the pandemic in Q4 2020. The modular facilities that we build were a natural fit for a mobile lab that quickly could be set up.

Speaker 4: And my background and my prior experience lent itself to operational and humanitarian parts of the project. As such, instead of completing a design bill contract to build LAX clear lab, we made the strategic decision to partner on lab operations.

Speaker 4: Since that time, we've built a track record of success that generates significant cash flow, which was funded many of our investments. This success also demonstrates our vertically integrated revenue strategy, which receives a lot of support from shareholders.

Speaker 4: In 2021, the medical segment generated $31.5 million in revenue and was very profitable. We reinvested this cash flow into our development projects and increased our asset base significantly. We continue to believe that our system of point-of care, medical testing and services represents the future of this industry and we plan to continue to invest in this business.

Speaker 4: At December 31st, SG Blocks had 11 projects on the contract with a construction backlog that's valued at approximately $3.2 million. This does not include any projects related to SG Development Corp and does not include any ongoing medical testing.

Speaker 4: While our projects will require additional capital investment, we have a plan to bring in the necessary capital in a nondilutive manner as some of the largest shareholders, the management team is acutely aware of the issue of dilution. So, including the $13 million in cash on the balance sheet and the growing cash from operations, we believe that Lago Vista is priced to sell at $15 million. There is great interest in the site so far and strong activity at the broker level.

Speaker 4: In addition, we are planning to sell a minority stake in SG Development Corp to a qualified platform Investor.

Speaker 4: With a 10,000 unit backlog in our sites, we believe that this stake has a value in the $20 to $30 million range.

Speaker 4: Altogether, this is potentially over $40 to $50 million in cash that's not including the cash flow from the medical segment.

Speaker 4: And also with the proceeds from the Lago Vista sale, we are planning to fund and initiate a share buyback program to support the share price, which we think does not barely value all strengths, assets and growth opportunities.

Speaker 4: Gerald is going to review the financials in a few minutes. But before that I want to say that we have a very exciting year ahead for SG Blocks. Our growing revenue over 3x higher than last year and we're looking ahead to another year of strong revenue growth and being cash flow positive for the year.

Speaker 4: But before that I want to say that we have a very exciting year ahead for SG Blocks. Our growing revenue over 3x higher than last year and we're looking ahead to another year of strong revenue growth and being cash flow positive for the year.

Speaker 4: To provide the strongest platform for that growth, we aggressively recognize costs, expenses and losses lingering on the books in the fourth quarter, which will pave the way for a clean year ahead from an increasing number of revenue streams.

Speaker 4: we aggressively recognize costs, expenses and losses lingering on the books in the fourth quarter, which will pave the way for a clean year ahead from an increasing number of revenue streams.

Speaker 4: We also recently began a search for an experienced public company Chief Financial Officer.

Speaker 4: The timing is right to onboard a seasoned professional who has the experience in the debt and equity markets.

Speaker 4: We look forward to continually onboarding talent commensurate with the growing opportunity.

Speaker 4: These are just some of the reasons why we are excited about SG Block's future growth. I'll now discuss each vertical in more detail.

Speaker 4: Starting on our medical segment, the Clarity Mobile Ventures lab is a container-based point of care CLEAR lab for COVID-19 testing at LAX airport. The lab acts as both a multi-windowed sample collection point and also houses the actual license lab, which allows for speed, efficiency and ease of use by travelers. The lab offers a variety of PCR and antigen tests and is fully compliant with HIPPA and other regulations.

Speaker 4: Our customers include general travelers as well as the staff and crew of the airlines and airport. We also have a programmatic relationship with several individual airlines.

Speaker 4: For 2021, medical testing and services revenue total $31.5 million, a 644% increase from 2020's revenue. Gross profit was $8.9 million for the year.

Speaker 4: This profitable growth has reinforced our belief in point of care testing and services that allowed providers to meet patients in the ordinary course of their lives. We therefore plan to continue to grow this business by aligning ourselves with partners and products that fit our ethics and strategy.

Speaker 4: We've added many cutting-edge technologies to determine those that might be best deployed in modular point of care units and have decided on the following:

Speaker 4: In the diagnostic space, our specific areas of interest are in advanced cancer detection methods, such as breast, lung and prostate cancer, as well as Alzheimer's disease.

Speaker 4: such as breast, lung and prostate cancer, as well as Alzheimer's disease.

Speaker 4: In the treatment space, we envision wellness centers, primary care units and specialty care units, like dialysis units, for example. Operating in communities and strategic locations where a significant patient base can be engaged because of close proximity, elegant design and courteous staff.

Speaker 4: We believe this model will work in dense urban areas, as well as underserved rural areas. We've fielded a lot of inbound interest in our activities in this space and we're very excited about the opportunities for growth in this business.

Speaker 4: Turning to SG Development Corp, we established this division in Q1 2021 to develop the systems and best practices for SG Blocks to develop its own sites. We did this because too often we'd wait for the developers in our pipeline to get the required debt, equity or other approvals and too often, despite all of the parties' best efforts, projects would suffer delays and eventual cancellation, costing us time and money. So we made the decision to develop our own projects and fill our own factories with them.

Speaker 4: During the year, we acquired property or interests in several real estate projects, including the following: Lago Vista, Austin Texas, 58 Lake front acres for 227 residential units and a marina.

Speaker 4: This is the property that is now listed for sale for $15 million. Cumberland Inlet, Georgia, 1,280 acres for several thousand residential units, amenity spaces and a marina.

Speaker 4: 1,280 acres for several thousand residential units, amenity spaces and a marina.

Speaker 4: Norman Berry, East Point, Georgia. This site will yield over 100 residential units in a midrise in Atlanta. Mclane, Oklahoma. This site will support 300 single family homes. Waldron, Durant Oklahoma.

Speaker 4: Mclane, Oklahoma. This site will support 300 single family homes. Waldron, Durant Oklahoma.

Speaker 4: We're renovating this factory site and that capacity, we expect it to generate nearly $50 million per year per revenue. St Mary's, Georgia. This is a 32-acre site that we expect will yield over 110,000 square feet of new manufacturing space.

Speaker 4: This is a 32-acre site that we expect will yield over 110,000 square feet of new manufacturing space.

Speaker 4: Monticello muse, Catskills, New York. This is a 187 unit townhouse development that broke ground in 2021. The units began arriving and being set in January of 2022. Mclane, Oklahoma.

Speaker 4: We closed this site early in 2022. It will yield 680,000 square feet of new factory space.

Speaker 4: Please note, each individual project will have a special limited partner at the project level, whose role will be to provide equity and mezzanine financing, as well as debt guarantees.

Speaker 4: What does all of this activity mean for SG Blocks? First, our total development costs of SG Dev Corp projects is approaching $1 billion. We have the contractual right to manufacture the units for these projects, which equates to approximately $750 million in manufacturing revenue. Additionally,

Speaker 4: we estimate gross profits from the sale or refinancing of these assets to exceed over $1 million during the life of the projects. Second,

Speaker 4: SG Dev Corp projects are manufactured at cost plus 15% margin. We do not include developer fees or profits from any asset sales in our forecast model, as they are typically one time. However, we do project an average developer fee share of 2%, which represents unbudgeted cash flow. These fees will be recognized over time as we work through our pipeline and will help to further diversify our revenue streams. As of today,

Speaker 4: SG Dev Corp has approximately 4,100 residential units in its pipeline. We hope to reach 10,000 units in the pipeline during 2022, which will provide approximately $1.5 billion in manufacturing revenue over the life of these projects. We are perpetually vetting opportunities.

Speaker 4: Turning to commercial sales. We also continue to pursue high-value third-party sales for modular projects to be built inside our ecosystem.

Speaker 4: We also continue to pursue high-value third-party sales for modular projects to be built inside our ecosystem.

Speaker 4: Most of our clients come to us for the combined benefit of quality, speed and price. Many of our clients like the ability to relocate their structures, such as Taco Bell did at South by Southwest. Many of these customers are done with legacy construction methods that are expensive, wrought with cost and time overruns, and are environmentally deficient.

Speaker 4: Just a couple of weeks ago, we announced SG Echo's largest contract to date, which is valued at approximately $6 million. The contract, for more than 100 units, are scheduled for delivery by the end of the current second quarter.

Speaker 4: There is a lot of activity in this division, which serves many verticals, and we're in discussions for new projects across all of them.

Speaker 4: The verticals with the most activity include hospitality, which includes MO living in our Everglades project, housing and tiny homes, single specialty units, food and beverage units, blue chip QSR restaurants, military units, Medical labs and treatment modules.

Speaker 4: which includes low living in our Everglades project, housing and tiny homes, single specialty units, food and beverage units, blue chip QSR restaurants, military units, Medical labs and treatment modules.

Speaker 4: housing and tiny homes, single specialty units, food and beverage units, blue chip QSR restaurants, military units, Medical labs and treatment modules.

Speaker 4: food and beverage units, blue chip QSR restaurants, military units, Medical labs and treatment modules.

Speaker 4: Medical labs and treatment modules.

Speaker 4: We believe that the high interest and potential for tiny homes, MO living and other confidential engagement is so great that combined they could produce over $50 million in revenue in the next 12 to 15 months.

Speaker 4: Now turning to manufacturing. As many of you know, SG Blocks entered the direct manufacturing market in 2021 after many years of utilizing third-party factories for manufacturing.

Speaker 4: Leveraging our decade long body of experience, we started with a great team, a solid infrastructure and an ESR number, which is our approval from the International Code Council to use shipping containers in construction.

Speaker 4: Construction and engineering revenue totaled $6.8 million for the year and accounted for 18% of total revenue. At year end, we were under contract for 11 manufacturing projects outside of our remaining legacy projects, representing $3.2 million in potential gross revenue.

Speaker 4: we were under contract for 11 manufacturing projects outside of our remaining legacy projects, representing $3.2 million in potential gross revenue.

Speaker 4: We're glad to have completed all the legacy projects we inherited with SG Echo and we look forward to making manufacturing revenue a cornerstone for our P&L profile.

Speaker 4: We currently have close to approximately one million square feet of made in the USA manufacturing space, either open or in development, across four locations.

Speaker 4: Several of these manufacturing facilities have been financed with forgivable loans based upon hiring and worker retention.

Speaker 4: We expect that our second manufacturing facility will be operating and generating revenue in Q3 of this year.

Speaker 4: SG Block's ownership of these factories benefits the company in several important ways. We envision that they will execute on old development company projects where SGBX has the contractual right to build.

Speaker 4: They'll also help to attract additional high-end third-party commercial opportunities. The facilities will be eligible for refinancing upon asset stabilization.

Speaker 4: But most importantly, they're expected to generate significant and steady revenue and margin growth and provide additional income offsets via asset depreciation. Lastly, fees are very attractive assets that we believe will only increase in valuation.

Speaker 4: Taken together, we're very excited about the opportunities and potential of our development, commercial and manufacturing divisions, all of which serve and feed the other.

Speaker 4: Lastly, in March we announced the formation of a new entity, SG Environmental Solutions Corp to meet market needs for sustainable, eco-friendly waste management and recycling infrastructure projects.

Speaker 4: We created this division to support a new 10 year exclusive distribution agreement with Sanitec industries, a sustainable waste management company that is the global patentholder for Sanitec Microwave Healthcare Waste Disinfection system.

Speaker 4: The system is designed to shred and disinfect biomedical waste, rendering the waste disinfected, unrecognizable and of no greater risk to the public health than residential household waste. We're very excited about our partnership with Sanitec. Their state-of-the-art technology is fully automated, self-contained, extremely efficient, environmentally compatible and a perfect fit for our modular mobile units.

Speaker 4: In order to support our expected growth, we're continuing to build out our team with experienced industry experts. We recently executed three important employee agreements that ensure long-term services for our capable COO, interim CFO and the Medical Director of sales. And we are continuing to add quality people and partners to support our growth and expansion plan.

Speaker 4: And we are continuing to add quality people and partners to support our growth and expansion plan.

Speaker 4: I'll now turn the call over to Gerald for our financial review. Gerald.

Gerald Anthony Sheeran: Thank you, Paul. Let's begin with the income statement. Revenue for the fourth quarter was $8.5 million, an increase of 15% compared to $7.4 million for the fourth quarter of 2020. Medical segment sales increased 80% year over year to $7.6 million.

Speaker 5: Gross profit for the fourth quarter of 2021 was approximately $200,000 compared to $1.6 million in the fourth quarter of 2020. Gross profit was lower due to higher year end cost adjustments and a $1 million accrued loss charge rack related to additional cost of goods expenses for two projects which are expected to be complete by the end of the second quarter of 2022.

Speaker 5: Operating expenses for the fourth quarter or 2.4% a decrease of 22% compared to $3.1 million in the fourth quarter of 2020. General and Administrative expenses decreased 35.5% compared to the year ago fourth quarter.

Speaker 5: The net loss attributed to common shareholders was $3.4 million, or -31 cents per share, compared to a net loss of $1.6 million or -19 cents per share in the fourth quarter of 2020. The net loss attributed to common shareholders included the following items: approximately $155,000 noncash depreciation and amortization expense, $900,000 in noncash stock compensation expense and a million dollars in accrued loss charges. For the year, revenue was $38.3 million, a 338% increase compared to $8.8 million in revenue for 2020. The medical segment accounted for 82% of total revenue and the construction segment accounted for 18%.

Speaker 5: was $3.4 million, or a -31 cents

Speaker 5: per share, compared to a net loss of $1.6 million or -19 cents per share in the fourth quarter of 2020. The net loss attributed to common shareholders included the following items: approximately $155,000 noncash depreciation and amortization expense, $900,000 in noncash stock compensation expense and a million dollars in accrued loss charges. For the year, revenue was $38.3 million, a 338% increase compared to $8.8 million in revenue for 2020. The medical segment accounted for 82% of total revenue and the construction segment accounted for 18%.

Speaker 5: $900,000 in noncash stock compensation expense and a million dollars in accrued loss charges. For the year, revenue was $38.3 million, a 338% increase compared to $8.8 million in revenue for 2020. The medical segment accounted for 82% of total revenue and the construction segment accounted for 18%.

Speaker 5: Now turning to the balance sheet. SG Blocks continues to have a strong and flexible capital structure that we believe will support our near-term financial requirements. At December 31st, the company had cash and cash equivalence of approximately $13 million. This includes net proceeds of approximately $10.5 million from the equity capital raise that we closed in October of 2021. Total assets were $34.9 million at year-end, compared to $26.9 million at December 31st 2020.

Speaker 5: During 2021, the company's cash had been deployed onto strategic investments that included both the acquisition of land development and projects, totally approximately $9.2 million. At year-end, long-term liabilities included: one note outstanding for $750,000 and a lease liability of $772,000. Shareholders equity totaled $21.7 million, compared to $18.4 million at the end of 2020.

Speaker 5: And there were approximately 12 million shares of common stock outstanding. I'll now turn the call back to Paul.

Paul M. Galvin: Thank you Gerald. In closing, 2021 was an historic year by almost every measure. We ended the year with great momentum and have a lot to look forward to in the year ahead. This includes our plans for launching our first non-COVID-19 testing and service modules, working to grow our SG Dev Corp pipeline to 10,000 residential units, advancing the initial development company projects into our factories and, over the next 24 to 30 months, activating approximately one million square feet of additional Made in the USA manufacturing space.

Speaker 4: Ultimately, our goal is to achieve strong and consistent revenue growth from a diversified pipeline of projects where we control the means of delivery, and we're getting closer every quarter.

Speaker 4: The investments made over the last two years to build a strong foundation have brought us to this important junction and we believe that we're on the cusp of achieving our goals, including being cash flow positive for all of 2022.

Speaker 4: Thank you to everyone who has helpped us reach this point. That completes our prepared remarks.

Speaker 4: Thank you for your interest. For those that have questions, please contact Stephanie Prince at sprince@pcgadvisory.com. Stephanie will be scheduling fifteen-minute calls with interested investors, with management.

Speaker 4: Advisory DOT com.

Speaker 4: Stephanie will be scheduling fifteen-minute calls with interested investors, with management.

Speaker 4: We look forward to speaking with you again on our first quarter call in mid-May. Be well, stay safe and have a great day, Thank you.

Operator: This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

Speaker 1: The that R R.

Speaker 1: Conference center. May your name pleasehisure H Rachel sok? This with ira. Yes, OK for walsyes, Thank you. Ok, just stand by the record. Thank you for joining the conference. Please record the requested information when prompted. Please speak lowly and clearly So that we can more accurately record your information. If no information is recorded or you are having difficulty, please stay on the line for operator assistance. After the tone, Please record and spell your email address. Then press the pankey to continuerachelat DOT com at omthank you.

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This is the property that now for Sal for $15 million comeumber in Georgia. wel hundred 80 eighters for sevenveral thousand residentialal unit.s, the manyities SPEs and the mara nor point. Georgia ite will yield over one hundred residential units in a mid R in land. The plan homea cite will support three hundred single fam homes an Al LA homa renoating facttory cite and Act passity. We expected to gener M five million per year revenue Mar Georgia. This is a thirtyto eight citethat we expect y over a hundred one thousand Qu? Fe of new manufacturing space. The sell new C's or is a one hundred 80, sevenven unit town house development that pro ground in thousand 20, one units began riing and in manuary two thousand 20, twothe C? hhomea clo the ite early and twotwentthousand 20, two will yield six hundred 80 thousand whereare Fe of newufacturing SP eight individual projects will have a special limited partner at the project level who se will be to provide equity and resven financing as well as what the all of the activity blocks. First, our total development cost of's de court projects, approaching onemillion dollars, have the contractionual right to manufaction the units for projects which create to approximately $75 million and manufacturing revenue. But additionally we imate gross process from the Sal or re financing of these assets to exced over one hundred million dollars during the life of the projects's court projects manufacture at ST us 15 perpresent margion. We do not include develop Fe or proof from any assets Sal in our four C del as they are typ ically one time. However, we do projectact and ver develop Fe shareyear of two purpercent which representents buded cash F fees will be record no over time as we for our ppeline and will help to four the ver our reven stre. Today's court has approximately four thousand one hundred residential unit in its pipeline. We PE one thousand units in the pipeline during twentthousand 20, two which will provide approximately one point five million dollars and manufacturing revenue over a life of these projects. We are tally opportunities. Turning to commercial Sal, we also continue toa pursue high value third party sals for D projects to builtin our e co system. Most of our C come to us for the com point benef of quality price. Many of our line like the ability re ate their struions, such tocal be ment South, South West. Many of these customers are done with legacy construction methed that our senten cost time over's and our vol ment defic just the couple of go we noun's G egoes law EST contract to which is valueed at approximately $6 million. The contract for more than a hundred units are sedual for deli by the end of current second quar is a lot of activity in this division which serves many verticaless were discussions for new projects across all of the vertical with the most activity ion inclu the ity which incluudes living and our ever a project thousandousing and tiny homes, sing special units, ver unit, S's mitary units, medical lab and treatment mod. Believe that the high interest and potential for twentiny homes, living and other confidential in engagement So grate that combined could produce over 50 mion and revenue in the next we to 15 Mon now ING to manufacturing as many of's G blocks ande the direct manufacturing market in thousand 20: one after many years ut izing third party facturing for manufaction, leveraging our de a law body of experiions starteded with the gr teenam in constructure and any's our number which are- which is our approval from the inter ancial co council- to shipiing containers and construction. Construction and and Ming revenue total six point eight million for the year and accouned for eighteteen percent of total revenue. Year end we were under contract for aeleven manufacturing projects out of our remain legacy projects representing three point two million in potential gross revenue were ad to have completeded all the legacy projects we hered with e we four to Ma manufacturing revenue cour one for our P prooffile currently close to approximately one million quare Fe of made in the? U's a manufacturing space, ither open or development, across four locations. Several of these manufacturing abities have been finan with for giable loes based upon highing and tension. We expect that our second manufacturing facity will be operating and generating revenue Q3 of the year's blocks or ship. These facttoryes benefits the company and several: one important we we invision that day will execute on all development company projects's G. B has the tractionual to bill. Also have to a tract additional and third party commercial opportunities. The facilities will be elegliable for refin upon assets stable ization, most importantly, are expected to: two generate significant and study revenue and marg growth and provide additional in offsets asseset preciation. Last, Fe are very tracted assets that we believe only increase valuation. Take to together very exced about the opportunities and potential of our development, commercial and manufacturing divisations: ser and Fe. The other.

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