<SEC-DOCUMENT>0001104659-23-008230.txt : 20230131
<SEC-HEADER>0001104659-23-008230.hdr.sgml : 20230131
<ACCEPTANCE-DATETIME>20230131065023
ACCESSION NUMBER:		0001104659-23-008230
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230131
FILED AS OF DATE:		20230131
DATE AS OF CHANGE:		20230131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GFL Environmental Inc.
		CENTRAL INDEX KEY:			0001780232
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				830700795
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39240
		FILM NUMBER:		23570194

	BUSINESS ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9
		BUSINESS PHONE:		9053260101

	MAIL ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GFL Environmental Holdings Inc.
		DATE OF NAME CHANGE:	20190619
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm234859d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of January 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-39240</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GFL Environmental Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of registrant&#8217;s name into
English)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 New Park Place, Suite 500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vaughan, Ontario, Canada L4K 0H9 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following exhibit is furnished as part of this
Current Report on Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white"><A HREF="tm234859d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm234859d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press
    Release, dated January 31, 2023</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GFL Environmental Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mindy Gilbert</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Mindy Gilbert</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;January 31, 2023</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;Executive Vice President and Chief Legal Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm234859d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm234859d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GFL Environmental Successfully Completes Refinancing Initiatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VAUGHAN, ON, January 31, 2023 &ndash; GFL Environmental
Inc. (NYSE: GFL) (TSX: GFL) (&ldquo;GFL&rdquo; or the &ldquo;Company&rdquo;), a leading North American diversified environmental services
company, today announced that it has amended its term loans as part of its strategy to create long-term value by reducing its cost of
capital, pursuing opportunistic financings to fund its growth and preserving leverage, with a view to increasing its free cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GFL has amended its senior secured term loan to
extend the maturity date by two years to May 31, 2027 and to transition the remainder of the loan from a LIBOR-based interest benchmark
to a SOFR-based interest benchmark. The senior secured loan was refinanced on more favourable pricing terms, resulting in a reduction
in the Company&rsquo;s cost of capital. GFL also amended its revolving credit facility to increase the term loan portion by $275.0 million
on existing terms. The proceeds from the increased loan will be used for general corporate purposes and to fund acquisitions. Following
the completion of these initiatives, the Company expects to maintain its current credit rating profile and leverage within previously
stated ranges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Our ability to successfully complete these
refinancing initiatives on such favourable terms in the current market is a testament to the support of our long-standing group of institutional
debt investors,&rdquo; said Patrick Dovigi, Founder and CEO of GFL. &ldquo;We have worked very hard to build the trust of these investors
who have supported us in our growth strategies, allowing us to continue to pursue our goal of creating long-term value for all stakeholders.&rdquo;
Mr. Dovigi concluded, &ldquo;I look forward to sharing with investors our year end results and expectations for 2023 and providing an
update on our other strategic initiatives during our earnings call on February 22, 2023.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About GFL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GFL, headquartered in Vaughan, Ontario, is the
fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management,
liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the
U.S. states. Across its organization, GFL has a workforce of more than 19,500 employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This release includes certain
&ldquo;forward-looking statements&rdquo; and &ldquo;forward-looking information&rdquo; (collectively, &ldquo;forward-looking
information&rdquo;) within the meaning of applicable U.S. and Canadian securities laws, respectively. Statements containing
forward-looking information are not historical facts nor assurances of future performance but instead represent management's
expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on our
opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated and is
subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level
of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking
information. Important factors that could materially affect our forward-looking information can be found in the &quot;Risk
Factors&quot; section of GFL's annual information form for the year ended December 31, 2021 and GFL's other periodic filings with
the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. GFL
undertakes no obligation to publicly update any forward-looking information, except as required by applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patrick Dovigi</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 905-326-0101</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">pdovigi@gflenv.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm234859d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm234859d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "% /<# 2(  A$! Q$!_\0
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M??31]Q)0LW$\[KHM&\-M<A;B]4K"PRBAL$_7VK$L85N-0MX7^Z\BJ?IGFO3
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M+O\ W*^A>%P]##5'022:>W71FW*E%V.'TG_D+V?_ %V7^=>D5YOI/_(7L_\
MKLO\Z](KS.'/X,_5?D11V84445].;A1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %9'B92VA3X[%3_X\*UZ@O+=;JTE@;@2(5SZ5SXJFZM"=-=4U
M^ I*Z:.!T1Q'K5H3_P ],?GQ7HF:\QECELKMD<%)8F_(BNZTG68-1@4%E2X
M^:,GGZCU%?-9!B(T^?#STE>_Z->IA1=O=9CZ]KE[:ZFUO;2^6D8&<*#DD9[C
MWK,_X2+5O^?L_P#?M?\ "NLOM"LM0N//F#AR "5;&:YK6[+2[!!%:N[W!/(W
M@A1[^]9YC1QU*4ZWM;1OI[UO1)"FIJ[N%EKVJ37]O$UR2KRJI&Q>03]*W?%7
M_(%/_71:YWPW;&XUF)L?+$"Y_I^I%=%XJ_Y I_ZZ+5X.=6IEM:=63=[VOY)#
MBVX-LXVUMIKR=8(%W2-G SCIS5__ (1O5?\ GV'_ '\7_&E\-?\ (>@^C?\
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MG\22: )**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
?"BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
