-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SZ9lS1AlOa7KQA9CR961tYE3kaMJwQ7jmRAin17t/HbyRjHF/bgoRgmJXzKZsZcz
 PYsM8AlCiKdA/gW9tyf4Ng==

<SEC-DOCUMENT>0001035704-01-500130.txt : 20010530
<SEC-HEADER>0001035704-01-500130.hdr.sgml : 20010530
ACCESSION NUMBER:		0001035704-01-500130
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20010525
FILED AS OF DATE:		20010529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL URANIUM CORP
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		
		SEC FILE NUMBER:	000-24443
		FILM NUMBER:		1649302

	BUSINESS ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
		BUSINESS PHONE:		3036287798

	MAIL ADDRESS:	
		STREET 1:		1050 SEVENTEENTH STREET
		STREET 2:		SUITE 950
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d87969e6-k.txt
<DESCRIPTION>FORM 6-K
<TEXT>

<PAGE>   1


                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                        Report of Foreign Private Issuer
                        Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934


For the month of May 2001

                        International Uranium Corporation
                 (Translation of registrant's name into English)

    Independence Plaza, Suite 950, 1050 Seventeenth Street, Denver, CO 80265
                    (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

                  Form 20-F    X            Form 40-F
                             -----


Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                  Yes                       No   X
                      ----------              -------

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
                                   -----------------.


                                   SIGNATURES

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.


                                            International Uranium Corporation
                                            ------------------------------------
                                                      (Registrant)

Date:  May 25, 2001                         By:  /s/  Ron F. Hochstein
       ------------                            ---------------------------------
                                               Ron F. Hochstein, President



<PAGE>   2


                                  EXHIBIT INDEX


Exhibit Number           Description

     99.1           2nd  Quarter 2001 Report

     99.2           Financial Statements

     99.3           Notes to Financial Statements


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d87969ex99-1.txt
<DESCRIPTION>SECOND QUARTER 2001 REPORT
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.1


REPORT TO SHAREHOLDERS
2ND QUARTER 2001
(U.S. DOLLARS)

Over the past quarter, International Uranium Corporation (the "Company")
continued to receive alternate feed materials from its two FUSRAP contracts and
worked towards developing additional alternate feed sources of materials. To
this end, the Company announced the rehiring of Harold Roberts as
Vice-President, Corporate Development to expand our non-government marketing
programs and evaluate toll-milling opportunities, and announced the launch of
its website www.intluranium.com. The web site will be a key component of the
Company's business development and public outreach programs. In addition, the
website provides access to all of the Company's public corporate documentation
including quarterly and annual reports and other public filings.

Operational highlights during the quarter included:

     o    The Ashland 1 FUSRAP project has delivered over 150,000 tons of
          material and is expected to continue over the next two to three
          months. This contract originally envisioned 100,000 tons of alternate
          feed material.

     o    The Linde project continued to deliver an average of 900 tons per
          week. This contract, which was originally expected to be completed by
          September of 2001, is now expected to continue on well into 2002.

     o    In addition to the two FUSRAP contracts, the Company continued to
          receive materials delivered under contract with a private sector
          nuclear fuel cycle company.

     o    The Company currently has one request for a license amendment, which
          was submitted last quarter, for another alternate feed material, which
          is under review by the U.S. Nuclear Regulatory Commission.

The Company has made the decision to postpone the next Mill run until March
2002. During this stand-by period Mill personnel will continue to receive
material and perform the necessary modifications to the Mill to ensure a smooth
start-up. The Company has also begun the design and permitting process to
increase the tailings capacity for future contracts through the use of Cell 4A.
Construction activities could begin as early as the summer construction period
in 2002.

During the quarter the Company entered into an agreement to sell its interest in
the Reno Creek in-situ leach project located in northeastern Wyoming, in
consideration of the buyer assuming the reclamation obligations associated with
the property. The sale is expected to be completed in June 2001. The Company
also continued to evaluate offers for the sale of its Colorado Plateau and
Arizona Strip uranium mining assets. The current energy crisis in California and
the renewed interest in the nuclear energy business have increased the interest
in the Company's mining assets. The uranium spot market price remained close to
$7.00 per pound U3O8 throughout the quarter; however, prices have since improved
to $9.10 per pound U3O8 as of May 4, 2001.

The Company continues to hold approximately 424,000 pounds of vanadium
inventory, as black flake, that it intends to sell as vanadium prices
strengthen, and approximately 144,000 pounds of vanadium, as vanadium pregnant
liquor, which is under contract. Vanadium prices continued to be in the lower
range of their historical value trading from $1.25 to $1.55 per pound V2O5
throughout the quarter and are currently trading in the $1.30 to $1.47 per pound
V2O5 range.



<PAGE>   2



Another of the important issues that the Company dealt with during the quarter
was the passing of a Radioactive Waste Tax Act by the State of Utah. The tax
calls for a $0.10 per cubic foot, or approximately $2.70 per ton charge on a
portion of the alternate feed material that is received at the White Mesa Mill
for processing. Similar taxes were imposed on commercial radioactive waste
disposal facilities in Utah. This tax is to be paid by the generator of the
material. All contracts that were entered into prior to the implementation of
the tax on May 1, 2001 are exempt from the tax. The Company is continuing to
work with the State Legislature and State Regulators to attempt to ensure that
the application of the tax is fair and that the Legislature differentiates
between the long-term benefits of recycling versus direct disposal.


MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion and analysis of the financial condition and results of
operations for International Uranium Corporation ("IUC" or the "Company") for
the period ended March 31, 2001 should be read in conjunction with the
consolidated financial statements and accompanying notes. The consolidated
financial statements are prepared in accordance with generally accepted
accounting principles in Canada.

SUMMARY

IUC recorded a net loss of $1,036,568 ($0.02 per share) and $1,745,992 ($0.03
per share) for the second quarter and first six months of fiscal 2001, as
compared with a net loss of $741,253 ($0.01 per share) and $978,738 ($0.01 per
share) for the second quarter and first six months of fiscal 2000. The losses
for fiscal 2001 were largely due to the fact that, having sold all of its
uranium inventory and uranium contracts in fiscal 2000, the Company had no
revenues from uranium sales in fiscal 2001, combined with the fact that the
Company's White Mesa Mill was on stand-by during the entire first half of fiscal
2001 and did not generate revenues from the processing of alternate feed
materials.

RESULTS OF OPERATIONS

REVENUES

Revenues for the second quarter and first six months of fiscal 2001 consisted
primarily of process milling fees generated under the Company's alternate feed
processing agreements. The Company receives a recycling fee as alternate feed
materials are delivered to the Mill. A portion of the fees, equal to the costs
that are incurred receiving materials, is recognized as revenue, while the
remaining recycling fees are recorded as deferred revenue until the material is
processed. Revenues for the second quarter and first six months of fiscal 2001
were $245,343 and $569,133 respectively, as compared to $2,532,157 and
$6,157,808 for the second quarter and first six months of fiscal 2000. The
decrease was primarily due to the fact that, because the Company sold all of its
remaining long-term uranium sales contracts and uranium inventory in fiscal
2000, there have been no uranium sales revenues in fiscal 2001. Revenues from
the sale of uranium and uranium contracts in the second quarter and first six
months of fiscal 2000 were $2,043,400 and $5,311,000, respectively.



<PAGE>   3



COST OF PRODUCTS AND SERVICES SOLD

Alternate feed processing activities for the second quarter and first six months
of fiscal 2001 consisted primarily of the receipt, sampling and analysis of the
Ashland 1 and Linde materials. Process milling expenditures for the second
quarter and first six months of fiscal 2001 of $224,763 and $407,362
respectively, increased $133,950 and $154,328 as compared to $90,813 and
$253,034 for the comparable periods in fiscal 2000. The increase was primarily
due to a higher volume of tons received during the second quarter and first six
months of fiscal 2001 as compared to fiscal 2000. Approximately 26,000 tons of
material was received during the second quarter bringing the total received at
the White Mesa Mill to over 177,000 tons from the Ashland 1 and Linde sites.

MILL STAND-BY

Mill stand-by expenses consist primarily of payroll and related expenses for
personnel, parts and supplies, contract services and other overhead expenditures
required to maintain the Mill in a stand-by mode. Mill stand-by expenses for the
second quarter and first six months of fiscal 2001 were $689,144 and $1,337,470
respectively, as compared to $816,890 for each of the comparable periods in
fiscal 2000. The decrease of $127,746 during the comparable second quarter
periods was primarily the result of significant staff reductions at the Mill.
The increase of $520,580 during the comparable year to date periods was due to
six months of stand-by during fiscal 2001 versus three months in fiscal 2000.

SELLING, GENERAL AND ADMINISTRATIVE

Selling, general and administrative expenses consist primarily of payroll and
related expenses for personnel, legal, contract services and other overhead
expenditures. Selling, general and administrative expenses for the second
quarter and first six months of fiscal 2001 were $635,663 and $1,087,293
respectively. This represents a decrease of $622,464 or 49% and $1,135,711 or
51% as compared to expenditure levels of $1,258,127 and $2,223,004 for the
comparable periods in fiscal 2000. The decrease was primarily due to the
Company's decision during fiscal 2000 to significantly reduce overhead costs.
The Company anticipates that selling, general and administrative expenses for
the remainder of fiscal 2001 will increase slightly as the Company expands its
alternate feed business development efforts.



<PAGE>   4



OTHER INCOME AND EXPENSE

Net interest and other income for the second quarter and first six months of
fiscal 2001 was $335,184 and $677,010 respectively, as compared to $191,099 and
$385,368 for the comparable periods in fiscal 2000. The increase of $144,085 and
$291,642 for the second and first six months of fiscal 2001 is primarily the
result of improved interest income from the higher cash balances available for
investment, as well as a decrease in interest expense. In January 2001, as a
result of its strong cash position, the Company elected to cancel its $5,000,000
working capital loan agreement with Wells Fargo Bank, N.A.

CAPITAL RESOURCES AND LIQUIDITY

At March 31, 2001, the Company had cash and cash equivalents of $12,056,776 and
marketable securities of $1,383,450 as compared to cash and cash equivalents of
$11,650,600 and no marketable securities at September 30, 2000. The Company
acquired six million common shares of Tyumenneftegaz at the price of $0.23 per
share, in the second quarter of fiscal 2001 as a short-term investment.
Tyumenneftegaz is an oil and gas company that is listed on the Moscow stock
exchange (trading symbol "TMNG"). The shares of TMNG are denominated in U.S.
dollars. At March 31, 2001, the Company's working capital position was
$17,408,509 as compared to $10,556,005 at September 30, 2000. The increase in
working capital is primarily due to the Company's revised plan to delay
processing of the Ashland 1 and Linde materials until after the second quarter
of fiscal 2002. As a result of this plan, deferred revenue of $12,578,116 was
reclassified as a long-term liability.

Net cash used in operating activities was $1,201,566 for the first six months of
fiscal 2001 and consisted primarily of the loss from continuing operations of
$1,745,992 offset by non-cash items of depreciation and amortization of
$571,316.

Net cash used in investing activities was $1,681,434 for the first six months of
fiscal 2001 and consisted primarily of increases in marketable securities of
$1,383,450 and increases in restricted marketable securities of $284,084.

Net cash provided by financing activities was $3,289,176 for the first six
months of fiscal 2001 and consisted primarily of increases in deferred revenue
of $3,298,113.

2001 FISCAL OUTLOOK

The Company anticipates that revenues will remain at current levels until March
2002 when the Mill expects to begin processing alternate feed materials. Due to
the decision to sell the uranium inventory and contracts, the Company's revenue
is dependent upon the processing of alternate feed materials. Therefore the
Company continues to work towards developing the backlog necessary to operate
the Mill efficiently on a continuous basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Company wishes to caution readers that disclosures made in the foregoing
Financial Review and elsewhere in this Report to Shareholders represent
forward-looking statements. These



<PAGE>   5



forward-looking statements involve known and unknown risks and uncertainties
which may cause the actual results, performance, or achievements of the Company
to be materially different from any future results, performance, or achievements
expressed or implied by any forward-looking statements made by or on behalf of
the Company.

Risk factors that affect the Company's results and the above discussion include,
but are not limited to, competition, environmental regulations, the ability to
develop the alternate feed business, changes to reclamation requirements,
dependence on a limited number of customers, volatility and sensitivity to
market prices for uranium and vanadium, the impact of changes in foreign
currencies' exchange rates, political risk arising from operating in Mongolia,
changes in government regulation and policies including trade laws and policies,
demand for nuclear power, replacement of reserves and production, receipt of
permits and approvals from governmental authorities (including amendments for
each alternate feed transaction) and other operating and development risks.

As a result of the foregoing and other factors, no assurance can be given as to
the future results, levels of activity and achievement.

ON BEHALF OF THE BOARD

/s/ Ron F. Hochstein

Ron F. Hochstein
President and Chief Executive Officer
May 25, 2001



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d87969ex99-2.txt
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.2


                        INTERNATIONAL URANIUM CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                  MARCH 31, 2001  SEPTEMBER 30, 2000
                                                  --------------  ------------------
<S>                                                <C>            <C>
ASSETS
 Current assets:
 Cash and cash equivalents                         $ 12,056,776      $ 11,650,600
 Marketable securities                                1,383,450                --
 Trade and other receivables                          2,367,301         2,443,063
 Inventories                                          1,876,474         1,913,538
 Prepaid expenses and other                             228,641           256,688
                                                   ------------      ------------
                                                     17,912,642        16,263,889

 Plant and equipment, net                             4,419,702         4,977,118
 Notes receivable                                       200,088           200,088
 Restricted cash and marketable securities            9,155,073         8,870,989
 Other asset                                          2,840,000         2,840,000
                                                   ------------      ------------
                                                   $ 34,527,505      $ 33,152,084
                                                   ============      ============
LIABILITIES

 Current liabilities:
 Accounts payable and accrued liabilities          $    488,287     $     656,051
 Notes payable                                           15,846            15,830
 Deferred revenue                                            --         5,036,003
                                                   ------------      ------------
                                                        504,133         5,707,884

 Notes payable, net of current portion                   45,655            54,607
 Reclamation obligations                             12,192,494        12,192,494
 Deferred revenue                                    12,578,116         4,244,000
 Deferred credit                                      4,220,000         4,220,000
                                                   ------------      ------------
                                                     29,540,398        26,418,985
                                                   ------------      ------------
SHAREHOLDERS' EQUITY
 Share capital                                       37,439,402        37,439,402
 Deficit                                            (32,452,295)      (30,706,303)
                                                   ------------      ------------
                                                      4,987,107         6,733,099
                                                   ------------      ------------
                                                   $ 34,527,505      $ 33,152,084
                                                   ============      ============
</TABLE>



ON BEHALF OF THE BOARD

/s/ Ron F. Hochstein                                  /s/ Lukas H. Lundin

Ron F. Hochstein, Director                            Lukas H. Lundin, Director



<PAGE>   2


                        INTERNATIONAL URANIUM CORPORATION
                CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED MARCH 31     SIX MONTHS ENDED MARCH 31
                                               2001            2000            2001            2000
                                           ------------    ------------    ------------    ------------
<S>                                        <C>             <C>             <C>             <C>
OPERATIONS

Revenue

 Uranium sales                             $         --    $  2,043,400    $         --    $  5,311,000

 Vanadium sales                                      --         353,608          47,533         353,608

 Process milling                                245,343         135,149         521,600         493,200
                                           ------------    ------------    ------------    ------------
  Total revenue                                 245,343       2,532,157         569,133       6,157,808
                                           ------------    ------------    ------------    ------------
Costs and expenses

 Uranium cost of sales                               --       1,650,000              --       4,415,000

 Vanadium cost of sales                              --         333,411          22,108         333,411

 Process milling expenditures                   224,763          90,813         407,362         253,034

 Mill stand-by expenditures                     689,144         816,890       1,337,470         816,890

 Selling, general and administrative            635,663       1,258,127       1,087,293       2,223,004

 Write-down of inventories                           --         606,022              --         606,022

 Depreciation                                    67,525         164,779         137,902         330,086
                                           ------------    ------------    ------------    ------------
                                              1,617,095       4,920,042       2,992,135       8,977,447
                                           ------------    ------------    ------------    ------------

Loss before the following                    (1,371,752)     (2,387,885)     (2,423,002)     (2,819,639)

 Decrease in reclamation obligations                 --       1,455,533              --       1,455,533

 Net interest and other income                  335,184         191,099         677,010         385,368
                                           ------------    ------------    ------------    ------------
LOSS FOR THE PERIOD                          (1,036,568)       (741,253)     (1,745,992)       (978,738)
                                           ============    ============    ============    ============
Loss per common share                      $      (0.02)   $      (0.01)   $      (0.03)   $      (0.01)
                                           ============    ============    ============    ============

DEFICIT

Deficit, beginning of period                (31,415,727)    (15,699,137)    (30,706,303)    (15,461,652)

 Loss for the period                         (1,036,568)       (741,253)     (1,745,992)       (978,738)
                                           ------------    ------------    ------------    ------------
DEFICIT, END OF PERIOD                     $(32,452,295)   $(16,440,390)   $(32,452,295)   $(16,440,390)
                                           ============    ============    ============    ============
</TABLE>




<PAGE>   3


                        INTERNATIONAL URANIUM CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOW
                       (UNITED STATES DOLLARS) (UNAUDITED)

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED MARCH 31       SIX MONTHS ENDED MARCH 31
                                                                   2001            2000            2001            2000
                                                               ------------    ------------    ------------    ------------
<S>                                                            <C>             <C>             <C>             <C>
CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES

Loss for the period                                            $ (1,036,568)   $   (741,253)   $ (1,745,992)   $   (978,738)

Items not affecting cash

   Depreciation and amortization                                    284,264         385,332         571,316         550,639

   Write-down of inventories                                             --         606,022              --         606,022

   Decrease in reclamation obligations                                   --      (1,455,533)             --      (1,455,533)
                                                               ------------    ------------    ------------    ------------
                                                                   (752,304)     (1,205,432)     (1,174,676)     (1,277,610)

Changes in non-cash working capital items
   Decrease (increase) in trade and other
   receivables                                                      117,238      (2,007,037)         75,762        (990,495)

   Decrease in inventories                                           23,588       2,007,337          37,064       1,664,996

   (Increase) decrease in other current assets                      (87,445)        (71,498)         28,048         (22,998)

   Increase (decrease) in other accounts payable
   and accrued liabilities                                          228,995        (382,422)       (167,764)     (1,469,700)
                                                               ------------    ------------    ------------    ------------
   NET CASH (USED IN) OPERATIONS                                   (469,928)     (1,659,052)     (1,201,566)     (2,095,807)
                                                               ------------    ------------    ------------    ------------

INVESTING ACTIVITIES

   Properties, plant and equipment                                    4,571          30,275         (13,900)        (20,204)

   Mongolia mineral properties                                           --         (60,446)             --        (180,503)

   Collection of notes receivable                                        --              --              --           1,928

   Increase in marketable securities                             (1,383,450)             --      (1,383,450)             --

   Increase in restricted marketable securities                    (139,680)       (137,774)       (284,084)       (270,767)
                                                               ------------    ------------    ------------    ------------
   NET CASH (USED IN) INVESTMENT ACTIVITIES                      (1,518,559)       (167,945)     (1,681,434)       (469,546)
                                                               ------------    ------------    ------------    ------------

FINANCING ACTIVITIES

   (Decrease) increase in notes payable                              (4,532)        461,764          (8,937)       (518,307)

   Increase in deferred revenue                                   1,538,460         934,768       3,298,113       3,260,284
                                                               ------------    ------------    ------------    ------------
   NET CASH PROVIDED BY FINANCING ACTIVITIES                      1,533,928       1,396,532       3,289,176       2,741,977
                                                               ------------    ------------    ------------    ------------

(Decrease) increase in cash and cash equivalents                   (454,559)       (430,465)        406,176         176,624

Cash and cash equivalents, beginning of period                   12,511,335       1,076,496      11,650,600         469,407
                                                               ------------    ------------    ------------    ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD                       $ 12,056,776    $    646,031    $ 12,056,776    $    646,031
                                                               ============    ============    ============    ============


SUPPLEMENTARY CASH FLOW INFORMATION

   Cash interest paid                                                 3,103          16,681           8,849          54,690

   Cash interest received                                           267,453         159,465         598,052         327,095
</TABLE>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d87969ex99-3.txt
<DESCRIPTION>NOTES TO FINANCIAL STATEMENTS
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 99.3


                        INTERNATIONAL URANIUM CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       (UNITED STATES DOLLARS) (UNAUDITED)

1.   Basis of Preparation of Financial Statements

     These unaudited interim consolidated financial statements of the Company
     and its subsidiaries have been prepared in accordance with accounting
     principals generally accepted in Canada on a basis consistent with the
     consolidated financial statements of the Company included in its 2000
     annual report.

2.   Adoption of New Accounting Standard

     On January 1, 2000, the Company adopted new recommendations of the Canadian
     Institute of Chartered Accountants relating to accounting for income taxes.
     The new standard requires the use of the asset and liability method for
     accounting for income taxes. The Company adopted this standard
     retroactively and has not recognized any future tax asset or liability in
     the current or prior periods as the net future tax assets are fully offset
     by a valuation allowance. Accordingly, the adoption of the new standard
     does not result in changes to prior period financial statements.






</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
