This Annual Report contains or may contain forward-looking statements that involve significant risks and uncertainties. Statements contained in this Annual Report, other than statements of historical fact, including statements about SCHMID’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts are forward-looking statements. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” and “would,” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements in this Annual Report include, but are not limited to, statements regarding SCHMID’s operations, cash flows, financial position and dividend policy.
Forward-looking statements are subject to risks and uncertainties. The risks and uncertainties include, but are not limited to:
| ● | our future financial condition and operating results; |
| ● | changes in general economic conditions in the Federal Republic of Germany (“Germany”), the European Union, the United States of America and the People’s Republic of China, including changes in the unemployment rate, the level of energy and consumer prices, wage levels, tariff and trade barrier pricing, etc.; |
| ● | our ability to remain in compliance with financial covenants under our financing arrangements; |
| ● | our ability to extend, renew or refinance our existing debt; |
| ● | our liquidity and losses from operations and projected cash flows and related impact on our ability to continue as a going concern; |
| ● | our growth, expansion and acquisition prospects and strategies, the success of such strategies, and the benefits we believe can be derived from such strategies; |
| ● | our ability to effectively manage our inventory and inventory reserves; |
| ● | impairments of our goodwill or other intangible assets; |
| ● | changes in customer spending patterns and overall levels of investment; |
| ● | our ability to further upgrade our information technology systems and infrastructure, including our accounting processes and functions; |
| ● | our ability to continue to remedy weaknesses in our internal controls; |
| ● | costs as a result of operating as a public company; |
| ● | our assumptions regarding interest rates and inflation; |
| ● | changes affecting currency exchange rates; |
| ● | continuing business disruptions arising from the on-going war in Ukraine; |
| ● | our financial condition and ability to obtain financing in the future to implement our business strategy and fund capital expenditures, acquisitions and other general corporate activities; |
| ● | estimated future capital expenditures needed to preserve our asset base; |
| ● | the market acceptance of our products by our customers and our ability to adapt to technological changes; |
| ● | the growth in the market for embedded traces, glass substrate technology in our products; |
| ● | changes in our competitive environment and in our competition level; |
| ● | the occurrence of accidents, terrorist attacks, natural disasters, fires, environmental damage, or systemic delivery failures; |
| ● | our inability to attract and retain qualified personnel, consultants and collaborators; |
| ● | changes in laws and regulations; |
| ● | our expectations relating to dividend payments and forecasts of our ability to make such payments; and |
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described under the section titled “Item 3. Key Information — D. Risk Factors” in this Annual Report. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this Annual Report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Annual Report or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Annual Report.
In addition, statements that “SCHMID believes” or “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date such statements are made. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely on these statements.
Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither SCHMID nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this Annual Report and any subsequent written or oral forward-looking statements that may be issued by SCHMID or persons acting on our behalf. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this Annual Report as described in “Item 3. Key Information — D. Risk Factors”, “Item 4 —Information on the Company” and “Item 5 — Operating and Financial Review and Prospects”. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this Annual Report. Also, these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements are made. Except as required by law, we assume no obligation to update any forward-looking statements publicly, whether as a result of new information, future events or otherwise.
