these costs were reclassified in the 2014 Consolidated statement of Operations as “Restructuring Costs” as follows:  $1,385,000 from Cost of sales, $82,000 from selling, General and Administrative expenses and $89,000 from Gain on  sales of property, plant and equipment. the Company also incurred approximately $373,000 and $38,000, in related  capital improvements at its Michigan and California facilities, respectively, for the year ended December 31, 2014. In January 2015, the Company acquired a 137,000 square foot commercial building on 27 acres in newburyport,  Massachusetts for approximately $6.8 million. the Company anticipates that it will further expand the property and  consolidate portions of its northeast operations into its new property in multiple phases between 2015 and 2017. It  expects to incur further costs with the consolidation but also expects the efficiency savings to be significant. It has not yet  estimated either the one-time costs or efficiency gains in a potential consolidation of operations. Unless the context requires otherwise, the terms “we”, “us”, “our”, or “the Company” refer to UFp technologies, Inc. and its  consolidated subsidiaries. 35 some of the statements contained in this report are forward-looking statements within the meaning of section 27A of the securities  Act of 1933 and section 21e of the securities exchange Act of 1934. these statements are subject to known and unknown risks,  uncertainties, and other factors, which may cause our or our industry’s actual results, performance, or achievements to be materially  different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward- looking statements include, but are not limited to, statements about the Company’s prospects, anticipated trends in the different  markets in which the Company competes, including the medical, automotive, consumer, electronics, industrial and aerospace and  defense markets, anticipated advantages relating to the Company’s decisions to consolidate its Midwest, California and northeast  facilities and the expected cost savings and efficiencies associated therewith, anticipated advantages of maintaining fewer, larger  plants, anticipated advantages the Company expects to realize from its investments and capital expenditures, including the  development of and investments in its molded fiber product lines, anticipated advantages the Company expects to realize as a  result of its new enterprise resource planning software system and its new customer relationship management system, expectations  regarding the manufacturing capacity and efficiencies of the Company’s new production equipment, statements about the  Company’s acquisition opportunities and strategies, its participation and growth in multiple markets, its business opportunities, the  Company’s growth potential and strategies for growth, anticipated revenues and the timing of such revenues, and any indication  that the Company may be able to sustain or increase its sales or earnings. Investors are cautioned that such forward-looking  statements involve risks and uncertainties, including without limitation risks and uncertainties associated with plant closures and  expected efficiencies from consolidating manufacturing, risks associated with the implementation of new production equipment  in a timely, cost-efficient manner, risks that any benefits from such new equipment may be delayed or not fully realized, or that the  Company may be unable to fully utilize its expected production capacity, and risks and uncertainties associated with the identification  of suitable acquisition candidates and the successful, efficient execution of acquisition transactions and integration of any such  acquisition candidates. Accordingly, actual results may differ materially. the forward-looking statements contained herein speak  only of the Company’s expectations as of the date of this report. except as otherwise required by law, the Company expressly  disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in  the Company’s expectations or any change in events, conditions, or circumstances on which any such statement is based. We qualify  all of our forward-looking statements by these cautionary statements and those set forth in our other filings with the securities and  exchange Commission, including those set forth under part I, Item 1A in the Company’s Annual Report on Form 10-K for the fiscal  year ended December 31, 2014. We caution you that these risks are not exhaustive. We operate in a continually changing business  environment and new risks emerge from time to time. Special note regarding Forward-Looking Statements (22) Subsequent events