Latest news with #FivePoint
Business Wire
9 hours ago
- Business
- Business Wire
Five Point Holdings, LLC to Acquire Controlling Interest in New Landbank Venture With Hearthstone, Inc.
IRVINE, Calif.--(BUSINESS WIRE)--Five Point Holdings, LLC ('Five Point' or the 'Company') (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today announced that it has entered into a definitive agreement to acquire a controlling interest in a newly formed entity that will include substantially all of the business and operations of Hearthstone, Inc. ('Hearthstone'), a provider of capital solutions to the U.S. homebuilding industry. The new entity, Hearthstone Residential Holdings, LLC (the 'Hearthstone Venture'), represents a strategic partnership between Five Point and Hearthstone designed to expand access to flexible, off-balance sheet capital for homebuilders pursuing land-light strategies. This marks a significant expansion of Five Point's capabilities, positioning it as a more active manager of capital solutions for the homebuilding sector through investment funds. The Hearthstone Venture will benefit from Five Point's deep development expertise, valuable long-term relationships with the homebuilding industry, and strong capital base, while leveraging Hearthstone's respected platform and experienced leadership. As part of the transaction, Hearthstone will contribute substantially all of its assets into the new venture, of which Five Point will own 75%, with the remaining 25% retained by entities affiliated with Mark Porath, Hearthstone's Founder and Chief Executive Officer. The Hearthstone Venture will continue to be led by its existing management team. Hearthstone was founded in 1992 and is focused on managing institutional capital in residential for-sale housing in select target markets across the country. Hearthstone's business consists of a land banking (or lot option) program that provides capital to public homebuilders, a joint venture financing program, and advisory services for real estate investors and financial institutions. With over $2.6 billion in assets under management, the firm has funded over 173,000 homes and lots, totaling approximately $21 billion in investments in connection with approximately 750 transactions. The acquisition is expected to close by the end of the third quarter, subject to customary closing conditions. 'Hearthstone has built an impressive track record over more than three decades, consistently delivering value through changing market conditions, and we are very excited to bring this exceptional platform and talented team into Five Point,' said Dan Hedigan, President and Chief Executive Officer of Five Point. 'We've had the opportunity to partner with Hearthstone on several transactions and have great respect for their disciplined execution and deep relationships across the homebuilding industry. This acquisition will create new revenue streams for Five Point, while connecting us to a broader network of capital providers and strengthening our relationships with builder partners. Hearthstone's market insight, innovative approach, and operational excellence are a strong complement to our land development platform, and both companies have established trust with their homebuilder partners. Together, we're positioned to scale Hearthstone's land banking business, while further supporting Five Point's asset-light growth strategy.' 'Partnering with Five Point is a strategic step forward for Hearthstone,' said Mark Porath, Founder and Chief Executive Officer of Hearthstone. 'This venture will allow us to scale our platform and broaden our impact while aligning with an industry leader that shares our long-term vision. We're entering this partnership to leverage the respective strengths of both companies, and my continued ownership stake reflects my confidence in the future of the business. Our builder clients will experience continuity in service—with the added advantage of expanded resources, enhanced capital solutions, and increased capacity to support their growth strategies.' About Five Point Holdings, LLC Five Point Holdings, LLC (NYSE: FPH) designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point's communities include the Great Park Neighborhoods® in Irvine, Valencia® in Los Angeles County, and Candlestick® and The San Francisco Shipyard® in the City of San Francisco. About Hearthstone, Inc. Hearthstone, Inc. is a leading private investment partner in for-sale housing in the United States, with an uncompromising commitment to excellence, innovation, and integrity. Hearthstone's primary business is managing institutional capital in their investment in residential housing in select target markets. Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words 'anticipate,' 'believe,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'estimate,' 'project,' 'should,' 'will,' 'would,' 'result' and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Forward-looking statements include, among others, statements that refer to: our expectations of future home sales and/or builder sales; our future revenues, costs and financial performance, including with respect to cash generation and profitability; the expected timing, completion, and effects of the proposed transaction; the ability of the parties to consummate the transaction on the anticipated timeline or at all; anticipated benefits, synergies, or strategic advantages; and other statements that are not historical in nature. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in Five Point's filings with the SEC, including Five Point's Annual Report on Form 10-K, under the heading 'Risk Factors.' Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.
Business Wire
20-05-2025
- Business
- Business Wire
Jeff Eaton Joins Five Point Infrastructure as Partner
HOUSTON--(BUSINESS WIRE)--Five Point Infrastructure LLC (formerly known as Five Point Energy, 'Five Point') today announced that Jeff Eaton has joined the firm as a Partner, bringing decades of experience in private capital advisory, energy and infrastructure investing. Jeff will play a key role in shaping firm strategy and enhancing client solutions, further strengthening Five Point's position as a leader in the energy infrastructure sector. Jeff joins Five Point after a distinguished career at Eaton Partners, where he was instrumental in growing the firm into one of the most respected private capital advisory and fund placement platforms in the industry. 'We are excited to welcome Jeff to Five Point,' said David Capobianco, CEO and Managing Partner at Five Point. 'His leadership, industry relationships, and strategic insight will be invaluable as we continue to expand our platform and provide best-in-class investment opportunities to our partners. We've known and worked with Jeff for over a decade, and we are excited to be adding him to our team.' For nearly two decades, Jeff advised top-tier private equity and infrastructure firms, helping to drive capital formation and long-term partnerships with institutional investors. In addition to leading and managing Eaton Partners, Jeff built Eaton's Real Assets business into an industry leader. After helping to lead the sale of Eaton Partners to Stifel Financial in 2016, Jeff continued in a leadership role until 2023, before transitioning into a position as a Senior Advisor to Stifel. Prior to Eaton Partners, Jeff held key roles at Constellation Energy, where he was focused on investments in the midstream energy infrastructure sector. Jeff expressed his enthusiasm for joining the firm, stating, 'I have always admired the Five Point team's vision, expertise, and ability to drive transformational investments in the critical infrastructure sector. They have built an exceptional platform, and I am eager to contribute to their continued success as a leader in infrastructure investing.' About Five Point Infrastructure Five Point Infrastructure LLC is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For more information about Five Point, please visit:
Reuters
19-05-2025
- Business
- Reuters
Energy investor Five Point targets $2 billion from Northwind pipelines sale, sources say
May 19 (Reuters) - The private equity owner of Northwind Midstream is exploring a potential sale of the Permian Basin gas infrastructure operator, with any deal expected to value the company at around $2 billion including debt, people familiar with the matter said. Five Point Infrastructure is working with investment bankers at Piper Sandler (PIPR.N), opens new tab on the sale effort, which is in its early stages and may attract interest from midstream companies as well as other buyout and infrastructure funds. The people cautioned that there was no guarantee a deal would be struck, and any agreement could come at a different valuation. They also spoke on condition of anonymity to discuss private deliberations. Five Point declined comment. Northwind and Piper Sandler did not respond to requests for comment. Northwind Midstream was formed by Five Point in 2022 and, since then, the company has developed a system of pipelines, compressor stations and a treatment facility in the northern part of the Delaware Basin, predominantly in New Mexico. The company focuses on moving and treating so-called acid gas, a form of natural gas which is high in hydrogen sulfide and carbon dioxide. The chemical compounds need to be removed before the natural gas can be used for commercial purposes. The sale effort involving Northwind is the latest example of private equity owners aiming to offload the energy infrastructure networks which the companies have spent recent years building out to support growing U.S. shale production. Dealmaking activity is supported by publicly-listed pipeline operators wanting to expand their capabilities after spending recent years paying down debt and improving their stock prices. Competition for assets is supplemented by healthy appetite from investment firms, which have raised billions of dollars to buy energy infrastructure, which offers steady returns from the fees levied for moving oil and gas.
Associated Press
15-05-2025
- Business
- Associated Press
Five Point Infrastructure Announces the Formation of PowerBridge With a $1 Billion Equity Commitment, to Develop and Build Gigawatt-Scale Powered Data Center Campuses in North America
HOUSTON--(BUSINESS WIRE)--May 15, 2025-- Five Point Infrastructure LLC (formerly known as Five Point Energy, 'Five Point') today announced the formation and funding of PowerBridge LLC ('PowerBridge' or the 'Company'), with an equity commitment of up to $1 billion. PowerBridge is focused on developing, building, and managing gigawatt-scale data center campuses, associated power infrastructure and fiber network connectivity throughout North America. The formation of PowerBridge builds on Five Point's powered land strategy, developing significant digital infrastructure projects that require abundant and reliable power and related infrastructure. Through affiliate company LandBridge (NYSE: LB), a leading land management business, PowerBridge will immediately gain access to more than 275,000 surface acres for infrastructure development, as well as direct access to low cost natural gas due to LandBridge's strategic positioning adjacent to the Waha Gas market hub. The platform will also uniquely benefit from its relationship with Five Point backed WaterBridge, a pioneer of water management and the largest pureplay, privately-held midstream water management company in the Delaware Basin, in addressing the cooling water needs of data centers and new power generation. PowerBridge is led by CEO Alex Hernandez. Prior to founding PowerBridge, Mr. Hernandez was Founder and CEO of Cumulus Data and CEO of Talen Energy Corp (NASDAQ: TLN), one of the largest competitive power companies in North America with ~15 GW of power generation assets. Cumulus Data was sold to Amazon Web Services (AWS) in May 2024. Mr. Hernandez currently serves on the Board of Directors of ERCOT, which manages the flow of electric power to 27 million Texas customers and 90 percent of the state's electric load. Mr. Hernandez said, 'We are excited to partner with Five Point to capitalize on this generational moment in the growth and convergence of energy and digital infrastructure. With Five Point's institutional support, our collective energy infrastructure, power operations, data center development, and fiber experience, and the significant additional value that other Five Point portfolio companies can bring for customers, we look forward to providing hyperscale customers with turnkey data center campus solutions at scale.' The PowerBridge team, including Mr. Hernandez and other former Cumulus executives, is the only team to successfully develop and deliver a gigawatt-scale data center campus directly connected to wholesale power generation assets, without a grid connection. The 1 GW Cumulus data center campus was directly connected to Talen Energy's 2.6 GW Susquehanna Nuclear Power Plant in Berwick, PA. Validating the success of this project, AWS is in the process of deploying approximately $12 billion of capital into this digital giga-campus by constructing 17 data center buildings (~960 MW in aggregate). The team that developed this campus has been re-assembled to execute similar digital giga-campus deployments within PowerBridge. David Capobianco, CEO and Managing Partner of Five Point, said, 'The formation of PowerBridge adds another important component to our powered land strategy. Together with Landbridge, WaterBridge, our deep institutional relationships and track record of building critical infrastructure companies, PowerBridge is well positioned to create best-in-class data, power, and fiber solutions for data center customers.' Mr. Capobianco continued, 'Alex and his team transformed the power and data center industries with the Cumulus project, and we firmly believe this experience, combined with our resources, will redefine the digital infrastructure landscape once again by providing a differentiated, integrated and competitive solution at multi-gigawatt scale.' About PowerBridge LLC PowerBridge develops, builds and manages gigawatt-scale data center campuses and associated power infrastructure and network connectivity throughout North America. For more information, please visit About Five Point Infrastructure Five Point Infrastructure LLC (formerly known as Five Point Energy LLC) is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For further information, please visit About LandBridge LandBridge (NYSE: LB) owns approximately 277,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point. For more information, please visit: About NDB Midstream and WaterBridge Operating LLC (collectively, 'WaterBridge') NDB Midstream LLC is a strategic partnership between Five Point Energy and Devon Energy Corp. (NYSE: DVN) that operates full-cycle produced water transportation, handling, recycling and reuse assets in the northern Delaware Basin in West Texas and New Mexico and the Eagle Ford Basin in South Texas. NDB Midstream LLC handles approximately 1.2 million bpd of produced water and owns 2.0 million bpd of produced water handling capacity. WaterBridge Operating LLC is a portfolio company of Five Point Energy and GIC that operates full-cycle produced water transportation, handling, recycling and reuse assets in southern Delaware Basin in West Texas and the Arkoma Basin in Oklahoma. WaterBridge Operating LLC handles approximately 1.2 million bpd of produced water and owns 2.2 million bpd of produced water handling capacity. WaterBridge collectively comprises the largest pure play produced water midstream business in the industry. Headquartered in Houston, Texas, WaterBridge benefits from a first-mover advantage in the emerging water midstream sector with a management team with extensive experience in the water midstream industry. For further information, please visit Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on Five Point's beliefs, as well as assumptions made by, and information currently available to, Five Point, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may' and the words 'believe,' 'anticipate,' 'continue,' 'intend,' 'expect' and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although Five Point believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, Five Point and its portfolio companies, including LandBridge and PowerBridge, may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: potential hyperscale customers' demand for and use of LandBridge's land and resources; the success of our affiliates, including LandBridge, PowerBridge, WaterBridge, and the counterparty to the previously disclosed lease development agreement, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on LandBridge's land; potential customers' willingness and ability to develop LandBridge's land or any potential acquired acreage to accommodate any future surface use developments, such as the site under contract for the data center lease development agreement; LandBridge's ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices LandBridge is able to charge and the margins LandBridge is able to realize; LandBridge's ability to successfully implement its growth plans, including through the future acquisitions of acreage and/or introduction of new revenue streams; PowerBridge's ability to acquire or develop power generation infrastructure; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's final prospectus filed with the SEC on March 25, 2025, and LandBridge's subsequent SEC filings. You can access LandBridge's filings with the SEC through the SEC's website at Except as required by applicable law, neither Five Point nor LandBridge undertakes any obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. View source version on CONTACT: Media Contacts Daniel Yunger / Nathaniel Shahan Kekst CNC [email protected]/[email protected] KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: OTHER ENERGY UTILITIES NATURAL RESOURCES HARDWARE ENERGY DATA MANAGEMENT TECHNOLOGY OTHER NATURAL RESOURCES SOURCE: Five Point Infrastructure LLC Copyright Business Wire 2025. PUB: 05/15/2025 08:15 AM/DISC: 05/15/2025 08:16 AM
Business Wire
15-05-2025
- Business
- Business Wire
Five Point Infrastructure Announces the Formation of PowerBridge With a $1 Billion Equity Commitment, to Develop and Build Gigawatt-Scale Powered Data Center Campuses in North America
HOUSTON--(BUSINESS WIRE)--Five Point Infrastructure LLC (formerly known as Five Point Energy, 'Five Point') today announced the formation and funding of PowerBridge LLC ('PowerBridge' or the 'Company'), with an equity commitment of up to $1 billion. PowerBridge is focused on developing, building, and managing gigawatt-scale data center campuses, associated power infrastructure and fiber network connectivity throughout North America. The formation of PowerBridge builds on Five Point's powered land strategy, developing significant digital infrastructure projects that require abundant and reliable power and related infrastructure. Through affiliate company LandBridge (NYSE: LB), a leading land management business, PowerBridge will immediately gain access to more than 275,000 surface acres for infrastructure development, as well as direct access to low cost natural gas due to LandBridge's strategic positioning adjacent to the Waha Gas market hub. The platform will also uniquely benefit from its relationship with Five Point backed WaterBridge, a pioneer of water management and the largest pureplay, privately-held midstream water management company in the Delaware Basin, in addressing the cooling water needs of data centers and new power generation. PowerBridge is led by CEO Alex Hernandez. Prior to founding PowerBridge, Mr. Hernandez was Founder and CEO of Cumulus Data and CEO of Talen Energy Corp (NASDAQ: TLN), one of the largest competitive power companies in North America with ~15 GW of power generation assets. Cumulus Data was sold to Amazon Web Services (AWS) in May 2024. Mr. Hernandez currently serves on the Board of Directors of ERCOT, which manages the flow of electric power to 27 million Texas customers and 90 percent of the state's electric load. Mr. Hernandez said, 'We are excited to partner with Five Point to capitalize on this generational moment in the growth and convergence of energy and digital infrastructure. With Five Point's institutional support, our collective energy infrastructure, power operations, data center development, and fiber experience, and the significant additional value that other Five Point portfolio companies can bring for customers, we look forward to providing hyperscale customers with turnkey data center campus solutions at scale.' The PowerBridge team, including Mr. Hernandez and other former Cumulus executives, is the only team to successfully develop and deliver a gigawatt-scale data center campus directly connected to wholesale power generation assets, without a grid connection. The 1 GW Cumulus data center campus was directly connected to Talen Energy's 2.6 GW Susquehanna Nuclear Power Plant in Berwick, PA. Validating the success of this project, AWS is in the process of deploying approximately $12 billion of capital into this digital giga-campus by constructing 17 data center buildings (~960 MW in aggregate). The team that developed this campus has been re-assembled to execute similar digital giga-campus deployments within PowerBridge. David Capobianco, CEO and Managing Partner of Five Point, said, 'The formation of PowerBridge adds another important component to our powered land strategy. Together with Landbridge, WaterBridge, our deep institutional relationships and track record of building critical infrastructure companies, PowerBridge is well positioned to create best-in-class data, power, and fiber solutions for data center customers.' Mr. Capobianco continued, 'Alex and his team transformed the power and data center industries with the Cumulus project, and we firmly believe this experience, combined with our resources, will redefine the digital infrastructure landscape once again by providing a differentiated, integrated and competitive solution at multi-gigawatt scale.' About PowerBridge LLC PowerBridge develops, builds and manages gigawatt-scale data center campuses and associated power infrastructure and network connectivity throughout North America. For more information, please visit About Five Point Infrastructure Five Point Infrastructure LLC (formerly known as Five Point Energy LLC) is a private equity and infrastructure investor focused on investments within the North American powered land, surface management, water management, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Based in Houston, Texas, Five Point has approximately $8 billion of assets under management across multiple investment funds. For further information, please visit About LandBridge LandBridge (NYSE: LB) owns approximately 277,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point. For more information, please visit: About NDB Midstream and WaterBridge Operating LLC (collectively, 'WaterBridge') NDB Midstream LLC is a strategic partnership between Five Point Energy and Devon Energy Corp. (NYSE: DVN) that operates full-cycle produced water transportation, handling, recycling and reuse assets in the northern Delaware Basin in West Texas and New Mexico and the Eagle Ford Basin in South Texas. NDB Midstream LLC handles approximately 1.2 million bpd of produced water and owns 2.0 million bpd of produced water handling capacity. WaterBridge Operating LLC is a portfolio company of Five Point Energy and GIC that operates full-cycle produced water transportation, handling, recycling and reuse assets in southern Delaware Basin in West Texas and the Arkoma Basin in Oklahoma. WaterBridge Operating LLC handles approximately 1.2 million bpd of produced water and owns 2.2 million bpd of produced water handling capacity. WaterBridge collectively comprises the largest pure play produced water midstream business in the industry. Headquartered in Houston, Texas, WaterBridge benefits from a first-mover advantage in the emerging water midstream sector with a management team with extensive experience in the water midstream industry. For further information, please visit Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on Five Point's beliefs, as well as assumptions made by, and information currently available to, Five Point, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may' and the words 'believe,' 'anticipate,' 'continue,' 'intend,' 'expect' and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although Five Point believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, Five Point and its portfolio companies, including LandBridge and PowerBridge, may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: potential hyperscale customers' demand for and use of LandBridge's land and resources; the success of our affiliates, including LandBridge, PowerBridge, WaterBridge, and the counterparty to the previously disclosed lease development agreement, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on LandBridge's land; potential customers' willingness and ability to develop LandBridge's land or any potential acquired acreage to accommodate any future surface use developments, such as the site under contract for the data center lease development agreement; LandBridge's ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices LandBridge is able to charge and the margins LandBridge is able to realize; LandBridge's ability to successfully implement its growth plans, including through the future acquisitions of acreage and/or introduction of new revenue streams; PowerBridge's ability to acquire or develop power generation infrastructure; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's final prospectus filed with the SEC on March 25, 2025, and LandBridge's subsequent SEC filings. You can access LandBridge's filings with the SEC through the SEC's website at Except as required by applicable law, neither Five Point nor LandBridge undertakes any obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.
