<SEC-DOCUMENT>0001171843-16-007150.txt : 20160112
<SEC-HEADER>0001171843-16-007150.hdr.sgml : 20160112
<ACCEPTANCE-DATETIME>20160111200748
ACCESSION NUMBER:		0001171843-16-007150
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160111
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160112
DATE AS OF CHANGE:		20160111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEAM INC
		CENTRAL INDEX KEY:			0000318833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS REPAIR SERVICES [7600]
		IRS NUMBER:				741765729
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08604
		FILM NUMBER:		161337469

	BUSINESS ADDRESS:	
		STREET 1:		13131 DAIRY ASHFORD
		STREET 2:		SUITE 600
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77478
		BUSINESS PHONE:		2813316154

	MAIL ADDRESS:	
		STREET 1:		13131 DAIRY ASHFORD
		STREET 2:		SUITE 600
		CITY:			SUGAR LAND
		STATE:			TX
		ZIP:			77478
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>gff8k_011116.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font-size: 18pt; text-align: center; margin: 9pt 0 0"><B>UNITED STATES </B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>WASHINGTON, DC 20549 </B></P>

<P STYLE="font-size: 18pt; text-align: center; margin: 9pt 0 0"><B>FORM 8-K </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>CURRENT REPORT </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Date of report (Date of earliest event reported): January 11,
2016 </B></P>

<P STYLE="font-size: 24pt; text-align: center; margin: 9pt 0 0"><B>TEAM, Inc. </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Exact Name of Registrant as Specified in Charter) </B></P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 34%; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</td>
    <td style="width: 32%; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; layout-grid-mode: line">&nbsp;</td>
    <td style="width: 32%; layout-grid-mode: line">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; layout-grid-mode: line; font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>Delaware</b></font></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top; layout-grid-mode: line; font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>001-08604</b></font></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top; layout-grid-mode: line; font-weight: bold; text-align: center"><font style="font-size: 10pt"><b>74-1765729</b></font></td></tr>
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    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(State or Other Jurisdiction</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>of Incorporation)</b></P></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(Commission</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>File Number)</b></P></td>
    <td style="vertical-align: bottom; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; text-align: center; margin: 0"><b>(IRS Employer</b></P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0 0 0.75pt"><b>Identification No.)</b></P></td></tr>
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<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>13131 Dairy Ashford, Suite 600 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Sugar Land, Texas 77478 </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Address of Principal Executive Offices and Zip Code) </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Registrant&rsquo;s telephone number, including area code: (281)&nbsp;331-6154
</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 9pt 0 0"><B>Not Applicable </B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>(Former name or former address, if changed since last report) </B></P>

<P STYLE="font-size: 10pt; margin: 9pt 0 0">Check the appropriate line below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <td style="width: 4%; layout-grid-mode: line"><font style="font-family: Wingdings; font-size: 10pt">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 &mdash; CFR 230.425) </font></td></tr>
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    <td style="width: 4%; layout-grid-mode: line"><font style="font-family: Wingdings; font-size: 10pt">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 &mdash; CFR 240.14a-12) </font></td></tr>
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    <td style="width: 4%; layout-grid-mode: line"><font style="font-family: Wingdings; font-size: 10pt">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the &mdash; Exchange Act (17 CFR 240.14d-2(b)) </font></td></tr>
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<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="width: 4%; layout-grid-mode: line"><font style="font-family: Wingdings; font-size: 10pt">&uml;</font></td>
    <td style="layout-grid-mode: line"><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the &mdash; Exchange Act (17 CFR 240.13e-4(c)) </font></td></tr>
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    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
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<P STYLE="font-size: 10pt; margin: 0"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0"><B>Item&nbsp;2.02. Results of Operations and Financial Condition</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-right: 0; margin-left: 0">On January 11, 2016, we disseminated a press release
announcing financial results for our historical second quarter ended November 30, 2015, and our expectations regarding financial
performance for our new fiscal year ending December 31, 2016. The information in Exhibit 99.1 is being furnished, not filed, pursuant
to Item 2.02 of this Form 8-K. By furnishing the information in this Form 8-K and the attached exhibit, we are making no admission
as to the materiality of any information in this Form 8-K or the exhibit.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 9pt 0 0">This Form 8-K contains forward looking statements. We based our
forward-looking statements on our current expectations, estimates and projections about ourselves and our industry. We caution
that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot
predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be
inaccurate. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast
in the forward-looking statements. Differences between actual results and any future performance suggested in these forward-looking
statements could result from a variety of factors, including those listed in our Annual Reports on Form 10-K and our Quarterly
Reports on Form 10-Q as filed with the Securities and Exchange Commission. We assume no obligation to publicly update or revise
any forward-looking statements made herein or any other forward-looking statements made by us, whether as new information, future
events, or otherwise.</P>

<P STYLE="font-size: 10pt; margin: 13.5pt 0 0"><B>Item&nbsp;9.01. Financial Statements and Exhibits </B></P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <td style="font-size: 10pt; layout-grid-mode: line"><font style="font-size: 10pt">(c)</font></td>
    <td colspan="3" style="font-size: 10pt; layout-grid-mode: line"><font style="font-size: 10pt">Exhibits. &nbsp;The following exhibit is furnished as part of Item 2.02 of this Current Report on Form 8-K:</font></td></tr>
<tr>
    <td colspan="2" style="font-size: 10pt; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</td>
    <td style="font-size: 10pt; layout-grid-mode: line">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td nowrap colspan="2">
        <P STYLE="font-size: 10pt; margin: 0; border-bottom: black 0.75pt solid"><b>Exhibit&nbsp;number</b></P></td>
    <td style="font-size: 10pt; layout-grid-mode: line">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font-size: 10pt; layout-grid-mode: line; font-weight: bold"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr>
    <td colspan="2" style="font-size: 10pt; layout-grid-mode: line">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; layout-grid-mode: line">&nbsp;</td></tr>
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        <P STYLE="font-size: 10pt; text-align: center; margin: 0">99.1</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P></td>
    <td style="vertical-align: bottom; font-size: 10pt; layout-grid-mode: line">&nbsp;</td>
    <td style="vertical-align: top">
        <P STYLE="font-size: 10pt; margin: 0">Team, Inc.&rsquo;s Press Release issued January 11, 2016</P>
        <P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P></td></tr>
<tr>
    <td>&nbsp;</td>
    <td style="width: 229px">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>SIGNATURES </B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 9pt 0 0">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 hereunto duly authorized.<B> </B></P>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>TEAM, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid">/s/ Greg L. Boane</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Greg L. Boane</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President and Chief</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Financial Officer</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 9pt 0 0">Dated: January 11, 2016</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Team, Inc. Reports  Quarter Ended November 30, 2015 Results and Sets Calendar 2016 Earnings Budget of $2.15 Per Diluted Share</strong></p><p style="text-align: center;"><p><p>SUGAR LAND, Texas, Jan.  11, 2016  (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today released full financial results for the quarter ending November 30, 2015.&#160; As recently announced, Team has changed its fiscal year end to December 31 and will be filing one-time, 7-month transitional financial statements for the period from June 1, 2015 through December 31, 2015 in mid-March 2016.<br></p><p align="justify">For its historical quarter ending November 30, 2015, Team reports adjusted earnings of $14.8 million ($0.69 per diluted share) versus adjusted earnings of $17.4 million ($0.80 per diluted share) for the prior year quarter. Revenues for the current year quarter increased by 17% to $280.9 million compared to revenues of $240.6 million for the prior year quarter. Revenues for the current year quarter include $44.9 million related to the acquisition of Qualspec Group, which closed on July 7, 2015. (Adjusted earnings in the current quarter exclude certain non-routine items that are not indicative of Team&#8217;s ongoing operating activities of $3.3 million (net of tax), or $0.15 per diluted share, as detailed in the accompanying schedule).</p><p align="justify">&#8220;The results for the recently completed quarter reflect declines and deferrals in U.S. project and turnaround activity versus the prior year period across all business units. Unexpected deferrals also impacted margins in the period, particularly within the IHT business segment. Looking ahead to our new calendar year 2016, we expect an increase in turnaround activity with the additional work deferred from 2015 and the outlook for our business is unchanged from our last public disclosure,&#8221; said Ted Owen, Team&#8217;s President and CEO. &#8220;Our recent Qualspec acquisition is off to a very good start, with performance consistent with our expectations.&#8221;</p><p><strong>2016 Business Outlook</strong></p><p align="justify">&#8220;Late last week, our board of directors approved our calendar 2016 operating budget of $1.05 billion in revenues and $2.15 in adjusted earnings per share, which drives all our incentive compensation programs,&#8221; said Mr. Owen. &#8220;When we last reported earnings in September 2015, we lowered our full fiscal year estimates of revenue and adjusted earnings to those same amounts in anticipation of continued market headwinds associated with project deferrals, commodity price deterioration and foreign currency weakness. The 2016 outlook for our business continues to reflect those macro conditions.&#8221;</p><p align="justify">&#8220;Revenue and earnings budgets for 2016 do not yet reflect the impact of the previously announced transaction with Furmanite which is expected to close in early March 2016. As previously communicated, we expect Furmanite to add approximately $400 million to Team&#8217;s annual revenues. The full benefit to earnings will come after transitional activities are completed and $20-25 million in annual cost synergies become fully realized in 2017. As we indicated previously, we expect the transaction, including synergies, to contribute $0.25 to $0.30 per share in 2017,&#8221; said Mr. Owen.</p><p align="justify">&#160;&#8220;2016 will represent a transformational year for Team as we strengthen the critical mass across both our major business units and thereby strengthen our long-term growth and profit potential in any market environment. In addition to the Furmanite transaction, we will complete the integration of Qualspec into our IHT business segment, and will begin the rollout of our new ERP platform this quarter. Following these major growth initiatives, we will be well-positioned as the premier global industrial services company with a balanced portfolio of inspection and assessment and specialty mechanical services&#8212;capabilities unmatched by anyone in our industry,&#8221; said Mr. Owen. &#8220;We are uniquely positioned to fully leverage these capabilities when our end market conditions return to a more normal state.&#8221;</p><p align="justify"><strong>GAAP Earnings</strong></p><p align="justify">Team&#8217;s net income available to shareholders reported in accordance with generally accepted accounting principles (including non-routine items) was $11.5 million ($0.54 per diluted share) for the current quarter as compared to net income of $17.4 million ($0.80 per diluted share) in the prior year quarter. Certain non-routine items that are not indicative of Team&#8217;s ongoing operating activities have been excluded when arriving at adjusted earnings. In the November quarter, the most significant non-routine items pertained to acquisition costs associated with the pending Furmanite transaction ($2.4 million) and non-capitalized ERP implementation costs ($1.3 million). A reconciliation of net income, reported in accordance with generally accepted accounting principles, to adjusted net income is contained in the accompanying schedule.</p><p align="justify"><strong>Earnings Conference Call</strong></p><p align="justify">In connection with this earnings release, Team will hold its quarterly conference call on Tuesday, January 12, 2016 at 8:00 a.m. Central Time (9:00 a.m. Eastern).&#160; The call will be broadcast over the Web and can be accessed on Team&#8217;s website, www.teaminc.com.&#160; Individuals wishing to participate in the conference call by phone may call 877-730-9522 and use conference code 17325505 when prompted.</p><p><strong>About Team, Inc.</strong></p><p align="justify">Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries.&#160; Team offers these services across its 150 branch locations throughout the world.&#160; Team&#8217;s common stock is traded on the New York Stock Exchange under the ticker symbol &#8220;TISI&#8221;.</p><p align="justify"><em>Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.&#160; We have made reasonable efforts to ensure that&#160;the information, assumptions and beliefs upon which this forward-looking information is&#160;based are current, reasonable and complete.&#160;Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking&#160;information contained herein will occur or that objectives will be achieved.&#160; We assume no obligation to publicly update or revise any forward-looking&#160;statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise.</em></p><table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td colspan="16" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>TEAM, INC. 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong><u>Adjusted EBITDA:</u></strong></td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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</TEXT>
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</SEC-DOCUMENT>
