Sustainability Report Solutions | Stewardship | Standards | Service
2011
pinovaholdings.com
We have used natural and renewable feedstocks for over one hundred years.
We are the only manufacturer of wood rosin from recovered pine stumps.
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We create value from many materials which might otherwise be wasted.
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Contents A Message from Our CEO and CSO
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Green Solutions For Exacting Customers
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Dedication to Environmental Stewardship
9
Achieving World-Class Safety Standards
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Quality Service and Reliability
13
People Matter
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Next Steps Toward a Sustainable Future
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A Message from Our CEO and CSO Sustainability is a mainstay of Pinova Holdings’ business philosophy and practices. Each of our operating companies – Pinova and Renessenz – has relied on sustainable raw materials for development of natural and renewable specialty chemicals throughout its more than 100 year history. Our deep-rooted respect for the world’s resources continues as we strive to create long-term value from their responsible use. superior performance. It enables us to assess our progress against objective criteria in areas including environmental, health, safety, and security. It reinforces our relationships with primary stakeholders – employees, customers, suppliers, and communities. And it provides a robust foundation for delivering on the corporate objective of being a global leader in our markets through operating excellence and innovation. L-R: Michael Klamm, Theodore H. Butz
We believe that the best way to advance sustainability is to set high standards and be held accountable for achieving them. That’s why we joined the American Chemistry Council’s Responsible Care® initiative and appointed Michael Klamm as our Chief Sustainability Officer. We plan to meet all Responsible Care member obligations by mid2014 – a year and a half sooner than is normally allotted to new member companies. For Pinova Holdings, this program establishes a roadmap for the future that aligns us with the world’s leading chemical companies. Our pledge to uphold the Responsible Care Guiding Principles demonstrates our dedication to greater transparency, cooperation, and
Pinova Holdings emphasizes continuous improvement in every aspect of our business. Embracing the Responsible Care guidelines ensures that we are always aware of and advancing toward best practice in the most significant aspects of corporate citizenship. We are applying this framework to move forward on our promise to make a positive impact on society while creating exceptional products for our customers. Sincerely,
Theodore H. Butz
Michael Klamm
President and CEO
VP and Chief Sustainability Officer
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For Pinova Holdings, manufacturing products entirely from natural and renewable sources is the business norm.
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Green Solutions for Exacting Customers For more than a century we have met the requirements of some of the world’s most demanding consumer and industrial businesses with products made from natural, renewable feedstocks. Consumers regularly consume our products through global brands for food and beverage, personal care, oral health, fragrance, and household products. Our unique product portfolio also benefits manufacturers of high performance products in markets including specialty adhesives, construction, agriculture, inks and coatings, metal casting, medical applications, and rubber. Responsible Use of Natural and Renewable Raw Materials
Innovations to Meet Market Challenges
It’s rare that a company manufactures products entirely from natural and renewable sources. For Pinova Holdings, it’s the business norm.
We are always experimenting with new technologies to create solutions that fulfill a market’s existing need or emerging opportunity. Our superior technical and industry knowledge, spirit of innovation, and high level of cooperation with customers enables us to undertake focused initiatives that advance environmental sustainability and optimize product value. Among our novel “green” innovations are:
Each of our companies uses sustainable feedstocks as the basis for its specialty chemicals products. Each company recognizes significant value where others typically see waste. Pinova, for example, takes full advantage of a by-product of the forestry and agricultural industries: pine tree stumps. Left behind when pine trees are harvested, these stumps can be an unwanted nuisance for farmers and landowners. For us, they are the basis for holding a unique position as the world’s only producer of refined wood rosins and natural wood terpenes from renewable pine stumpwood. Our stumpwood supply comes from sustainably managed forests and even contributes to reforestation, since removal of the stumps facilitates new tree growth. We make further use of industrial by-products when, after the rosin and oils have been extracted from the stumps, we consume the remaining biomass as fuel. This reduces our dependence on non-renewable fossil fuels. Among our other leading raw materials are a by-product of the pulp and paper industry, crude sulfate turpentine (CST), and a derivative of discarded citrus peels, limonene.
• L-Carvone, a perfume and flavor component with a refreshing mint odor and taste. It is widely used in oral care, confectionery, fragrance, and flavored products. It is made from renewable limonene and uses a unique technology that eliminates chlorides and compounds containing nitrogen from the product. Our manufacturing process is free of solvents and toxic reagents. Compared with traditional processes, ours eliminates eight million liters of waste water per one million kilograms of L-Carvone produced. • Glidfuel™, a clean-burning substitute for fossil fuels derived from natural, renewable feedstocks. Glidfuel can be burned alone or in any mixture with residual fuel oils where its high degree of solvent activity greatly improves the handling characteristics of the mixture. • Vinsol®, a specialty rosin resins product family, which is proven in construction applications including asphalt emulsification, concrete air entrainment, and mastic adhesives. • Winsense™ WS5, a cooling agent produced in a patented process which eliminates the bitter aftertaste present in previous forms of the product. Pinova Holdings | 7
A Supply Chain built on Sustainable Practices Pinova recently commissioned an independent study to quantify the rate of availability of harvestable pine stumps – Pinova’s primary feedstocks – in six states of the Southeast U.S. The goal was to use the data to estimate the sustainable rate of harvest of natural stumps and quantify expectations for their future availability. When we compared internal consumption data to the research results on the rate of production of harvestable stumpwood, we found that our consumption of the region’s pine stumpwood constituted less than 10% of the total annual available stumps generated each year by the forest products industry. Given the vast amount of unused stumps readily accessible to us, we are assured of significant feedstock reserves far into the future. To ensure that we are consistently able to provide our customers with high value products, we have nurtured long-term relationships with well-established suppliers and are expanding our affiliations with new ones. We added a senior executive with responsibility for managing strategic raw materials’ sourcing and identifying innovations that maximize their availability. We ensure raw material quality by monitoring suppliers such as the paper mills involved in turpentine recovery. Pinova Holdings‘ turpentine procurement program adds significant value to the business through an industry-recognized expert recovery team which works closely with all of its supplier mills to optimize the mill turpentine recovery system. Specifically, the recovery engineers spend time inside each mill evaluating the turpentine recovery system using techniques such as material balances, process sampling and testing, wood procurement and handling as well as optimizing equipment function and efficiency. Together with our partner mills we benefit by recovering incremental turpentine that would otherwise be lost. Our recovery efforts also help reduce the amount of toxic and flammable waste material in the mill process. We encourage our suppliers’ corporate responsibility by having our pine stumpwood suppliers declare the sustainability of their forestry practices. We review main suppliers’ reporting on labor and other issues to ascertain their adherence to laws and generally-accepted ethical principles. 8 | Pinova Holdings
Our consumption of pine stumpwood in the Southesast U.S. constituted less than 10% of the available total annually.. ..we are assured of significant feedstock reserves far into the future.
Dedication to Environmental Stewardship The American Chemistry Council’s Responsible Care program requires all members to publicly report environmental and energy metrics. Even before we joined the program we were tracking our progress via formal environmental management of issues including energy consumption, greenhouse gas emissions, water use, and waste handling. Now, we are publicly reporting our environmental results to identify areas for improvement and to advance stakeholder dialogue. WATER USAGE
ENERGY USAGE
Million MMBTU
0.0
GREEN HOUSE GAS (GHG)
KTons CO2e
0.5
40.88
0
0
2010
Total Criteria Pollutants (Emissions: KT of NOx)
5 0.22
2011
2.6
0.21
2.6 0
SOx EMISSIONS
CO2e/Ton Production
0.51
2011
KTon SOx
Ton SOx/ KTon Production
0.53
0.5
10 6.6
0.25
Water Intensity
Ton NOx/KTon Production
0.25
2010
Total Criteria Pollutants (Emissions: KT of SOx)
0.53
KTon NOx
0.0
1.0
50
2011
10
2011
100
44.49
0
2010
0
2010
Total GHG Usage (CO2e)
50
Energy Intensity
53.4
50.3
2.5
25
0.5
GHG Intensity
Total Energy Usage (Million MMBTU)
4.31
33 2,626.60
2,500
0
100 4.23
37 3,139.60
NOx EMISSIONS
MMBTU/Ton Production
5
50
0.29
5 3.5
0
0.0
2010
Criteria Pollutant Intensity
This initial step in disclosure and transparency serves as the foundation for expanded goal-setting, monitoring, and reporting in the future.
Gallons/ KTon Production
5,000 Total Water Usage (Millions of Gallons)
Operating as two separate companies, Pinova and Renessenz have long been devoted to enhanced environmental performance. Now united under Pinova Holdings, we are providing consolidated results on key indicators for our first two years of integration.
Millions of Gallons
Criteria Pollutant Intensity
Measuring Our Progress
2011
Increased emissions reflect short-term processing of an alternative feedstock which will be discontinued by Q2/2013.
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Environmental Performance Recognized When a community goes out if its way to recognize a company’s accomplishments, you know you’re on target. Our companies greatly appreciate the commendations that recognize our commitment to and leadership in environmental performance. Recent highlights are: • The Brunswick-Glynn County Joint Water & Sewer Commission May 2012 tribute to Pinova for having met all requirements for pre-treatment of waste water discharged to the Academy Creek Wastewater Treatment Plant. Pinova was recognized for its cooperation in minimizing water pollution over the year and maintaining appropriate “diligence and dedication to detail” so as to ensure there were zero discharge violations.
• The JEA 2011 Platinum Environmental Award given to Renessenz for outstanding environmental performance in industrial wastewater pretreatment by a significant industrial user. This is the highest level award that JEA, the eighth largest community-owned electric utility in the U.S., can bestow and the second JEA Platinum Award Renessenz has won in five years. In 2010 the company won JEA’s Environmental Stewardship Award. Renessenz - Jacksonville Plant
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Achieving World-Class Safety Standards Our companies share a common philosophy on safety: Safety is everyone’s responsibility and our goal is to have an incidentfree work environment – nothing else is more important. For this reason, we have comprehensive health and safety policies in place and conduct continuous training on a wide variety of safety programs.
Principles of a Positive Safety Culture Our safety efforts align with the American Chemistry Council’s Responsible Care Guiding Principles which include requiring member companies to:
Instill a culture throughout all levels of the organization to continually identify, reduce and manage process safety risks. Make continual progress toward a goal of no accidents, injuries or harm to human health and the environment from products and operations and openly report health, safety, environmental and security performance. We firmly believe it is every employee’s right to work in a safe environment. To foster informed safety decision-making we provide ongoing training, personalized coaching, and periodic procedural reviews. We encourage staff to engage with supervisors and corporate Health, Safety and Environment (HSE) leaders about safety concerns, and have empowered individuals with the right to stop any activity believed to be inherently unsafe. All of us are responsible for identifying risks and hazards, and for minimizing the potential for incident recurrence. We have moved beyond OSHA requirements and implemented a more comprehensive Hazards and Risk Assessment Process than the mandatory requirement.
Our commitment to safety requires that our plants undertake: • Daily safety huddles Each morning, before starting work for the day, the Area Manager or a designee leads a safety discussion with his/her team. This focuses everyone on safety as a daily priority. • Daily incident tracking and reporting All safety and environmental incidents are recorded and communicated throughout the company. The enterprise-wide reports include explanations of and/or training in corrective action, and every employee must acknowledge that the report was read and understood. • Bi-weekly safety calls All sites report incidents to corporate senior executives and discuss ways to mitigate future risks. • Ongoing observations, audits and incident assessments Our sites track and report both positive safe work and negative at-risk behaviors that are observed or formally audited to ensure consistent best practice across the company. Our Safety Leadership Teams (SLTs) are cross-functional groups consisting of management, line, and staff personnel at each plant location. The SLTs maintain a high profile in assessing potentially hazardous situations, developing procedures to avoid problems, and reviewing all incidents. Should an employee be injured, that individual is personally interviewed by the Senior Vice President of Operations with the goal of obtaining direct insight into the cause of the injury and planning ways to prevent anything similar from occurring in the future. Our stated goal is zero injuries every year, and we are striving to improve on our TRIR record of 0.21 in 2010 and 0.83 in 2011. At Pinova Holdings we had zero lost time incidents in 2010 and two incidents in 2011. Pinova Holdings | 11
We depend on strong technology systems and skilled professional teams to ensure customer satisfaction.
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Quality Service and Reliability Operating excellence and quality are key elements of our corporate mission. We have undertaken a range of capital improvements that enhance efficiency, provide value for customers, and minimize any negative impact on the community. We depend on strong technology systems and skilled professional teams to ensure customer satisfaction. And we are active members of industry organizations that promote best practices. Capital Improvements for Value Creation Investments in new equipment are the foundation for our ongoing sustainability – as a business and as a good corporate citizen. To fulfill the expectations of all our stakeholders, we have, between our two companies, spent approximately $30 million over the last two years to improve operational performance to meet or exceed regulatory requirements. The investments involved maintenance of existing equipment as well as the installation of major new systems. With an ISO 9001 certification and procedures in place to meet the RC 14001 and FSSC 22000 standards, we are furthering our quality management systems at a rapid pace. Capital projects in which we have invested include a: • Multi-million dollar investment in GMP compliant packaging and warehouse facilities at Renessenz and Pinova; • State-of-the-art wood grinding system; • New pastillating, packaging, and palletizing system; • Modern, high efficiency boiler that has significantly reduced NOx, greenhouse gas (GHG), and odor emissions. New or planned projects will provide: • Increased protection against potential environmental contamination by relocating wastewater piping to optimize waste treatment; • Upgraded wastewater treatment facilities; • Groundwater use project at Pinova; • Enhanced containment tanks for chemical storage. Thanks to Pinova’s investments in its manufacturing facilities and practices, the company recently received the Georgia Department of Agriculture’s Food Sales Establishment License. No other rosin derivative facility globally has received a comparable certification.
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Ensuring Customer Satisfaction
Effective Systems and Communications
Our dedicated teams of experienced sales, fulfillment, and customer service professionals support customers around the world from offices in the U.S., Brazil, Belgium, and Hong Kong. With industry segment expertise and regional and/or global key account responsibilities, the teams provide individualized service to our commercial customers worldwide.
A powerful ERP system furthers our customer relationships by automatically generating “certificates of analysis” and enabling us to readily track on-time and customer-expected delivery performance. On a daily basis we monitor plant production schedules to meet right time, right quantity, and right specification objectives. This emphasis on precision ensures that finished products leaving our plants meet internal and customers’ tailored requirements. Quality performance for raw materials, feedstocks, work in progress, and finished goods are tracked monthly.
While we ground our relationships in direct dialogue, we conduct an annual online customer satisfaction survey that includes a follow-up mechanism to identify and act on opportunities for improvement. Major customers respond to a “Supplier Report Card” and all customers are invited to submit comments and complaints to a database repository that we monitor constantly. Renessenz’ recognition as a P&G Excellence Award winner in 2009, 2011, and 2012 is a testament to our successful customer relationships. Procter & Gamble gives this award to its top performing external business partners in acknowledgment of their performance, collaboration, and partnership. As a recipient of this distinction, Renessenz is among P&G’s top global suppliers.
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We strive to reduce risks associated with use of our products, and manage labeling and documentation through software that is continuously updated to ensure compliance with countryspecific regulations. Our product stewardship strategies reflect the Responsible Care principle “to work with customers, carriers, suppliers, distributors and contractors to foster the safe and secure use, transport and disposal of chemicals and provide hazard and risk information that can be accessed and applied in their operations and products.”
Industry Association Engagement Our interactions with a range of industry leaders serve us well. We are able to learn from others, set ever higher standards for ourselves, and gain greater insights into the influences that affect achievement of our goal of being a global leader in our markets.
American Chemistry Council Responsible Care American Concrete Institute Asphalt Emulsion Manufacturers Association First Coast Manufacturing Association Flavor and Extract Manufacturers Association Fragrance Materials Association International Federation of Essential Oils and Aroma Trades International Food Additives Council International Fragrance Association North America Pine Chemicals Association Research Institute for Fragrance Materials
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We have set high standards because we believe that it is critical to maintain an open, ethical and motivating work environment.
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People Matter Fair treatment, forthright dialogue, mutual respect, ethical standards, and responsible oversight are fundamental values to which we adhere. We endeavor to earn and maintain the trust of all our stakeholders daily. Compliance with laws, regulations, and social norms of good citizenship drive our business approach. High Standards and Accountability
Committed to Our Employees and Communities
We set clear standards for employee behavior and translate our expectations of appropriate behavior through policies about conflict of interest, privacy and data protection, government engagement, corruption and antitrust issues, fair labor practices, non-discrimination, and compliance with the laws of any country in which we do business.
Pinova Holdings and its employees have a long and proud history of engagement with our local communities. Well before corporate social responsibility was a popular term, we recognized that our success was integrally tied to the well-being of the neighborhoods surrounding us. How could we not care? After all, we live here too.
These standards are the centerpiece of our compliance programs and everyone, at all levels of the organization including officers and members of the Board of Directors, must adhere to them. We encourage employees to report possible transgressions and concerns to the leadership team.
Our commitment to the community begins with our employees. We thrive on a philosophy of respect. We help employees and their families get through difficult emotional times by offering confidential counseling through employee assistance programs. Employees are empowered to ensure their own safety and the safety of those around them.
We have set high standards because we believe that it is critical to maintain an open, ethical and motivating work environment. We are certain this will contribute to good performance, achievement of sustainability goals, and ultimately the wellbeing of our stakeholders.
In addition, we support their personal community initiatives and those that benefit a broader public. Building on the dedication and interests of our team, we have undertaken corporate social responsibility activities that contribute to the well-being of our fellow citizens in diverse ways.
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An Emphasis on Training We are honored to participate in employee training programs such as Quick Start, an economic development project administered through the Technical College System of Georgia. Our involvement allows Pinova participants to obtain job specific education for various manufacturing positions. Through ongoing interaction with Altamaha Technical College we benefit from their input on future training programs and identification of qualified graduates for potential employment at our company. The relationship contributed to Pinova’s receipt of Georgia’s Manufacturer of the Year award for the seven-county area served by Altamaha Technical College in 2012. We use an internal “Step-Up” process to train and develop future leaders of our business. Employees are given the opportunity to assume a leadership role for a specific period of time. During their step up period they are fully responsible for the business area they are assigned to lead. Employees that participate in the process come away with a broader view of the business, clearer expectations on their skill set and a better understanding of their supervisor’s role. Pinova Holdings has partnered with PureSafety. PureSafety’s innovative software and information solutions empower and unite our employees to improve workforce health, safety, and overall business performance.
Caring About Health and Wellness We support our employees who contribute their time and resources to advance health and well-being goals. Our people volunteer to raise awareness and funds for the United Way and several individuals are involved with the Special Olympics. Others bring holiday cheer to families in need by assembling and delivering “Christmas Basket” donations of food. For the local American Cancer Society’s Relay for Life, the Pinova Holdings companies came together to form a fundraising team. With our involvement in the rededication of Edo Miller Park, a Brunswick, Georgia stadium that hosts high school, recreation league, semi-professional, and professional baseball teams, we furthered community access to sports and exercise. To contribute to a more attractive environment, we have engaged in beautification projects to improve the appearance 18 | Pinova Holdings
of our facilities and their borders. Pinova and Renessenz employees volunteer regularly for local programs to maintain clean roadways near our facilities in Georgia and Florida. We have organized an Electronic Recycling Day at one facility to enable employees to collect and recycle electronic devices and batteries, rather than have them disposed of in landfills.
Enhancing Community Interaction and Education Educating our youth is a priority. Given that our business relies on a knowledgeable workforce with particular skills in science, technology, engineering, and mathematics (STEM), we foster learning opportunities and skill-building in these and other critical areas. There is nothing like a positive hands-on experience to generate enthusiasm for a subject. We get directly involved with students through: • Co-sponsorship of a Glynn County, Georgia regional science fair competition and the grand prize scholarship award of $1,000 to the winning student(s). • Plant tours for high school chemistry students and their instructors. Not only do participants learn about our local facilities and the consumer products that are created as a result of our specialty chemicals, but they are encouraged to consider careers in STEM fields. • The Saturday Night Lights Summer Community Activities occurring in Jacksonville. The five weekend series encourages children in low income neighborhoods to broaden their perspectives on educational opportunities through scienceoriented activities. • Involvement in the Partners in Newspapers in Education effort, which is sponsored by the Georgia Press Educational Foundation to advance journalism and the use of media in the classroom. • Activities that foster student achievement. These include the Glynn County Communities in Schools program and Coastal Georgia’s Community Action Youth Leadership Initiative, which assists at-risk youth to have a self-sufficient life by building resiliency skills, positive identity, and self-esteem. Learning opportunities are important for educators as well. Those who participate in the Florida Division of Forestry
Listening and sharing is critical to being a good neighbor.
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Teacher Tour enhance their understanding of how turpentine and our other chemicals are used in many different consumer products. They visit one of our facilities during their weeklong seminar and gain practical ideas about science-related activities to share with their students. Listening and sharing is critical to being a good neighbor. To maximize our companies’ cooperation with our communities, we are involved in several multi-stakeholder coalitions. Through the forums provided, we can hear about concerns first-hand, be proactive in identifying potential issues, and make plans for and take appropriate actions. As an organization and/or individually, we enthusiastically participate in organizations including the: • Jacksonville-Renessenz Neighborhood Alliance Launched in April 2012, the program’s tag line – Working Together, Growing Stronger – articulates our goal of finding strengthening trust and understanding with our fence line neighbors.
• Grace & Truth Community Development Corporation We are proud to have a local employee serving on the Board of this organization which has been responsible for the revitalization of our neighborhood in Jacksonville for the last decade. As a result of a public-private partnership with First Tee, a Professional Golf Association-sanctioned initiative that leverages golf to positively affect the lives and choices made by underserved young people, Renessenz is one of the companies enabling approximately 100,000 gallons of water per day to be supplied to the First Tee Golf Course at Brentwood. The partnership, launched in 2003, marked the first-ever industrial water re-use program in the State of Florida. It not only delayed the need for First Tee to incur the cost of installing wells and pumping systems, it reduced the amount of water that would be depleted from the Floridan Aquifer. We take great pride in our ability to apply our technical expertise for the community’s benefit. Renessenz - Colonels Island Plant
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Next Steps Toward a Sustainable Future Pinova Holdings is off to a strong start in implementing our Responsible Care commitments. We are making great strides in: Integrating the Responsible Care Guiding Principles to continuously improve sustainability performance throughout our organization. Implementing and obtaining third-party verification of a formal Responsible Care 14001 Management System as a framework to achieve measurable performance improvements. Measuring and publicly reporting sustainability results using the Responsible Care Performance Measures. We have partnered with the American Chemistry Council (ACC) and member companies in our industry to determine the carbon footprint of one of our primary feedstocks – crude sulfate turpentine (CST). The CST cradle-to-gate life cycle analysis will result in our having a firm understanding of the environmental impact of this raw material. The information will serve as the starting point for conducting our own cradle-to-gate carbon footprint analysis for the major CST-based products we manufacture.
Subsequently, we will examine our other feedstocks’ footprint in conjunction with suppliers’ information and independent audits. These activities are critical steps toward setting our sustainability goals and monitoring success in achieving them. With metrics as the mainstay of our program and a Chief Sustainability Officer accountable for our progress, Pinova Holdings looks forward to another strong century of growth, innovation, and commitment to natural and renewable products.
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Responsible Care Policy Our mission at Pinova and Renessenz for over 100 years has been to create value for our customers, employees, shareholders, community and the environment through the development, production and sale of specialty chemicals that are derived from natural and renewable sources. As we enter our second century, our commitment to quality, continued innovation, growth and sustainability remains as strong as ever. We are committed to: • Manage our operations in accordance with the Guiding Principles of Responsible Care. • Comply with all applicable environmental, health, safety and security laws and regulations. • Operate our business based on the belief that all incidents that could negatively impact our people, our workplace, our community and the environment can be prevented. • Employ sustainable practices throughout the life cycle of our products from development and manufacturing to distribution. • Integrate environmental, health, safety and security considerations into our business practices through our Responsible Care Management System. • Achieve continuous environmental, health and safety performance improvements through setting goals, and measuring and communicating performance against our goals. • Provide visible support and resources to meet our Responsible Care commitments. • Earn the trust of our stakeholders by maintaining an open dialogue to keep them informed of environmental, health, safety and security issues seek their input and respond to their concerns. • Seek business relationships with companies that demonstrate a commitment to the Guiding Principles of Responsible Care.
Theodore H. Butz President and Chief Executive Officer
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CONTACT Pinova Holdings, Inc. Corporate Headquarters 2801 Cook Street Brunswick, GA 31520-6160 USA www.pinovaholdings.com Pinova, Inc. Headquarters | Brunswick Plant 2801 Cook Street Brunswick, GA 31520-6160 USA Tel +1 888 807 2958 (North America) Tel +1 912 265 3550 (International) Fax +1 912 261 3534 www.pinovasolutions.com Renessenz LLC Headquarters | Jacksonville Plant 601 Crestwood Street Jacksonville, FL 32208-4476 USA Tel +1 904 768 5800 Fax +1 904 768 2200 www.renessenz.com
Disclaimer: The information contained in this report, including forward looking statements, is presented in good faith by Pinova Holdings and believed to be correct. We do not make representations or warranties as to its completeness or accuracy.