ITEM 8.01 OTHER EVENTS.
$150,000 SECOND ADVANCE PAYMENT TO ICSID IS DUE BY DECEMBER 17, 2012
On October 25, 2012, the International Centre for Settlement of
Investment Disputes ("ICSID") requested a second advance payment of
$150,000 to cover the costs of the next three to six months of the
annulment proceeding, including the February 2013 hearing.
On November 30, 2012, the Secretary of the ad hoc Committee informed the
Company and El Salvador that since payment has not been received, in
accordance with ICSID Administrative and Financial Regulation 14(3)(d),
both parties were being informed of the default and either party was
invited to pay the $150,000 by Monday, December 17, 2012.
Knowing that if payment is not made by December 17, 2012, the annulment
proceeding could potentially be stayed or discontinued, El Salvador sent
a letter to the members of the ad hoc Committee on December 4, 2012,
requesting an extension date for filing their Rejoinder dependent on
whether or not payment is made or if the proceeding is stayed and later
resumed.
For additional information about the Company's claims against the
Government of El Salvador, reference is made to the Company's 8-Ks that
were filed with the Securities and Exchange Commission on March 18, 2009,
July 2, 2009, July 2, 2010, August 19, 2010, September 17, 2010, March
15, 2011, July 14, 2011, November 21, 2011, December 20, 2011, June 22,
2012, July 16, 2012, July 24, 2012, October 23, 2012 and November 29,
2012.
2
FORWARD-LOOKING STATEMENTS
Certain statements in this release, and other written or oral statements
made by the Company, including the use of the words "expect,"
"anticipate," "estimate," "project," "forecast," "outlook," "target,"
"objective," "plan," "goal," "pursue," "on track," and similar
expressions, are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that
may cause actual results, performance, or achievements of the Company to
be different from those expressed or implied. The Company assumes no
obligation and does not intend to update these forward-looking
statements. Among the important factors that could cause actual results
to differ materially from those indicated by such forward-looking
statements include, without limitation: competitive and general economic
conditions, adverse effects of litigation, the timely development and
acceptance of services, significant changes in the competitive
environment, the failure to generate or the loss of significant numbers
of customers, the loss of senior management, increased government
regulation or the Company's failure to integrate its acquired companies
to achieve the synergies and efficiencies described in the "Management's
Discussion and Analysis" section of the Company's Form 10-K and other
reports and filings with the Securities and Exchange Commission (SEC),
which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K.