Earlier this year the company hired Catherine Bessleman, a seasoned and senior reinsurance underwriter formerly at Hamilton Re. No one in the trillion dollar insurance market is looking at biology as a source of data commented, Vishaal Bhuyan co-founder and CEO of Aanika Biosciences. Please visit www.aditventures.com for further information. -Does it have a good capital base, board of directors/investors and well-regarded savvy Venture Sponsors? Adit Ventures commits a further $10 million, and . University of Oxford - Said Business School . Adit has invested in some of the world's leading companies with exits in GoPro, Spotify, Snap and Lyft. Please visit www.aditventures.com for future updates. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The actual results or developments anticipated may not be realized or, even if Adit Ventures serves clients in the United States. In this role, Mr. Block will work with the investment and client teams to continue to grow Adit's footprint in providing investment opportunities in market leading private companies to institutional and high net worth investors worldwide. Quantitative: -Valuation at entry is a critical discipline,. He holds a B.S. The investment follows Noveto's successfulKickstarter pre-sales campaign in February 2021, with backers from across the world pledging over $225k within only two weeks. This press please contact. It is in these sectors Adit sees the best opportunities for long term capital appreciation and to make a positive impact on the world by improving quality of life, while generating a healthy return on our invested capital in alignment with their investors & principles. "Adit Ventures is proud to have an executive with Lazear's experience further build out Adit's operational and compliance depth. Mr. Lazear speaks at numerous global industry events on topics ranging from best practices, operational due diligence, and corporate governance. Securities Act. View contacts for Adit Ventures to access new leads and connect with decision-makers. Based in Cincinnati, Ohio, GRIID is a profitable, He brings decades of institutional experience and industry knowledge to Adit's growing team of 16 professionals" said Eric Munson, Founder & CIO of Adit Ventures. Quantitative: -Valuation at entry is a critical discipline, as . against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit EdTechs securities, -Revenue growth rate drives future valuation, so is a key element to Adit.-Margins and cash flows are vital to an enterprise's success, and drive valuation.-Scalability of business across various markets is a big factor in the valuation of any business. New York, New York, United States 11-50 Family Investment Office, Secondary Purchaser, Venture Capital Early Stage Venture, Late Stage Venture, Secondary Market www.aditventures.com 6,552 Highlights Funds 3 Investments 24 These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future Mr. Cholak will be based out of Austin, Texas. No offer of securities shall be made except by means of a prospectus meeting the requirements of the with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. ADIT Growth Equity Co - Invest LLC Series Magic - Adit Growth Equity Co - Invest, LLC - Series Airbn Adit Ventures raised a total of $150 K in funding over 1 rounds. Adit seeks to capitalize on long-term secular trends in the global economy where they see dynamic areas of growth. employees/investors seeking liquidity. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Adit Ventures is a family-office owned Venture Capital Investment advisor with 9 professionals, identifying companies with strong business fundamentals, investing alongside long-term secular. from New York University and an MBA from The University of Texas at Austin. View latest Form ADV filed. REGISTRATION STATUS. transaction, and identify and realize additional opportunities. Jon will work with Adit in launching a new early stage venture platform, to complement existing Adit offerings. Michael Block, a well-known market strategist and corporate advisor, has joined Adit Ventures, a New York late stage venture capital investment firm focused on companies driving today's market and tomorrow's economy, as Special Advisor. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 Along with opening a US office, the talent hires will help accelerate the delivery of Noveto's revolutionary first product. See how ADIT Ventures can give you access to your own late-stage investments, with potentially less risk than many early-stage start-up investments. In making investment decisions, Adit seeks to capitalize on long-term secular trends and themes in the global economy where we see dynamic areas of growth. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. He added traceability is at the heart of three main catalysts: 1) climate changes, which could lead to a significant rise in food safety issues 2) FDA rules on traceability which are coming into effect within 24 months and 3) ESG compliance for public companies.. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or release relates to a proposed transaction between Adit EdTech and GRIID. Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Adit Ventures is a venture capital investment firm with over 1250 LPs, $400MM in AUM, 3 offices across the US, and 9 exits. financial advisor to Adit EdTech for capital markets and M&A advisory services. An "Adit" is an entrance to a mine and serves as an anagram for the firm's services, since . Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. and commercial due diligence. Join to view profile Adit Ventures, LLC. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined Find your B2B customer within minutes using affordable, accurate contact data from Datanyze. Adit Ventures uses a 10-step investment process incorporating its proprietary research on both quantitative and qualitative factors. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. "Adit Ventures is pleased to have a professional of Jon's caliber, intelligence, and professionalism join our firm. Current sectors of interest include AI & Big Data, Cloud, Critical Infrastructure, EdTech, FinTech, IoT, Shared Economy, Health, Wellness, & Leisure. Adit Ventures is a venture capital firm with offices in California, Florida, New York, Texas, and Utah. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Adit seeks to capitalize on long-term secular trends in the global economy where they see dynamic areas of growth. The device is smart assistant compatible, seamlessly connecting to your smart home network. Adit EdTech intends to file a proxy statement with the SEC. stockholders. See Eric L Munson's compensation, career history, education, & memberships. Adit manages early-stage and late-stage venture capital funds, selectively investing in dynamic, high-growth sectors like AI/Big Data, Cloud, Critical Infrastructure, Cybersecurity, EdTech, FinTech, HealthTech, Internet of Things, New Media & Entertainment and Space. transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such Prior to this, Mr. Block spent over ten years in various leadership roles in trading, research, and strategy at various alternative investment firms including Sandell Asset Management and Magnetar Capital, and he began his career in Investment Banking at Donaldson, Lufkin & Jenrette. Web Hypertext Application Technology Working Group, Get Free Access to Adit Ventures Contacts Info. nce. will be provided in a Current Report on Form 8-K to be filed by Adit EdTech today with the U.S. Securities and Exchange Commission (the SEC) and will be available at www.sec.gov. Noveto impressed us with its game-changing technology that can positively transform the quality of life in both consumer and work environments. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. The $246million of anticipated net transaction proceeds, assuming no redemptions, and an existing Eric L Munson is CIO/Co-Founder at Adit Ventures LLC. Qualitative: -Is it a good business model, in a good sector with long term secular tends driving it? NEW YORK, March 30, 2021 /PRNewswire/ -- Adit Ventures is proud to announce its latest offering, Adit Genesis I, LP led by Managing Director Jon Cholak. Adit uses its proprietary ten-step investment process to identify high-value investment opportunities in dynamic and sustainable businesses. substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and investments that create positive change. See how Adit Ventures can give you access to your own late-stage investments, with potentially less risk than many early-stage start-up investments. He received a B.B.A in Finance and Marketing from Hofstra University and M.B.A in Finance from Baruch College's Zicklin School of Business. BROOKLYN, N.Y.--(BUSINESS WIRE)--Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika . Current sectors of interest include AI & Big Data, Cloud, Critical Infrastructure, EdTech, FinTech, IoT, Shared Economy, Health, Wellness, & Leisure. The desktop device comes alive with the backing of engineering partner Foxconn, the biggest consumer electronics manufacturer globally. CEO Trey Kelly, will continue to lead the business. the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii)risks that the Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public Please visit www.aditventures.com for further information. BROOKLYN, N.Y.--(BUSINESS WIRE)--Adit Ventures, a global venture capital firm with over $400 million in AUM, has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences, inc. Aanika Res mandate is to leverage the microbial tagging technology developed by Aanika Biosciences, as well as a broader swath of biological innovations, to prevent, identify and mitigate various risks in the food and agricultural industries. What We Do Who We Are Sell Your Options Adit is currently positioned to invest across the entire company life cycle (Seed to Pre-IPO). When typing in this field, a list of search results will appear and be automatically updated as you type. John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Adit Ventures is a family-office owned Venture Capital Investment advisor with 9 professionals, identifying companies with strong business fundamentals, investing alongside long-term secular themes, such as AI/ML, Big data, Cloud, Cybersecurity, Defense, Digital Healthcare, Fintech, IoT, focused on companies driving today's market and tomorrow's economy, Current sectors of interest include AI & Machine Learning, Big Data, Cybersecurity, Defense, Educational Technology, FinTech, Health Tech, IoT, Life Sciences, Media, Shared Economy and Space. Adit Ventures offers curated and professionally managed access to equity in proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii)the outcome of any legal proceedings that may be instituted against GRIID or special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. 1. -Does it have a good capital base, board of directors/investors and well-regarded savvy Venture Sponsors? The Company focuses to capitalize on long-term secular trends where we see dynamic areas of growth, as well as invests across the entire company life cycle (Seed to Pre-IPO). general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after the completion of the proposed MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. this press release. An "Adit" is an entrance to a mine, serving as an acronym for Adit's services, providing Access, Diligence, Insight and works with Trusted partners across the United States and around the world. (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. Adit Ventures enjoys a history of top-decile performance in early-stage ventures Adit Ventures leverages a broad network of LPs, advisors, and syndicate partners Learn how the Adit Genesis team selects investments, understand the target investment sectors and learn more about the team's performance history. Contact:Julie Klugman[emailprotected]www.aditventures.com, Cision Distribution 888-776-0942 -Profitability: A clear path to profitability is essential to any investment. See how our funds let you invest in dynamic, sustainable private businesses that strive to lead the way to a better and more productive world. Please visit www.aditventures.com for additional information. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Troutman Pepper Hamilton Upon completion of the proposed transaction. Portfolio companies include Airbnb, Animoca Brands, Astrocast, Cohesity, Decision Sciences International Corporation, Esme Learning, Ethos, Klarna, Netskope, Noom, Noveto, SpaceX and Turo among others. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The nature and timing of company exits may be changing, but we believe this creates opportunities for investors to build their portfolios of potentially market-leading companies before they go public. ADIT Growth Equity Co - Invest LLC Series Esme. stockholders. A leading venture capital investment firm based in New York City. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. GRIID anticipates fiscal year 2023 revenue of $1.6billion. the combined company is expected to operate under the name GRIID Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through The insurance industry is nothing new to Aanika, CEO Vishaal Bhuyan co-authored 3 books with FT Press and Wiley, on the use of insurance to address issues such as over-fishing, under-funded pensions and water scarcity. Many factors could cause actual future events to differ materially from the forward-looking The landscape for markets and investments is constantly evolving. He continued: It is rare to find compelling technology coupled with a difficult to replicate market strategy, which is what I believe Aanika has here. -Revenue growth rate drives future valuation, so is a key element to Adit.-Margins and cash flows are vital to an enterprise's success, and drive valuation.-Scalability of business across various markets is a big factor in the valuation of any business. Adit has invested in some of the world's leading companies with exits in Airbnb, DocSend, GoPro, Lemonade, Palantir, SharesPost, SoFi, Spotify, Snap and Lyft. During his career, Mr. Cholak has held various technology and investment positions at Bank of America, Deloitte Consulting, Intel, and USAA. Contact:Julie Klugman[emailprotected]www.aditventures.com, Cision Distribution 888-776-0942 This follows previous fundraising rounds during which the company has generated close to $25 Million with the consistent support of the Brecht Jammer family office and SAIC Fund. Adit seeks to capitalize on long-term secular trends in the global economy where they see dynamic areas of growth. Additional Information and Where to Find It. 1345 Avenue of the Americas Fl 33, New York, New York, 10105, United States. the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the He writes daily on global markets and is a frequent expert panelist on networks like CNBC, Fox Business, Fox News, CNN, and Bloomberg, and is cited frequently by publications and websites like CNNMoney.com, Barron's, the Wall Street Journal, and the Washington Post. Metaverse on why hes placing a big Web3 bet against Mark Zuckerberg, Haystacks.AI Maintains Strong Momentum for 2022 With Additional Funding, Accelerated Growth, Fintech giants Stripe and Klarna partner on buy now, pay later as competition heats up, Animoca Brands raises $65M at $2.2B valuation from Ubisoft, Sequoia China, Dragonfly Capital, others, Podcast: Ryan Petersen on How Global Supply Chains Have Gotten Even Worse. Adits ability to source and offer these exclusive opportunities to the firms investor-partners stems from the global network of relationships the team has developed over their 150+ years of combined investment experience. determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi)the effect of. Quantitative: -Valuation at entry is a critical discipline,. Genesis will focus primarily on early-stage software companies with an emphasis on selecting proven founders and market-ready technologies in industries poised for meaningful growth. Family Investment Office, Secondary Purchaser, Venture Capital, Early Stage Venture, Late Stage Venture, Secondary Market, Edit Lists Featuring This Company Section, East Coast Companies With Less Than $500M in Revenue (Top 10K), City of New York Companies With Less Than $1B in Revenue (Top 10K), Early Stage Venture Investors Family Investment Offices. Adit's invested in some of the world's leading companies with exits in GoPro, Spotify, Snap and Lyft. regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure, (xi)GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii)changes in The current bridge investment is made as part of the company's Series A fundraising to be further led by Adit Ventures to raise an additional $20 Million by year-end. It is in these sectors Adit sees the best opportunities for long term capital appreciation and to make a positive impact on the world by improving quality of life, while generating a healthy return on our invested capital in alignment with their investors & principles. Operations sections of Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020, and other filings made with the SEC and that are available on the SECs website at Mr. Cholak has deployed over $90M in early stage capital across 15+ companies, with multiple successful exits. Company profile page for Adit Ventures LLC including stock price, company news, press releases, executives, board members, and contact information . Said Eric Munson, Founder & CIO of Adit Ventures. Related Persons Relationship: X Executive Officer Director Promoter Clarification of Response (if Necessary): Manager of Adit Growth Equity Co-Invest, LLC, a Delaware series limited liability company Relationship: X Executive Officer X Director X Promoter We have carefully selected an exclusive list of market-leading businesses that are fueling high-performing portfolios and revolutionizing industries. Why? power utilization and grid management demonstrates the broader economic potential of green infrastructure.. Just Wait for the Fallout, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, EU Strikes Landmark Deal to Fight Greenwashing in Bond Market, Singapore Fund Seeks $125 Million for Stoves in India, Kenya, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Monitor your investments 24 hours a day, around the clock from around the globe. Genesis already has nine active portfolio companies and plans to grow the portfolio to 20-25 companies over the next three years. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. The funds will support rapid expansion, with plans to triple the headcount over the next year. Create a portfolio thats built for the future, with investments focused on cultural and technological trends that have the potential to define the next financial generation. The suit, which concerns the buying of Airbnb shares . This press release includes forward-looking statements, within the meaning of Section27A of the Securities Act of 1933, SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. Overnight on Wall Street is morning in Europe. "He adds both institutional caliber diligence experience & skills from the world's largest bank, as well as family office and boutique private equity knowledge"Munson added. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Adit Ventures uses a 10-step investment process incorporating its proprietary research on both quantitative and qualitative factors. Eric Munson, Founder, and CEO, Adit Ventures, also joins the Noveto Board of Directors. programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Portfolio companies include Airbnb, Cohesity, Decision Sciences, ESME Learning, Flexport, Klarna, Netskope, Palantir, SpaceX and Turo among others. This adviser FILES REPORT(S) as an Exempt Reporting Adviser with the jurisdiction(s) listed below. stockholders. which may be volatile due to a variety of factors, including changes in the competitive and regulated] industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across competitors, changes in laws and Quantitative: -Valuation at entry is a critical discipline,. Issuer's Identity 2. This allows the firm to capture more value by pushing investment entry before inflection points of growth and enhances the firms visibility and breadth of deal flow across the venture landscape. this transaction., David Shrier, CEO of Adit EdTech, added, Carbon-free mining is the future of bitcoin. Mr. Cholak will also serve as a member of Adit's Investment, Research & Valuation Committees, as well as leading Adit Genesis, the early-stage research & technology investment platform within Adit. Mr. Block will be based out of Adit's headquarters in New York. AI-based online learning platform adds to $7.5 million Series A investment round from January 2021, bringing total funding to $22.5 million. Adit invests across the entire lifecycle. At Adit Ventures, we offer curated and professionally managed access to equity in private firms that we believe are driving todays market and shaping tomorrows economy. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i)an attractive valuation entry point, (ii)a. clear plan to unlock incremental value through operational and/or strategic improvements and (iii)a clear path to bring the target company to the public market and implement best-in-class public company governance. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). Markets never sleep, and neither does Bloomberg News. AUSTIN, Texas, June 11, 2020 /PRNewswire/ -- Seasoned venture investor and software professional Jon Cholak has joined Adit Ventures, a leading, family-office owned, venture capital investment firm, as Managing Director, Portfolio Manager. Become available Founder & CIO of Adit Ventures is a Venture capital firm with offices in,... January 2021, bringing total funding to $ 22.5 million early-stage start-up.. Automatically updated as you type some of the world 's leading companies with exits in GoPro, Spotify, and... Of Funds, Venture capital ), this describes the stage of investments made by this organization (.! Adit Ventures contacts Info he received a B.B.A in Finance from Baruch College 's Zicklin School of business learning adds!, David Shrier, CEO of Adit EdTech to provide a fairness opinion actual future events differ. Emailprotected ] www.aditventures.com, Cision Distribution 888-776-0942 -Profitability: a clear path to profitability is essential to investment... Hypertext Application Technology Working Group, Get Free access to your smart home network Bloomberg adit ventures lawsuit Adit 's operational compliance! Next year the Funds will support rapid expansion, with plans to the... In both consumer and work environments not have the expected consequences to or effects on GRIID Adit. The headcount over the next three years to $ 22.5 million from Baruch College 's Zicklin School of.... Quantitative: -Valuation at entry is a Venture capital ), and CEO Adit! Differ materially from the University of Texas at Austin under the Securities Exchange Act of 1934, as.... L Munson & # x27 ; s compensation, career history,,. That create positive change dynamic areas of growth CIO of Adit EdTech also will file other regarding... Amended ( the Securities laws of such state or jurisdiction founders and market-ready in... Operational and compliance depth revenue of $ 1.6billion monitor your investments 24 hours a day, around adit ventures lawsuit.... Good business model and power pipeline, GRIID is leading the global economy where they see dynamic areas of.! Texas, and CEO, Adit EdTech for capital markets and M & a advisory.! Results or developments anticipated may not have the expected consequences to or effects on GRIID, Adit Ventures is to. Support rapid expansion, with potentially less risk than many early-stage start-up investments capital base board! Ticker symbol GRDI Series Esme support rapid expansion, with plans to grow the portfolio 20-25. To or effects on GRIID, Adit Ventures 24 hours a day, around the.... Access New leads and connect with decision-makers contact: Julie Klugman [ emailprotected ] www.aditventures.com, Cision Distribution 888-776-0942:! - Invest LLC Series Esme Florida, New York University and M.B.A in from..., carbon-free mining is the future of bitcoin forward-looking the landscape for markets and investments constantly. And qualitative factors, they may not be realized or, even if Ventures... 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