$'9(57,6(0(17 3HUPDQHQW$GGUHVVKWWSZZZVFLHQWLILFDPHULFDQFRPDUWLFOHLQVHFWPHWDPRUSKRVLVHYROXWLRQ (YROXWLRQ})HDWXUHV )PX%JE*OTFDU.FUBNPSQIPTJT&WPMWF 7KHHYROXWLRQRIPHWDPRUSKRVLVUHPDLQVVRPHZKDWP\VWHULRXVEXWELRORJLVWVKDYHJDWKHUHGHQRXJKHYLGHQFHWRSODXVLEO\H[SODLQLWVRULJLQV ,QWKHVD*HUPDQQDWXUDOLVWQDPHG5HQRXVZDVDUUHVWHGLQ6DQ)HUQDQGR &KLOHIRUKHUHV\+LVFODLP"+HFRXOGWXUQFDWHUSLOODUVLQWREXWWHUIOLHV$IHZ\HDUV ODWHU5HQRXVUHFRXQWHGKLVWDOHWR&KDUOHV'DUZLQZKRQRWHGLWLQ7KH9R\DJHRI WKH%HDJOH $XJ _ %\)HUULV-DEU _ ,PSULVRQLQJVRPHRQHIRUDVVHUWLQJZKDWWRGD\TXDOLILHVDVFRPPRQNQRZOHGJH PLJKWVHHPH[WUHPHEXWPHWDPRUSKRVLV²WKHSURFHVVWKURXJKZKLFKVRPHDQLPDOV DEUXSWO\WUDQVIRUPWKHLUERGLHVDIWHUELUWK²KDVORQJLQVSLUHGPLVXQGHUVWDQGLQJ DQGP\VWLFLVP3HRSOHKDYHNQRZQVLQFHDWOHDVWWKHWLPHRIDQFLHQW(J\SWWKDW ZRUPVDQGJUXEVGHYHORSLQWRDGXOWLQVHFWVEXWWKHHYROXWLRQRILQVHFW PHWDPRUSKRVLVUHPDLQVDJHQXLQHELRORJLFDOP\VWHU\HYHQWRGD\6RPHVFLHQWLVWV KDYHSURSRVHGRXWODQGLVKRULJLQWDOHVVXFKDV'RQDOG:LOOLDPVRQ VLGHDWKDW EXWWHUIO\PHWDPRUSKRVLVUHVXOWHGIURPDQDQFLHQWDQGDFFLGHQWDOPDWLQJEHWZHHQ WZRGLIIHUHQWVSHFLHV²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²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²WKHODUYDO VWDJHRIWKHGRPHVWLFDWHGVLONPRWK%RPE\[PRUL²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²PLQLDWXUHYHUVLRQVRIWKHLUDGXOWIRUPVWKDWJUDGXDOO\GHYHORS ZLQJVDQGIXQFWLRQDOJHQLWDOVDVWKH\PROWDQGJURZ+RORPHWDERO\RUFRPSOHWHPHWDPRUSKRVLVUHIHUVWRLQVHFWVVXFKDVEHHWOHV IOLHVEXWWHUIOLHVPRWKVDQGEHHVZKLFKKDWFKDVZRUPOLNHODUYDHWKDWHYHQWXDOO\HQWHUDTXLHVFHQWSXSDOVWDJHEHIRUHHPHUJLQJDV DGXOWVWKDWORRNQRWKLQJOLNHWKHODUYDH,QVHFWVPD\DFFRXQWIRUEHWZHHQDQGSHUFHQWRIDOODQLPDOVSHFLHVZKLFKPHDQVWR SHUFHQWRIDOODQLPDOVSHFLHVRQWKHSODQHWDUHLQVHFWVWKDWXQGHUJRFRPSOHWHPHWDPRUSKRVLVDFFRUGLQJWRRQHHVWLPDWH&OHDUO\ WKLVOLIHVW\OHKDVLWVDGYDQWDJHV $QHZJHQHUDWLRQ &RPSOHWHPHWDPRUSKRVLVOLNHO\HYROYHGRXWRILQFRPSOHWHPHWDPRUSKRVLV7KHROGHVWIRVVLOL]HGLQVHFWVGHYHORSHGPXFKOLNHPRGHUQ DPHWDERORXVDQGKHPLPHWDERORXVLQVHFWV²WKHLU\RXQJORRNHGOLNHDGXOWV)RVVLOVGDWLQJWRPLOOLRQ\HDUVDJRKRZHYHUUHFRUG WKHHPHUJHQFHRIDGLIIHUHQWGHYHORSPHQWDOSURFHVV$URXQGWKLVWLPHVRPHLQVHFWVEHJDQWRKDWFKIURPWKHLUHJJVQRWDVPLQXVFXOH DGXOWVEXWDVZRUPOLNHFULWWHUVZLWKSOXPSERGLHVDQGPDQ\WLQ\OHJV,Q,OOLQRLVIRUH[DPSOHSDOHRQWRORJLVWVXQHDUWKHGD\RXQJ LQVHFWWKDWORRNVOLNHDFURVVEHWZHHQDFDWHUSLOODUDQGDFULFNHWZLWKORQJKDLUVFRDWLQJLWVERG\,WOLYHGLQDWURSLFDOHQYLURQPHQWDQG OLNHO\UXPPDJHGWKURXJKOHDIOLWWHUIRUIRRG %LRORJLVWVKDYHQRWGHILQLWLYHO\GHWHUPLQHGKRZRUZK\VRPHLQVHFWVEHJDQWRKDWFKLQDODUYDOIRUPEXW/\QQ5LGGLIRUGDQG-DPHV 7UXPDQIRUPHUO\RIWKH8QLYHUVLW\RI:DVKLQJWRQLQ6HDWWOHKDYHFRQVWUXFWHGRQHRIWKHPRVWFRPSUHKHQVLYHWKHRULHV7KH\SRLQW RXWWKDWLQVHFWVWKDWPDWXUHWKURXJKLQFRPSOHWHPHWDPRUSKRVLVSDVVWKURXJKDEULHIVWDJHRIOLIHEHIRUHEHFRPLQJQ\PSKV²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²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k6FLHQWLILF$PHULFDQD'LYLVLRQRI1DWXUH$PHULFD,QF $OO5LJKWV5HVHUYHG <(66HQGPHDIUHHLVVXHRI6FLHQWLILF $PHULFDQZLWKQRREOLJDWLRQWRFRQWLQXH WKHVXEVFULSWLRQ,I,OLNHLW,ZLOOEHELOOHG IRUWKHRQH\HDUVXEVFULSWLRQ 6XEVFULEH1RZ
© Copyright 2026 Paperzz