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  • 7/21/2019 MicroCap Review Summer/Fall 2015

    1/96

    www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    \TAADZ/IKEE :6;4 a`lrnlkprdv`dw.l

    $4

    I D K X T Z D H K Z X @ L E D \;2Wbdrd krd tbd To`lnros inr \akee

    @ovdstnrs> Jy Lbkreds Vkyod

    :0 Vrdpkr`og inr tbd @odv`tkjed Jy Z`lc Zued

    48Krd Odw Dxlbkogds tbkt Ikvnr A`lrnLkp@ssudrs no tbd Bnr`zno> Jy Hkv`h Wd`eh @Y

    B`gbpnwdr @otdrokt`noke, @ol.

    Vkgd:9OK\HK[= BVM

    Gdnrgd Vko, LDN

    www.b`gbpnwdrtdlb.lna

    42 @apnrtkold ni Grdkt Akokgdadot `ok A`lrnLkp Lnapkoy Jy Znjdrt Crkit

    94 Gdtt`og Lensdr tn Lkp`tke`z`og noLkookj`s Jy Keko Jrnlbstd`o

    7; Wbkt @ Ka Juy`ogJy Lbr`s Ekb`m`

    78 J`ntdlb @ovdst`og Jy Ckre Hnugeks

    I`omko Bneh`ogs, @ol.

    Vkgd;:OK\HK[= IO

    Vb`e Bkrtstd`o, Vrds`hdot koh L

    www.i`omko.l

    Vrnvdltus J`npbkrakldut`lkes, @ol.

    Vkgd9OP\D ACX= VY

    Vdtdr Luepdppdr, LIN/Lwww.pvlt.l

    Bdan\urd, @ol.

    Vkgd8

    Jy Lbkreds Vkyod

    :0 Vrdpkr`og inr tbd @odv`tkjed

    Jy Z`lc Zued

    89 Vr`ol`pke Khvkotkgds ni k Zdvdrsd Adrgdr

    Jy Mnbo Enwy

    46 Dxpenrkt`no @os`gbts

    Jy Jrdot Lnnc48 Krd Odw Dxlbkogds tbkt Ikvnr A`lrnLkp

    @ssudrs no tbd Bnr`zno>

    Jy Hkv`h Wd`eh @Y

    42 @apnrtkold ni Grdkt Akokgdadot `o k

    A`lrnLkp Lnapkoy

    Jy Znjdrt Crkit

    96 \okcd N`es \kedsado & Gneh Juiis

    Jy Kotbnoy Hds`r

    94 Gdtt`og Lensdr tn Lkp`tke`z`og no Lkookj`s Jy Keko Jrnlbstd`o

    97 \ddh Lkp`tke I`ohs Vr`vktd koh Vuje`l

    Lkookj`s Akrcdts

    Jy Keko \nutdodt koh Xnhh Hkv`s

    90 Odw Inrakt`nos

    Jy Hkv`h Kesup

    7; Wbkt @ Ka Juy`og

    Jy Lbr`s Ekb`m`

    7: Noe`od Zdg H koh Zdg K+ Hdke Vektinras

    Z`hd Grnwtb ni H`g`tke Lkp`tke Akrcdt

    Jy Jrdtt Gndtslb`us

    78 J`ntdlb @ovdst`og

    Jy Ckre Hnugeks

    72 Ennc`og inr tbd Odxt Grdkt A`lrnLkp \tn

    Jy M`a Lnee`os

    29 \`evdr= Hry C`ohe`og Kwk`t`og k \pkrc

    Jy Hkv`h Anrgko

    06 Wbkt krd tbd Jdst Xkrgdts inr Klt`v`st

    @ovdstnrs>

    Jy De`zkjdtb Cnpped

    0: Xbd Jdg`oo`og ni k Trko`ua Xurokrnuoh

    Jy O`lc Bnhgd

    08 Hno Lkev`o Adanr`ke

    Grddo Xdlb Lnrodr:8 Xbd Zneedr Lnkstdr Z`hd ni

    Ledko Xdlb Jy Hkrrdo Dog

    E`id \l`dolds Lnrodr

  • 7/21/2019 MicroCap Review Summer/Fall 2015

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    9 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    VZNI@EDH LNAVKO@D\

    tnrs bkh jddo sdkrlb`og inr k hrug lkoh`hktd

    lkpkjed ni c`ee`og lkoldr ldees skidey, spdl`i`-

    lkeey, lnapedtdey koh qu`lcey. Jy tbd doh nitbd hdlkhd Hrs. Lrk`g Hdds, VbH, X`antby

    \lntt, VbH koh Dr`l Wklbtdr, VbH bkh rd-

    h`slnvdrdh wbkt lnueh turo nut tn jd tbd

    `hdke lkoldr c`eedr= Znsd Jdogke, k anedlued

    w`tb k enog koh h`vdrsd adh`lke b`stnry.

    @rno`lkeey tbd lnapnuoh bkh ek`o krnuoh

    `o pek`o s`gbt ni tbd genjke pbkrakldut`lke

    `ohustry inr odkrey 24 ydkrs jdinrd Hdds dt ke.

    jdgko tbd`r mnurody ni hdanostrkt`og Znsd

    Jdogkes lkoldr i`gbt`og pntdot`ke.

    \kidey koh diidlt`vdey dogkg`og tbd jnhys`aauod systda koh `ts okturke kot`-lkoldr

    hdidosds, `ostdkh ni hdstrny`og nr a`sus-

    `og tbda, uohdrslnrdh tbd Xdoodssdd tr`ns

    kpprnklb tn hdidkt`og tbd h`sdksd. Xbdy

    jde`dvdh c`ee`og lkoldr tuanrs `o tbd lnr-

    rdlt wky bdeh tbd cdy tn sulldssiue adh`-

    lke trdktadot jdlkusd k prnpdr kpprnklb

    lnueh dokjed tbd `aauod systda tn st`au-

    ektd lkoldr-c`ee`og ldees tbrnugbnut tbd jnhy.Vdtdr Luepdppdr, LIN/LNN

    Nuts`hdrs tn tbd pbkrakldut`lke `ohustry, tbrdd kwkrh-w`oo`og rdsdkrlbsl`dot`sts irna tbd Hdpkrtadot ni Dodrgys Dkst Xdoodssdd-jksdh Nkc Z`hgdOkt`noke Ekjnrktnry dajkrcdh no k pktb ni tbd`r nwo `o tbd ;006s tn hdvdenp k

    jdttdr wky tn i`gbt lkoldr.

    Bk`e`og irna tbd okt`nokeey rdlngo`zdh idh-

    drke gnvdroadot sl`dold koh tdlbonengy

    ikl`e`ty w`tb k r`lb b`stnry ni h`slnvdry koh`oonvkt`no, tbdsd tbrdd tdlbonengy `ovdo-

    Vrnvdltus

    J`npbkrakldut`lkesKhvkol`og k Odw Irnot `o tbd Wkr

    kgk`ost Lkoldr

    OP\D ACX= VYLX

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    A`lrnLkp Zdv`dw Akgkz`od

    7www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    Hdds, \lntt koh Wklbtdr dvdotukeey inuoh-

    dh Conxv`eed, Xdoodssdd-jksdh Vrnvdltus

    J`npbkrakldut`lkes, @ol. (OP\D ACX=

    VYLX) `o :66: w`tb tbd gnke ni hdvdenp`og

    Znsd Jdogke-jksdh hrugs tn trdkt lkoldr. Xbd

    inuohdrs v`s`no wks tn bkvd tbd lnapkoys

    edkh `ovdst`gkt`noke nolnengy hrug VY-;6,

    ko `omdltkjed ;6% sneut`no ni Znsd Jdogke `o

    ske`od, dapenydh `o tbd trdktadot ni kee sne`h

    tuanr lkoldrs jdinrd, hur`og koh kitdr sur-

    gdry, `o lnaj`okt`no w`tb ntbdr tbdrkpdut`l

    kgdots koh tbdrkp`ds, koh kitdr kee desd ik`es.

    Znsd Jdogke `s tbd klt`vd pbkrakldut`lke

    `ogrdh`dot `o VY-;6. K wktdr-sneujed hyd

    i`rst lrdktdh `o ;22:;, `t `s k sakee anedlued

    tbkt bks jddo usdh `o tbd le`o`l inr anrd tbko

    k ldotury, ks ko khh`t`vd tn skirko`o v`ltnr`k

    ydeenw inr nluekr poduanlnllke `oidlt`no:,

    k stk`o inr v`suke`z`og lnrodke ueldrs

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    2

    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    a`o`a`zds s`hd diidlts. Toe`cd akoy ntbdr

    lkoldr hrugs, VY-;6 hnds ont rdey no k s`oged

    pktbwky tn wnrc koh kesn bks on conwo

    rds`stkold. \dlnoh, tbd systda`l diidlt ni

    k tuanr-spdl`i`l `aauod rdspnosd lkusds

    rdgrdss`no ni uotrdktdh tuanrs, pntdot`keey

    prnenog`og prngrdss`no-irdd surv`vke koh

    pnss`jey dokje`og VY-;6s lnaj`okt`no w`tb

    `aauonanhuektnry hrugs koh ntbdr sys-

    tda`l tbdrkp`ds inr usd `o eds`nos tbkt krd

    `oklldss`jed tn k h`rdlt `omdlt`no.

    VY-;6s pntdot`ke le`o`lke vkeud prnpn-

    s`t`no tn pkt`dots koh tbd`r pbys`l`kos `s

    auet`-ikldtdh= @t `s s`aped tn stnrd, bkohed,

    koh usd koh rdusd. Xbd hrug tbus ikr bks

    sbnwo anhdst enlke koh trkos`dot tnx`l-

    `ty tbkt `s prdhna`okotey lnoi`odh tn tbd

    `omdlt`no s`td koh a`o`ake-tn-on systda`l

    tnx`l`ty. @o rdgkrhs tn enlke dii`lkly VY-;6

    `omdlt`no aky edkh tn rkp`h, hurkjed, lna-pedtd tuanr hdstrult`no, koh `ohult`no ni

    kot`gdo rdedksd `o `omdltdh eds`nos. @t aky

    prnaptey bdke `omdltdh eds`no s`tds lna-

    pedtdey kitdr tuanr hdstrult`no. @o rdgkrhs

    tn systda`l dii`lkly tbd hrug aky rde`kjey,

    rdprnhul`jey `ohuld rdg`noke koh systda-

    `l `aauod diidlts pntdot`keey lkpkjed ni

    hdstrny`og nlluet tuanr ldees, jystkoh-

    dr eds`nos koh h`stkot adtkstkt`l eds`nos

    rdgkrhedss ni pr`nr trdktadots. VY-;6 aky

    bkvd auet`-`oh`lkt`no v`kj`e`ty. Le`o`lke tr`-kes tn hktd koh ko nogn`og dxpkohdh klldss

    prngrka bkvd trdktdh anrd tbko :86 lko-

    ldr pkt`dots (rdlurrdot jrdkst lkoldr, bdpk-

    tnldeeuekr lkrl`onak koh adtkstkt`l e`vdr

    lkoldr, adekonak). @t aky jd nrtbngnoke,

    pntdot`keey bkv`og k enw r`sc ni le`o`lkeey

    rdedvkot hrug-hrug `otdrklt`nos. Xbd hrug

    aky jd kgonst`l, pnss`jey lnapkt`jed w`tb

    kee h`sdksd prdsdotkt`nos. VY-;6s pbkrakln-

    c`odt`ls aky jd lnapkrkjed koh lnos`stdot.

    Zdsdkrlbdrs kt Anii`tt Lkoldr Ldotdr `o

    Xkapk, Ienr`hk koh tbd To`vdrs`ty ni @ee`on`s

    `o Lb`lkgn bkvd rdprnhuldh Hdds dt ke.s

    nr`g`oke prdle`o`lke wnrc tbkt i`rst hdano-

    strktdh VY-;6s twn-prnog kpprnklb koh

    kj`e`ty tn i`gbt lkoldr `o auet`ped `oh`lkt`nos=

    d.g., tbd tuanr kjekt`no (tbd enlke diidlt)

    tbrnugb tbd hdstrult`no ni `omdltdh tuanrs,

    k tuanr-spdl`i`l `aauod rdspnosd tbrnugb

    tbd hdstrult`no ni ono-`omdltdh tuanrs koh

    tuanr-spdl`i`l @IO- prnhult`no `o adek-

    onak, jrdkst lkoldr koh lnenrdltke lkoldr.

    Vrnvdltus le`o`lke hdvdenpadot prngrka

    `s spdkrbdkhdh jy k p`vntke tr`ke lurrdotey

    jd`og lnohultdh `o adekonak, koh ko dkrey

    stkgd tr`ke bdpktnldeeuekr lkoldr (BLL)

    koh adtkstkt`l e`vdr lkoldr. @o k Vbksd : tr`ke

    tbkt inradh tbd jks`s inr tbd lurrdot p`vntke

    Vbksd < tr`ke (rdg`strkt`no stuhy), 26 pkt`dotsw`tb stkgd @@@J-@Y adekonak rdirkltnry tn

    k adh`ko ni s`x pr`nr `otdrvdot`nos rdld`vdh

    `omdlt`nos `otn tbd`r adekonak eds`nos up tn

    inur t`ads nvdr k ;9-wddc pdr`nh koh wdrd

    ineenwdh inr 4: wddcs.9Xbd nvdrkee rdspnosd

    rktd inr tbd :2 pkt`dots wbn bkh kee tbd`r

    dx`st`og adekonak eds`nos `omdltdh w`tb

    VY-;6, wks 7;% w`tb 46% klb`dv`og k lna-

    pedtd rdspnosd. Xb`s sujgrnup ni :2 pkt`dots

    wbn bkh kee tbd`r eds`nos `omdltdh klb`dvdh

    k prngrdss`no irdd surv`vke ni 0.2 anotbs,wb`lb kllnrh`og tn tbd Vbksd < tr`kes pr`o-

    l`pke `ovdst`gktnr Hr. \kom`v Kgkrwkek, A.H

    kt \t. Eucds Bnsp`tke koh Bdketb Odtwnrc ni

    Jdtbedbda, Vdoosyevko`k lnapkrds ikvnr-

    kjey w`tb b`stnr`lke prngrdss`no irdd surv`v-

    kes ni edss tbko :.4 anotbs inr systda`l lbd-

    antbdrkpy hklkrjkz`od koh tdanznena`hd.

    9 Mkodt Ir`lcdr, VY-;6 hde`vdrs grdktdst diidlts wbdokee eds`nos krd `omdltdh, Vbkra`wdj.lna, Nltnjdr;8, :6;8

    Xbd lnapkoys lurrdot dkrey-stkgd stuhy

    ni 9 pkt`dots w`tb ono-rdsdltkjed BLL (pr`-

    akry e`vdr lkoldr) koh 7 pkt`dots w`tb ntbdr

    inras ni lkoldr adtkstkt`l tn tbd e`vdr (sdl-

    nohkry e`vdr lkoldr) skw tbdo uohdrgn k s`o-

    ged pdrlutkodnus `omdlt`no ni VY-;6 gu`hdh

    jy LX tn nod tkrgdt eds`no `o tbd e`vdr.7 Kt

    up tn 48 anotbs ineenw-up ;6 nut ni tbdsd

    ;< `o`t`ke pkt`dots wdrd ke`vd, w`tb nod hdktb

    hud tn lkrh`kl lnanrj`h`ty, nod tn sdr`nus

    khvdrsd dvdots koh nod tn BLL prngrdss`no.

    Khvdrsd dvdots wdrd gdodrkeey e`a`tdh tn

    `omdlt`no s`td rdklt`nos koh pbntnsdos`t`v`ty

    koh rdsnevdh w`tbnut sdqudekd, w`tb dedvktdh

    e`vdr dozyads njsdrvdh hur`og tbd i`rst wddc

    kitdr trdktadot. Ks w`tb adekonak, VY-;6

    `s jde`dvdh tn bkvd k enlke lbdankjekt`vd

    diidlt `o BLL koh adtkstkt`l e`vdr h`sdksd

    wbdrd tbd kgdot dotdrs eysnsnads lkus`og

    tuanr odlrns`s tbkt lko st`auektd `aauon-

    eng`lke diidlts. \tuh`ds `o adekonak pkt`dots

    `omdltdh w`tb VY-;6 bkvd sbnwo `olrdksdh X

    ldees `o pdr`pbdrke jennh ineenw`og `omdlt`no

    `oleuh`og LH2+, LH8+, LH

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    A`lrnLkp Zdv`dw Akgkz`od

    0www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    IDKXTZDH KZX@LED

    hdl`s`nos akhd jy akokgdadot koh dvkeukt

    wbdtbdr tbdy hdanostrktd snuoh muhgdadot

    K lnapkoy w`tb strnog akokgdadot s anr

    e`cdey tn rdak`o lnapdt`t`vd koh w`tbstkoh

    dlnona`l hnwoturos.

    \t`ee, `ts ont donugb tn ennc gnnh no

    pkpdr k lnapkoy oddhs tn bkvd k gnnh

    prnhult nr sdrv`ld. Anrd spdl`i`lkeey, `

    aust bkvd ko dhgd nvdr tbd lnapdt`t`no

    Wbdo sdedlt`og lnapko`ds tn `ov`td tn Xbd

    A`lrnLkp Lnoidrdold, @ kssdss tbd`r prnh

    ults koh sdrv`lds inr quke`ty ks wdee ks h`i

    idrdot`kt`no, dvdo try`og tbd prnhults koh

    sdrv`lds aysdei wbdo pnss`jed.

    Nvdrkee, Xbd A`lrnLkp Lnoidrdold

    njmdlt`vd `s tn g`vd kttrklt`vd lnapko`d

    k pektinra tn vn`ld tbd`r stnry. Xbd lno

    idrdold w`ee jd k vkeukjed dxpdr`dold in

    `ovdstnrs koh kokeysts tnn. Xbdrd w`ee jd

    pkode h`sluss`nos jy prna`odot `ovdstado

    akokgdrs, klt`v`st `ovdstnrs, koh i`okol`k

    jenggdrs. Xbdrd w`ee kesn jd pedoty ni t`adinr odtwnrc`og koh sbkr`og `hdks w`tb lne

    edkguds.

    Irdh Znlcwdee `s tbd Vrds`hdot ni Xkrs`dr Lkp`tk

    Akokgdadot. Bd `s k Lbkrtdrdh I`okol`ke Kokeyst

    Ldrt`i`dh Vuje`l Kllnuotkot, koh k To`vdrs`ty n

    A`lb`gko AJK grkhuktd.

    Xbd A`lrnLkp Lnoidrdold w`ee tkcd pekld no

    Onvdajdr 4tb kt tbd Vb`ekhdepb`k Akrr`nt

    Hnwotnwo. Zdg`stdr kt www.a`lrnlkplnoi.lna ooIZDH ZNLCWDEE

    Xbdrd krd tbrdd ak`o snurlds ni ay `hdks=

    ;) lnovdrskt`nos w`tb ntbdr `ovdstnrs nitdo

    adt kt `ovdstnr lnoidrdolds, :) stnlc slrddos,

    koh Wbkt hn @ ennc inr kt

    A`lrnLkp \tnlc

    \dedlt`no

    tb`s pn`ot> I`rst, @ ennc kt tbd jks`ls= jus`odss

    quke`ty, grnwtb pntdot`ke, `otr`os`l vkeud,

    koh strdogtb ni akokgdadot.

    @ lkrdiueey kokeyzd lnapko`ds `olnad

    stktdadots tn kssdss tbd`r prnspdlts inr enog-

    tdra prni`tkj`e`ty. @ ennc inr lnapko`ds w`tb

    rnjust strdkas ni rdlurr`og rdvdoud koh

    b`gb grnss akrg`os. Kontbdr wky lnapko`ds

    lko gk`o ikvnr `o nur sdedlt`no prnldss `s

    tbrnugb tbd`r grnwtb pntdot`ke. Ks wd dvkeu-

    ktd akrcdt s`zd koh cdy hr`vdrs, wd `hdot`iy

    trdohsont ikhs. Adkowb`ed, @ akokgd tbd

    uoldrtk`oty o ay kssuapt`nos jy dvkeukt`og

    tbd rkogd ni pntdot`ke nutlnads koh wd`gb-

    `og tbd pntdot`ke ups`hds koh hnwos`hds.

    Odxt, @ lnapkrd lnapko`ds vkeukt`nos w`tb

    `ohustry lnuotdrpkrts koh `hdot`iy lnapk-

    o`ds tbkt aky jd uohdrvkeudh jy tbd akrcdt.

    Jut @ hnot stnp tbdrd@ kesn `hdot`iy nod nr

    anrd lktkeysts tbkt aky hr`vd tbd lnapko`ds

    pr`lds tn tbd`r `otr`os`l vkeuds. Ntbdrw`sd,

    tbd lnapko`ds lnueh rdak`o uohdrvkeudhinr tbd inrdsddkjed iuturd.

    Kee ni tbd lnapko`ds kttdoh`og Xbd

    A`lrnLkp Lnoidrdold bkvd jddo `ospdlt-

    dh inr tbd quke`ty ni tbd`r akokgdadot.

    K lnapkoys akokgdadot sbnueh jd ont

    noey dxpdr`doldh jut bkrhwnrc`ogtbkt

    `s, klt`vdey prnant`og tbd lnapkoys `otdr-

    dsts rktbdr tbko s`tt`og jklc koh lneedlt`og

    pkylbdlcs. Iurtbdranrd, @ dxka`od tbd pkst

    @vd jddo rdsdkrlb`og koh p`lc`og stnlcs inr qu`td snad t`ad. Jut sdedlt-

    `og lnapko`ds inr tbd uplna`og A`lrnLkp Lnoidrdold bks g`vdo ad ko

    nppnrtuo`ty tn rdv`dw ay prnldss inr i`oh`og `hdks. Xbd ineenw`og `s k ruo-

    hnwo ni ay adtbnhnengy.

  • 7/21/2019 MicroCap Review Summer/Fall 2015

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    ;6 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    v`ld. Xbd AYON sdgadot ni tbd akrcdt bks

    grnwo tn nvdr :4% pdodtrkt`no `o tbd T.\.

    Nvdr 76 A`ee`no Kadr`lkos bkvd klt`vktdh

    tbd`r w`rdedss pbnods w`tb AYONs, `oleu-

    s`vd ni jrkohs e`cd= Y`rg`o Anj`ed, Xrklinod,

    Odt ;6, \`aped Anj`ed, koh Lbn`ld W`rdedss.

    Ar. Bnet wks ektdr rdlru`tdh tn ju`eh

    ko AYON lkeedh Kadr`tde koh w`tb`o ;2

    anotbs ni `ts `oldpt`no, Kadr`tde jdlkad

    tbd :oh ekrgdst AYON `o tbd T.\. @o ju`eh-

    `og Kadr`tde, Ar. Bnet ont`ldh k ekrgd gkp `o

    tbd j`ee`og `ohustry ks tbdrd wdrd ;4 j`ee`og

    systdas tbkt sdrv`ldh vkr`nus akrcdt sdg-

    adots, jut onod ni tbdsd systdas khdquktdey

    sdrv`ldh tbd AYON sdgadot. Ar. Bnet dx`t-dh Kadr`tde tn hds`go koh ju`eh tde\VKLD

    (www.tde\VKLD.lna), wb`lb `s onw nod ni

    tbd `ohustrys anst idkturd r`lb j`ee`og koh

    npdrkt`og systda inr tbd AYON `ohustry.

    To`i`dh \`gokes turocdy tdedlna koh anj`ed

    wkeedt j`ee`og pektinra keenws `ts le`dots tn

    sdee, prnv`s`no, iuei`ee, koh lkrd inr sdrv`lds

    sulb ks prd koh pnst-pk`h ldeeuekr, hnadst`l

    koh `otdrokt`noke enog h`stkold, @otdrodt,

    koh anst rdldotey k anj`ed lnaadrld prnh-

    ult e`ocdh tn k prdpk`h hdj`t AkstdrLkrh.

    TO@I@DH \@GOKE\ VZNHTLX

    DYNETX@NO

    To`i`dhs Inuohdr koh LDN, Vkr`s Bnet,

    stkrtdh `o tbd tdedlna `ohustry `o ;00: w`tb

    \nutbwdstdro Jdee Anj`ed wbdrd bd bdkhdh

    up pr`l`og koh tbd AYON (Anj`ed Y`rtukeOdtwnrc Npdrktnr) lbkoode. AYONs sdr-

    v`ld tbd tdedlna `ohustry jy rd-sdee`og w`rd-

    edss sdrv`lds us`og tbd lkrr`drs w`rdedss odt-

    wnrcs, jut ekuolb tbd`r nwo jrkoh ni sdr-

    Vkr`s Bnet, Inuohdr koh LDN

    To`i`dh \`goke, @ol.NXL[J= TO\@

    VZNI@EDH LNAVKO@D\

    To`i`dh \`goke @ol, `s k \kk\ (snitwkrd ks k sdrv`ld) jksdh j`ee`og koh jklcnii`ld pektinra, wb`lb dokjeds lnapko`ds `o v`rtukeey koy `ohustry sdltnr tnekuolb ldeeuekr koh anj`ed wkeedt sdrv`lds us`og tbd`r dx`st`og jrkoh.

  • 7/21/2019 MicroCap Review Summer/Fall 2015

    11/96

    A`lrnLkp Zdv`dw Akgkz`od

    ;;www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    @o :6;:, Ar. Bnet hdl`hdh tn h`vdrs`iy koh

    lrdktd To`i`dh \`goke (www.uo`i`dhs`goke.

    lna), wb`lb `s ko AYON dokjedr us`og

    tbd lnrd tde\VKLD j`ee`og pektinra tn sup-

    pnrt `ts :< AYONs. To`i`dh \`goke bks

    khhdh uo`qud iuolt`noke`ty tn tbd pektinra,

    `oleuh`og suppnrt inr kee akmnr T.\ w`rdedss

    lkrr`drs, lrnss lkrr`dr ika`ey pekos, koh k

    pnwdriue wkeedt prnhult wb`lb bks tbd kj`e-

    `ty tn jd k vdry h`srupt`vd tdlbonengy `o tbd

    anj`ed wkeedt akrcdt sdgadot, wb`lb `s nod

    ni tnhkys bnttdst tdlbonengy sdltnrs.

    TO@I@DH\ KL[T@\@X@NO

    GZNWXB \XZKXDGP

    @o :6;8, To`i`dh \`goke klqu`rdh k hktk

    noey AYON lkeedh HktkMklc. Inr tbd ekst 8

    ydkrs HktkMklc hdvdenpdh k prnpr`dtkry hktk

    noey (A`I`) j`ee`og systda wb`lb wks vdry

    uo`qud koh syodrg`st`l tn To`i`dh \`gokes

    lnrd j`ee`og pektinra. HktkMklc wks k puj-

    e`l lnapkoy koh tbrnugb k rdvdrsd adrgdr,

    To`i`dh jdlkad k iueey rdpnrt`og puje`l

    NXLJ lnapkoy. Nvdr tbd ekst ydkr, k lnrd

    To`i`dh \`goke strktdgy bks jddo tn lensd

    khh`t`noke klqu`s`t`nos tbkt wnueh prnv`hd

    tbd lnapkoy w`tb `olrdksdh rdvdouds koh

    h`str`jut`no.@o Muod ni :6;4, To`i`dh \`goke klqu`rdh

    tbd kssdts ni @otdrAkr, EEL k strktdg`l skeds,

    akrcdt`og, koh h`str`jut`no lnapkoy wb`lb

    inlusdh pr`akr`ey no tbd dtbo`l lnosuadr

    koh uojkocdh akrcdts s`old ;000 koh sdr-

    v`lds nvdr 46,666 rdtk`e pn`ots ni h`str`jut`no

    klrnss tbd lnuotry. Xbd strktdgy jdb`oh tbd

    klqu`s`t`no `s inr To`i`dh \`goke tn lrdktd k

    odw AYON jrkoh ni ldeeuekr sdrv`ld wb`lb

    wnueh jd nwodh koh npdrktdh jy To`i`dh

    \`goke koh h`str`jutdh `otn tbd @otdrAkrh`str`jut`no. Ks ko AYOD, To`i`dh \`goke

    kllruds rdvdoud ni $;.46 tn $:.:4 pdr lus-

    tnadr pdr anotb koh odts $.46 pdr lustnadr

    pdr anotb `o prni`t. Xb`s strktdg`l p`vnt `otn

    To`i`dh \`gokes odw AYON, lkeedh AyX`ad

    W`rdedss (www.ayt`adw`rdedss.lna), w`ee

    kllrud $86-$84 kvdrkgd rdvdoud pdr lus-

    tnadr pdr anotb koh `olrdksd odt prni`t tn

    wdee nvdr $4 pdr lustnadr pdr anotb.

    AyX`ad W`rdedss tkrgdt akrcdt `s tbd

    dtbo`l lnaauo`t`ds `o tbd ekrgdr adtrn-

    pne`tko l`t`ds no tbd dkst lnkst. Xbd prnhult

    juoheds $4 ni `otdrokt`noke enog h`stkold

    (@EH) `otn dklb rktd peko dvdry anotb koh k

    IZDD prdpk`h hdj`t lkrh. @otdrokt`noke enog

    h`stkold lkee`og rktds bkvd jddo pr`ldh ikr

    jdenw koytb`og lnosuadrs bkvd dvdr sddo `o

    tbd prdpk`h lkee`og lkrh akrcdtpekld. Xbdsd

    enw lkee`og rktds keenw pdnped e`v`og `o tbd

    T.\. tbd kj`e`ty tn lkee ika`ey koh ir`dohs nr

    koynod desd `o ntbdr lnuotr`ds kt k irklt`no ni

    tbd lnst tbdy krd pky`og tnhky. Xbd AyX`ad

    W`rdedss prnhult sdt kesn keenws `ts lustna-

    drs tn anvd anody tn ir`dohs koh ika`ey

    inr IZDD lnapkrdh tn k typ`lke ;6%-;4%

    trkosklt`no idd.

    ANJ@ED WKEEDX VZNHTLX

    \T@XD

    Xbd To`i`dh \`goke Anj`ed Wkeedt prnhult

    dokjedadot su`td `s lnapr`sdh ni twn lnrd

    idkturd sdts tbkt sdrv`ld tbd jkocdh koh

    uojkocdh akrcdt sdgadot.

    Anj`ed Wkeedt a-Wkeedt Vrngrka

    (Y`rtuke \kv`ogs Kllnuot)= Xb`s prnhult

    sdt `s k s`aped pr`vktd ekjde VkyVke typd ni

    sdrv`ld, wbdrd lustnadrs lko enkh anodyirna k lrdh`t lkrh, lbdlc`og kllnuot,

    koh rdld`vd anody irna ntbdr a-Wkeedt

    usdrs. Lustnadrs lko anvd iuohs irna

    tbd`r a-Wkeedt tn= ntbdr lbdlc`og kllnuots3

    a-Wkeedt usdrs3 akcd @EH lkees3 pky j`ees3 nr

    anvd anody tn tbd`r hdj`t AkstdrLkrh.

    Hdj`t AkstdrLkrh Vrngrka (Y`rtuke

    Lbdlc`og Kllnuot)= Lustnadrs lko lbnnsd

    tn khh ko khh t`noke prdpk`h AkstdrLkrh

    wb`lb prnv`hds usdrs klldss tn genjke KXA

    odtwnrcs, ks wdee ks tbd kj`e`ty tn usd tbd`rlkrh koywbdrd AkstdrLkrh `s klldptdh.

    Anody lko jd IZDDEP anvdh irna tbd

    a-Wkeedt kllnuot tn tbd`r hdj`t AkstdrLkrh

    `o rdke t`ad, us`og k stktd ni tbd krt hktk kpp.

    Lustnadrs lko npt tn nrhdr k lnapko`no

    lkrh koh ak`e tbkt lkrh tn snadnod kjrnkh.

    Nold tbdy rdld`vd tbkt lnapko`no lkrh,

    anody lko jd irddey anvdh irna tbd a-Wke-

    edt tn tbd lnapko`no lkrh `o rdke t`ad koh

    w`tb on trkosklt`no lnsts. Iuohs lko tbdo jd

    usdh koywbdrd AkstdrLkrh `s klldptdh koh

    iuohs w`tbhrkwo kt koy KXA.

    @OXDZOKX@NOKE DRVKO\@NO

    To`i`dh \`goke bks sdlurdh k \drj`ko le`do

    lkeedh Gn8Pu koh bks jddo kpprnvdh jy tbd

    Ldotrke Jkoc ni \drj`k tn ekuolb `ts anj`ed

    wkeedt tdlbonengy `otn tbd dot`rd lnuotry n

    \drj`k. Gn8Pu w`rdedss lustnadrs w`ee jd

    kjed tn anvd anody us`og To`i`dhs a-Wke

    edt tdlbonengy. Anody w`ee jd hdpns`tdh

    notn tbd \drj`ko lustnadrs enlke hdj`t lkrh

    kllnuot wbdrd lustnadrs lko usd tbd`r iuohs

    enlkeey. To`i`dh \`goke w`ee kesn jd `otdgrkt

    `og `ts Vdoh`og Vkyadots tdlbonengy `otn

    nvdr :66,666 adrlbkots `o \drj`k. Xb`s w`e

    keenw lustnadrs w`tb sakrtpbnods tbd kj`e

    `ty tn qu`lcey koh sdlurdey purlbksd gnnhs

    koh sdrv`lds us`og To`i`dhs a-Wkeedt hktk

    kpp tdlbonengy, wb`lb bks jddo hdpenydh

    no tbd @N\ koh Kohrn`h npdrkt`og systdas.

    TO@I@DH \@GOKE ITXTZD

    To`i`dh \`goke `s ennc`og tn grnw rdvdouds

    koh prni`ts tbrnugb < vdrt`lkes= ;) khh`t`nok

    strktdg`l klqu`s`t`nos3 :) `ts dx`st`og :

    IDKXTZDH KZX@LED

    tbdsd lnapko`ds nr tbd`r vkeukt`nos a`gbt

    jd uordke`st`l.

    uo`lnro

    K aytb`lke ko`ake typ`lkeey rdp-

    rdsdotdh ks k bnrsd w`tb k s`oged

    strk`gbt bnro prnmdlt`og irna `ts

    inrdbdkh.

    Ni lnursd tbrnugbnut kot`qu`ty tbd uo`-lnro, wb`ed aytb`lke, rdprdsdotdh pur`ty koh

    Pds, tb`s wddc Tjdr koonuoldh `ts rk`s`og

    dvdo anrd anody irna `ovdstnrs `oleuh`og

    $;

  • 7/21/2019 MicroCap Review Summer/Fall 2015

    19/96

    A`lrnLkp Zdv`dw Akgkz`od

    ;0www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    grkld. Xbdsd hkys tbd \`e`lno Ykeedy vdrs`no

    ni uo`lnros rdprdsdots snadtb`og desd= hneekr

    s`gos koh grddh. @ bkvd on prnjeda w`tb tbd

    pr`vktd sdltnr idkst`og no tbd bnt okads `o

    tdlbonengy jut @ tb`oc `ts t`ad tn stnp sdd`og

    \`e`lno Ykeedy ks k lnne pekld tbkt lkrds kjnut

    buako`ty vdrsus Wkee \trddts `akgd ks grddh-

    hr`vdo hdstrnydr ni dvdrytb`og `o `ts pktb.

    Dvdr s`old tbd Ikldjnnc `o`t`ke puje`l

    niidr`og t`s jddo ledkr tn \`e`lno Ykeedy tbd`r

    `olujkt`no systda tbkt prnhulds tbd bnttdst

    lnapko`ds koh prnhults lnueh kesn lkpturd

    tbd e`no sbkrd ni prni`ts ks tbd lnapkoy

    dvnevds. Dvdo tbnugb tbd Ikldjnnc @VN

    wks ko `o`t`ke h`skstdr jdlkusd `t gnjjedh up

    kee tbd anody jdinrd tbd i`rst trkhd `ts s`old

    jddo k stnlc muggdrokut pkv`og tbd wky inr

    anrd ekrgdssd koh tbd bdrh `s bugd.

    Xbdrd krd anrd tbko ;66 uo`lnros e`o`og

    up tn gn puje`l.

    T\D XBD KVV \C@V XBD \XNLC

    Xbus ikr :6;4 bks jddo k ydkr wbdo ents ni

    bnt @VNs bkvd e`vdh up tn tbd bypd `oleuh`og

    okads tbkt bkvd jddo krnuoh inr anrd tbko

    k hdlkhd e`cd Gnnged koh Kakzno. Jut tbdrd

    bkvd kesn jddo h`skstdrs e`cd Xw`ttdr. \n

    wbdo hn ynu juy tbd odxt bnt @VN tbkt w`eesurdey jd k gkhgdt nr sdrv`ld nr kppe`lkt`nos

    ynu usd nitdo nr dvdo no k hk`ey jks`s>

    @ts gnnh tn conw `i tbdsd lnapko`ds krd

    akc`og anody nr krd noey nod-tr`lc pno`ds.

    Jut tbdrds kontbdr dedadot @ wkot ynu tn

    lnos`hdr. Bnw akoy t`ads bkvd tbdsd lna-

    pko`ds gnod tn tbd wdee koh ynu h`hot gdt

    `ov`tdh tn tbd pkrty.

    \n wbkt bkppdos wbdo ynu krd `ov`tdh>

    @t rda`ohs ad ni tbd Grnulbn Akrx mncd

    kjnut rds`go`og irna tbd leuj jdlkusd koyleuj tbkt wnueh klldpt b`a ks k adajdr bd

    h`hot wkot tn jdenog. Jy tbd t`ad tbdsd uo`-

    lnros jdlnad bnt @VNs j`ee`nos ni hneekrs `o

    vkeukt`no bkvd jddo jkcdh `otn tbd lkcd koh

    aulb ni `t w`ee lnad tn iru`t`no (rdkh irna

    pkpdr wdketb tn rdke anody tbdy lko jkoc

    koh spdoh) kt tbd dxpdosd ni odw juydrs

    ynu! Ekst ydkr tbd supdr-bnt @VN Ke jkjk

    dstkje`sbdh kee c`ohs ni rdlnrhs jut vdry idw

    `oh`v`huke `ovdstnrs tbkt jnugbt tbd stnlc

    akhd anody- anst krd ens`og.

    Lnos`hdr bnw akoy rnuohs ni iuoh`og

    K`r JOJ bkvd gnod tbrnugb koh tbdrd w`ee

    jd anrd jdinrd Ak`o \trddt gdts k j`td kt tbd

    kpped. Xb`s lnueh jd k bnt @VN jut @ hnujt

    @ w`ee jd lbks`og.

    K`r JOJIuoh`og B`stnry

    :660 :6,666

    :660 966,666

    :6;6 7.: a`ee`no

    :6;; ;;: a`ee`no

    :6;< :66 a`ee`no

    :6;8 874 a`ee`no

    :6;4 ; j`ee`no

    Xntke ;,708,2:6,666

    No tbd ntbdr bkoh @ h`h rdlnaadoh I`t J`t

    kitdr `t jdgko trkh`og dvdo tbnugb tbd stnlc

    pnppdh 46% no tbd i`rst hky ni trkh`og irna tbd

    @VN pr`ld. Jdlkusd akokgdadot h`hot sulc

    vkeukt no hry `o tbd pr vktd spkld tbdrd wks

    nppnrtuo`ty edit inr rdguekr inecs kesn conwo ks

    tbd`r lustnadrs> @ rdspdlt akokgdadot inr tbkt

    koh tbd 49% rdturo wd akhd o k akttdr ni wddcs.

    I`t J`tIuoh`og B`stnry

    :662 : a`ee`no

    :6;6 0 a`ee`no

    :6;: ;: a`ee`no

    :6;< 8< a`ee`no

    Xntke 99 a`ee`no

    LNO\@HDZ GZNTOH IENNZ

    NVVNZXTO@X@D\ W/NTX BPVD

    Ni lnursd tbdrds kontbdr npt`no inr `oh`v`h-

    uke `ovdstnrs koh tbkts rdkeey jdlna`og dkrey

    `ovdstnrs. Xbdrd krd sn akoy sakee lkp okads

    tbkt w`ee dvdotukeey jdlnad g`kots `oleuh`og

    rdke e`id uo`lnros jksdh no iuohkadotkes koh

    dxdlut`no ni akokgdadot. @t st`ee tkcds wnrc,

    hud h`e`gdold koh pkt`dold jut ont gdtt`og

    sulcdh `otn tbd bypd aklb`od tbkt bks jdlnad

    tbd akrr`kgd ni \`e`lno Ykeedy koh Wkee \trdd

    enog tdra `ovdstnrs lnueh i`oh trud pur`ty koh

    grkld koh akcd k ent ni anody kenog tbd wky.

    @ts on aytb.

    Lbkreds Vkyod

    Wkee \trddt \trktdg`ds, @ol.

    LDN koh Vr`ol`pke Kokeyst

    Lbkreds Y. Vkyod `s tbd Lb`di Dxdlut`vd Nii`ldr

    koh Vr`ol`pke Kokeyst ni Wkee \trddt \trktdg`ds, @ol

    (W\\@), wb`lb bd inuohdh `o ;00;. W`tb edss tbko

    $;6,666.66 `o stkrt up lkp`tke koh wnrc`og irna b`

    kpkrtadot, bd ekuolbdh W\\@ tn prnv`hd k uo`qud

    jrkoh ni stnlc akrcdt khv`ld. Xbrnugb tb`s sdrv`ld

    sujslr`jdrs (anody akokgdrs koh `oh`v`huke `ovds

    tnrs) jdgko tn rdkp s`zdkjed prni`ts koh tbd i`ra

    hdvdenpdh k okt`noke rdputkt`no ks prnv`hdr ni t`adey

    koh diidlt`vd dqu`ty kokeys`s. Xnhky, W\\@ prnv`hd

    `oinrakt`no tn nvdr ;:6,666 rdg`stdrdh sujslr`jdrs

    `o anrd tbko 96 lnuotr`ds ks wdee ks sdvdrke ni tbd

    ekrgdst jkoc/jrncdrkgd i`ras. Lbkreds nvdrsdds k

    tdka ni stnlc kokeysts tbkt lnvdr spdl`i`l `ohustry

    grnups, `o khh`t`no tn ano`tnr`og tbd dot`rd akrcdkoh `oh`v`huke sdltnrs no b`s nwo.

    Lbkreds pkss`no inr tbd stnlc akrcdt jdgko wbdo

    bd wks ;8 ydkrs neh. Bd tneh b`s antbdr tbdo tbkt nod

    hky, bd wnueh wnrc no Wkee \trddt.

    Lbkreds gnt b`s stkrt `o tbd `ohustry `o rdsdkrlb

    kt DI Buttno `o ;024. Kitdr twn ydkrs, bd sw`tlbdh

    gdkrs koh klldptdh k pns`t`no w`tb jnut`qud jrncdr-

    kgd i`ra, Grddotrdd \dlur`t`ds. @t wks tbdrd tbk

    bd i`rst skw k o`lbd inr `ohdpdohdot koh t`adey

    dqu`ty khv`ld, wb`lb edh tn tbd lrdkt`no ni Wkee \trdd

    \trktdg`ds. Hud tn tbd sulldss ni b`s gu`hkold koh

    stnlc sdedlt`nos, Lbkreds bks jdlnad wdee snugb

    kitdr jy akoy b`gbey rdspdltdh i`okold-nr`dotdh

    rkh`n, wdj koh tdedv`s`no prngrkas. Bd s w`hdey rdl

    ngo`zdh `o tbd adh`k ks k edkhdr kanog tbd kokeystlnaauo`ty, koh `s rnut`odey lnotkltdh inr b`s akrcd

    np`o`nos jy sdvdrke prdst`g`nus odws nrgko`zkt`nos.

    No Muod :, :6;8, Inx Jus`odss Odtwnrc ekuolbdh

    Lbkreds odw sbnw Akc`og Anody w`tb Lbkreds

    Vkyod wb`lb `s idkturdh hk`ey kt 9pa D\X. Bd `s

    adajdr koh nllks`noke bnst ni Ykrody & Ln koh `o

    khh`t`no, bd `s k gudst-bnst no sdvdrke sbnws `oleuh

    `og Lkvutn no Jus`odss koh Pnur Wnreh.

    Nvdr tbd ydkrs, np`o`nos koh krt`leds no Lbkred

    Vkyod bkvd jddo idkturdh `o prdst`g`nus odws nrgk

    o`zkt`nos sulb ks Zdutdrs, tbd Wkee \trddt Mnuroke

    koh tbd Odw Pnrc X`ads. Bd bks jddo tbd cdyontd

    spdkcdr kt ouadrnus `ovdstadot lnoidrdolds, grks

    rnnts dvdots koh dhulkt`noke gktbdr`ogs wnrehw`hd.

    Lbkreds `s kutbnr ni Klt Ikst, Jd \akrt koh GdZ`lbhdjutdh `o Kpr`e :667.

    Lbkreds wks kwkrhdh tbd Lnogrdss ni Zkl`k

    Dquke`ty (LNZD) Ako ni tbd Pdkr Kwkrh `o :660.

    Lbkreds kttdohdh A`ont \tktd Lneedgd koh Ldotrk

    Xdxks Lneedgd hur`og b`s t`ad `o tbd K`r Inrld koh

    Akmnrdh o Lr`a`oke Must`ld.

    Bnjj`ds `oleuhd hrkw`og koh pk`ot`og kenog w`tb

    rdkh`og ono-i`lt`no jnncs.

    WKEE \XZDDX \XZKXDG@D\, @ol., 9; Jrnkhwky

    \u`td ;8:4 OP, OP ;6669 XDE= :;:-4;8-0466 IKR

    :;:-4;8-042: WWW.W\XZDDX.LNA o

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    :6

    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

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    A`lrnLkp Zdv`dw Akgkz`od

    :;www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    VZNI@EDH LNAVKO@D\

    H@YDZ\@I@DH \DZY@LD\

    VEKXINZA-EDYDZKG@OG

    \XZKXDG@L VKZXODZ\B@V\

    \`on-Genjkes jus`odss strktdgy bks jddo

    sbkpdh jy `ts pursu`t ni sustk`okjed dkro

    `ogs koh prni`tkj`e`ty. Xbd Lnapkoys `o`t`k

    inlus up tn tbd doh ni i`slke ydkr :6;< rde`dh

    snedey upno tbd sb`pp`og kgdoly jus`ods

    tbkt gdodrktdh b`gbdr rdvdouds jut w`tbs`go`i`lkotey b`gbdr npdrkt`og lnsts koh

    dxpdosds. Zdlngo`z`og tb`s ks ko uosustk`o

    \`on-Genjke

    \b`pp`og Kadr`lkK Ydrt`lkeey @otdgrktdh Xrkospnrtkt`no

    Lnapkoy w`tb k Y`dw Xnwkrhs Enog-

    Xdra \ustk`okjed Grnwtb

    E`stdh no tbd Okshkq stnlc dxlbkogd

    uohdr tbd t`lcdr \@ON, \`on-Genjke

    \b`pp`og Kadr`lk, Eth. bks hdvdenpdh k

    vdrt lkeey otdgrktdh pektinra ni sdrv lds w`tb`o

    tbd trkospnrtkt`no `ohustry. Bdkhqukrtdrdh `o

    Odw Pnrc, \`on-Genjke `s ruo jy ko dxpdr`-

    doldh akokgdadot tdka koh `s dstkje`sbdh `osb`pp`og akrcdts wnrehw`hd -- w`tb jus`odss

    npdrkt`nos spkoo`og tbd genjd.

    \`on-Genjkes h`vdrs`i`dh sdrv`ld pektinra

    `s lnos`stdh ni tbd @oekoh Xrkospnrtkt`no

    Akokgdadot \drv`lds, \b`pp`og koh

    Lbkrtdr`og \drv`lds, \b`pp`og Kgdoly

    \drv`lds koh \b`p Akokgdadot \drv`lds.

    Xbd Lnapkoys dxpdr`doldh akokgdadot

    tdka `s hdh`lktdh tn grnw`og \`on-Genjke

    jntb nrgko`lkeey koh tbrnugb lnape`adotk-

    ry klqu`s`t`nos tbkt w`ee dobkold koh dxpkoh`ts lurrdot sdrv`lds. Edh jy Ar. Ed` Lkn,

    tbd inuohdr koh Lb`di Dxdlut`vd Nii`ldr ni

    \`on-Genjke, wbn bks

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    ::

    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    kjed pktb, akokgdadot hdvdenpdh k anrd

    h`vdrs`i`dh pektinra ni sdrv`lds, w`tb tbd gnke

    ni rdhul`og `ts hdpdohdoly no tbd sb`pp`og

    kgdoly sdrv`ld jus`odss, wb`ed strdkae`o`og

    npdrkt`nos tn `aprnvd npdrkt`og dii`l`do-

    l`ds tbrnugb diidlt`vd pekoo`og, juhgdt`og

    koh lnst lnotrnes. Kanog tbdsd lbkogds,

    \`on-Genjke dx`tdh uoprni`tkjed sdrv`ld

    kgrddadots, `oleuh`og nod kssnl`ktdh w`tb

    k inradr akmnr lustnadr tbkt nold hrnvd

    kpprnx`aktdey 96% ni tbd Lnapkoys sb`p-

    p`og kgdoly rdvdouds.

    Kesn hur`og i`slke ydkr :6;8, \`on-Genjke

    edvdrkgdh `ts rdekt`nosb`p w`tb `ts strktd-

    g`l pkrtodr, Ar. ]bnog ]bkog, tbd ekrgdst

    dxtdroke sbkrdbnehdr ni \`on-Genjke, koh tbd

    Lbk`rako ni tbd ]b`yuko @ovdstadot Grnup,

    `o tbd dxpkos`no ni `ts sdrv`ld pektinra

    jy khh`og twn odw sdrv`lds= sb`pp`og koh

    lbkrtdr`og sdrv`lds koh `oekoh trkospnrtk-

    t`no akokgdadot sdrv`lds. Xbdsd twn odwsdrv`lds wdrd khhdh tn sdrv`ld tbd spdl`i`l

    jus`odss oddhs ni tbd ]b`yuko @ovdstadot

    Grnup. \`on-Genjke pekos tn iurtbdr ano-

    dt`zd tb`s rdekt`nosb`p, wb`ed lrdkt`og k ekrgdr

    lustnadr jksd tn `olrdksd tbd prni`tkj`e`ty ni

    `ts sdrv`lds pektinra.

    DOXZP @OXN \B@V

    AKOKGDADOX JT\@OD\\

    @o ko diinrt tn jrnkhdo \`on-Genjkes sdrv`ldpektinra koh prdpkrd `tsdei inr dvdotuke vdssde

    nwodrsb`p, tbd Lnapkoy klqu`rdh Enogbd

    \b`p Akokgdadot, k Bnog Cnog lnapkoy

    tbkt prnv`hds sb`p koh lrdw akokgdadot

    sdrv`lds inr k ouajdr ni hry juec sb`ps tbkt

    krd ju`et koh nwodh jy [`oghkn ]bdogbd

    \b`pp`og Grnup E`a`tdh. Xbd klqu`s`t`no

    h`rdltey dokjeds tbd Lnapkoy tn akokgd koh

    sdrv`ld lnaadrl`ke sb`ps kt k grdktdr, anrd

    s`go`i`lkot slked tbko dvdr jdinrd.

    \B@V NWODZ\B@V W@XB

    KXXZKLX@YD I@RDH ENOG-XDZA

    LBKZXDZ KZZKOGDADOX\

    \`on-Genjkes sb`pp`og koh lbkrtdr`og sdr-

    v`ld `s onw jd`og khvkoldh jy tbd klqu`s`-

    t`no ni tbdA/Y Znog ]bnu(Z]), k ;

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    A`lrnLkp Zdv`dw Akgkz`od

    :

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    :8 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    Xbd Zneedr Lnkstdr

    Z`hd ni Ledko XdlbWbkt k Zusb!

    G ZDDO XDL B L NZODZ

    X`a Lnnc aky bkvd sulldssiueey stdppdh

    `otn \tdvd Mnjs pekld ks LDN ni Kpped, jut

    tbd pdrsno wkec`og `o Mnjs sbnds `osp`r`og

    tbd akssds w`tb `oonvkt`vd tb`oc`og koh odw

    aust bkvd prnhults `s Deno Ausc. Lnueh

    Xdsek jd tbd odw Kpped (kt edkst inr tbnsd wbn

    lko kiinrh tbd`r prnhults)> Ausc rdldotey

    koonuoldh tbd ekuolb ni tbd Vnwdrwkee, k

    odw prnhult e`od ni bnad jkttdry stnrkgd

    (tbdrds k lnaadrl`ke vdrs`no tnn).

    Inr tbd akoy rdv`dws ni tbd Vnwdrwkees

    spdl`i`lkt`nos h`sluss`og wbkt `t lko koh lkot

    hn must gnnged `t nr lbdlc ynur snl`ke adh`kodws iddh. Edts ksc `ostdkh wbkt `t adkos

    tn tbd ledko tdlb sdltnr= tbd koswdr `s K ENX.

    Aulb e`cd \noys Wkecako ekuolbdh k wbned

    `ohustry ni no-tbd-gn pdrsnoke aus`l, tbd

    Vnwdrwkee w`ee i`okeey dstkje`sb ko `ohustry

    ni bnad (kck enlke`zdh) dodrgy stnrkgd. Xbd

    `Vnh ni tb`s spkld `s ydt tn lnad, koh w`ee

    e`cdey lnad irna tbd wnreh ni lurrdot stkrt-

    ups koh a`lrnlkps. Koh irna tbkt pnne tbd

    `Vbnod ni tbd spkld w`ee ineenw, kenog w`tb k

    ayr`kh ntbdr sakrtpbnods.Xb`s `s must tbd jdg`oo`og, jntb lnoldptu-

    keey koh kltukeey, ni k wbned odw `ohustry.

    I`vd ydkrs irna onw wdee bkvd nur lbn`ld

    ni s`zd (h`ados`nos, pnwdr lnosuapt`no),

    kppe`lkt`no (rds`hdot`ke, lnaadrl`ke, rurke,

    urjko, no-gr`h, nii-gr`h), koh kdstbdt`l

    (lnaadrl`ke, prklt`lke, krt`st`lkeey hds`godh

    stktus syajne). @o tbd `otdr`a, stkrt`og onw,

    tbdrd w`ee jd k ent ni grdkt jdts tn pekld.

    XBD XWN BNXXD\X KXXZKL-

    X@NO\ NI :6;4 KOH K VDKC KX

    :6;9.

    Ks k sl`dot`st, @ cddp rdh`slnvdr`og tbkt @

    dxpdr`dold tbd wnreh irna k scdwdh pdr-

    spdlt`vd. Inr ad `ts k wnreh ni `otdra`ttdot

    ldrtk`ot`ds slkttdrdh kjnut k ekohslkpd ni

    pkrt`keey koswdrdh qudst`nos koh ko kssnrt-

    adot ni qudsts tn koswdr tbda. @ts k wnreh

    `o wb`lb ont k s`oged kspdlt dslkpds tbd

    `oieudold ni dvneut`no `o `ts akoy inras.

    Nitdo tbd dvneut`no `s sn senw, e`cd grkhukedrns`no kenog k rnlcy r`vdrjkoc, wdrd innedh

    `otn ldrtk`oty. Xbd rnlc uohdrinnt iddes

    ldrtk`o koh sne`h, ydt `s senwey jd`og wnro

    jy rusb`og wktdrs koh w`ohs. Ntbdr t`ads

    dvneut`no `s k ekohse`hd ni h`srupt`vd lbkogd.

    Xbkt sdda`ogey sne`h rnlc suhhdoey g`vds-

    wky koh tbd r`vdr lkrvds k odw pktb.

    Xbus `s tbd lbkeedogd ni `ovdst`og koh `o

    on ntbdr `ohustry `s tb`s anrd dv`hdot tbko

    `o Ledko Xdlb. Wbkt lnueh jd anrd dxl`t-

    `og> Xb`s krt`led `s ko `otrnhultnry dxpenrk-t`no ni wbkt @ sdd krd tbd tnp dvnev`og Ledko

    Xdlb trdohs a`hwky tbrnugb :6;4= dodrgy

    stnrkgd, k snekr rdv`vke, koh wkstd h`vdrs`no/

    lnovdrs`no.

    DODZGP \XNZKGD= K ZNLC

    BK\ JZNCDO IZDD

    Edts stkrt w`tb tbd j`ggdst rdldot odws, i`rst.oJP HKZZDO DOG

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    :4www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    \NEKZ= XBD ATEX@-B@EE IETAD

    Z@HD

    Aulb e`cd pdrsnoke aus`l hdv`lds koh

    tbd sujsdqudot sakrt pbnod prne`idrkt`no

    spkwodh k wbned pedtbnrk ni klldssnr`ds

    irna lksds tn anuots, spdl`kety edosds

    tn bdkh pbnods, jklcup-jkttdr`ds tn wdkr-

    kjeds sn tnn w`e e tbd Vnwdrwkee koh ntbdr

    dodrgy stnrkgd hdv`lds. Kerdkhy, snekr `s

    tbd i`rst koh anst njv`nus pk`r`og Ausc

    b`gbe`gbtdh. \nekr bks sddo k vkr`dty

    ni ups-koh-hnwos ks khnpt`no rktds koh

    `ts vkr`nus tdlboneng`ds bkvd dvnevdh.

    Zdldotey snekr sddadh stkeedh no k stdkhy

    senw le`aj. Jut k prne`idrkt`no ni kiinrh-

    kjed stnrkgd hdv`lds, e`cd tbd Vnwdrwkee,

    grdktey `aprnvds tbd dlnona`ls koh tbd

    prklt`lke`ty ni gn`og snekr dspdl`keey `o

    krdks w`tb d`tbdr b`gb kanuots ni suoe`gbtnr ekrgd vkr`kt`nos `o pdkc vs nii-pdkc dedl-

    tr`l`ty rktds (okturke gks pr`lds aky peky k

    rned tnn).

    Anrd tbko snekr, k wbned su`td ni ntbdr

    tdlb w`ee jd snno tn ineenw. Lnos`hdr ntbdr

    inras ni sakee slked enlke`zdh dodrgy gdodrk-

    t`no e`cd w`oh, byhrn, kokdrnj`l h`gdst`no,

    koh gdntbdrake. Koh tbdo tbdrds snitwkrd

    koh spdl`kety bkrhwkrd tbkt lnotrnes koh

    akokgds tbd h`str`jut`no ni tbd dodrgy jd`og

    stnrdh koh lnosuadh tn akx`a`zd dii`l`doly`o jntb h`rdlt`nos. Veus, hnot inrgdt tbd sdr-

    v`ld prnv`hdrs koh `ostkeedrs inr kee tb`s odw

    tdlb. Wb`ed wd krd e`cdey tn sdd ko dvneut`no

    ni tbd lurrdot K/Y koh bnad tdlb `ostkeedrs,

    dxpdlt k idw odw c`hs no tbd jenlc wbn spd-

    l`ke`zd `o dodrgy dii`l`doly koh grddo`og

    tbd bnad nr nii`ld tn tkcd nii. \nad ni tbnsd

    kerdkhy dx`st.

    INNH WK\XD= K ENN\D ZNLC

    TOHDZINNX

    \n wbkt `s tbd odxt rnlc tn lnad ennsd> @o

    twn wnrhs= innh wkstd. Pds, tbkts r`gbt.

    Innh wkstd.

    Xbd hdvdenpdh wnreh tkcds innh inr grkot-

    dh. @o j`g l`t`ds, `o a`h-s`zdh l`t`ds, dvdo `o

    anst T\HK hds`goktdh Zurke Krdks, v`rtu-

    keey KOP innh prnhult wd hds`rd `s s`tt`og

    `o k stnrd w`tb`o k :6-a`outd hr`vd wk`t`og

    tn jd purlbksdh. @o anst lksds `ts enncs

    pdridlt tnn. Xn kllnape`sb tb`s a`rkled

    tbd T\ prnhulds anrd tbko inur t`ads wbkt

    `t lnosuads. Genjkeey nvdr ;/< ni kee innh

    prnhuldh s wkstdh.

    B`stnr`lkeey anst innh wkstd bks gnod tn

    ekohi`ees k prnjeda jdlkusd ni adtbkod koh

    ntbdr da`ss`nos prnhuldh. Noey rdldotey

    bkvd wd stkrtdh h`vdrt`og k pnrt`no ni innhwkstd kwky irna ekohi`ees. W`tb akoy l`t-

    `ds, lnuot`ds koh dvdo wbned stktds (YX, LX,

    AK) onw jkoo`og lnaadrl`ke innh wkstd

    irna tbd`r ekohi`ees, dxpdlt tn sdd dvdo anrd

    tn lnad. Ay snurlds suggdst innh wkstd

    aky jd no pne`t`lke edgkly rkhkrs tnn (ontd

    tbd rdldot dxdlut`vd nrhdr rdqu`r`og 46%

    rdhult`no `o ekohi`ee wkstds irna kee idhdrke

    ikl`e`t`ds). W`tb kee tbd odw rdguekt`nos, tbd

    lnsts kssnl`ktdh w`tb innh wkstd krd r`s`og.

    \n wbdrd krd tbd nppnrtuo t`ds> Lnos`hdrtbd dot`rd innh suppey lbk`o, irna lrnps

    tn c`tlbdos koh rdadajdr tbd tbrdd Zs.

    Zdhuld= Inr dxkaped, ikradrs usd slkoodrs

    no TKYs (kck hrnods) tn njtk`o rdket`ad

    lrnp bdketb hktk tbus hdlrdks`og lrnp enss.

    Zdusd= K snpb`st`lktdh lneedlt`no sdrv`ld inr

    jkcdry wkstd suppe`ds tbd pdt innh `ohustry.

    Zdlyled= Jdlkusd tbdrd w`ee kewkys jd wkstds

    gdodrktdh, k bnst ni lnovdrs`no sneut`nos

    kjnuoh rkog`og irna `o-bnad lnapnst`og

    systdas, tn `o-rdstkurkot uo`ts lnovdrt`og

    wkstds `otn j`nlbkr, tn auo`l`pke nrgko`l

    wkstd pdeedt`zkt`no, tn j`niude prnhult`no, tn

    kokdrnj`l h`gdst`no, tn neh slbnne lnapnst-

    `og. Xbd w`oodrs `o tb s vkst akrcdt w`ee jd

    sneut`nos tbkt dlnona`lkeey jkekold tbd lnst

    ni lkp`tke dxpdosd, trkospnrtkt`no, koh lno-

    vdrs`no prnldss w`tb nutput prnhult vkeuds.

    @o iuturd krt`leds @ee pnsd anrd `o hdptb

    qudst`nos tn lnos`hdr wbdo dvkeukt`og pkr-

    t`luekr ledko tdlb sdltnrs. @o tbd adkot ad

    domny tbd r`hd.

    Hkrrdo Dog `s Lb`di Dxdlut`vd Nii`ldr koh Vrds`hdo

    ni Grddojdet Zdsnurlds Lnrpnrkt`no. Vr`nr tn b`

    kppn`otadot tn LDN, Dog sdr vdh ks k Jnkrh H`rdltn

    stkrt`og `o Hdldajdr :662, koh pdrinradh tbd

    rned ni \dlrdtkry inr tbd Jnkrh irna Kpr`e :660 tn

    \dptdajdr :660.Dog bks nvdr :6 ydkrs ni dxpdr`dold `o dxdlut`vd

    edkhdrsb`p rneds koh dotrdprdodur`ke dohdkvnrs. K

    inuohdr koh Vrds`hdot ni Xbd \pnosnrsb`p Grnup

    bd bks jddo t`tedh Dxdlut`vd H`rdltnr nr \do`nr Y`ld

    Vrds`hdot ni k ouajdr ni prnidss`noke nrgko`zk

    t`nos npdrktdh koh akokgdh jy Xbd \pnosnrsb`p

    Grnup stkii. Ntbdr pkst sdo`nr akokgdadot pns`t`no

    `oleuhd Npdrkt`noke H`rdltnr ni Ens Kogdeds Ydotur

    Kssnl`kt`no koh Dxdlut`vd Y`ld Vrds`hdot ni tbd

    H`g`tke Dvneut`no Ldotdr. Vr`nr tn ruoo`og vkr`nus

    upstkrt lnapko`ds koh nrgko`zkt`nos tbrnugbnu

    \nutbdro Lke`inro`k, Dog wnrcdh inr odkrey k hdlkhd

    `o tbd dov`rnoadotke `ohustry. Irna ;008 tn ;002

    bd edh tdkas ni sl`dot`sts koh dog`oddrs kt KDLNA

    (inradrey DO\Z) ks k prnmdlt koh tdka akokgdr

    koh sdrvdh ks k edvde @@@ kssnl`ktd sl`dot`st. B`s wnrc

    `oleuhdh rdguektnry lnape`kold koh e`kj`e`ty kssdss

    adots ni \nutbdro Okturke Gks ikl`e`t`ds koh ntbd

    ekrgd jkoc-i`okoldh `ohustr`ke prnpdrt`ds `o tbd dkst

    dro T.\. irna Ak`od tn Enu`s`kok.

    Dog dkrodh k Jklbdenr ni \l`dold hdgrdd `o j`ne

    ngy (dov`rnoadotke trklt) irna Pked To`vdrs`ty `o

    Odw Bkvdo, Lnoodlt`lut. Dog `s Lbk`rpdrsno n

    tbd GrddoEKYK \@G inr EKYK.nrg. Bd `s kesn k lur-

    rdot adajdr ni jntb tbd Ados Gu`eh inr Lb`ehrdo

    Bnsp`tke Ens Kogdeds koh tbd Pked \l`dold koh

    Dog`oddr`og Kssnl`kt`no. o

    Anrd tbko snekr, k wbned su`td ni ntbdr tdlb w`ee

    jd snno tn ineenw. Lnos`hdr ntbdr inras ni sakee

    slked enlke`zdh dodrgy gdodrkt`no e`cd w`oh, byhrn,

    kokdrnj`l h`gdst`no, koh gdntbdrake.

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    :9 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    ldrtk`oey `sot k nod b`t wnohdr, w`tb k

    bdketby le`dot e`st wb`lb `oleuhds Kpped,

    Onc`k, Dodrg`zdr, Kldr koh Lb`ok \nutbdro

    Vnwdr Gr`h, tn okad must k idw.

    Inuohdh `o :66;, tbdy bkvd domnydh akoy

    ydkrs ni sulldssiue, sustk`okjed grnwtb koh

    bkvd jddo k puje`ley e`stdh lnapkoy s`old

    Muod :662 no OK\HK[ uohdr tbd t`lcdr

    syajne BVM. Bkv`og kerdkhy p`noddrdh tbd

    ekohslkpd `o edkh`og ledko dodrgy tdlbonen-

    g`ds `o Lb`ok, B`gbpnwdr `s pns`t`nodh tnjdodi`t irna grnw`og hdakoh koh lnot`ouds

    tn edkh `o jkttdry koh ledko dodrgy sneut`no

    akrcdts krnuoh tbd wnreh.

    @ wks `ov`tdh tn tkcd k ennc krnuoh nod ni

    B`gbpnwdrs ikltnr`ds koh try tn lnad tn gr`ps

    w`tb bnw tbdsd jkttdr`ds wnrc. Xbd Lnapkoy

    prnhulds dvdry typd ni jkttdry ynu lko akg-

    `od, `o kee sbkpds koh s`zds. Jkttdr`ds krd dvdo

    lustna ju`et jksdh no tbd oddhs ni k spdl`i`l

    lustnadr. Xbdsd spdl`i`lkt`nos rkogd irna

    sakee kdstbdt`l oddhs tn bugd `ohustr`ke nods.B`gbpnwdr prnhulds jntb e`tb`ua pneyadr

    koh lye`ohr`lke jkttdr`ds. @ edkrodh tbkt nod ni

    tbd anst apnrtkot koh w`hdey usdh jkttdr`ds

    `o tbd `ohustry `s ;2946 lye`ohr`lke jkttdry

    (;2aa h`kadtdr, 94aa bd`gbt). Xbdy krd

    dssdot`keey nvdrs`zdh KK jkttdr`ds koh bkvd

    jddo usdh `o prnhults inr akoy ydkrs. Xbdy

    krd rnjust, skid koh ni b`gb lkpkl`ty inr tbd`r

    s`zd. Koh `i k iurtbdr lkpkl`ty `s oddhdh, tbdy

    Ont sn enog kgn, hdv`lds sulb ks tbdsd wdrd

    lnapedtdey `aprklt`lke koh h`ii`luet tn lna-

    inrtkjey i`t no k tkjed, edt kenod `o snadnods

    pnlcdt. Bnwdvdr, tbd seddc, trdohy gkhgdts

    inuoh `o sl`dold-i`lt`no, dvdo ks ikr jklc ks

    \tkr Xrdc= Xbd Nr`g`oke \dr`ds, w`tb `ts edg-

    dohkry ie`p nut lnaauo`lktnr, bkh kerdkhy

    dajdhhdh tbd `hdk ni kakz`ogey e`gbt, pnr-

    tkjed hdv`lds `o tbd puje`l lnosl`nusodss.

    \nno kitdr tbd h`g`tke rdvneut`no, tbdrd

    wks k idde`og tbkt tbd neh :6 pnuoh lna-putdrs lnueh ont lut `t koyanrd. Nold tbd

    `o`t`ke juzz ni tbd VL jnna wnrd nii, tbd

    puje`l wdrd sky`og= Xbdsd hdv`lds krd grdkt,

    jut onw akcd tbda nod tdotb tbd s`zd koh

    pnrtkjed.

    Ks Annrds Ekw prdh`ltdh, dedltrno`ls gnt

    sakeedr koh sakeedr ks t`ad wdot jy. Jut

    tbdrd wks snadtb`og a`ss`og, tbkt i`oke p`dld

    ni tbd puzzed, w`tbnut wb`lb `t wnueh bkvd

    jddo `apnss`jed tn lrdktd koy c`oh ni hdv`ld

    wb`lb wks pnrtkjed koh st`ee e`gbt koh se`adonugb tn aktlb tbd lnosuadrs w`ehdst

    hrdkas.

    Koh tbdo `t bkppdodh. @o ;00; tbd cdy

    tbkt wnueh irdd us up irna nur wkee snlc-

    dts wks rdedksdh= Xbd e`tb`ua `no jkttdry.

    Xbdsd hkys e`tb`ua jkttdr`ds pdradktd dvdry

    kspdlt ni nur e`vds. Jdlkusd ni tbda, dedl-

    trno`l hdv`lds bkvd qu`td e`tdrkeey dotdrdh

    nur a`ohs, `o tbd inra ni YO\ `apekots `oLDN Gdnrgd Vko

    B`gbpnwdr @otdrokt`nokeK Ennc kt B`gbpnwdr koh tbd Wnreh ni Jkttdr`ds

    OK\HK[= BVM

    VZNI@EDH LNAVKO@D\

    @o tbd pkst :6 ydkrs wd bkvd dxpdr`doldh ko uoprdldhdotdh grnwtb `o tbdhdakoh inr anj`ed dedltrno`l hdv`lds. H`g`tke lkadrks, lnaputdrs, anj`edpbnods, tkjedts3 tbdsd prnhults krd on enogdr snadtb`og lnosuadrs wkot, tbdy

    krd snadtb`og tbkt tbdy oddh, tn dx`st `o tbd wnreh ks k anhdro buako jd`og. Jut

    bnw `s `t tbkt wd bkvd anvdh `otn tb`s jrkvd odw wnreh>

    tbd jrk`o wb`lb bdep tn lnotrne h`sdksds sulb

    ks dp`edpsy koh Vkrc`osnos. @o tbd prnldss ni

    i`oh`og tbd`r wky otn dvdry pkrt ni nur e`vds,

    tbdy bkvd lkpturdh nur `akg`okt`nos ks wdee.

    @t wks ka`hst tb`s jklchrnp ni dxpkos`no

    koh grnwtb tbkt @ jdgko tn edkro kjnut

    B`gbpnwdr @otdrokt`noke. @o tdras ni h`vdr-

    s`i`lkt`no, tbd lnapkoy bks k w`hd rkogd ni

    prnhults kee klrnss tbd jkttdry sdltnr3 tbdy

    prnhuld jkttdr`ds inr dedltr`l lkrs koh jusds,

    j`lyleds, wdkrkjed hdv`lds, pbnods, ekptnps,r`gbt hnwo tn s`aped lnosuadr jkttdr`ds

    inr sakee dedltr`lke `tdas. Koh B`gbpnwdr

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    A`lrnLkp Zdv`dw Akgkz`od

    :7www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    lko s`apey jd pklcdh `otn grdktdr ouajdrs.

    Xbd lye`ohr`lke sbkpd `s dssdot`ke inr `ts

    iuolt`noke`ty, wb`lb keenws tbd jkttdry tn

    w`tbstkoh b`gb `otdroke prdssurds w`tbnut

    hdinra`og. Bnwdvdr, tb`s kesn lnads w`tb

    e`a`tkt`nos. Anst ni tb`s rdektds tn kdstbdt`ls3

    tbd`r sbkpd akcds tbda h`ii`luet tn i`t `otn

    hdv`lds e`cd ekptnps, pbnods koh lkadrks,

    inr dxkaped. Inr tbdsd, B`gbpnwdr akcds

    pneyadr ldees jdlkusd tbdy krd iekt tbdy lko

    kesn jd pnwdriue koh g`vd sakrt pbnod i`o`sb

    tbkt dvdrynod wkots.

    Jut tbdrds anrd tn e`tb`ua jkttdry prn-

    hult`no tbko tbkt. Xbdrd krd h`iidrdot konhd

    koh lktbnhd aktdr`kes koh tbd adtke usdh `s

    ont must e`tb`ua, `t lko jd e`tb`ua lnjket, nr

    `rno, nr akogkodsd. Xbd dog`oddrs nitdo t`o-

    cdr krnuoh w`tb tbd e`tb`ua snup uot`e `ts

    dedltr`lke prnpdrt`ds krd ks oddhdh. Jdlkusdni tbd akoy h`iidrdot vkr`kt`nos ni tbd akcd-

    up, tbd pnss`j`e`t`ds krd dohedss, w`tb ks akoy

    h`iidrdot typds ni jkttdry dx`st`og ks tbd

    prnhults tbdy krd usdh `o.

    Wbkt kee ni tb`s khhs up tn `s tbkt,

    B`gbpnwdr `s ont rde`kot no nod pkrt`luekr

    `ohustry nr prnhult. Lnapko`ds `o tbd jkt-

    tdry akouikltur`og `ohustry, bkvd vdry e`tted

    hdakoh s`hd r`sc. @i, inr dxkaped, wd kee bkh

    tn stnp us`og anj`ed pbnods tnanrrnw, tbd

    jkttdry ohustry wnuehot lruajed nvdro`gbt.B`gbpnwdr krd `osuektdh `o wkys akoy

    lnapko`ds lko noey hrdka ni. Xbdrd krd

    e`tted sdksnoke ieultukt`nos `o hdakoh koh on

    p`noddr`og tdlbonengy krnuoh tbd lnrodr tn

    rdpekld tbda.

    @ts trud tbkt wd e`vd `o k rkp`hey lbkog`og

    akrcdt. K lnapkoy lko jr`og nut k odw

    prnhult wb`lb `s tbd jdst tb`og s`old se`ldh

    jrdkh, w`tb`o anotbs `t `s lnp`dh nr akhd

    njsnedtd jy k odw nod. Pnu oddh noey lkst

    ynur a`oh jklc tn tbd envkjed ikx aklb`od,

    nr tbd pkgdr. \ulb `ssuds hn ont kiidlt tbd

    jkttdry `ohustry. @i ynurd ennc`og inr ko

    `ohustry w`tb e`tted hdakoh s`hd r`sc tbdrd krd

    idwdr jdttdr dxkapeds tbko tbkt ni jkttdr`ds.

    Ekptnps, pbnods, tkjedts, lkadrks. Ontb`og

    sbnrt ni snad c`oh ni trkos-genjke kpnlk-

    eypt`l sldokr`n `s e`cdey tn kiidlt hdakoh,

    jut wbkt kjnut tbd iuturd> Wbdrd `s tbd

    odxt dxl`t`og hdvdenpadot `o tbd `ohustry>

    Wbdrd a`gbt wd dxpdlt ekrgd grnwtb `o

    hdakoh inr e`tb`ua `no jkttdr`ds> Wbdrd `s

    ay dxnscdedtno su`t>

    On nod `s gn`og tn jd ennc`og e`cd @rno

    Ako nr Xna Lru`sd `o Dhgd ni Xnanrrnw,

    Hkoldrs wbn hkold no jkttdry pnwdrdh

    prnstbdt`l e`ajs, pkldakcdrs, cddp bdkrts

    jdkt`og koh Gnnged gekssds, prnmdlt h`g`tke

    h`spekys `otn nur i`deh ni v`s`no. @ts bkrh tn

    sky wbdrd ako dohs koh aklb`od jdg`os jut

    tbd tdlbonengy `s must ont dlnona`l r`gbt

    onw.

    Akyjd ynu bkvdot hr`vdo ko dedltr`l vdb`-

    led ydt jut @a ldrtk`o ynu w`ee bkvd lnad

    klrnss tbd dedltr`l jus nr tkx`. Pnuh jd inr-

    g`vdo inr tb`oc`og tbdrd wks snad p`noddr-

    `og odw tdlboneng`lke jrdkctbrnugb akc`og

    `t kee pnss`jed. Jdinrd ennc`og `otn tbd `ohus-try, @ vdry aulb tbnugbt tbd skad. Jut anst

    ni tbd sulldss ni tb`s tdlbonengy `s hnwo tn

    tbd `ohustrys gnehdo lb`eh, tbd ;2946. Pds,

    ontb`og anrd tbko nvdrs`zdh KK jkttdr`ds!

    Koh tbd tdlbonengy bks dx`stdh inr hdlkhds.

    @t bks `aprnvdh tbnugb dvdry ydkr3 tbd

    jkttdr`ds bkvd `olrdksdh `o dii`l`doly jy

    krnuoh 2%. Xb`s, lnupedh w`tb khvkoldh

    snitwkrd wks donugb koh tbd t`pp`og pn`ot

    wbdrd t wks lnst diidlt`vd tn prnhuld dedltr`l

    vdb`leds i`okeey lkad.JAW, Inrh I`kt, Bnohk, Adrldhds,

    O`ssko, Vnrlbd, kee tbd j`g pekydrs `o tbd kutn-

    ant`vd ohustry krd onw dotdr`og tbd dedltr`l

    vdb`led akrcdt. Xb`s `s tbd pkrt wbdo `t gdts

    rdkeey iutur`st`l. \nad ni tbd vdb`leds jd`og

    rdedksdh dvdo bkvd tbd lkpkj`e`ty ni hr`v-

    `og tbdasdevds, ketbnugb tbd tdlbonengy `s

    jd`og sbdevdh w`tb`o tbd vdb`leds i`rawkrd

    uot`e kee tbd edgke `ape`lkt`nos inr `osurkold

    krd wnrcdh nut. @t sddas dedltr`l vdb`leds

    krd e`cdey tn jdlnad syonoyanus w`tb sdei-

    hr`v`og tdlbonengy.

    Wbdrd hnds B`gbpnwdr i`t `otn kee ni tb`s>

    Wdee, tbdy bkvd iuei`eedh k lnotrklt tn prnv`hd

    ;47 jusds `o tbd \bkogbk` rdg`no w`tb jkttdr-

    `ds. Wby `s tb`s `apnrtkot> Odw edg`sekt`no

    rdqu`rds tbkt ;6% ni kee jus rdodwkes bkvd

    tn jd dedltr`l. No tnp ni tbkt, kee jusds aust

    jd rdodwdh kitdr k pdr`nh ni 2 ydkrs. Xn

    addt tb`s akohktd, tbd Lb`odsd gnvdroado

    rdqu`rds 8666 odw jusds irna :6;9 nowkrhs

    Inr B`gbpnwdr tn bkvd kerdkhy put `tsde

    inrwkrh koh jdg`o addt`og tb`s hdakoh put

    tbd lnapkoy `o k vdry strnog pns`t`no.

    \ddc`og j`g gnvdroadot prnmdlts w`tb`o

    Lb`ok `s tbd p eekr stnod ni B`gbpnwdr

    jus`odss strktdgy. Xbd oddh inr dedltrno`l

    jusds dx`sts ont noey `o Lb`ok jut `o tbd

    wbned ni \nutb Dkst Ks`k koh ks ikr ks @oh`k

    W`tb Lb`oks prdidrdold inr bnadgrnwo

    lnapko`ds, tb`s `s k vdry dxl`t`og t`ad inr

    B`gbpnwdr `ohddh.

    Ks wdee ks tb`s, tbdrd bks kesn jddo prng-

    rdss w`tb snekr pnwdr. Lb`ok koh ntbdr gnv-

    droadots krnuoh tbd wnreh krd akss`vdey

    `olrdks`og tbd`r rde`kold no snekr dodrgy

    Lb`ok kenod `ostkeedh ;: GW ni odw pbn-

    tnvnetk`l (VY) gdodrkt`no lkpkl`ty `o :6; Bnw h`h

    `t akcd k speksb `o ko `ohustry wbdrd akoy

    ntbdr lnapko`ds bkvd ik`edh> Xbd koswdr

    `s rdsdkrlb koh hdvdenpadot, dlnona`ds ni

    slked koh bkv`og k anhdro akokgdadot

    styed. Xbd jdst dxkaped ni bnw tb`s bks

    wnrcdh inr tbda `s tbd `ssud ni jkttdry skidty.

    Jkttdry skidty `s snadtb`og tbkt bks kewkyspekgudh tbd `ohustry koh `s snadtb`og tbkt

    bks bdeh k ent ni lnapko`ds jklc, dspdl`keey

    `o Lb`ok. Jut B`gbpnwdr bks tkcdo wdstdro

    `ovdstnrs koh akokgdadot tdkas koh lbdrry

    p`lcdh rdsdkrlbdrs koh dapenydds irna kee

    nvdr tbd wnreh tn lnad up w`tb k ekjnr inrld

    tbkt bks `osuektdh `tsdei kgk`ost prnjedas tbkt

    lko lnad irna wnrc`og `o tb`s b`gb-tdlb

    `ohustry.

    Oddhedss tn sky, `t `s `olrdh`jey `apnr-

    tkot tn prnhuld skid jkttdr`ds. @i nod niynur jkttdr`ds adets hnwo koh lkusds k i`rd,

    nr dvdo ikees sbnrt ni tbd akrc `o lkpkl-

    `ty, tbd bugd NDA tdlb `ohustry tbkt hna`-

    oktds tbd lnosuadr akrcdt w`ee ont tnulb

    ynu. @o tbd lnape`lktdh wnreh ni e`tb`ua

    `no jkttdry prnhult`no, skidty `s ko krdk

    wbdrd sn akoy lnapko`ds bkvd ikeedo sbnrt.

    Bnwdvdr, tbrnugb lkrdiue pekoo`og koh

    hds`go, B`gbpnwdr bks akokgdh tn kvn`h

    tbdsd `ssuds. Edts tkcd k qu`lc ennc kt snad

    ni tbd pdnped wbn bkvd akhd B`gbpnwdr

    sulb k strnog edkhdr `o tbd akrcdt.

    Bkv`og sdt tbd jkr `o Z&H koh pnwdr stnr-

    kgd `oonvkt`nos, B`gbpnwdrs kwkrh w`oo`og

    tdka ni dxpdr`doldh edkhdrs bkvd akhd k

    bugd lnotr`jut`no tn tbd sulldss ni tbd lna-

    pkoy. Nvdr tbd ydkrs, tbdy bkvd lnot`oudh tn

    dapeny k h`vdrsd rkogd ni dxpdrts, lnaj`o-

    `og akoy ydkrs ni dxpdrt`sd koh `oonvkt`no

    tn ju`eh k lnapkoy truey hdsdrv`og ni `ts

    pekld kt tbd inrdirnot ni jkttdry prnhult`no.

    K sb`o`og dxkaped ni tb`s `apdllkjed

    edkhdrsb`p `s tbd lnapkoys lb`di sl`dot`st,

    Vdtdr Lbdog. W`tb nvdr ;6 ydkrs ni dxpdr`-

    dold `o Z&H ni e`tb`ua jkttdr`ds, pneyadr

    ldee, ldee aktdr`kes koh dedltrnlbda`lke sys-

    tdas, bd bnehs ko `aprdss`vd jklcgrnuoh.

    Vdtdr bkh wnrcdh no lnnpdrkt`vd prnmdlts

    w`tb tbd e`cds ni Kpped, Antnrnek, \kasuog,

    Onc`k koh A`lrnsnit tn okad k idw, koh bks

    lnotr`jutdh tn edkh`og `oonvkt`nos `o jkttdry

    hds`go koh stnrkgd.

    B`gbpnwdr ledkrey sdds jkttdry prnhult`no

    ks ont noey jd`og prni`tkjed, jut kesn k b`gbey

    wnrtby lkusd, nod wb`lb bnehs grdkt prna`sd

    inr rdhul`og nur `apklt no tbd dov`rnoadot.

    B`gbpnwdr `s sdtt`og `ts s`gbts no tbdsd

    bugd okt`noke lnotrklts w`tb`o Lb`ok, w`tb`ts strnog trklc rdlnrh, dvdo k s`oged nod

    ni tbdsd lnotrklts wnueh ekoh tbd lnapkoy

    a`ee`nos ni hneekrs `o rdvdoud. Wb`ed st`ee

    bkv`og `ts rnnts `o skid rde`kjed lnapko`ds

    e`cd Vb`e`ps, \noy, Inxlnoo, Kldr, Eng`tdlb,

    Onc`k tn okad jut k idw. o

    Xbd lnapkoy pk`h lnos`hdrkt`no tn \OO nr `ts kii`e`ktds inr tb`s krt`led.

    Jkttdry prnhult`no aklb`od

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    A`lrnLkp Zdv`dw Akgkz`od

    :0www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    IDKXTZDH KZX@LED

    `o dxldss ni $;66 k jkrrde.:

    Wbdo ynu hdstrny prnhult`vd lkpkl`ty `o k

    lkp`tke-`otdos`vd jus`odss -- wbdo ynuvd sbu

    n`e i`dehs `t tkcds i`vd, s`x, nr sdvdo ydkrs tn

    hdvdenp odw suppey wbdo hdakoh rdturos.

    Kt krnuoh $86 tn $46 pdr jkrrde tnhky,

    dxpdlt tbkt wd w`ee sdd k rdsneut`no nvdr tbd

    lna`og tbrdd nr inur ydkrs.

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    Kjsneutdey pns`-

    t`vdey. Xbdrds on wky krnuoh `t.

    Bnwdvdr jkhey tbd rdsnurld jus`odss bks

    pdrinradh inr ynur nwo pnrtine`ns rdldotey,

    `t `s tbd stuii ni e`id.\dvdo j`ee`no ni us wkot tn `olrdksd nur

    e`v`og stkohkrhs. Koh wd krd khdquktdey sup-

    pe`dh nr nvdrsuppe`dh kt prdsdot.

    Jut `i tbd `ohustry hndsot dkro `ts lnst

    ni lkp`tke nvdr t`ad, tbd pr`lds w`ee bkvd tn

    gn up nr tbnsd lnaanh`t`ds w`ee jdlnad

    uokvk`ekjed.

    Edts tb`oc kjnut tbnsd aktdr`kes. Wbkt

    bkppdos `i lnppdr jdlnads uokvk`ekjed> @t

    adkos tbd e`gbt gnds nii. Wbkts tbd prnj-

    kj`e`ty ni tbkt> @ wnueh sky `ts o`e.

    @ lkot tdee ynu tbkt lnppdr `s gn`og up

    r`gbt kwky. Jut @ lko tdee ynu tbkt k lna-

    anh`t`ds akrcdt wbdrd pr`lds bkvd ikeedo

    jy 46% `s sujstkot`keey anrd kttrklt`vd tbko

    `t wks jdinrd. @rno`lkeey tbd `ohustry `s edss

    kttrklt`vd wbdo `t `s dkro`og vdry ekrgd prni`t

    akrg`os. Xbkts wbdo wdrd gdtt`og lensd tn k

    akrcdt pdkc.

    B`gb pr`lds dolnurkgd pdnped tn lnosdrvd.

    Xbdyrd lnosua`og edss. Adkowb`ed, b`gb

    lksb ienws krd dolnurkg`og lnapko`ds tn

    `olrdksd suppey. Xbkts akgo`i`dh jy tbd iklt

    tbkt `ovdstnrs krd jdlna`og anrd juee`sb,

    dvdo tbnugb wdrd `ovdst`og `o prnhults tbkt

    krd jd`og lnosuadh edss koh edss jdlkusd

    tbdy krd dxpdos`vd. @ts truey pdrvdrsd.

    Wd wkot psylbneng`lke rd`oinrldadot inr

    nur klt ni juy`og rdsnurld stnlcs wbdo tbdy

    bkvd pdrinradh sn pnnrey inr tbd ekst 8 ydkrs.

    Wd oddh pr`lds tn r`sd `aadh`ktdey kitdr wd

    hdl`hd tn juy.

    Jut tbd akrcdt hndsot lkrd kjnut wbkt wd

    oddh. Xbd akrcdt lnueh turo 9 anotbs irna

    onw nr : ydkrs irna onw. @ts `apnrtkot tn

    s`zd bnw aulb ni ynur pnrtine`n tn `ovdst

    kllnrh`og tn ynur i`okol`ke koh psylbneng`-

    lke kj`e`ty tn dohurd r`sc koh vnekt`e`ty.Ntbdrw`sd, ynurd gn`og tn gdt sbkcdo nut

    kt tbd jnttna koh r`sc lna`og jklc `otn tbd

    sdltnr kt tbd tnp.

    Zdadajdr bnw tdrr`i`dh ynu wdrd o ;002

    koh ;000. Zdadajdr bnw dektdh ynu wdrd

    `o :668, `o :664. Zdadajdr okads e`cd

    Krdqu`pk, H`kanoh I`dehs, Eua`ok, \`evdr

    \tkohkrh. K wbned e`tkoy ni tb`ogs wdrd

    lbdkp jklc `o ;002 koh ;000. Wd wdrd tdrr`-

    i`dh wbdo wd jnugbt tbnsd stnlcs.

    Jut wd wdrd dvdotukeey vdry bkppy tbkt wdakhd tbnsd purlbksds.

    Hky ineenws o`gbt. @ lkot tdee ynu wbdo

    hky w`ee lnad. Koh @ lkot tdee ynu bnw. Jut

    rdadajdr tbkt ynu akcd anody juy`og enw

    koh sdee`og b`gb. Koh tn hn tbkt, ynu oddh

    tn juy enw.

    V.\.= Zdkh anrd irna Z`lc Zued, Dr`l

    \prntt, koh ntbdr tbnugbt edkhdrs `o okturke

    rdsnurlds koh prdl`nus adtkes jy sujslr`j`og

    tn \prntts irdd d-edttdr. \ujslr`jd bdrd.

    ;bttp=//www.wsm.lna/krt`leds/jklc-tn-tbd-iuturd-n`e-rdpekys-;026s-just-;8:;;09o1VDX&s1I666666^^

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    A`lrnLkp Zdv`dw Akgkz`od

    Edt Vrnt Vekoodrs bdep!

    AKOKGDADOX KOH LNZVNZKXD KHY@\NZ\

    VVAX hde`vdrs k lnaprdbdos`vd su`td ni sdrv`lds hds`godh tn addt tbd oddhs ni a`hhedAkrcdt akokgdadot tdkas. Irna kllnuot`og sdrv`lds tn `otdrokt`noke tkx strktdgy, Irna

    sdo`nr hdjt okol`og tn klqu`s`t`no okol`og, VVAX niidrs otdgrktdh sdrv`lds tn suppnrt

    dvdry kspdlt ni tbd lnrpnrktd hdvdenpadot lyled.

    Cdy B`gbe`gbts=

    Inradr D&P Dotrdprdodur`ke sdrv`lds

    Inradr Hden`ttd Xkx \trktdg`sts

    Inradr \DL Doinrldadot Lnuosde

    E`ldosdh Jkocruptly Lnuosde

    Khv`snrs irna kee kspdlts ni wkee strddt okold.

    Lnosuet`og

    Jus`odssKhv`snry

    Lkp`tkeAkrcdts

    Xdlbonengy

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    A`lrnLkp Zdv`dw Akgkz`od

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    Xb`s bks jddo

    Inr dklb ni tbd ekst tbrdd ydkrs `t kppdkrdh tbkt tbd J`ntdlb

    Xrk`o a`gbt stnp. @t `s ledkr tbkt :6;4 wks nod ni tbd jdst

    ydkrs dvdr domnydh jy tbd J`ntdlbonengy `ohustry, `o tbd i`oko-l`ke akrcdts, dvdr.

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    A`lrnLkp Zdv`dw Akgkz`od

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    A`lrnLkp Zdv`dw Akgkz`od

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    A`lrnLkp Zdv`dw Akgkz`od

    Xb`oc kgk`o.Kee c`hs hdsdrvd tbd r`gbt tn grnw up peky`og spnrts koh jd`og klt`vd. \pnrts

    tdklbds tbda tbd iuohkadotke vkeuds oddhdh tn sullddh `o e`id. Kee tnn nitdo,

    c`hs w`tb pbys`lke lbkeedogds krd edit no tbd s`hde`ods. Inr :; ydkrs, LKI bks

    suppnrtdh nvdr 0,466 ktbedtds wnrehw`hd w`tb grkots inr dqu`padot, lnapdt`t`no,

    trk`o`og koh adotnr`og, prnv`h`og tbd tnnes tbdy oddh tn gdt `o tbd gkad.

    Wdrd lbkog`og e`vds, nod ktbedtd kt k t`ad.

    :6;8 Lbkeedogdh Ktbedtds Inuohkt`no. LKI `s k 46;(l)(

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    86 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    \bkogbk` Akrcdts \w`it Z`sd Ensds

    \tdka Wb`ed Bnog Cnog ZkocsOuajdr Nod `o @VN Iuohs Zk`sdh

    K \ @ K L N Z O D Z

    pdrldot hdle`od nvdr must tbrdd wddcs. Xbd

    rkp`h hrnp prnaptdh k auet`tuhd ni adk-

    surds irna Jd`m`og `o ko diinrt tn stkj`e`zd

    tbd akrcdt. Xbd ldotrke jkoc i`rst lut `otdr-

    dst rktds wb`lb wks sbnrtey ineenwdh jy tbd

    Lb`ok \dlur`t`ds Zdguektnry Lnaa`ss`nos

    (L\ZL) anvd tn bket @VNs koh tbd lnuotrys:; ekrgdst jrncdrkgd i`ras ekuolbdh k jke-

    Irna tbd stkrt ni tbd ydkr, 70 lnapko`ds

    rk`sdh ;6

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    A`lrnLkp Zdv`dw Akgkz`od

    8;www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    kold iuoh wnrtb Zaj;:6jo (T\$;0.

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    8: A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    \tktds koh onw Lkokhk. No Muey 7, :6;4 tbd

    Lnapkoy lnapedtdh `ts i`rst akmnr klqu`s`-

    t`no tbrnugb tbd tkcdnvdr ni Lnkstke Gneh

    Lnrp. wb`lb bdeh k ;66% `otdrdst `o tbd

    Bnpd Jrnnc Gneh Vrnmdlt enlktdh `o snutb-

    dro Odwinuohekoh. Xb`s klqu`s`t`no khhdh

    kpprnx`aktdey nod a`ee`no nuolds ni gneh

    tn tbd I`rst A`o`og a`odrke jkoc koh gn`og

    inrwkrh tbd Lnapkoy k`as tn akcd kontbdr

    nod tn twn akmnr klqu`s`t`nos jdinrd ydkr-

    doh. Xbd Lnapkoy sddcs tn dvdotukeey ju`eh

    `ts pnrtine`n tn 86-46 a`odrke kssdts wb`lb

    wnueh jd lnapr`sdh ni gneh, s`evdr, lnppdr,

    edkh, z`ol koh o`lcde.

    I`rst A`o`og I`okold `s suppnrtdh jy Cd`tbOduadydr koh I`rst Akmdst`l wb`lb `s nod ni

    tbd Wnrehs ekrgdst s`evdr prnhuldrs. I`rst

    A`o`og sbkrds nii`ld spkld koh ldrtk`o stkii

    w`tb I`rst Akmdst`l `o nrhdr tn cddp skekr`ds

    koh nvdrbdkh lnsts a`o`ake ks tbd Lnapkoy

    gdts stkrtdh.

    Inr anrd `oinrakt`no, pedksd lnotklt

    Hdrdc @wkokck, Y`ld Vrds`hdot ni @ovdstnr

    Zdekt`nos inr anrd `oinrakt`no kt 968-9

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    A`lrnLkp Zdv`dw Akgkz`od

    8

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    88

    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    Lnenrdltke lkoldr (LZL) `s tbd tb`rh anst lnaano

    lkoldr h`kgonsdh `o jntb ado koh wnado `o tbd

    To`tdh \tktds. LZL `s prdvdotkjed tbrnugb rdguekr

    slrddo`og.

    `ds bkvd sbnwo tbkt ldrtk`o ikltnrs krd e`ocdh

    tn ko `olrdksdh lbkold ni hdvdenp`og tb`s

    h`sdksd.

    @o khh`t`no, snad dv`hdold suggdsts tbkt

    tbd hdvdenpadot ni LZL aky jd kssnl`ktdh

    w`tb k sdhdotkry e`idstyed3 sanc`og3 koh b`gb

    h`dtkry lnosuapt`no ni rdh koh prnldssdhadkts koh enw lnosuapt`no ni wbned grk`os,

    iru`ts, koh vdgdtkjeds.

    XBD AKZCDX

    Lurrdotey, tbdrd krd twn typds ni INJX kvk`e-

    kjed. K trkh`t`noke, lbda`lke-jksdh INJX

    (LINJX) usds tbd lbda`lke guk`kl tn hdtdlt

    bdad `o stnne. Bdad `s tbd `rno-lnotk`o`og

    lnapnodot ni tbd jennh prntd`o bdangen-

    j`o. Xbd ntbdr typd, lkeedh aauonlbda`lkeINJX (`INJX) usds kot`jnh`ds tn hdtdlt

    buako bdangenj`o prntd`o `o stnne.

    @o lnapkr`og tbd twn tdsts typds, tbd

    odwdr `INJX bks snad s`go`i`lkot khvko-

    tkgds.

    Xbd `INJX `s hds`godh tn hdtdlt buako

    bdangenj`o koh `s kesn spdl`i`l inr jennh `o

    tbd enwdr gkstrn`otdst`oke (G.@.) trklt rktbdr

    tbko jennh nr`g`okt`og irna ntbdr snurlds

    b`gbdr up `o tbd G.@. trklt.

    Xbd LINJXs dxb`j`t ikesd pns`t`vd rdsuets

    hud tn tbd prdsdold ni pekot koh ko`ake

    aktdr`kes. @o nrhdr tn gdt anrd kllurktd tdst

    rdsuets, tbd tdst rdqu`rds tbkt pkt`dots kvn`h

    ldrtk`o innhs, hrugs, v`tka`os, koh akoy

    ntbdr sujstkolds tbrdd tn sdvdo hkys jdinrdtdst`og. @o sp`td ni tb`s, ikesd-pns`t`vd rdsuets

    rdak`o ks b`gb ks

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    A`lrnLkp Zdv`dw Akgkz`od

    84www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    XBD VZNHTLX

    Lnapkrdh tn trkh`t`noke tdst`og, Bdansurd

    bks hdvdenpdh tbd ektdst tdlboneng`lke jrdkc-

    tbrnugb `o `INJX. Kpprnvdh jy tbd T.\.

    Innh & Hrug Kha`o`strkt`no (IHK) koh

    LE@K wk`vdh, Bdansurd dapenys k uo`qud

    lnaj`okt`no ni anonlenoke koh pneylenoke

    kot`jnh`ds tn hdtdlt noey buako koh jennh

    `o stnne.

    @o khh`t`no tn tbd `obdrdot spdl`i`l`ty koh

    sdos`t`v`ty, tbd Bdansurd tdst lko jd pdr-

    inradh jy bdketb lkrd prnv`hdrs `o bnsp`tkes,

    Adh`lke ekjnrktnr`ds, koh pr`vktd prklt`lds.

    @t `s ont odldsskry tn sdoh idlke skapeds tn

    tbd ekjnrktnry.

    Bdansurds ledkr kllurktd rdkh`og ni nod

    nr twn jkohs `s lnapkrkjed tn `otdrprdt`og

    k prdgokoly tdst. Hnltnrs lko dks`ey, qu`lcey,

    koh kllurktd rdkh Bdansurds tdst `o 4 tn ;6

    a`outds. Gu`kl lbda`lke tdsts, lnovdrsdey,

    sbnw k jeud lnenr tbkt `s nitdo h`ii`luet tn

    `otdrprdt.

    Xb`s odw tdlbonengy bks grdktey `aprnvdh

    spdl`i`l`ty, sdos`t`v`ty, kllurkly, koh lnst-

    diidlt`vdodss ni INJXs. Bdansurds tdst prn-

    v`hds grdktdr tbko 09 pdrldot enwdr gkstrn-

    `otdst`oke trklt spdl`i`l`ty, wb`lb `s aulb

    b`gbdr tbko lbda`lke-jksdh tdst`og.Zdgkrh`og le`o`lke sdos`t`v`ty, Bdansurds

    tdst bks grdktdr tbko 27 pdrldot sdos`t`v`ty.

    @o lnapkr`sno, tbd Guk`kl lbda`lke tdst noey

    niidrs 46 pdrldot sdos`t`v`ty.

    Kontbdr jdodi`t ni Bdansurds tdst `s tbkt

    `t prnv`hds grdktdr tbko 07 pdrldot kllurkly3

    trkh`t`noke tdsts krd edss tbko 29 pdrldot

    kllurktd.

    Dstkje`sbadot ks XBD Akrcdt Edkhdr

    W`tb Bdansurds hdh`lktdh `o-bnusd koh

    nuts`hd skeds stkii, Bdansurd qu`lcey dstkj-e`sbdh `tsdei ks k akrcdt edkhdr `o tbd `INJX

    `ohustry, dvdo surpkss`og ekrgdr, puje`lkeey

    trkhdh lnapko`ds.

    Bdansurd bks pkrtodrdh w`tb tbd

    Hdh`lktdh H`str`jutnr Vkrtodrs `o nrhdr tn

    tbd `INJ Xdst `otn tbd tnp hnltnrs nii`l-

    ds, bnsp`tkes koh ekjnrktnr`ds. \nad ni

    nur Vkrtodrs `oleuhd= Onvkt`no, Kadr`odt

    Lbn`ld, BdketbXrust Vurlbks`og Grnup,

    AdhKssdts, koh tbd T.\. Hdpkrtadot ni

    Ydtdrkos Kiik`rs.

    Ikldh w`tb iuturd lbkeedogds, Bdansurd,

    @ol. lnot`ouds tn prnv`hd dxldeedold tn `ts h`s-

    tr`jutnrs genjkeey. W`tb `olrdks`og hdakoh

    no prnhult quke`ty, Bdansurds strnog ako-

    kgdadot tdka lnot`ouds tn `apedadot jdst

    prklt`lds tbkt bdep w`o lnot`ouke jus`odss

    irna `ts lnapdt`tnrs.

    ITXTZD NTXENNC - HZ. WKO

    Ks Vrds`hdot, Lbk`rako, koh LDN ni

    Bdansurd, Hr. Wko nvdrsdds tbd lnapkoystdlbo`lke koh jus`odss strktdgy. Bd `otrn-

    huldh koh hdvdenpdh k b`gb quke`ty rkp`h tdst

    systdas wb`lb rdvneut`no`zdh tbd @o v`trn

    h`kgonst`l (@YH) `ohustry, strktdg`l peko-

    o`og `o`t`kt`vd inr tbd nrgko`zkt`no, lrdktdh

    k jus`odss hdvdenpadot lueturd, koh inlusdh

    no trkhd sbnw koh lnovdot`no nppnrtuo`t`ds.

    Tohdr b`s edkhdrsb`p, Bdansurd hrkakt`-

    lkeey slkedh `ts `oirkstrulturd koh h`vdrs`i`dh

    `ts prnhults niidr`ogs wb`ed ak`otk`o`og k

    strnog lueturd ni `oonvkt`no.Hr. Mnbo Wko `s wdee quke`i`dh tn ekuolb

    koh nvdrsdd tbd lnapkoys grnwtb koh

    sulldss `o tbd akrcdt pekld. Bd bks jddo

    `ovnevdh `o tbd grnwtb koh prnspdr`ty ni tbd

    `ohustry inr anrd tbko :6 ydkrs. Bd dkrodh

    b`s jklbdenr hdgrdd ni Adh`l`od irna Lkp`tke

    To`vdrs`ty slbnne ni Adh`l`od, Jd`m`og, bd

    lnapedtdh Kodstbds`nengy trk`o`og prngrka

    `o Lbknykog Zdh Lrnss Bnsp`tke ni Lkp`tke

    To`vdrs`ty, Jd`m`og3 bd wks kesn kpprnvdh jy

    Kadr`lko Lneedgd ni Adh`lke Dxka`odrs

    ldrt`i`lktdh `o jntb Le`o`lke \l`dold kt ;00

    Hnot bneh ynur jrdktb c`h. @ts jedkc nut

    tbdrd koh wd bkvd k ;6-ydkr supdr lnaanh-

    `ty juee tn wnrc nii tb`s t`ad.

    @ tb`oc wbkt uet`aktdey c`eedh tbd rdldot

    jnna wks tbd senw rdke`zkt`no jy `ovdstnrs

    tbkt anst a`o`og lnapko`ds rdkeey lnuehot

    akcd anody. Xbnsd skvvy `ovdstnrs gnt tbd

    lnaanh`ty jnna koh gneh pr`ld r`gbt, koh

    jnugbt `otn tbd tbds`s tbkt a`o`og lnapk-

    o`ds prni`ts wnueh snkr w`tb tbd r`s`og adtke

    pr`lds. Xbd sbkrd pr`lds h`h snkr, inr k wb`ed,

    jut. . .

    @ostdkh ni prni`ts tbdy gnt prnhult`no lnstsr`s`og `o tkohda w`tb adtke pr`lds3 lkpdx

    jenwnuts3 lnapko`ds `ssu`og dqu`ty koh tkc-

    `og no hdjt wbdodvdr tbdy lnueh tn lnvdr tbd

    auet`tuhd ni stup`h klqu`s`t`nos (suppnrtdh

    jy huj`nus, jut 8

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    4;www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    (\bkrd pr`lds Xdlc SjeklcQ, Z`n X`otn SjeudQ koh Gnehlnrp SgnehQ, ;000 tn Muey :6;4)

    inr $;,:66 ko nuold jdlkusd `ts dksy tn i`oh.

    Wd conw tbkt edg`t`aktd ekrgd h`slnvdr`ds

    (adko`og nods tbkt krd prnjkjey dlnona`l)

    bkvd hdle`odh s`go`i`lkotey nvdr tbd pkst

    ;6 ydkrs-- st`ee, tbdrd bkvd jddo sulldssds.

    Vrnjeda `s, wbdo ynu sprdkh tbnsd e`a-

    `tdh sulldssds nvdr tbd

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    4:

    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    Jut jny, tbkt ;046s urko`ua jnna wks

    spdltkluekr. Lbkre`d \tddo c`lcdh `t nii wbdo

    bd inuoh tbd A` Y`hk a`od odkr Ankj, Ttkb

    `o ;046. Pnur grkohpk wks nut tbdrd rnka-

    `og tbd hdsdrt w`tb k lksd ni jddr, k jnx ni

    hyoka`td, koh k Gd`gdr lnuotdr stuiidh `otn

    tbd jklc ni k Lkh`eekl. Kt tbd bd`gbt ni tbd

    urko`ua jnna, tbd \ket Ekcd L`ty pdooy

    stnlc dxlbkogd trkhdh anrd sbkrds `o k hky

    tbko tbd OP\D. @t wks k prnantdrs hrdka,

    koh a`ee`nos wdrd akhd koh enst no ruanrs

    koh t`ps irna k sakee-t`ad rkh`n sbnw bnst

    koh snad guy `o k h`rty Lkh`eekl.Xbd dkrey ;096s jksd adtke a`o`og jnna

    wks ju`et no tbd jklc ni tbd C`hh Lrddc

    h`slnvdry `o Notkr`n, koh jrncdo jy Y`nek

    AklA`ee`ko koh tbd W`ohikee slka, wb`lb

    tnnc tbd sbkrd pr`ld irna $6.49 tn $4.96

    koh jklc kgk`o. @o Kustrke`k, tbd 96s a`o-

    `og jnna (e`oc) ineenwdh k sbnrt jut sdvdrd

    rdldss`no, koh lkad kjnut hud tn k oua-

    jdr ni akmnr h`slnvdr`ds (Ckajkehk, Anuot

    Odwako). Xb`s jnna lkad lrksb`og hnwo

    `o ;076 wbdo Vnsd`hnos o`lcde h`slnvdry,wb`lb bkh tkcdo tbd sbkrd pr`ld irna $6.26

    tn $:26, turodh nut tn jd ni a`onr vkeud. @o

    jntb lksds, lnoi`hdold `o tbd a`o`og koh

    dxpenrkt`no akrcdts wdot tn zdrn, ks h`h

    anst ni tbd prdv`nusey b`gbiey`og pdooy

    stnlcs. On nod wkotdh koy pkrt ni k e`kr

    stkoh`og nvdr k bned `o tbd grnuoh koyanrd.

    Xbd lyleds ni jnna koh just `o tbd lna-

    anh`ty akrcdts gnds jklc tn kt edkst tbd

    Jrnozd Kgd lneekpsd (onw tbkt wks k just),

    koh prnjkjey tn tbd sket trkhd `o 9666 JL.

    @ts must tbd okturd ni tb`ogs. Z`s`og hdakoh

    lkusds r`s`og pr`lds, wb`lb lkusd `olrdksdh

    dxpenrkt`no, wb`lb rdsuets `o anrd h`slnvdr-

    `ds tbkt gn `otn prnhult`no, lkus`og nvdrsup-

    pey koh tbdrdinrd hdle`o`og adtke pr`lds,

    wb`lb krd usukeey lnrrdektdh w`tb dlnona`l

    rdldss`nos, tbdo hdlrdksdh suppey, wb`lb

    dvdotukeey rdsuets `o r`s`og pr`lds (kgk`o).

    Xbd skad bnehs trud inr a`o`og sbkrds.

    Grddh ineenws idkr koh v`ld vdrsk. Wbdo

    dvdrynod wkots `o tbdrd `s on sbnrtkgd niodw pkpdr koh odw stnr`ds, wbdo dvdrynod

    wkots nut, stnlcs gn on j`h.

    Hdsp`td bnw jkh `t iddes nut tbdrd tnhky,

    `t lnueh gdt wnrsd. Adtke pr`lds krd st`ee kt

    b`stnr`lkeey b`gb edvdes koh prnhult`no luts

    bkvd jddo a`o`ake--sn ikr. Anst a`o`og

    lnapko`ds bkvd jddo lbnpp`og tbd`r sus-

    tk`o`og lnsts koh bkvd akokgdh tn rdak`o

    lksb ienw pns`t`vd, kt edkst kt tbd npdrkt`noke

    edvde. Xbd rkp`h hrnp `o dodrgy pr`lds koh

    odkr-genjke lurrdoly hdvkeukt`nos aky bkvdskvdh us irna tbd i`oke edg hnwo-- nr must

    put tbd `odv`tkjed nii inr k ydkr nr twn. Ks inr

    gneh, `t st`ee iklds k pnss`jed pnuoh`og ks (`i)

    tbd Idh jdg`os olrdks`og otdrdst rktds-- koh

    `ts bkrh tn sdd wbkt lnueh tkcd `t b`gbdr tbkt

    bksot kerdkhy bkppdodh.

    \n yds, `t lnueh dks`ey gdt wnrsd koh hrkg

    no inr snad t`ad. Xbdrd krd st`ee buohrdhs ni

    znaj`d muo`nrs tbkt bkvd tn ikhd kwky, koh k

    ouajdr ni rdsnurld iuohs st`ee `o e`qu`hkt`no

    anhd. Xbdrd krd on lktkeysts no tbd bnr`zno

    tn tkcd tbd a`o`og sdltnr b`gbdr3 koh odkrey

    dvdrytb`og @ sdd skys a`o`og `s hdkh. @t `s

    bkrh tn `akg`od bnw tb`ogs lnueh ennc aulb

    wnrsd, wb`lb `s kontbdr wky ni sky`og tb`s `s

    bnw tbd jnttna enncs dvdry t`ad, jdinrd `t

    dvdotukeeykoh senweygdts jdttdr.

    Jut wbdo>

    @ hnot conw wbdo3 @ hnot tb`oc koynod

    rdkeey hnds. @ts tbd dvdots tbkt lnad nut

    ni edit i`deh--tbd jeklc swkos-- tbkt usukeey

    sdda tn c`lc tbd rdsnurld sdltnr `otn gdkr,

    koh nut. @o ay np`o`no, `t w`ee jd tbd iklt

    tbkt wd krd ont i`oh`og donugb adtke tn

    rdpekld wbkt wd krd a`o`og tbkt puts tbd

    sdltnr jklc `o irnot ni `ovdstnrsjut wbn

    conws.

    \n kee ynurd rdkeey sky`og Hkh `s tbkt tb`s

    bkppdos kee tbd t`ad koh `ts s`apey suppey koh

    hdakoh tbkt anvds adtke pr`lds, koh idkr koh

    grddh tbd stnlc pr`lds>

    Pdkb, @ suppnsd tbkts kjnut `t, irna

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    4

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    48 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    IDKXTZDH KZX@LED

    ak`otdokold rdqu`rdh tn stky puje`l ks k

    sakee A`lrnLkp, dadrg`og grnwtb lnapkoy

    `s ont dqu`tkjed koyanrd. KOH PDX! (wk`t

    inr `t) tbd \DL koh rdguektnrs bkvd put

    tbdsd e`st`og rdqu`rdadots `o pekld `o nrhdr

    tn prntdlt `ovdstnrs!

    Kyd, tbdrds tbd ruj.

    @s tbdrd k a`hhed grnuoh>@o nur anst rdldot v`hdn `otdrv`dw w`tb

    Hkv`h Wd`eh, bd h`slussdh b`s tbnugbts no

    lrdkt`og k vdoturd dxlbkogd inr sakee, dadrg-

    oHKY@H WD@EH @Y

    Bnw akoy anrd t`ads hn wd bkvd tn bdkr

    `ovdstnrs lnapek`o kjnut e`qu`h`ty> Bnw

    akoy anrd t`ads hn wd bkvd tn bdkr kjnut

    bnw aulb rdh tkpd `ssudrs bkvd tn nvdrlnad

    `o nrhdr tn jdlnad koh ak`otk`o k puje`l

    e`st`og> @ovdstnrs krd lekanr`og inr odw koh

    `otdrdst`og `hdks, koh ydt, akokgdadot ni

    tbdsd lnapko`ds krd rdeultkot tn ennc tn tbdpuje`l akrcdts tn rk`sd lkp`tke, ont jdlkusd

    tbdrds on kitdrakrcdt suppnrt hdh`lktdh

    tn gdtt`og tbd`r stnr`ds tn rdtk`e, rktbdr, tbd

    Krd Odw Dxlbkogds

    tbkt Ikvnr A`lrnLkp@ssudrs no tbd Bnr`zno>

    W

    bkt `i wd wdrd tn stkrt w`tb k jekoc sektd> Inrgdt kjnut

    dvdrytb`og tbkt lurrdotey dx`sts `o tbd puje`l akrcdts inr

    A`lrnLkp koh dadrg`og grnwtb lnapko`ds.

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    44www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    `og grnwtb lnapko`ds3 k odw lnostrult tbkt

    wnueh, ks bd dxpek`os, de`a`oktd k ent ni tbd

    jks`l rdqu`rdadots tbkt bkvd lkusdh tbd lne-

    ekpsd `o suppnrt inr A`lrnLkp koh OkonLkp

    `ssudrs. Wd tb`oc tbkt `i wd lko jks`lkeey stkrt

    w`tb k ledko p`dld ni pkpdr koh lrdktd odw

    stnlc dxlbkogds tbkt krd npt`a`zdh krnuoh

    tbd oddhs inr sakee-lkp lnapko`ds, wd lko

    gdt Kadr`lk jklc `otn jus`odss.

    K bugd stktdadot koh uohdrtkc`og jut,

    `s tbkt wbkt `t tkcds tn i`x tbd `ssuds tbkt bkvd

    jddo kiidlt`og tb`s akrcdt> @hdkeey, tbd eng`l

    `s snuoh= lrdktd k ikvnrkjed `oirkstrulturd tn

    suppnrt jntb A`lrnLkp koh OkonLkp `ssu-

    drs, ks wdee ks, `ovdstnrs idde`og sdlurd tbkt

    tbdrd `s prntdlt`vd adksurds `o pekld sn tbd`r

    hneekrs krd jd`og put `otn klt`nokjed `hdks,

    tbus gdodrkt`og anrd lkp`tke inr `ssudrs tn

    lrdktd anrd mnjs, koh akcd k jdttdr Kadr`lk

    inr kee. @o tbdnry, dksy, r`gbt> Vdrbkpsjut,

    edts ksc Ar. Wd`eh b`asdei tn uohdrstkoh tb`s

    lnoldpt anrd.

    ;. Wby hn ynu bdkr sn nitdo kjnut

    e`qu`h`ty prnjedas `o sakee- koh a`lrnlkp

    stnlcs> Xbd T\ wdot tn k nod-s`zd-i`ts-kee

    akrcdt strulturd tbkt wnrcs noey inr ekrgd

    lkp stnlcs tbkt krd okturkeey e`qu`h jut `s k

    h`skstdr inr sakee lkp stnlcs tbkt trkhd `o keuapy iksb`no j`g juydr, on sdeedr nr j`g

    sdeedr, on juydr. Xbnsd edss e`qu`h stnlcs

    oddh akrcdt akcdrs koh tbnsd akrcdt akc-

    drs aust jd kjed tn akcd anody. Jklc `o

    tbd 76s, 26s koh 06s, tbd T\ @VN akrcdts

    wdrd tbd dovy ni tbd rdst ni tbd Wnreh. Wbdo

    tbd To`tdh \tktds wdot tn dedltrno`l stnlc

    akrcdts (;002) koh dedltrno`l jrncdrkgd

    koh ektdr pdooy trkh`og `olrdadots (:66;),

    `t lkusdh tbd lneekpsd ni tbd dot`rd dlnsys-

    tda ni sakeedr jrncdr hdkedrs tbkt `ovdstnrshdpdohdh no inr sakee lkp rdsdkrlb, skeds

    koh akrcdt akc`og suppnrt. Ents ni jkh

    tb`ogs bkppdodh=

    Xbd ouajdrs ni sakee @VN jnnc ruo-

    odrs wdot irna ;9: `o ;008 tn noey

    Ydoturd Dxlbkogds

    wnueh prnv`hd tbd dssdot`ke dlnona`l `oldo-

    t`vds inr Wkee \trddt tn `ovdst `o koh `olrdksd

    kitdrakrcdt suppnrt tn `ssudrs. Vdnped hnot

    uohdrstkoh jut tbd sakee- koh a`lrn-lkp dqu`-

    t`ds jus`odss ensds anody inr anst i`ras `ts

    jddo akhd nvdrey dii`l`dot `o tbd sakee- koh

    a`lrnlkp akrcdts. Wbdo k jkh `ovdstadotjkoc`og akrcdt nllurs, `ovdstadot jkocs tbkt

    krd sdrv`og tbd sakee- koh a`lrnlkp akrcdts

    gn nut ni jus`odss. Xb`s `s wbkt bkppdodh

    tn Xbnaks Wd`sde Vkrtodrs, Cddid Jruydttd

    koh Wnnhs koh ouadrnus ntbdr `ovdstadot

    jkocs. Ydoturd Dxlbkogds wnueh jr`og jklc

    tbd lr`t`lkeey oddhdh dlnona`l anhde inr Wkee

    \trddt i`ras tn lrdktd lkpkl`ty (`oirkstrulturd)

    `o `ovdstadot jkoc`og, dqu`ty rdsdkrlb koh

    akrcdt akc`og tn suppnrt lnrpnrktd `ssudrs `o

    tbd puje`l akrcdts.

    Anrd

    hdkes lrdktds anrd `ovdstadot nppnrtuo`-

    t`ds inr `ovdstnrs. Anrd lkp`tke tn suppnrt

    akrcdt akc`og w`ee jr`og jklc e`qu`h`ty koh

    tbkt `o turo w`ee bdep kttrklt `ost`tut`noke

    anody `otn tbdsd akrcdts. Anrd `ost`tut`no-

    ke anody adkos jdttdr pr`lds wb`lb `o turo

    hr`vds rdturos. Xbd noey hnwos`hd `s tbk

    `ovdstnrs w`ee bkvd b`gbdr trkosklt`no lnsts

    wb`lb ni lnursd ikvnrs enog-tdra `ovdstnrs

    nvdr sbnrt-tdra trkhdrs. Bnwdvdr, ks @vd

    tdst`i`dh `o Lnogrdss, pnnr pdnped hnot bkvd

    anody `o tbd akrcdt sn tbdy hdr`vd on jdo

    di`t irna enw lnst trkh`og. Xbdy oddh mnjs

    Koh, lnosuadrs jdodi`t jrnkhey irna tbd

    `olrdksdh lnapdt`t`no (enwdr pr`ld ni gnnhs

    koh `oonvkt`no (lbn`ld) tbkt lnads irna

    akoy sakeedr lnapko`ds klldss`og puje`l

    akrcdts. @t irustrktds ad tn on doh wbdo tbd

    Lnosuadr Idhdrkt`no ni Kadr`lks Jkrjkrk

    Znpdr lnads nut kgk`ost b`gbdr t`lc s`zds nr

    `oldot`vds tn suppnrt sakee- koh a`lrn-lkp

    stnlcs jdlkusd sbd rdkeey hndsot uohdrstkoh

    tbkt sbd `s burt`og lnosuadrs jrnkhey. Wd

    bdepdh tn jr`og jklc tbd j`ntdlb akrcd

    tbrnugb tbd MNJ\ Klts Xdst`og tbd Wktdrs

    prnv`s`nos. Xbdsd lnapko`ds oddh suppnrt

    Kt Wd`eh & Ln. wd krd lurrdotey wnrc`og tn

    bdep adh`lke hdv`lds, j`npbkrakldut`lke koh

    hrug hde`vdry lnapko`ds lnad tn akrcdt

    Pnu tdee ad wbkts anrd `apnrtkot> \kv`og

    pdoo`ds `o lnaa`ss`nos nr i`oh`og lurds tn

    lkoldr, Kezbd`adrs, h`kjdtds, genjke wkra

    `og, koh lrdkt`og mnjs koh tkx rdvdouds tn e`it

    c`hs nut ni pnvdrty>

    8. Wbkt `s tbd rdekt`nosb`p ni Ydoturd

    Dxlbkogds tn tbd keanst ono-dx`stdot @VN

    akrcdt> @i tbd kutbnr`z`og edg`sekt`no `s

    lrkitdh prnpdrey, Ydoturd Dxlbkogds a`gb

    s`oged bkohdhey jr`og jklc tbd ono-dx`stdot

    @VN akrcdt. @t lnueh jd tbd anst `apnr

    tkot edg`sekt`no tn lnad nut ni tb`s nr koy

    ntbdr Lnogrdss. Bnwdvdr, `t wnueh tkcd

    t`ad tn tkcd bneh. Ydoturd Dxlbkogds

    wnueh oddh tn jd hdvdenpdh, kpprnvdh jy

    tbd \DL koh ekuolbdh. Xbdy wnueh oddhtn prnv`hd khdquktd `oldot`vds tn jr`og jklc

    tbd lkpkl`ty ni sakeedr `ovdstadot jkocs

    tbkt wdot nut ni jus`odss hud tn tbd lneekpsd

    `o dlnona`l `oldot`vds. @i wd hn ju`eh jklc

    tbd dlnsystda, wd lnueh jd jklc kt 046 @VN

    k ydkr wb`lb `s wbkt wd tb`oc k lnuotry

    tbd s`zd ni tbd T\ sbnueh jd hn`og no k GHV

    khmustdh jks`s vdrsus tbd pketry ;46 @VNs k

    ydkr s`old :666.

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    A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    4. Bnw wnueh ynu hdslr`jd tbd kitdrakr-

    cdt trkh`og ni stnlcs e`stdh no k Ydoturd

    Dxlbkogd> Xbd rdldot hrkit ni tbd Ak`o

    \trddt Grnwtb Klt tbkt Lbk`rako \lntt

    Gkrrdtt (Z-OM), Lbk`rako ni tbd Bnusd

    \ujlnaa`ttdd no Lkp`tke Akrcdts, bks l`r-

    luektdh wnueh kadoh tbd \tnlc Dxlbkogd

    Klt ni ;0 Xbd sbnrt koswdr `s tbkt

    wd wnot conw uot`e Ydoturd Dxlbkogds

    krd dstkje`sbdh koh tbd Dxlbkogds i`ed tbd`r

    e`st`og rdqu`rdadots w`tb tbd \dlur`t`ds &

    Dxlbkogd Lnaa`ss`no (\DL) koh tbnsd e`st-

    `og rdqu`rdadots krd kpprnvdh. Ks lurrdotey

    hrkitdh, tbd edg`sekt`no wnueh dxdapt lna-

    pko`ds irna Jeud \cy i`e`ogs. @ suspdlt tbkt

    `i tbkt wdrd tn jd tbd lksd tbdo tbd enw-doh

    e`st`og rdqu`rdadots wnueh prnjkjey khnpt

    X`dr @@ ni Zdguekt`no K+ irna tbd MNJ\ Klt.

    7. Wbkt s tbd rdekt`nosb`p ni lrnwh iuoh-

    `og tn vdoturd dxlbkogds> Lrnwhiuoh`og

    spdkcs tn tbd akoodr `o wb`lb lkp`tke rk`s-

    ds krd lnohultdh inr lnapko`ds. Ydoturd

    Dxlbkogds spdkcs tn tbd kitdrakrcdt suppnrt

    anhde. @ jde`dvd tbkt wbdo tbd kitdrakr-

    cdt wnrcs tn suppnrt sakee- koh a`lrn-

    lkp lnapko`ds, i`okol`og w`ohnws stky

    npdo enogdr koh anrd lnapko`ds rk`sd

    lkp`tke. \n, dvdrytb`og desd jd`og dquke,

    Ydoturd Dxlbkogds w`ee bdep hr`vd sdlur`t`ds

    Lrnwhiuoh`og.

    2. Bnw hn tbd rdguektnrs ennc upno

    Ydoturd Dxlbkogds> \DL Lbk`r Akry Mn

    Wb`td bks npdoey qudst`nodh Kadr`lks

    Nod-s`zd-i`ts-kee stnlc akrcdts. \bd gdts

    `t. Kee inur ni tbd ntbdr \DL Lnaa`ss`nodrs

    sdda tn uohdrstkoh tbkt lkp`tke inrakt`no `o

    tb`s lnuotry oddhs tn jd `aprnvdh. Kee inur

    sdda tn jd dajrkl`og tbd `hdk ni Ydoturd

    Dxlbkogds. Bnwdvdr, tbdy krd ledkrey lno-

    ldrodh kjnut `ovdstnr prntdlt`nos. G`vdo

    tbkt tbdrd bks jddo `otdrdst `o tbd T\ \doktd

    koh tbd T\ Bnusd ni Zdprdsdotkt`vds, koh

    kt tbd \DL, @ suspdlt tbkt snadtb`og w`ee

    gdt hnod. Xbd rdke qudst`no `s Wbkt> koh

    Wbdo> Ay jdt `s tbkt wd wnot sdd akmnredg`sekt`no uot`e kitdr tbd Vrds`hdot`ke dedl-

    t`no sn tb`s `s ont `aa`odot.

    0. W`ee tbdrd jd ks akoy Ydoturd

    Dxlbkogds ks tbdrd krd lrnwh iuoh`og pekt-

    inras> @ bkvd jddo jnwedh nvdr jy tbd oua-

    jdr ni Lrnwhiuoh`og pektinras tbkt bkvd

    sprnutdh koh tbd wky tbd Lrnwhiuoh`og

    lnaauo`ty sddas tn bkvd khnptdh Zdg. K+

    ks tbd odw wky tn Lrnwhiuoh`og ni sdlur`-

    t`ds s`old tbkt wks odvdr tbd `otdot tbd`otdot wks tn lrdktd k edss lnstey wky inr k

    lnapkoy tn @VN. @vd jddo buajedh jy tbd

    ouajdr ni pdnped tbkt e`tdrkeey bkvd lnad

    up tn ad kt lnoidrdolds koh tbkocdh ad

    inr tbd`r mnj. @ suspdlt bnwdvdr, tbkt tbd

    prnldss inr kpprnvke ni k Ydoturd Dxlbkogd

    kt tbd \DL aky jd anrd str`ogdot tbko k

    Lrnwhiuoh`og pektinra. @i tbkt turos nut

    tn jd lnrrdlt, b`gbdr lnsts koh rdguektnry

    rdv`dw w`ee lrdktd k jkrr`dr tn dotry. Ks k

    rdsuet, snad ni tbd jdttdr Ydoturd Dxlbkogds

    krd e`cdey tn jd ekuolbdh jy dstkje`sbdh koh

    wdee-lkp`tke`zdh Wkee \trddt i`ras, kssua`og

    tbdy krd pdra`ttdh.

    ;6. Wbkt krd ynur lnoldros rdgkrh`og

    Ydoturd Dxlbkogds> Xb`s `s pntdot`keey tbd

    s`oged anst `apnrtkot p`dld ni prn-grnwtb

    edg`sekt`no tbkt lko jd pkssdh jy tb`s nr koy

    Lnogrdss. Wd bkvd tn gdt t r`gbt. Xbd iuturd

    ni `oonvkt`no, T.\. dlnona`l edkhdrsb`p koh

    mnj grnwtb hdpdohs no `t.

    ;;. Wd bdkr Wd`eh & Ln., wb`lb ynu

    inuohdh ekst ydkr, `s stkrt`og tn gdt snad

    juzz w`tb lnrpnrktd `ssudrs koh ntbdr

    `ovdstadot jkocs. Xdee us wbkts gn`og no.

    Wd sdrvd tbd oddhs ni lnrpnrktd `ssudrs koh

    ntbdr `ovdstadot jkocs. Wd bkvd k jdttdr

    kpprnklb tn bdep lnapko`ds rdklb k jrnkhdr

    rkogd ni enog-tdra `ost`tut`noke `ovdstnrs

    koh wd bdep lnrpnrktd `ssudrs kttrklt tbd

    suppnrt ni ntbdr Wkee \trddt i`ras. Wd krd

    lurrdotey dogkgdh w`tb lnrpnrkt`nos no pr`-

    vktd pekldadots ni prd-@VN lnapko ds koh

    A&K khv`snry, wb`ed wd krd rdwr`t`og tbd

    jnnc no puje`l akrcdts koh bnw tn wnrc

    w`tb Wkee \trddt tn hr`vd jdttdr rdsuets inr nurlnrpnrktd le`dots.

    Hkv`h Wd`eh `s tbd Iktbdr ni tbd MNJ\ Klt tbd

    Klt tbkt lrdktdh dvdrytb`og irna tbd odw lktdgnry ni

    Dadrg`og Grnwtb @ssudr tn dqu`ty lrnwhiuoh`og

    tbrnugb Zdguekt`no K+ koh gdodrke sne`l`tkt`no.

    K inradr v`ld lbk`rako ni OK\HK[ koh bdkh ni

    Dqu`ty Lkp`tke Akrcdts kt k akmnr Wkee \trddt i`ra,

    Wd`eh inuohdh Wd`eh & Ln. tn jr`og lkp`tke rk`s`og

    sdrv`lds koh kitdrakrcdt suppnrt tn puje`l lnapk-

    o`ds tbkt `s lurrdotey eklc`og jut tbkt `ssudrs hdspdr-

    ktdey oddh. Wd`eh koh b`s lnapkoy krd rdlngo`zdh ks

    tbd edkh`og khvnlktds inr lnrpnrkt`nos, lkp`tke inrak-

    t`no, `oonvkt`no koh mnj grnwtb. Bd bks spncdo kt

    tbd G-:6, tbd NDLH koh s k rdguekr jdinrd Lnogrdsskoh tbd \DL. Wbkt `s edss wdee conwo s tbkt Hkv`h

    `s kesn tbd Iktbdr ni tbd uplna`og \DL p`ent tn

    `olrdksd t`lc s`zds (tbd sakeedst olrdadot tbkt stnlcs

    lko jd quntdh `o) koh tbd rdldot anvd tn lrdktd k

    odw typd ni stnlc dxlbkogd inlusdh no tbd oddhs ni

    sakee- koh a`lrn-lkp `ssudrs. o

    @ jde`dvd tbkt wbdo tbd kitdrakrcdt wnrcs tn

    suppnrt sakee- koh a`lrnlkp lnapko`ds, i`okol`og

    w`ohnws stky npdo enogdr koh anrd lnapko`ds

    rk`sd lkp`tke.

  • 7/21/2019 MicroCap Review Summer/Fall 2015

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    A`lrnLkp Zdv`dw Akgkz`od

    47www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

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    42 A`lrnLkp Zdv`dw Akgkz`od www.stnlcodwsonw.lna www.soow`rd.lna www.A`lrnLkpZdv`dw.lna

    IDKXTZDH KZX@LED

    gdodrkt`no ni A`lrnLkp `ovdstnrs tn bdep

    tbda hdvdenp k sulldssiue `ovdst`og strktdgy.

    Ay i`rst gudst no tbd pnhlkst wks @ko Lkssde,Inuohdr ni tbd A`lrnLkpLeuj.lna, koh @

    wkotdh tn sbkrd ko dxldrpt irna nur tkec

    rdgkrh`og akokgdadot.

    oZNJDZX CZKIX

    \dksnodh `ovdstnrs, ont must A`lrnLkp `ovds-

    tnrs, w`ee kee kgrdd, tkec`og w`tb akokgdadot,

    bkv`og k rdekt`nosb`p w`tb tbd LDN, `s ko`apnrtkot pkrt ni tbd hud h`e`gdold prnldss.

    @ rdldotey ekuolbdh tbd Vekodt A`lrnLkp

    Vnhlkst w`tb tbd gnke ni dhulkt`og tbd odxt

    @apnrtkold ni Grdkt

    Akokgdadot `o kA`lrnLkp LnapkoyDxldrpt irna tbd Vekodt A`lrnLkp Vnhlkst

    Dp`snhd ; @ko Lkssde, A`lrnLkpLeuj= \n