GVHR » Topics » CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This excerpt taken from the GVHR 10-Q filed May 11, 2009.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future.  Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.  Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated.  Forward-looking statements involve a number of known and unknown risks, uncertainties (some of which are beyond the Company’s control) and other factors and assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including those described in “Item 1A. Risk Factors” of the Company’s Form 10-K and the risks that are described in other reports that the Company files with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date on which they are made and you should not place undue reliance on any forward-looking statement. Except as required by law, the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

These excerpts taken from the GVHR 10-K filed Mar 16, 2009.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (“Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”), including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by forward-looking statements, including those described in “Item 1A. Risk Factors” and the risks that are described in the reports that the Company files with the Securities and Exchange Commission (“SEC”).

 

The Company cautions that the risk factors described in “Item 1A. Risk Factors” could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS



 



Statements made in
this report, including under the section titled “Management’s Discussion and
Analysis of Financial Condition and Results of Operations,” that are not purely
historical may be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 (“Securities Act”) and Section 21E of the
Securities Exchange Act of 1934 (“Exchange Act”), including without limitation,
statements regarding the Company’s expectations, hopes, beliefs, intentions or
strategies regarding the future. Words such as “may”, “will”, “should”, “could”,
“would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”,
“intends”, “plans”, “believes”, “estimates”, and similar expressions, as well
as statements in future tense, identify forward-looking statements.
Forward-looking statements are based on the Company’s current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those that the Company has anticipated. Forward-looking
statements involve a number of risks, uncertainties (some of which are beyond
the Company’s control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by
forward-looking statements, including those described in “Item 1A. Risk
Factors” and the risks that are described in the reports that the Company files
with the Securities and Exchange Commission (“SEC”).



 



The Company
cautions that the risk factors described in “Item 1A. Risk Factors” could
cause actual results or outcomes to differ materially from those expressed in
any forward-looking statements made by or on behalf of the Company. Any
forward-looking statement speaks only as of the date on which such statement is
made, and the Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible for
management to predict all of these factors. Further, management cannot assess
the impact of each factor on the Company’s business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.



 



CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS



 



Statements made in
this report, including under the section titled “Management’s Discussion and
Analysis of Financial Condition and Results of Operations,” that are not purely
historical may be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 (“Securities Act”) and Section 21E of the
Securities Exchange Act of 1934 (“Exchange Act”), including without limitation,
statements regarding the Company’s expectations, hopes, beliefs, intentions or
strategies regarding the future. Words such as “may”, “will”, “should”, “could”,
“would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”,
“intends”, “plans”, “believes”, “estimates”, and similar expressions, as well
as statements in future tense, identify forward-looking statements.
Forward-looking statements are based on the Company’s current expectations and
beliefs concerning future developments and their potential effects on the
Company. There can be no assurance that future developments affecting the
Company will be those that the Company has anticipated. Forward-looking
statements involve a number of risks, uncertainties (some of which are beyond
the Company’s control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by
forward-looking statements, including those described in “Item 1A. Risk
Factors” and the risks that are described in the reports that the Company files
with the Securities and Exchange Commission (“SEC”).



 



The Company
cautions that the risk factors described in “Item 1A. Risk Factors” could
cause actual results or outcomes to differ materially from those expressed in
any forward-looking statements made by or on behalf of the Company. Any
forward-looking statement speaks only as of the date on which such statement is
made, and the Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible for
management to predict all of these factors. Further, management cannot assess
the impact of each factor on the Company’s business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.



 



This excerpt taken from the GVHR 10-Q filed Nov 10, 2008.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future.  Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.  Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated.  Forward-looking statements involve a number of known and unknown risks, uncertainties (some of which are beyond the Company’s control) and other factors and assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including those described in “Item 1A. Risk Factors” of the Company’s Form 10-K and the risks that are described in other reports that the Company files with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date on which they are made and you should not place undue reliance on any forward-looking statement. Except as required by law, the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s

 

29



Table of Contents

 

business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

This excerpt taken from the GVHR 10-Q filed Aug 11, 2008.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future.  Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.  Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated.  Forward-looking statements involve a number of known and unknown risks, uncertainties (some of which are beyond the Company’s control) and other factors and assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including those described in “Item 1A. Risk Factors” of the Company’s Form 10-K and the risks that are described in other reports that the Company files with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date on which they are made and you should not place undue reliance on any forward-looking statement. Except as required by law, the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

This excerpt taken from the GVHR 10-Q filed May 12, 2008.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future.  Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.  Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company.  There can be no assurance that future developments affecting the Company will be those that the Company has anticipated.  Forward-looking statements involve a number of known and unknown risks, uncertainties (some of which are beyond the Company’s control) and other factors and assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including those described in “Item 1A. Risk Factors” of the Company’s Form 10-K and the risks that are described in other reports that the Company files with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date on which they are made and you should not place undue reliance on any forward-looking statement. Except as required by law, the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

This excerpt taken from the GVHR 10-Q filed Nov 9, 2007.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of known and unknown risks, uncertainties (some of which are beyond the Company’s control) and other factors and assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including those described in “Item 1A. Risk Factors” of the Company’s Form 10-K and the risks that are described in other reports that the Company files with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date on which they are made and you should not place undue reliance on any forward-looking statement. Except as required by law, the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

33



 

This excerpt taken from the GVHR 10-K filed Mar 16, 2007.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
Statements made in this report, including under the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are not purely historical may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (“Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”), including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by forward-looking statements, including those described in “Item 1A. Risk Factors” and the risks that are described in the reports that the Company files with the Securities and Exchange Commission (“SEC”).
 
The Company cautions that the risk factors described in “Item 1A. Risk Factors” could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of these factors. Further, management cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

        Certain statements contained in this Form 10-Q, under “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere are not purely historical 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those factors listed below:

potential liability as a co-employer as a result of acts or omissions by the Company's clients or client employees;

exposure to client credit risk as a result of the Company's obligation to make certain payments in respect of client employees;

unfavorable determinations under certain laws and regulations regarding the Company's status as an "employer" of client employees;

33

inadequacy of the Company's insurance-related loss reserves to cover its ultimate liability for losses;

unavailability of insurance coverage for workers' compensation, medical benefits and general liability on financial terms and premium rates acceptable to the Company;

significant collateral requirements in respect of the Company's obligations to its insurance carriers and the potential for those requirements to increase in the future;

the Company's failure to comply with applicable laws and regulations in a complex regulatory environment;

inexperience of a large portion of the Company's sales staff;

the Company’s failure to properly manage its growth and to successfully integrate acquired companies, including risks of client attrition in acquired portfolios and the risks associated with assumed employee benefit plans;

risks associated with geographic market concentration;

risks associated with expansion into additional states with varying state regulatory requirements;

the impact of competition from existing and new businesses offering human resource outsourcing services;

the ability of the Company's clients to terminate their relationship with the Company upon 30 days or less notice;

errors or omissions by the Company in performing its services;

the Company's dependency on key personnel and potential difficulties and expenses in the recruitment and retention of key employees;

the Company's inability to attract and retain qualified human resource consultants and sales personnel;

risks associated with the Company's dependency on technology services and third party licenses of technology;

the Company's inability to use the Internet as a means of delivering human resource services;

fluctuations in interest rates and the associated effect on the Company's investments;

the Company's failure to adequately protect its proprietary rights;

the Company's reliance on one financial institution to transfer its payroll funds;

the Company’s reliance on a single company to provide its workers’ compensation insurance coverage and the Company’s receivable from such company for all program years;

exposure to natural disasters, such as hurricanes and electrical failures, which affect the Company and its clients;

risks associated with the interruption of clients' businesses due to natural disasters, which are potentially increased due to geographic concentration;

unproven client acceptance of new business model service offerings; and

other factors which are described in further detail in the Form 10-K, and in other filings by the Company with the Securities and Exchange Commission.

34

        The Company cautions that the factors described above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

This excerpt taken from the GVHR 10-Q filed Jul 28, 2005.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

        The statements contained in this Form 10-Q, under “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Form 10-Q that are not purely historical 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those factors listed below:

potential liability as a co-employer as a result of acts or omissions by the Company's clients or client employees;

exposure to client credit risk as a result of the Company's obligation to make certain payments in respect of client employees;

unfavorable determinations under certain laws and regulations regarding the Company's status as an "employer" of client employees;

inadequacy of the Company's insurance-related loss reserves to cover its ultimate liability for losses;

unavailability of insurance coverage for workers' compensation, medical benefits and general liability on financial terms and premium rates acceptable to the Company;

significant collateral requirements in respect of the Company's obligations to its insurance carriers and the potential for those requirements to increase in the future;

the Company's failure to comply with applicable laws and regulations in a complex regulatory environment;

33

inexperience of a large portion of the Company's sales staff;

the Company’s failure to properly manage its growth and to successfully integrate acquired companies, including risks of client attrition in acquired portfolios and the risks associated with assumed employee benefit plans;

risks associated with geographic market concentration;

risks associated with expansion into additional states with varying state regulatory requirements;

the impact of competition from existing and new businesses offering human resource outsourcing services;

the ability of the Company's clients to terminate their relationship with the Company upon 30 days or less notice;

errors or omissions by the Company in performing its services;

the Company's dependency on key personnel and potential difficulties and expenses in the recruitment and retention of key employees;

the Company's inability to attract and retain qualified human resource consultants and sales personnel;

risks associated with the Company's dependency on technology services and third party licenses of technology;

the Company's inability to use the Internet as a means of delivering human resource services;

fluctuations in interest rates and the associated effect on the Company's investments;

the Company's failure to adequately protect its proprietary rights;

the Company's reliance on one financial institution to transfer its payroll funds;

the Company’s reliance on a single company to provide its workers’ compensation insurance coverage and the Company’s receivable from such company for all program years;

exposure to natural disasters, such as hurricanes and electrical failures, which affect the Company and its clients;

risks associated with the interruption of clients' businesses due to natural disasters, which are potentially increased due to geographic concentration;

unproven client acceptance of new business model service offerings; and

other factors which are described in further detail in the Form 10-K, and in other filings by the Company with the Securities and Exchange Commission.

        The Company cautions that the factors described above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors. Further, management cannot assess the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

34

This excerpt taken from the GVHR 10-Q filed May 9, 2005.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

        The statements contained in this form 10-Q, under “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Form 10-Q that are not purely historical 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, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, and similar expressions, as well as statements in future tense, identify forward-looking statements. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those factors listed below:

  potential liability as a co-employer as a result of acts or omissions by the Company's clients or client employees;

  exposure to client credit risk as a result of the Company's obligation to make certain payments in respect of client employees;

  unfavorable determinations under certain laws and regulations regarding the Company's status as an "employer" of client employees;

  inadequacy of the Company's insurance-related loss reserves to cover its ultimate liability for losses;

  unavailability of insurance coverage for workers' compensation, medical benefits and general liability on financial terms and premium rates acceptable to the Company;

  significant collateral requirements in respect of the Company's obligations to its insurance carriers and the potential for those requirements to increase in the future;

  the Company's failure to comply with applicable laws and regulations in a complex regulatory environment;

25

  inexperience of a large portion of the Company's sales staff;

  the Company’s failure to properly manage its growth and to successfully integrate acquired companies, including risks of client attrition and the risks associated with assumed employee benefit plans;

  risks associated with geographic market concentration;

  risks associated with expansion into additional states with varying state regulatory requirements;

  the impact of competition from existing and new businesses offering human resource outsourcing services;

  the ability of the Company's clients to terminate their relationship with the Company upon 30 days or less notice;

  errors or omissions by the Company in performing its services;

  the Company's dependency on key personnel and potential difficulties and expenses in the recruitment and retention of key employees;

  the Company's inability to attract and retain qualified human resource consultants and sales personnel;

  risks associated with the Company's dependency on technology services and third party licenses of technology;

  the Company's inability to use the Internet as a means of delivering human resource services;

  fluctuations in interest rates and the associated effect on the Company's investments;

  the Company's failure to adequately protect its proprietary rights;

  the Company's reliance on one financial institution to transfer its payroll funds;

  the Company’s reliance on a single company to provide its workers’ compensation insurance coverage and the Company’s receivable from such company for all program years;

  exposure to natural disasters, such as hurricanes and electrical failures, which affect the Company and its clients;

  risks associated with the interruption of clients' businesses due to natural disasters, which are potentially increased due to geographic concentration;

  unproven client acceptance of new business model service offerings; and

  other factors which are described in further detail in the Form 10-K, and in other filings by the Company with the Securities and Exchange Commission.

        The Company cautions that the factors described above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors. Further, management cannot assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

26

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