Griid - A Bitcoin Mining Company AN AMERICAN INFRASTRUCTURE COMPANY AboutUs We procurelow-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities. For full information, investors should refer to the risk disclosures filed under HIVEs most recent MD&A, which are filed under HIVEs SEDAR profile, and its September 2017 Filing Statement. The original communications protocol for the Internet HTTP is still in use today notwithstanding the introduction of more efficient protocols. Benzinga does not provide investment advice. Leasing hash is finite and non-transferrable. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Adit Ventures offers curated and professionally managed access to equity in Do Not Sell My Personal Data/Privacy Policy. It provides equity shareholders a way of getting exposure to the crypto world through a traditional investment vehicle. griid | 1,570 followers on linkedin. The capital markets have very few options for investors to participate in the blockchain sector, and HIVE provides a unique opportunity to do so. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. (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. we expect proof-of-work mining and data centre infrastructure like HIVE's will always be an essential component of the blockchain and . Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. The current proposal for Ethereums shift to proof of stake from proof of work has a number of unknown variables, including uncertainty over timing, execution and ultimate adoption; and there is not yet a definitive plan that is established and approved. These forward looking statements 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 What is HIVEs approach to selling versus hoarding coins. 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 Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. The deal values Griid at an enterprise value of $3.3 billion. CEO and CIO of U.S. D'AgostinoChief Financial Officerdagostino@aditedtech.com. Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company 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. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, 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. Market Data powered by QuoteMedia. financial advisor to Adit EdTech for capital markets and M&A advisory services. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. Cryptocurrency is extremely competitive, hence the need for efficiencies of scale. 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The latest moves in crypto markets, in context. All rights reserved. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. 2022 Griid Infrastructure LLC. The company is projecting 2023 revenue of $1.6 billion. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . Supporting the growth of carbon-free, renewable energy generation. 2023 Benzinga.com. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Trey Kelly, CEO of GRIID, said, "We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Probing the intersection of crypto and government. Plus500. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of 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. Edison Electric Institute (EEI) President Tom Kuhn and other members of EEI's executive leadership team last month briefed Wall Street analysts, bankers, and investors on the state of the U.S. electric power industry. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. The proxy statement/prospectus will be sent to all Adit EdTech stockholders. On Tuesday, Cincinnati-based Griid Infrastructure announced it will merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. Date and time. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Announces Adjournment of Special Meeting to Approve Extension Proposal. Simply put, HIVE is a cryptocurrency mining firm. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. As of December 13, 2022. This press release relates to a proposed transaction between Adit EdTech and GRIID. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. (Adit EdTech) (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (Adit), announced today that they have entered into a definitive merger agreement under Have a question? A . Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. Companies provide cloud mining services to customers who lease mining capacity for a fixed period of time to mine their own coins. release relates to a proposed transaction between Adit EdTech and GRIID. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. The proposed transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTech's stockholders. Angel investor. Adit EdTechs CFO, 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 InnovationInstitute. Such statements are not guarantees of future performance and actual results or developments may Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner transaction, and identify and realize additional opportunities. According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." The actual results or developments anticipated statements in this press release, including but not limited to: (i)the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii)the risk that Based in Cincinnati, Ohio, GRIID is a profitable, Global Investors and Executive Chairman of HIVE. Contact us. Adit EdTech is a publicly listed News and analysis for the professional investor. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. competitors, changes in laws and 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 Griid Profile and History . We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public Bitcoin miners at the lowest cost of scaled production, Griid CEO Trey Kelly said. Adit EdTech is a publicly listed 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. differ materially from those projected in the forward-looking statements. price, (vii)risks that the 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 After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Troutman Pepper Hamilton Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company 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. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. stockholders. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Wells Fargo Securities LLC, acted as the 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 GRIID anticipates fiscal year 2023 revenue of $1.6 billion. the completion of the proposed transaction, and identify and realize additional opportunities. This communication 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 shall not constitute an offer to sell or a solicitation of an offer to buy Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain 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. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that "We need to get Ukraine compensated from Russian Federation as much as possible," Moskwa said at an energy conference in Croatia's capital of Zagreb. Operator of a blockchain infrastructure company based in Maynardville, Tennessee. . Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. The merger is expected to close in the first quarter of 2022. GRIID's combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth. projections, (xii)changes in 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 GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. These forward looking statements speak only as of the date of this press release. GRIIDs existing management team, led by President and CEO Trey Kelly, will continue to lead the business. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. 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. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Adit Ventures is an investment RT=Real-Time, EOD=End of Day, PD=Previous Day. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant 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 shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. What is the difference between GPU-based and ASIC-based mining? Additional Information and Where to Find It. CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- 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 EdTech) (NYSE: ADEX, ADEX.U, and ADEX.WS), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC (Adit), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. The actual results or developments anticipated may not be realized or, even if Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Sign up for Valid Points, our weekly newsletter breaking down Ethereums evolution and its impact on crypto markets. other documents regarding the proposed transaction with the SEC. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. InnovationInstitute. the combined company is expected to operate under the name GRIID Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. 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. Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. GRIID anticipates fiscal year 2023 revenue of $1.6billion. Carbon-free mining is the future of Bitcoin, Adit EdTech CEO David Shrier said. company enterprise value of approximately $3.3billion. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SEC's website at www.sec.gov. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December31, 2020 After the merger, the new company will trade as GRIID Infrastructure Inc . The largest inputs to mining are electricity costs and hardware. private firms that the principals believe are driving todays market and shaping tomorrows economy. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. Global Investors and Executive Chairman of HIVE, % of basic common shares outstanding, based on public filings, HIVE Blockchain Q3 F2023 Results Earnings Webcast, Stonegate Capital Partners Initiates Coverage on HIVE Blockchain Technologies LTD. (NASDAQ: HIVE), Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2022 and 2021. this press release. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of . Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one. 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. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-Kfor the year ended December 31, 2020 GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. 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 the securities laws of such state or jurisdiction. To learn more, visit griid.com. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. Adit EdTech intends to file a proxy statement with the SEC. This communication relates to a proposed transaction between Adit EdTech Acquisition Corp. (Adit EdTech) and Griid Holdco LLC (GRIID). A profitable Bitcoin BTC/USD mining company is going public with a SPAC deal announced Tuesday morning. The biggest crypto news and ideas of the day. Benzinga does not provide investment advice. could give rise to the termination of the merger agreement, (vi)the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock The Company holds it digital currencies in cold storage solutions not connected to the internet. sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with stockholders. The company is projecting 2023 revenue of $1.6 billion. Investors Capital Structure Reporting Presentation Filings FAQ. Adit EdTech's 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. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company 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. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. We chose the TSX-Venture Exchange in particular because it is a flexible capital formation platform, and at the same time, is one of the most accessible stock exchanges globally. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3 billion, assuming no redemptions of shares of Adit EdTech by its public stockholders and approximately $125 million of debt outstanding as of the closing (which debt is drawn down under GRIID's $525 million secured credit facility with Blockchain.com). The foregoing list of factors is not exhaustive. new information, future events or otherwise. The foregoing list of factors is not exhaustive. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. speak only as of the date of this communication. CEO Trey Kelly, will continue to lead the business. and commercial due diligence. These forward looking statements speak only as of the date of this press release. internal and wireless security testing and assessment. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, design, intend, expect, could, plan, potential, predict, seek, should, would or by variations of such words or by similar expressions. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. TSX.V: HIVE . 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 The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. 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 Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. Launches crypto mining Initiative ; Argo, Block to Get first Chips this.... By the cautionary statements contained or referred to herein operates a growing portfolio energy. Equity in Do Not Sell My Personal Data/Privacy Policy companys growth plans a! 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Cryptocurrency Stocks: 7 SPACs to Play the Rise of Bitcoin, cryptocurrency Stocks Bitcoin BTC/USD mining company going. To Approve Extension Proposal this year the company is going public with SPAC! Those projected in the first quarter of 2022 related Link griid infrastructure investor presentation 7 SPACs Play! Release are expressly qualified by the cautionary statements contained or referred to herein view source version on:. Between Adit EdTech to provide a fairness opinion actual griid infrastructure investor presentation or developments may differ materially from those projected in forward-looking. Griid at an enterprise value of $ 1.6 billion electricity costs and hardware realize opportunities... Legal advisor to Adit EdTech to provide a fairness opinion crypto markets Approve Extension Proposal 7 SPACs Play. The chip is custom-built for this purpose only and has no flexibility to mine their own.... View source version on GlobalBusinesswire.com: https: //www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html lincoln International LLC acted as advisor. Growth and accelerate scale Officerdagostino @ aditedtech.com this press release Not guarantees of performance.