Kraton Polymers LLC Announces Closing of its Acquisition of Arizona Chemical Holdings Corporation

HOUSTON, Jan. 6, 2016 /PRNewswire/ — Kraton Polymers LLC (the “Company”) announced today that it has completed the previously announced purchase of all of the outstanding shares of capital stock of Arizona Chemical Holdings Corporation (“Arizona”).  Arizona is the largest global provider of pine-based specialty chemicals.

The $1,370 million cash purchase price for the acquisition, which is subject to adjustment for cash, indebtedness, working capital, and other items, as well as the previously announced cash tender offer and redemption of all of the Company’s outstanding 6.75% Senior Notes due 2019 and related acquisition and financing expenses were funded through the following transactions:

  • A private offering of $440 million in aggregate principal amount of 10.500% Senior Notes, which were issued at a price of 96.225% and mature on April 15, 2023,
  • A $1,350 million six year senior secured first lien term loan facility, which was issued at a price of 97.000% and will bear interest at LIBOR plus 500 basis points, subject to a LIBOR floor of 100 basis points, and
  • A new $250 million five-year asset-based revolving credit facility, $37 million of which was drawn at closing, which replaced the Company’s former senior secured credit facilities.

“Today we are pleased to announce that we have completed the acquisition of Arizona Chemical Holdings Corporation.  Through the combination of Kraton and Arizona Chemical, we create a global leader in specialty materials technology, manufacturing, and geographical presence, providing value-added products and innovations serving a diversified range of end markets through a broad portfolio of highly-engineered polymers and specialty chemicals.  The scale, complementary market positions, attractive margin profile and expected strong free cash flow generation capability of the combined company will serve as a strong foundation for future growth,” said Kevin M. Fogarty, Kraton’s President and Chief Executive Officer.  “We now turn our focus to the implementation of our integration plan and the anticipated realization of $65 million of identified transaction synergies.  To help ensure a seamless transition, both Kees Verhaar, Arizona’s former President and Chief Executive Officer, and Frederic Jung, Arizona’s former Vice President and Chief Financial Officer have agreed to serve in an advisory capacity to Kraton after closing.”

“With the closing of the Arizona Chemical acquisition, the third leg of our three-part strategy, which is principally designed to reinvigorate organic growth, reset our cost structure, and capture accretive M&A opportunities, has been realized.  Implementation progress for initiatives relating to reinvigoration of organic growth and the reset of our cost structure continues to advance consistent with our expectations, and 2016 represents an important transition year as we expect to recognize additional strategic milestones that include the startup of our state-of-the-art HSBC capacity expansion in Mailiao, Taiwan,” Fogarty added.  “Since announcing the Arizona acquisition in late September 2015, we have become even more optimistic about business synergies we believe will allow us to create new opportunities to deepen our customer relationships and expand our presence in core markets that we share with Arizona, such as adhesives, roads and construction, coatings and oilfield chemicals, while providing non-competing and highly complementary products and technologies.  Moreover, given the renewable nature of Arizona’s product and technology offerings, this complimentary growth can be accomplished while reducing our overall exposure to hydrocarbon-based feedstocks,” said Fogarty.

Credit Suisse, Nomura Securities International, Inc., and Deutsche Bank Securities Inc., or their respective affiliates, served as joint lead arrangers and bookrunners, and Credit Suisse served as administrative agent and collateral agent for the senior secured first lien term loan facility.  Bank of America, N.A. served as administrative agent and collateral agent for the senior secured revolving credit facility.

The offer and sale of the Notes, and related guarantees, has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.

This press release does not constitute an offer to sell or the solicitation of an offer to purchase any of the foregoing securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation, sale or purchase would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

ABOUT KRATON

Kraton Performance Polymers, Inc. (NYSE: KRA) (“KPPI” and, together with its subsidiaries including the Company and Arizona, “Kraton”) is a leading global producer of styrenic block copolymers, specialty polymers and high-value performance products derived from pine wood pulping co-products.  Kraton’s polymers are used in a wide range of applications, including adhesives, coatings, consumer and personal care products, sealants and lubricants, and medical, packaging, automotive, paving, roofing and footwear products.  As the largest global provider in the pine chemicals industry, the company’s pine-based specialty products are sold into adhesive, road and construction and tire markets, and it produces and sells a broad range of chemical intermediates into markets that include fuel additives, oilfield chemicals, coatings, metalworking fluids and lubricants, inks, flavors and fragrances and mining.  Kraton offers its products to a diverse customer base in over 60 countries worldwide.

Kraton, the Kraton logo and design, and the “Giving Innovators their Edge” tagline are all trademarks of Kraton Polymers LLC.

FORWARD-LOOKING STATEMENTS

All forward-looking statements in this press release are made based on management’s current expectations and estimates, which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements.  Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “intends,” “plans” or “anticipates,” or by discussions of strategy, plans or intentions.  The statements in this press release that are not historical statements, including statements regarding Kraton’s expectation with respect to future cash flows, the achievement of synergies from the transaction, the startup of our plant in Mailiao, Taiwan, our ability to expand in core markets, and Kraton’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws.  Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in KPPI’s most recently filed annual report on Form 10-K, quarterly reports on Form 10-Q and in other filings made by KPPI with the U.S. Securities and Exchange Commission, and include, but are not limited to, risks related to: the acquisition of Arizona; Kraton’s reliance on third parties for the provision of significant operating and other services; conditions in the global economy and capital markets; fluctuations in raw material costs; limitations in the availability of raw materials; competition in Kraton’s end-use markets; and other factors of which we are currently unaware or deem immaterial.  Readers are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements contained herein speak only as of the date of this press release, and we assume no obligation to update or revise such information in light of new information or future events.

For Further Information:

Investors: H. Gene Shiels 281-504-4886

 

City of Rotterdam Uses SYLVAROAD™ RP1000 in Recycled Asphalt Bicycle Path

PRESS RELEASE (from City of Rotterdam)

December 17, 2015

Rotterdam NL first to use 100% recycled asphalt
Stadshavens area in Rotterdam enhanced with unique ’circular’ asphalt bicycle path

Rotterdam is the first city in the Netherlands where 100% recycled asphalt will be applied in sub, base and top layer of a bicycle road. Never before has 100% recycled asphalt been applied on all three layers of pavement in the Netherlands. The recycled asphalt offers many economic and environmental benefits. Using a new production method and a bio-based rejuvenator, the properties are entirely similar to normal asphalt. Alderman Pex Langeberg explains the value: “This is a strong example of the Circular Economy in action. Now old asphalt can be re-used in a large number of roads in both the city and the port of Rotterdam.”

Second life for asphalt
The implementation of this project using 100% recycled asphalt is underway, thanks to a unique collaboration between the Port of Rotterdam, Rotterdam Municipality, KWS Infra and Arizona Chemical. By using a biobased rejuvenator produced by Arizona Chemical, the full properties of recovered asphalt can be restored. The raw material for this product is obtained from by-products of pine trees which are being used by the paper industry, via a process called biorefining. The recycled asphalt is from a local source, so it happens that asphalt from Rotterdam Zuid is getting a second life in Rotterdam Noord!

KWS (a VolkerWessels company) has a great deal of experience with developing sustainable and smart solutions for road applications. The company, which recently received international attention for development of the PlasticRoad concept, carefully monitors the quality of its innovations. The first test results for the recycled asphalt were very positive.

Lab op Straat
The bicycle lane is part of the Merwe-Vierhavens (M4H) area of Stadshavens Rotterdam. This area provides the setting for innovations such as the so-called Lab op Straat, which was initiated at the end of 2014. Here, business, government, and academic and research institutes are working together to enhance the sustainability of our World Port. The group tested innovations including street furniture such as a luminous sofa, talking trash, new types of pavement and durable road foundations. Lab Street every year expands on its innovations. The products are monitored by the University of Rotterdam and if innovations here work well, they can be applied elsewhere in Rotterdam.

Stadshavens Rotterdam
Business, the Port of Rotterdam and the Rotterdam municipality explore exceptional, innovative living and working conditions in Rotterdam Stadshavens with the aim of further strengthening the economic structure of the city and port. Due to the shift of the industrial port to the west, space has been created in Rotterdam and RDM Merwe-Vierhavens (M4H) for a fast-growing innovation ecosystem for the manufacturing industry. We call this the Rotterdam Innovation District. The Innovation District provides mental and physical space to entrepreneurs and investors so that they can contribute to the flourishing of the new economy here. Rotterdam considers it, makes it, delivers it. Rotterdam, Make it Happen.

For more information:

Jillian Sant-Barendregt, programmabureau Stadshavens Rotterdam

T 010-2833800

M 06-28078232

E j.barendregt@stadshavensrotterdam.nl

W www.stadshavensrotterdam.nl

Kraton Performance Polymers, Inc. Agrees To Acquire Arizona Chemical Holdings Corporation

Transaction highlights:

▪ Acquiring specialty chemical industry leader with products that are highly complementary with Kraton’s product line and with Adjusted EBITDA margins in excess of 20%
▪ Pro-forma TTM June 30, 2015 combined revenue and Adjusted EBITDA of $1.98 billion and $330 million, respectively
▪ Expected to result in $65 million of pre-tax run rate synergies
▪ Expected to be accretive to EPS by approximately $1.40 per share in the first full year of combined operation
▪ Values Arizona Chemical at 7.4 times June 30, 2015 trailing twelve-month Adjusted EBITDA and 5.5 times including $65 million of pre-tax run rate synergies

HOUSTON, TX (September 28, 2015) – Kraton Performance Polymers, Inc. (NYSE: KRA), a global producer of highly-engineered polymers, today announced that it has entered into a definitive agreement to acquire all of the capital stock of privately held Arizona Chemical Holdings Corporation for a cash purchase price of $1.37 billion. Arizona Chemical is a leading global producer of high-value performance products and specialty chemicals derived from non-hydrocarbon, renewable raw materials. Arizona Chemical’s end use market exposure is highly complementary with that of Kraton, particularly in markets such as adhesives, roads and construction, coatings and oilfield chemicals.

“This transformational acquisition will extend Kraton’s technology and market diversification, while substantially increasing profitability and free cash flow, creating a more robust platform for growth and value creation for our stockholders,” said Kevin M. Fogarty, Kraton’s President and Chief Executive Officer. “Our stockholders will benefit from identified pre-tax synergies of $65 million, which we expect to achieve by 2018. Arizona Chemical has a stable and attractive margin profile, with adjusted EBITDA margins in excess of 20% over the past five years and an attractive cash flow profile. On a combined basis we expect to generate free cash-flow of approximately more than $450 million over the first three years of combined operations, which will be available for debt reduction and allocation to stockholders.”

“Kraton and Arizona Chemical are both well-respected, leading providers of high quality products and innovations in their respective specialty markets,” said Dan F. Smith, Chairman of Kraton’s Board of Directors. “The fact that Kraton and Arizona Chemical have such a highly complementary market focus, coupled with a shared business philosophy fundamentally premised on product differentiation and portfolio shift to drive improved profitability, is what makes this such a compelling combination,” added Smith.

“Over the past year we have spoken at length to our employees, our innovation partners, and our stockholders about our three-part strategy. The acquisition of Arizona Chemical is consistent with our stated strategy, and it creates new opportunities to deepen our customer relationships by expanding Kraton’s presence in our core markets, where more than 50% of Arizona Chemical’s sales are directed,” said Fogarty. “In addition, given the renewable nature of Arizona Chemical’s product and technology offerings, the complementary growth we foresee can be accomplished while reducing our overall exposure to hydrocarbon-based feedstocks,” Fogarty added. “Lastly, I want to compliment Arizona Chemical’s leadership team, in particular Kees Verhaar, its President and CEO since 2008. Kees and his team have formulated and executed a highly successful transformation of the company into the market-leading specialty chemical company that it is today. We look forward to working with the team at Arizona Chemical to capitalize on opportunities to further expand Arizona’s portfolio into new markets and geographies.”

The $1.37 billion base purchase price is subject to adjustment for cash and indebtedness at closing, as well as an adjustment for working capital and other items. Kraton will finance the purchase price through debt facilities that have been committed by Credit Suisse Securities (USA) LLC, Nomura Securities International, Inc.,and Deutsche Bank Securities, Inc. The seller of Arizona Chemical is AZC Holding Company, LLC, which is principally owned by investment funds managed by American Securities LLC.

“Following the acquisition, Kraton’s long-term debt is expected to be approximately $1.78 billion including approximately $1.35 billion of covenant-lite term loans, with the balance comprised of senior unsecured notes. In addition, we will retain adequate liquidity through a $250 million asset-based revolving credit facility which we expect to be largely undrawn,” said Stephen E. Tremblay, Kraton’s Executive Vice President and Chief Financial Officer. “We expect the strong free cash flow profile of both Kraton and Arizona Chemical will allow the combined company to rapidly de-lever from net leverage at closing of approximately 4.6 times to approximately 3.0 times by year-end 2017.”

The acquisition is subject to regulatory and other customary approvals and conditions and is currently expected to close in late 2015 or early 2016.
Financial advisors for Kraton are Lazard, J.P. Morgan Securities LLC and Nomura Securities International, Inc. and legal advisors for Kraton are Baker Botts L.L.P. and Cleary Gottlieb Steen & Hamilton L.L.P.

Financial advisors for the sellers are Credit Suisse and Morgan Stanley and the legal advisor for the sellers is Weil, Gotshal & Manges LLP.

ABOUT KRATON
Kraton Performance Polymers, Inc., through its operating subsidiary Kraton Polymers LLC and its subsidiaries (collectively, “Kraton”), is a leading global producer of engineered polymers and one of the world’s largest producers of styrenic block copolymers (SBCs), a family of products whose chemistry was pioneered by Kraton 50 years ago. Kraton’s polymers are used in a wide range of applications, including adhesives, coatings, consumer and personal care products, sealants and lubricants, and medical, packaging, automotive, paving, roofing and footwear products. The company, offers a diverse range of products to more than 800 customers in over 60 countries worldwide, and is the only SBC producer with manufacturing and service capabilities on four continents. Kraton manufactures products at five plants globally, including its flagship plant in Belpre, Ohio, the most diversified SBC plant in the world, as well as plants in Germany, France, Brazil and Japan. The plant in Japan is operated by an unconsolidated manufacturing joint venture. For more information on the company, please visit www.Kraton.com.

Kraton, the Kraton logo and design, and the “Giving Innovators their Edge” tagline are all trademarks of Kraton LLC.

ABOUT ARIZONA CHEMICAL
Arizona Chemical is a market-driven global specialty chemicals company that manufactures and sells high-value performance products derived from pine wood pulping co-products. As the largest global provider in the pine chemicals industry, Arizona Chemical refines and further upgrades two primary feedstocks, crude tall oil and crude sulfate turpentine, into value added specialty products. The company sells its products into adhesive, road and construction and tire markets, and it produces and sells a broad range of chemical intermediates into markets that include fuel additives, oilfield chemicals, coatings, metalworking fluids and lubricants, inks, flavors and fragrances and mining. Arizona Chemical serves a diverse base of over 550 customers in 68 countries around the globe. The company operates a network of nine strategically located manufacturing facilities in North America and Europe, and operates three state-of-the art Science and Technology centers in Almere, The Netherlands, Savannah, Georgia and Shanghai, China.

FORWARD LOOKING STATEMENTS
All forward-looking statements in this press release are made based on management’s current expectations and estimates, which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements. The statements in this press release that are not historical statements, including statements regarding the benefits, synergies and cost rationalizations of the proposed transaction, the expected method of financing the transaction, the expected timing of reaching Kraton’s target net leverage range after the closing of the acquisition, future opportunities for the combined company and products, beliefs regarding strengthening relationships with customers, the expected timetable for completing the proposed acquisition, future financial performance and any other statements regarding Kraton’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. Our expectations and assumptions regarding cost rationalizations, variable cost optimizations and reductions in overhead may not materialize, or our costs to achieve synergies may exceed our estimates, any of which would adversely affect our ability to achieve projected synergies. Our expectations and assumptions regarding the financial performance of the combined company may not materialize, which would adversely affect our ability to achieve expected accretion. Regulatory approvals that are conditions to the closing may not be obtained as anticipated, which could delay or prevent closing of the transaction. Our performance or that of Arizona Chemical could be adversely affected by other risks and uncertainties, which would adversely affect the ability of the combined company to achieve expected advantages. Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in Kraton’s SEC filings, including but not limited to the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2014, and include, but are not limited to, risks related to: conditions in the global economy and capital markets; declines in raw material costs; limitations in the availability of raw materials we need to produce our products in the amounts or at the prices necessary for us to effectively and profitably operate our business; competition in our end-use markets, from other producers of SBCs and from producers of products that can be substituted for our products; and other factors of which we are currently unaware or deem immaterial. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update such information in light of new information or future events.

USE OF NON-GAAP FINANCIAL MEASURES
This communication includes the use of both GAAP and non-GAAP financial measures. The non-GAAP financial measures are EBITDA, Adjusted EBITDA, and Financing Adjusted EBITDA. We consider these non-GAAP financial measures important supplemental measures of financial performance and believe they are frequently used by investors, securities analysts and other interested parties in the evaluation of our performance and/or that of other companies in our industry, including period-to-period comparisons. Further, management uses these measures to evaluate operating performance.
These non-GAAP financial measures have limitations as analytical tools and in some cases can vary substantially from other measures of financial performance. You should not consider them in isolation, or as a substitute for analysis of results under GAAP in the United States. In the case of EBITDA, these limitations include: EBITDA does not reflect cash expenditures, or future requirements for capital expenditures or contractual commitments; EBITDA does not reflect changes in, or cash requirements for, working capital needs; EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; EBITDA calculations under the terms of debt agreements may vary from EBITDA presented herein, and our presentation of EBITDA herein is not for purposes of assessing compliance or non-compliance with financial covenants under debt agreements; and other companies in our industry may calculate EBITDA differently from how we do, limiting its usefulness as a comparative measure. As an analytical tool, Adjusted EBITDA is subject to all the limitations applicable to EBITDA. In addition, we prepare Adjusted EBITDA by adjusting EBITDA to eliminate the impact of a number of items we do not consider indicative of ongoing performance, but you should be aware that in the future, expenses similar to the adjustments in this presentation may be incurred. Our presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by unusual or non-recurring items.

For Further Information:
Investors: Kraton Performance Polymers, Inc.
Gene Shiels (281) 504-4886
Media: The Abernathy MacGregor Group
Jim Lucas (713) 343-0427 JBL@abmac.com
Rosemary Wilson (713) 343-0427 RDW@abmac.com

Click here for more information from Kraton.

Arizona Chemical Earns CSX Chemical Safety Excellence Award for Transportation of Hazardous Materials

JACKSONVILLE, FL – For the fourth year in a row, Arizona Chemical has been honored by CSX for its commitment to the safe transportation of hazardous materials by rail. The CSX Chemical Safety Excellence Award is given annually to companies achieving zero non-accidental releases of regulated hazardous materials shipments on the CSX network.

“We are very proud to have earned this prestigious award 10 out of the past 15 years,” said Mark Santangelo, Vice President – Operations & Supply Chain. “We are committed to safety across Arizona Chemical and I congratulate and thank our team members who helped us earn this award through their diligence, awareness and focus on working safely each day.”

The 2014 Chemical Safety Excellence Awards were presented to CSX customers who ship more than 600 carloads of hazardous materials during the year without a release due to factors such as not securing valves or closures properly. Recipients represented a variety of industries such as energy, technology and agriculture.
About Arizona Chemical

Arizona Chemical (www.arizonachemical.com) is a world leader of bio-refined products for the adhesives, roads & construction, tires, lubricants, fuel additives, mining and oleochemicals markets. For more than 80 years, Arizona Chemical has developed and produced a range of valuable materials from pine trees. With more than 1,100 employees and state-of-the-art refineries in six countries on both sides of the Atlantic, Arizona Chemical provides sustainable raw materials to hundreds of companies and, in-turn, to millions of consumers all around the world. The company has headquarters offices in the US in Jacksonville, Fla., and in the EU in Almere, the Netherlands.

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AZC’s Bas Hennissen Guest Blogs at BlogActiv.eu on the EU’s Circular Economy Strategy

The European Commission recently issued new information on its roadmap for a Circular Economy Strategy, which is to be presented in late 2015. The initiative expands the scope of the Commission’s Circular Economy Package by adding sourcing of raw materials, product design, production processes and product lifecycle to its previous emphasis on waste and recycling.

Arizona Chemical’s Bas Hennissen, Business Unit Director, Roads & Construction, contributed a post on this important subject to BlogActiv.eu. In the post, he discusses the circular economy and how AZC’s bio-renewable asphalt mix additive can help road construction industry be more sustainable and cost efficient.

Read Bas’s blog post at guests.blogactiv.eu: Don’t Ignore Established Industries in Move Toward Circular Economy

Check Out the New SYLVAROAD™ Website

AZC Launches Redesigned Website for SYLVAROAD™ RP1000 Performance Additive

The company’s innovative SYLVAROAD™ RP1000 Performance Additive website — www.sylvaroad.com — has been redesigned. The site was redesigned with the same look and feel of the Arizona Chemical website, but maintains its own identity, as well.

Since the web is often the first point of contact with potential new customers and information for existing customers, we knew we needed to make sure the SYLVAROAD™ website had the most current information and gave a good first impression of our business,” explained Maria Di Nolfo, Business Unit Manager. “We feel the redesigned site makes it easier to reach us and find information about our product portfolio and asphalt recycling in general.”

The website includes detailed product information in multiple languages (which is available for download), published articles about the product, up-to-date listings of events that the AZC SYLVAROAD™ sales and marketing team will be participating in, contact information and more.

The site will be a key part of the SYLVAROAD™ team’s marketing efforts going forward. “We’ve got a great deal of expertise in the asphalt additive/recycling business, and this comprehensive website allows us to share that expertise and begin a dialogue with potential customers,” Maria added.

Arizona Chemical Releases 2014 Sustainability Report

Arizona Chemical recently released its 2014 Sustainability Report, which details what sustainability means to the company and how it is managing its economic, environmental and social performance.

Read and/or download the report here:

2014SustainanabilityReportcover

Changes to Arizona Chemical’s EMEA Product Prices

Effective July 1, 2015, Arizona Chemical is increasing prices for rosin esters and rosin ester dispersions due to strong market demand.

  • Adhesive Rosin Esters 200 Eur/MT
  • Adhesive Dispersions 120 Eur/MT

Arizona Chemical & Pine Chemicals Industry Fight For Jobs as EU Considers Biofuel Reforms

Arizona Chemical Debuts OSHA GHS Compliant Product Bags

Arizona Chemical is redesigning pre-printed bag packaging to include OSHA GHS compliant labels, as well as other graphical changes.

Click here to view 3D model/examples of the new bags.

While these examples represent Arizona Chemical’s typical layout and graphics, they are not inclusive of all bag packaging. The OSHA GHS hazard symbol, hazard statements, and precautionary statements may be different depending on the hazard classification of the specific product.

All of our packaged goods will contain OSHA GHS compliant information by June 1, 2015. During the transitional period, packaging may include OSHA GHS compliant adhesive labels until existing bag inventories are depleted.

Click here to read our Customer Letter regarding the status of this project and here to learn more about the project.