The Company’s net income applicable to common stockholders for the quarter ended September 30, 2012 was $195,000 or $0.06 per basic and diluted share, compared to a net loss of $487,000, or $0.18 per basic and diluted share for the same period last year. For the nine-month period ended September 30, 2012, the net loss applicable to common stockholders was $3,404,000, or $1.04 per basic and diluted share, compared to a net loss of $3,378,000 or $1.24 per basic share and diluted share, for the same period last year.

In September 2012, the Company converted its U.S. operating subsidiary, GW Services Inc., from a corporation to a limited liability company (“GW Services, LLC”), enabling the Company to raise new equity. Initially, the Company raised $10,000,000 from a partnership made up of certain existing Company shareholders, in order to fund expansion of water vending and ice machine placements. The investors received $10,000,000 of Preferred Interests and 83,333 Common Membership Shares (2.39%) in GW Services, LLC. The Preferred Interests bear distributions at an annual rate equal to the one-year treasury rate plus 6%, distributable quarterly to the extent the Company has adequate cash flow. Subsequent to the third quarter on November 1, 2012, the Company raised an additional $5,000,000 from the same partnership in exchange for $5,000,000 of additional Preferred Interests and 34,420 Common Membership Shares (0.98%) in GW Services, LLC. The Preferred Interests may be redeemed at a premium amount by GW Services, LLC under certain conditions, including in the event of certain interest rate increases or liquidation.

Also subsequent to the third quarter, the Company amended its credit agreement with City National Bank in October 2012, increasing the amount available under the revolving facility to $50,000,000 through September 30, 2015. City National Bank is the Lead Arranger and Administrative Agent under the amended credit agreement with a second lender added to the facility. The amended credit agreement also includes an accordion feature allowing the Company to request an increase in the credit commitment up to an additional $25,000,000.