2007 Research Project Wyoming Trail Ride
Transcription
2007 Research Project Wyoming Trail Ride
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¿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¿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¿HOG7H[DV )DUULHUV$SSUHQWLFHVKLS 3URJUDP 5HJJLH.HVWHU2NODKRPD6WDWH +RUVHVKRHLQJ6FKRRO 'RXJODV(LGHQLHU 6RXWK&DUROLQD +RUVHVKRHLQJ6FKRRO &KDG6LPPRQV&RORUDGR6FKRRO RI7UDGHV .HOO\&DVH6KXU6KRG +RUVHVKRHLQJ6FKRRO 0LVVRXUL 6 (6 8&& 6 $7 ( 5 $* 5DOSK&DVH\&DVH\DQG6RQ +RUVHVKRHLQJ6FKRRO*HRUJLD 7+(:,11(56 5HJJLH.HVWHU V7HDPVWSODFH -8'*(6 )5207:2)$55,(5$662&,$7,216 'RXJ(LGHQLHU V7HDPQGSODFH /5.DUO0H\HU%:)$&HUWL¿HG)DUULHURI*HRUJLD -RKQ0DULQR5HWLUHG-+00DQXIDFWXULQJRI7H[DV 'DYLG)HUJXVRQ$)$3UHVLGHQWDQG$)$&HUWL¿HG)DUULHURI0DU\ODQG :D\QH$OOHQ$)$&HUWL¿HG)DUULHU([DPLQHURI*HRUJLD .HQ0RRG\%:)$&HUWL¿HG)DUULHU7(67(5RI6RXWK&DUROLQD 'LFN'DYLV$)$&HUWL¿HG)DUULHU([DPLQHURI0DU\ODQG 6FRWW/HGEHWWHU%:)$&HUWL¿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¿HG%:)$)DUULHU(ULQ 5KRGHVRI7H[DV6WXGHQW7H[DV )DUULHU$SSUHQWLFHVKLS3URJUDP 'DQLHOD 6FKDW] RI *HRUJLD 6WX GHQW&DVH\6RQ+RUVHVKRHLQJ 6FKRRO 7KH FRQWHVW ZLOO EH KHOG DJDLQQH[W\HDUVRSODQRQSDUWLFL SDQWLQJ <RX FDQ FRQWDFW %:)$ +HDGTXDUWHUVWRUHJLVWHU 7KH FRQWHVW ZLWK 7HDP &DSWDLQ 5RQQH\ 'H%RDUG %:)$ 0DVWHU )DUULHU DQG 7HVWHU ZDV QRW RQH RQ RQH WR VHH ZKR LV WKH JUHDW HVWIDUULHULWZDVPRUHRIDJURXS HIIRUW DPRQJ ODGLHV ZKR KDG MXVW PHW IRU WKH ¿UVW WLPH 7KH FRQ WHVWDQWV ZHUH 6KHULDQ )UH\ RI )ORULGD 6WXGHQW &DVH\ 6RQ +RUVHVKRHLQJ 6FKRRO 5HQDH 6WURWKPDQ RI .HQWXFN\ $)/$& !"#$% !"#& # ' :LQWHU %URWKHUKRRG RI:RUNLQJ )DUULHUV $VVRFLDWLRQ 1DWLRQDO %XVLQHVV 1HZV %XOOHWLQ 3DJH 3DJH %URWKHUKRRG RI:RUNLQJ )DUULHUV $VVRFLDWLRQ 1DWLRQDO %XVLQHVV 1HZV %XOOHWLQ :LQWHU +RUVHVKRH Q7LPH 7HOHYLVLRQ6KRZ 1RZDLULQJRQ &KDQQHO 8QLYHUVLW\KRXVH 7LPH=RQHV 3DFL¿F0RXQWDLQ&HQWUDO(DVWHUQ 6XQGD\ DPDPDPDP 0RQGD\SPSPSPSP :HGQHVGD\ SPSPSPSP )ULGD\ SPSPSPSP )ROORZHG%\ 8QLYHUVLW\KRXVH * $1 <* +( 1HZ7LPHV'HFHPEHU #6%*50 145'5*1's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¿OP LQJ D VHULHV RI VSHFLDO WDON VKRZV ZLWK LQGLYLGXDOVDQGFRPSDQLHVZKRZRXOG OLNH WKHLU QHZ SURGXFWV LQWURGXFHG RQ 1DWLRQDO7HOHYLVLRQ 2QH6DWXUGD\DPRQWK )HEUXDU\ 0DUFK $SULO 0D\ )LOPHGEHIRUHDOLYHDXGLHQFHRIIDUULHUV VWXGHQWVDQGKRUVHRZQHUVDWWKH)DUULHUV 1DWLRQDO5HVHDUFK&HQWHU:H¿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¿OPWKHUHVXOWVRIDWUDLOULGH LQFRRSHUDWLRQZLWK%:)$PHPEHUVDQGSRVVLEO\DQRWKHU IDUULHUDVVRFLDWLRQRUWZR$SURMHFWWKDW5DOSK&DVH\DQG RZQHUVRIWKH)15&DUHVSHDUKHDGLQJDWWUDFWHGDJUHDWGHDO RIDWWHQWLRQDWWKHFRQYHQWLRQ)DUULHUVKDYHDOUHDG\EHHQ WHOOLQJWKHLUFXVWRPHUVDQGZHDUHH[SHFWLQJDJRRGFURZG WRLQFOXGHIDUULHUVYHWHUQDULDQVKRUVHRZQHUVPHGLFDO GRFWRUVFRRNVIDUULHUVXSSO\FRPSDQLHVMRXUQDOLVWVDQG PDQ\RWKHUSURIHVVLRQV 7KHWULPPLQJWHFKQLTXHXVHGIRU%DUHIRRWKRUVHVDQGWKH W\SHRIVKRHLQJVKRHVHWFZLOOEHSDUWRIWKHUHVHDUFK:H ZLOO¿OPVHJPHQWVIRUD+RUVHVKRH Q7LPH6KRZDQGDQ QRXQFHRXUUHVXOWVRQ1DWLRQDO7HOHYLVLRQ -RLQXVIRUWKHWUDLOULGHRQ-XO\ «DQGWKH:\RPLQJ/DQG5DIÀ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« 7KLVDUWLFOHDSSHDUHGLQWKH6RXWKHDVW0DJD]LQHRQ$SULO,WZDVRQHRI WKH¿UVWYLVLWVWKDW5DOSK&DVH\DV3UHVLGHQWRIDQHZIDUULHUDVVRFLDWLRQFDOOHGWKH %:)$YLVLWHG0DUFXV3LHUFHDIDUULHURI,QGLDQ7UDLO1RUWK&DUROLQD0DUFXV DORQJZLWKRWKHUIDUULHUIULHQGVKHOGDFOLQLFIRUKRUVHRZQHUVZKLFKZDVWREHRQH RIWKH¿UVWIRUWKH6+2(6RXWKHDVWHUQ+RUVHVKRHUV2Q(GXFDWLRQ&KDSWHU 6LQFHWKDWWLPH0DUFXVDQGDVOHZRIIDUULHUVDQGKRUVHRZQHUVKDYHEHHQGHGLFDWHG WRRUJDQL]LQJVHYHUDOFOLQLFVD\HDULQDQGDURXQGWKLHLUFRPPXQLW\RI&KDUORWWHDV DZD\RIHGXFDWLQJWKHKRUVHRZQLQJSXEOLF0DUFXV-HII&UDQHDQG0DUN5XVKLQJ ZHUHWKH¿UVW&HUWL¿HG-RXUQH\PDQ)DUULHUVLQWKHLUDUHD$VD7(67(50DUFXVKDV KHOSHGRWKHUIDUULHUVMRLQWKH%:)$%HFRPLQJDJURXSKDVKHOSHGHDFKPHPEHU EHQH¿W¿QDQFLDOO\LQWKDWKHOSLQJWRHGXFDWHWKHKRUVHRZQHUVKDVSURYLGHGWKHPZLWK PRUHFOLHQWV:LWKDQDEXQGDQFHRIFOLHQWVWKH\DUHDEOHWRVKDUHWKHZRUNZLWKQHZ IDUULHUVFRPLQJLQWRWKHDUHD7KLVPDNHVRQHELJKDSS\JURXSDQGZHFDQKRQHVWO\ VD\WKDW0DUFXVDQGWKHWHDPZRUNDVDZHOORLOHGPDFKLQH0DUFXVLVQRZD&HUWL ¿HG0DVWHU)DUULHUDQGEHFDXVHRIKLVHIIRUWVZDVLQGXFWHGLQWRWKH%:)$+DOORI )DPHLQ1RZ\HDUVODWHUWKH6+2(&KDSWHUFRQWLQXHVWRFRQWULEXWHWR WKH%:)$E\EULQJLQJ0LQG*DPHVWRWKH&RQYHQWLRQ 0DUFXV 3LHUFH KROGLQJ D SRVWHU VLJQHG E\ DQ RWKHU+DOORI)DPHU-XG1HOVRQFHQWHUZLWK 5DQG\%DNHUSURXGO\ORRNLQJRQ 7KH¿UVW0LQG*DPHVKHOGDWWKH&RQ YHQWLRQ ZDV D JUHDW VXFFHVV DQG D ORW RI IXQ ZLWK SURFHHGV GRQDWHG WR WKH %:)$+DOORI)DPH6LPLODUWRDJDPH RI-HRSDUG\WKH6+2(&KDSWHUKDG KXQGUHGV RI TXHVWLRQV RQ KRRIFDUH VKRHLQJDQG%:)$KLVWRU\ZLWKSUL]HV ZHOO RYHU WKH HQWUDQFH IHH\RX FRXOG ZDON DZD\ ZLWK DV PXFK DV D JLIW7KH6+2(&KDSWHUZLOO EHEDFNQH[W\HDUDQG0LQG*DPHVZLOO EH DGGHG DV SDUW RI WKH 6WXGHQW )DUULHU&RQWHVW 7KH6+2(WHDPOU:LOOLDP%URFN'ZD\QH +ROGHU5DQG\%DNHUDQG0DUFXV3LHUFH :DQW7R6WDUWD2U-RLQD %:)$&KDSWHU" &DOO $ODEDPD)ORULGD3DQKDQGOH -LPER$VKFUDIW 0LFKLJDQ 'RQ.RJOLQ 0LVVRXUL 0D[:LOOLDPV.HOO\&DVHRI 6KXUVKRG+RUVHVKRHLQJ6FKRRO NHOO\#VKXUVKRGFRP 1RUWK&DUROLQD 0DUFXV3LHUFH GSLHUFH#DROFRP 7H[DV %XFN\+DW¿HOG 0DUFXV DQG RWKHU +DOO RI )DPHUV DW WKH EXFN\#KRWPDLOFRP &RQYHQWLRQ VLJQLQJ SRVWHUV WKDW ZHUH DYDLODEOH IRUVDOH :LQWHU %URWKHUKRRG RI:RUNLQJ )DUULHUV $VVRFLDWLRQ 1DWLRQDO %XVLQHVV 1HZV %XOOHWLQ 3DJH DJRDO,QWHUHVWLQJO\HQRXJKZKLOHWKLV RUJDQL]DWLRQVRPHWLPHVODFNVWKHDEXQ GDQWIXQGLQJRIRWKHUVLWZDVWKH¿UVWWR KDYH D SHUPDQHQW IDFLOLW\ IRU KRRI FDUH UHVHDUFKDQGWKDWFHQWHULVRSHQWRIDUUL HUVYHWHULQDULDQVDQGKRUVHRZQHUVDOLNH ,WZDVWKH¿UVWRUJDQL]DWLRQWRURXWLQHO\ :25.6)25 LQFOXGHKRUVHRZQHUVDORQJVLGHIDUULHUVDW WKHLUHGXFDWLRQDOFOLQLFVDQGLWLVWKH¿UVW RUJDQL]DWLRQZLWKDUHJXODUWHOHYLVLRQVH 5HFHLYHGRQ2FWREHUIURP ULHVDERXWKRUVHVKRHLQJZKLFKSURPRWHV WKH IDUULHU LQGXVWU\ :KDWHYHU HOVH WKH 7--RQHV)ORULGD %:)$LVGRLQJLWKDVFHUWDLQO\JDUQHUHG ,I\RXKDYHFRPHWRWKHFRQFOXVLRQWKDW DQXPEHURI¿UVWV WKHLQGLYLGXDOQRORQJHUFRXQWVLQWKLVQRQ /DVWPRQWK,KDGRFFDVLRQWRXVHWKH SHUVRQDO³SOHDVHSUHVVWKLVEXWWRQZRUOG´ DQGWKDWWKHUHLVQRVXFKWKLQJDVVHUYLFH WKHQ\RXKDYHQ¶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¿OLDWLRQZLWKWKH%:)$DQG5DOSK &DVH\KDVEHHQDORQJLIVRPHWLPHVQH JOHFWIXO RQH IDOOLQJ LQWR WKH VDPH RQ DJDLQRIIDJDLQFDWHJRU\DVGRWKHRWKHUV 6WLOOZKLOHRQWKHURDG,KDYHZDWFKHG ZLWKJUHDWLQWHUHVWWKHVWHDG\DQGDOZD\V LQQRYDWLYHXSZDUGFOLPERIWKLVRUJDQL ]DWLRQ ZKRVH SXUSRVH KDV DOZD\V EHHQ WRPDNHDGLIIHUHQFH7KHUHZDVQHYHU WKH GHOLEHUDWH FRQIOLFW RU FRPSHWLWLRQ WKDWVRPHJURXSVKDYHMXVWWKHRIIHURI DQDOWHUQDWLYHPDQQHUIRUDFFRPSOLVKLQJ 7KH %:)$ )DUULHU 5HIHUUDO6HUYLFHLVDQ H[WUHPHO\YDOXDEOHWRRO EHFDXVHLWZRUNVIRU HYHU\RQHDQGLWZRUNV RQHYHU\OHYHO UHIHUUDO VHUYLFH RI WKH %:)$ 8Q IRUWXQDWHO\ WKLV \HDU¶V KHDY\ RYHUVHDV WUDYHO RQ EHKDOI RI FOLHQWV FRPSHWLQJ DEURDGKDGIXUWKHUXQGHUPLQHGDQDOUHDG\ RYHUERRNHGVXPPHU8SRQUHWXUQLQJWR WKH VWDWHV , KDG IDOOHQ EHKLQG VFKHGXOH ZKLFK LV QRW DFFHSWDEOHLQ P\ SUDFWLFH 0\ZLIHUHDFWHGTXLFNO\E\DUUDQJLQJWR FRQWDFWIDUULHUVRQDVWDWHE\VWDWHEDVLVWR PRUHHI¿FLHQWO\KDQGOHP\ZRUNORDGRQ WKHHDVWFRDVWVKRZFLUFXLW6KHVWDUWHG WKLVSURFHVVRQD6XQGD\QLJKW:KHQVKH GLVFRYHUHGPRVWRIP\³UHJXODUV´ZHUH RQYDFDWLRQKHUH[DFWZRUGVWRPHZHUH ³, DP JRLQJ WR FDOO *LQJHU &DVH\«LI VKHLVQHDUWKHSKRQH,NQRZVKHZLOO DQVZHU´)URPP\FHOOSKRQHLQXSSHU 1HZ<RUN,MXVWODXJKHGRXWORXG5LJKW ,WKRXJKWVRPHRQHZLOOWDNH\RXUFDOORQ 6XQGD\DQGJRWKURXJKWKHLU¿OHVWR¿QGD SHUVRQZLWKWKHSURSHUTXDOL¿FDWLRQVWKDW \RXDUHDVNLQJIRU2QH,GLGQ¶WH[SHFW P\ZLIHWRPDNHFRQWDFWRQWKHVDPHGD\ VKHFDOOHGDQGWZR/LQGDLVQRWVK\DERXW ZKDWVKHH[SHFWVRIDIDUULHUZKRLVJRLQJ WRZRUNZLWKPH,I\RXSDVVPXVWHUZLWK /LQGD\RXFDQZRUNIRUWKH&,$GHWDFK PHQWWKDWJXDUGVWKHSUHVLGHQW1HYHUWKH OHVVDIHZKRXUVODWHUVKHFDOOHGEDFNWR VD\WKDW*LQJHUDQGVKHKDGFDXJKWXS RQDOOWKHODWHVWWUDGHQHZVDQGVKHKDG DOVR EHHQ SURYLGHG ZLWK D YHU\ GHFHQW VL]H OLVW RI TXDOL¿HG IDUULHUV 7R PDNH LW HYHQ EHWWHU VKH KDG DOUHDG\ VSRNHQ ZLWK VHYHUDO DQG DUUDQJHG IRU D YHU\ QLFH\RXQJPDQWRPHHWPHLQ*HRUJLD +RWHO DFFRPPRGDWLRQV KDG EHHQ PDGH IRUERWKKHDQG,DQGVKHSDVVHGDORQJ KLVFHOOSKRQHQXPEHU,WMXVWGRHVQ¶W JHWEHWWHUWKDQWKDW , ZLOO QRZ EULQJ WKLV VWRU\ WR LWV KDSS\FRQFOXVLRQEHFDXVH,KDYHD YHU\LPSRUWDQWSRLQWWRPDNHVRSD\ DWWHQWLRQ7KH%:)$)DUULHU5HIHU UDO 6HUYLFH LV DQ H[WUHPHO\ YDOXDEOH WRROEHFDXVHLWZRUNVIRUHYHU\RQHDQG LWZRUNVRQHYHU\OHYHO,WZRUNVIRUWKH KRUVHRZQHUZKRLVORRNLQJIRUDTXDOL ¿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¶V'DGZKRKDSSHQHGWR EHZRUNLQJDWWKHVDPHKRUVHVKRZWKDW ,ZDVDW7KURXJKWKHNLQGDVVLVWDQFHRI WKH0H\HUV,¿QLVKHGWKHEDFNORJDQGUH WXUQHGWRP\EDVHLQ)ORULGDZKHUHKRUVHV DQGFOLHQWVZHUHSDWLHQWO\ZDLWLQJ 8SRQUHWXUQLQJKRPHWKH¿UVWWKLQJ, GLGZDVDVN/LQGDWREHVXUHP\PHPEHU VKLSZLWKWKH%:)$ZDVSDLGXS6KH WRRNFDUHRIWKDWLPPHGLDWHO\,DPQRZ DOLIHWLPHPHPEHUQRPRUHIRUJHWWLQJWR VLJQXSIRUWKHQH[W\HDU6RUHPHPEHU WR NHHS XS \RXU %:)$ PHPEHUVKLS EHFDXVH WKH UHIHUUDO VHUYLFH ZRUNV )XUWKHUPRUH ZK\ QRW XVH WKH UHIHUUDO &RQWLQXHGRQSDJH 3DJH %URWKHUKRRG RI:RUNLQJ )DUULHUV $VVRFLDWLRQ 1DWLRQDO %XVLQHVV 1HZV %XOOHWLQ :LQWHU )DUULHU5HIHUUDO6HUYLFHFRQWIURPSDJH VHUYLFHWRPRYHWRDQRWKHUSODWHDX"(YHQ LI\RXWKLQN\RXUEXVLQHVVLVJRRGGRQ¶W PLVVDQRSSRUWXQLW\WRZRUNZLWKVRPH RQHHOVH$OVRGRQ¶WEHDIUDLGWRWDNHD VWHSEDFNRUMXVWVLGHZD\VLQRUGHUWRWDNH WZRVWHSVDKHDG<RXPD\KDYHWRVWDUWE\ ¿QLVKLQJRUSXOOLQJDQG\RXPD\QRWEH GULYLQJWKHQDLOVWKH¿UVWIHZWLPHV\RX ZRUN ZLWK VRPHRQH QHZ 5HPHPEHU WKDWIDUULHULVWKHRQHZKRLVXOWLPDWHO\ UHVSRQVLEOH WR WKH RZQHU VR KH RU VKH ZLOO EH FDXWLRXV XQWLO WKH\ NQRZ KRZ H[SHULHQFHG \RX DUH 7KHUH LV D JUHDW RSSRUWXQLW\WROHDUQDWHYHU\OHYHORIWKLV WUDGHDQGEHQH¿WIURPWKHH[SHULHQFHRI RWKHUV<RXPD\KDYHWKHRSSRUWXQLW\WR ZRUNZLWKKRUVHVDQGSHRSOH\RXPLJKW QHYHU EH H[SRVHG WR DW KRPH LQ \RXU HVWDEOLVKHGZRUNLQJDUHD ,DOVRZDQWWRPHQWLRQWKDWHYHU\QRZ DQG DJDLQ WKHUH FDQ EH LQFHQWLYHV RI YHU\VXEVWDQWLDOEHQH¿W7KLV\HDUIRU LQVWDQFH,KDGWRFXWEDFNRQP\DFFRXQWV VRWKDW,FRXOGFRYHUP\FOLHQWVZKRZHUH VKRZLQJ KRUVHV LQ (XURSH , JDYH XS WZRVROLGDFFRXQWVHDFKSURGXFLQJ¿IW\ WKRXVDQGSHU\HDU7KHDFFRXQWVZHQW WRWZRH[SHULHQFHGIDUULHUVZKRZRUNHG ZLWKPHODVW\HDU2QHRIWKHVHIDUULHUV KDVKLVRZQEXVLQHVVLQDQRWKHUVWDWHDQG KDGRQO\ZRUNHGZLWKPHRQDQGRIIIRU VL[PRQWKV%RWKRIWKHVHIDUULHUVZHUH ZLWKPHZKHQ,VKRGP\FOLHQW¶VKRUVHV :KHQ,KDGWRFXWEDFNLWZDVEHWWHUWR JLYH WKH ZRUN WR D IULHQG WKHQ MXVW OHW WKHPJR$OVREHFDXVHWKH\KDGZRUNHG DORQJVLGHPHWKHFOLHQWIHOWFRPIRUWDEOH ZLWKWKHWUDQVLWLRQ1RZ,GRQ¶WZDQWWR JLYHDQ\RQHWKHLPSUHVVLRQWKDW,KDQG RXWP\EXVLQHVVWRHYHU\RQHZKRZRUNV ZLWKPH$VDPDWWHURIIDFWPRVWRIP\ FOLHQWVKDYHEHHQZLWKPHIRU\HDUV RUPRUH,DOVRGRQ¶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¿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¿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¿OLDWHWKHPVHOYHVZLWKD SDUWLFXODUSRUWLRQRIWKHKRUVHLQGXVWU\%UHHGV ULGLQJVW\OHVKHDOWKFRQFHUQVDQGKRRIFDUHDUH MXVWDIHZGLVFLSOLQHVWKDWVXSSRUWRUJDQL]DWLRQV 1RZWKHUHLVDQDVVRFLDWLRQWKDWZLOOWU\WREULQJ WRJHWKHUWKHKRUVHFRPPXQLW\E\DVVHPEOLQJWZR RI WKH PRVW IXQGDPHQWDO JURXSV ZRUNLQJ ZLWK KRUVHV 7KH 1DWLRQDO$VVRFLDWLRQ RI +RUVHVKR HUVDQG+RUVH2ZQHUVEULQJVWRJHWKHUKRUVHVKR HUVDQGKRUVHRZQHUVIURPDOORYHUWKHFRXQWU\ 7KHVH WZR DI¿OLDWLRQV ZRUN YHU\ FORVHO\ ZLWK HDFKRWKHUDQGIRUWKLVUHDVRQQHHGWRLQFUHDVH FRPPXQLFDWLRQDQGHGXFDWLRQ+RUVHVKRHUVDQG RZQHUVDOVRZRUNLQWLPDWHO\ZLWKYHWHULQDULDQV WUDLQHUV DQG ERDUG VWDEOHV 7KH 1$++2 ZDQWV WR EULQJ DOO HTXLQH SURIHVVLRQDOV LQWR WKH DVVR FLDWLRQFUHDWLQJDZHDOWKRINQRZOHGJHWKDWZLOO EHQH¿WWKHZHOOEHLQJRIWKHHQWLUHKRUVH 7KHSUHVLGHQWRIWKHQHZDVVRFLDWLRQLVDUH QRZQHGPDVWHUIDUULHUDQGHGXFDWRU%XFN\+DW ¿HOG%XFN\KDVRYHU\HDUVH[SHULHQFHLQWKH KRUVHVKRHLQJ ¿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¿HOGDWRU%XFN\ KDW¿HOG#KRWPDLOFRP RU 6HFUHWDU\ 3DXO /RQJ DW RUSHMUBORQJ#KRWPDLOFRP 7KH&KRLFHRI &KDPSLRQV 6W\OHV %DVLFOE &HUWL¿HUOE &RPSHWLWRUOE -RXUQH\PDQOE 6KDSHUOE %UXFH'DQLHOV -RXUQH\PDQ&RPSHWLWLRQ -+0 $19,/6 &RQWDFW $QYLO%UDQG6KRH&RPSDQ\ 32%R[6RXWK6SHQFHU6WUHHW /H[LQJWRQ,/ 3KRQH RUGHULQJRQO\ )D[ (PDLO VDOHV#DQYLOEUDQGFRP :HEZZZDQYLOEUDQGFRP +RXU2UGHULQJ #$ ³%:)$+DOORI)DPHU -RKQ0DULQR 2XU&KRLFHKHUHDW WKH)15&´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email protected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¿UVWVWHSV DORQJ WKH MRXUQH\ WRZDUGV EHFRPLQJ D PHPEHURIWKHWUDGH $0DVWHU)DUULHUUHDOL]HVWKDWWKH JUHDWHVWJLIWKHFDQJLYHEDFNWRKLVFUDIW LV WR ZHOFRPH LQWR LW WKRVH ZKR WUXO\ ZLVK WR MRLQ KLP LQ EHFRPLQJ 0DVWHU )DUULHUVWKHPVHOYHV :KHQRQHKDVDFKLHYHGDOORIWKLVKH KDVHDUQHGWKHGLVWLQFWLRQDQGULJKWWREH FDOOHGD0DVWHU)DUULHU«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¿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¿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¿FDWLRQ DUH DYDLODEOH *DLWHG+RUVHVKRHLQJ6FKRRO )HEUXDU\ 0DUFK 0D\ 2FWREHU&RQYHQWLRQ WHDFK\RXKRZWRFRUUHFWO\XVHWKH 1RDYHO+HDGVWDOO VR\RXFDQWUDLQ\RXUKRUVHVLQMXVW PLQXWHVLQVWHDGRIPRQWKV ([SHULHQFHWKH727$/ GLIIHUHQFHDW5LFN:KHDW¶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¿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¿UVW1HZ3URGXFWVKRZVWRDLULQ )DUULHU)HH :$17(' +RUVHVLQQHHGRIRXUKHOS )LQDOO\DSURGXFWDQGDSODFH ZKHUHKRUVHVZLWKKRRISURE OHPVIRXQGHUFDQ¿QGUHOLHI 6KDUHWKLVZLWK\RXUFOLHQWV The Nolan Plate Revolutionary patented plates for problem hoof correction: cracks founder thin walls shelly and splayed hooves Increases circulation, relieves nerves and inflamed lamina within minutes! Grow a new hoof in 20 weeks— 1/2” to 1” of growth per month Thickens hoof walls, sole, frog and heels EQUILOX INT’L FARRIER SUPPLIES 1-800-551-4394 www.equilox.com ZLWK67$175,0%/( $V DQ DFWLYH SDUWLFLSDQW RI WKH )DUULHUV¶ 1DWLRQDO 5HVHDUFK &HQWHU )15&,KDYHKDGWKHKRQRURILQWUR GXFLQJJDLWHGKRUVHVKRHLQJWRIDUULHUV VLQFH7KHWUHQGLQVKRHLQJJDLW HGKRUVHEUHHGVKDVVKLIWHGWRÀDWVKRG DOPRVW 7KH JDLWHG KRUVH LV QRW MXVWSRSXODULQ7HQQHVVHHEXWDOODFURVV WKH 86 2XU JRDO LV WR WHDFK IDUULHUV WKHEDVLFVVRWKH\ZLOOQRWKDYHWRWXUQ DZD\ FXVWRPHUV JRLQJ RQ D WUDLO ULGH :H HYDOXDWH WKH JDLW ZLWK WKH RZQHU E\ ULGLQJ XVLQJ WKH WUDFN ZLWK WKH&DVH\&DPDQG WKHWUHDGPLOO:H ZRUNKDQGVRQZLWKIDUULHUVWRDFKLHYH WKH EHVW JDLW IRU WKH KRUVH DQG ULGHU :H VWULYH WR SURYLGH D VRXQG KRUVH ZKHWKHU LQ WKH VKRZ DUHQD RU RQ WKH WUDLODQGÀDWVKRGRQO\ (YHQ LQ SUHGRPLQDQWO\ 4XDUWHU +RUVH RU 5DFH DUHDV WKHUH DUH JDLWHG KRUVHV DQG WKH\ DUH EHFRPLQJ PRUH SRSXODUHYHU\GD\ $V D IDUULHU UHDGLQJ WKLV LI \RX GRQ¶W OHDUQ KRZ WR VKRH D YDULHW\ RI EUHHGVWKHQ\RXDUHWXUQLQJDZD\YDOX DEOHEXVLQHVVDQGGHGLFDWHGRZQHUV ,Q P\ ZRUOG RI JDLWHG LW LV D ELJ ZRUOGDQGLWLVJURZLQJQRWGHFOLQLQJ DQG , DP FKDQJLQJ P\ VKRHLQJ SUDF WLFHVZLWKWKHFKDQJLQJRIWKHWLPHV 2XU JRDO DW WKH %URWKHUKRRG RI :RUNLQJ)DUULHUV$VVRFLDWLRQ%:)$ DQGWKH)15&LVWRVWUHVVPRUHFRQWLQX LQJHGXFDWLRQWKDQMXVWFHUWL¿FDWLRQ 6R IDU ZH DUH WKH RQO\ RUJDQL]HG JURXS RIIHULQJ WKLV RSSRUWXQLW\ IRU IDUULHUV :H KDYH EHHQ DVNHG E\ 7:+%($ 7HQQHVVHH:DONLQJ +RUVH %UHHGHUV¶ ([KLELWRUV¶ $VVRFLDWLRQ WRSURYLGHD³*DLWHG)DUULHU´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¿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¿FDWLRQ 6FRWWLVWKH¿UVWUHFLSLHQWRID )DUULHU6FLHQFH'HJUHH RIIHUHGE\WKH)15& +HKDVDOVRDFFHSWHGWKH QHZSRVLWLRQRI 3UHVLGHQWRI6DOHVDQG0DUNHWLQJ 1HZ3URGXFW'HYHORSPHQW :LQWHU %URWKHUKRRG RI:RUNLQJ )DUULHUV $VVRFLDWLRQ 1DWLRQDO %XVLQHVV 1HZV %XOOHWLQ 3DJH :HDVNHGDQHZ%:)$PHPEHU IURP 7KH 1HWKHUODQGV WR JLYH XDDEULHIKLVWRU\RIKLVLQWHU HVWLQJ VKRHLQJ EDFNJURXQG WR VKDUHLQWKHEXOOHWLQ(QMR\« VXU¿QJ WKH LQWHUQHW DQG IRXQG 6KXU 6KRG +RUVHVKRHLQJ 6FKRRO LQ 0LV VRXUL 7KH FRXUVH WLPHV OHQJWK SULFH DQGPRUHLPSRUWDQWO\WKHTXDOL¿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¿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¿HG -RXUQH\PDQ , IDUULHU 7KLU RQO\UHSOLHVVD\LQJ VRUU\EXWQR ,ZDV WHHQ\HDUVDIWHU,VWDUWHG,DP¿QDOO\D SURIHVVLRQDOIDUULHU D OLWWOH GLVDSSRLQWHG ,QRZNQRZWKDWWKH%ULWLVK EXW , GLGQ W ORVH , QRZ NQRZ WKDW KHDUW,PDGHFRQWDFW V\VWHPGRHVQ WZRUN WKH %ULWLVK V\VWHP ZLWK D YHU\ IULHQGO\ GRHVQ W ZRUN 7KH\ ORFDO IDUULHU ZKR ZDV XQIRUWXQDWHO\ QRW DUH PDNLQJ LW VR GLI¿FXOW IRU SHRSOH DQ $7) EXW VWLOO KH VDLG , FRXOG ULGH OLNH PH ZKR DUH YHU\ JRRG FDQGLGDWHV ZLWKKLP,FRXOGQ WRI¿FLDOO\WRXFKWKH DQGZKRZDQWWREHFRPHIDUULHUVIRUWKH KRUVHVEXW,FRXOGREVHUYHDQGOHDUQDQG ULJKW UHDVRQVWR JHW WKH WUDLQLQJ DQG WR KHZRXOGDOVRWU\WRKHOSPH¿QGVRPH VXFFHHGLQEHFRPLQJJRRGIDUULHUV ERG\WRWDNHPHRQDVDQDSSUHQWLFH , DP VR JUDWHIXO WKDW WKH %:)$ KDV D /LIH LQ (QJODQG LVQ W LQH[SHQVLYH DQG GLIIHUHQWSROLF\RQVFKRROLQJDQGFHUWL ZLWKQRVLJQRIDQDSSUHQWLFHVKLSLQWKH ¿FDWLRQ,KRSHIRUHYHU\RQHZKRZDQWV QHDUIXWXUH,WRRNDPRQWKFRQWUDFWWR WREHFRPDIDUULHULQWKHIXWXUHWKDWWKH ZRUN LQ D IRXQGU\ LQ +ROODQG , FRXOG %ULWLVKV\VWHPZLOOQRWEHDGRSWHGLQWKH VDYHVRPHPRQH\DQGNHHSDSSO\LQJLQ 86,FRXOGKDYHEHHQD0DVWHU)DU WKHPHDQWLPHIURP+ROODQG,WLVQRZ ULHUE\QRZ \HDUV ODWHU DQG , DP VWLOO OLYLQJ LQ +RO , DP UHDOO\ YHU\ JUDWHIXO WR WKH %:)$ ODQGDQG,DPQRZPDUULHGZLWKDFKLOG DQG WR 6KXU6KRG IRU PDNLQJ P\ FKLOG DQGDQRWKHURQHRQWKHZD\ KRRG GUHDP ¿QDOO\ EHFRPH UHDOLW\ ,KDGJLYHQXSWKHLGHDRIHYHUEHFRPLQJ $Q\WKLQJWKDW,FDQGRWRKHOSRUVXSSRUW DFHUWL¿HGIDUULHU$\HDUDSSUHQWLFHVKLS ERWKRUJDQL]DWLRQV,ZLOOJODGO\GR LVMXVWQRWUHDOLVWLFZLWKDPRUWJDJHDQG DIDPLO\7KDWZDVXQWLODERXWPRQWKV 7KDQN\RXDJDLQ DJR,KHDUGWKDWDORWRI'XWFKIDUULHUV 3DXO&ODUN7KH1HWKHUODQGV JRWRWKH86IRUVFKRROLQJVR,VWDUWHG SDXOFODUN#ZDQDGRRQO 36IURP.HOO\&DVH :HDUHSURXGRI3DXODQGORRNIRU ZDUGWRKLPMRLQLQJXVIRUWKH %:)$&RQYHQWLRQDQGXSJUDGLQJ KLVFHUWL¿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¿QG $QJLHDQGKHUGDXJKWHU$GGLHDW,P SHULDO$FUHV7KHUDSHXWLF5LGLQJ&HQWHU ZKHUH\HDUROG$GGLHZKRVWUXJJOHV GDLO\ ZLWK &HUHEUDO 3DOV\ LV LQYROYHG LQ D ULGLQJ SURJUDP NQRZQ DV KLSSR WKHUDS\ +LSSRWKHUDS\ LV D SK\VLFDO RFFX SDWLRQDO DQG VSHHFK WKHUDS\ VWUDWHJ\ WKDW XWLOL]HV HTXLQH PRYHPHQW WR KHOS SDWLHQWVDFKLHYHIXQFWLRQDOJRDOV7KLV WUHDWPHQW FDQ EH XVHG ZLWK SHRSOH RI DOO DJHV DQG PRVW VSHFLDO QHHGV KRZ HYHUWKHSURJUDPSURYLGHGE\,PSHULDO 7KHUDS\ 6HUYLFHV LQ 6RXWK 3LWWVEXUJ 71 D QRQSUR¿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¿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¿GHQFHZKHQVKH LVVXFFHVVIXOLQWKHUDS\ 7KH PRYHPHQW$GGLH DQG WKH RWKHU FKLOGUHQUHFHLYHIURPWKHKRUVHLVYLWDOO\ LPSRUWDQWHVSHFLDOO\IRUWKRVHZLWKZHDN PXVFOH WRQH RU FRQWURO DQG WKRVH WKDW VWUXJJOHWREHLQGHSHQGHQWO\PRELOH,W LVDOVRDNH\FRPSRQHQWRIYRFDOL]DWLRQ IRU WKRVH FKLOGUHQ WKDW DUH QRQYHUEDO $QJLHFRQ¿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¿FLDO WR WKH RYHUDOO ZHOO EHLQJ RI WKHFKLOGDVZHOODVHQMR\DEOH$QJLH VD\VWKDWEHFDXVHKLSSRWKHUDS\LVIXQ $GGLH GRHVQ W UHDOL]H KRZ KDUG VKH LV ZRUNLQJ 7KH+LJKOLJKW2I7KH7KHUDS\6HVVLRQ,V 2IWHQ7KH6KRUW7UDLO5LGH$W7KH(QG 7KH KDUG ZRUN SD\V RII IRU WKH FKLOGUHQDVLQWKHFDVHZLWK\HDUROG $DURQ ZKR KDV $XWLVP +LV PRWKHU FDQ W EHOLHYH WKH GLIIHUHQFH KLSSR WKHUDS\KDVPDGHIRUKLP7KHFKLOGUHQ ZRXOGQRWEHQH¿WIURPDOORIWKLVKRZ HYHUZLWKRXWDZHOONHSWKRUVHWRULGH 7KH VRXQGQHVV RI WKH KRUVH FDQQRW EH RYHUVWDWHG7KHKRUVH0867EHVRXQG RULWFRXOGHQGDQJHULW VSUHFLRXVFDUJR 7KLVLVZKHUHDFHUWL¿HGIDUULHULVYLWDO $ IDUULHU GRLQJ D SURIHVVLRQDO MRE RQ &RQWLQXHGRQ3DJH )RUPRUHLQIRUPDWLRQRQ,PSHULDO$FUHV7KHUDSHXWLF5LGLQJ&HQWHUFDOO 7R¿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¿FHWROHDUQPRUHDERXWTXDOLW\EXVLQHVVFDUGV FUHDWHGDWGLVFRXQWUDWHVIRU%:)$PHPEHUV RULQIR#EZIDQHW 0LFKDHO3RVW $)DUULHU6HULYHV 7XQQHO+LOO*HRUJLD &HUWLILHG)DUULHU-RXUQH\PDQ,, 6 SH F L D O L ] L QJ L Q /D P H QH V V ( Y D O X D WL R Q & RU U H F WL Y H 6 KRH L QJ 2YHU<HDUVRI([SHULHQFH &DUGV)XOO&RORU# 5HQDH6WURWKPDQ&,7 $IODF,QVXUDQFH 32%R[ /RUHWWD.< 3+ )D[ UHQDHBVWURWKPDQ#XVDIODFFRP VLPSOHKHDOWKLQVXUDQFHRQOLQHF RP 1RZDYDLODEOHIRU %:)$0HPEHUV $À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³%:)$+DOORI)DPHU XVXDOO\ LV WKH FDVH WKH -RKQ0DULQR JLYHUUHFHLYHVWKHJUHDWHVWMR\/HWWKDW 2XU&KRLFHKHUHDW 0F.HQ]LH LV D JUHDW KHOS WR MR\EH\RXUV&RQQLH3RVW WKH)15&´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¿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¿FLDO SXEOLFDWLRQRIWKH %URWKHUKRRGRI:RUNLQJ)DUULHUV $VVRFLDWLRQ,QF DUHFRJQL]HGFQRQSUR¿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¿WVWR0\0HPEHUVKLS $QQXDO0HPEHUVKLS /LIHWLPH0HPEHUVKLS 7RWDOV BBBBB)DUULHU0HPEHU BBBBB BBBBB BBBBBBBBBBBB BBBBB&HUWL¿HG)DUULHU0HPEHU BBBBB BBBBB BBBBBBBBBBBB BBBBB9HWHULQDULDQRU&RPSDQ\0HPEHU BBBBB BBBBB BBBBBBBBBBBB BBBBB+RUVH2ZQHU0HPEHU BBBBB BBBBB BBBBBBBBBBBB BBBBB)RUHLJQ0HPEHU2XWVLGH86 BBBBB BBBBB BBBBBBBBBBBB BBBBB/LIHWLPH*ROG&DUGIRURYHU\HDUVRIDJHRQHWLPHGXHVRIYHULI\DJHBBBBBBBBBBBB 0HPEHUVKLS%HQH¿ W$GG2QV3OHDVH6HOHFW$OO7KDW$SSO\ BBBBB:HE(QDEOH)DUULHU5HIHUUDO6HUYLFH2QH<HDUDWZZZEZIDQHW BBBBB BBBBBBBBBBBB BBBBB:HE3ODQ2QH<HDULQFOXGLQJ\RXURZQHPDLODGGUHVVDQGZHESDJH BBBBB BBBBBBBBBBBB BBBBB3HQVLRQ3ODQ5HWLUHPHQW)XQG2QO\SHUGD\ SHU\HDU 'XHE\-XO\RIHDFK\HDUWRSDUWLFLSDWHLQSODQ BBBBB BBBBBBBBBBBB BBBBB,ZRXOGOLNHLQIRUPDWLRQDERXW$ÀDF3HUVRDQO$FFLGHQW&DQFHU+HDOWK/LIH,QVXUDQFHSROLFLHV ,XQGHUVWDQG,ZLOOUHFHLYHDGLVFRXQWDVD%:)$0HPEHU BBBBB,ZRXOGOLNHWRFRQWULEXWHWRWKH,QMXUHG)DUULHUV)XQGZLWKP\WD[GHGXFWLEOHGRQDWLRQRISHU\HDUBBBBBBBBBB BBBBB,ZRXOGOLNHWRFRQWULEXWHWRWKH1(+5)ZLWKP\WD[GHGXFWLEOHGRQDWLRQRIDQ\DPRXQW BBBBBBBBBBBB BBBBB,ZRXOGOLNHWRFRQWULEXWHWRWKH)15&ZLWKP\WD[GHGXFWLEOHGRQDWLRQRIDQ\DPRXQW BBBBBBBBBBBB )5((*RWRZZZ%:)$QHWWRUHJLVWHUIRU\RXU)5(((1HZVOHWWHU 0HUFKDQGLVH2UGHUV3OHDVH6HOHFW$OO7KDW$SSO\$OOSULFHVLQFOXGH6+ ³6L[6WHSVWR%DODQFLQJWKH+RRI+RUVHIRU6RXQG6KRHLQJ´ BBBBB9+6#RUBBBBB'9'# 0HPEHUV'LVFRXQW BBBBB9+6#RUBBBBB'9'# %:)$6WXG\*XLGH# BBBBB$SSUHQWLFH,,,-RXUQH\PDQ,BBBBB-RXUQH\PDQ,,BBBBB0DVWHU)DUULHU %:)$(PEOHP%HOW%XFNOH BBBBB%UDVV#RUBBBBB*ROG6LOYHU# %:)$6WLFN2Q'HFDOVBBBBB# <RX0D\$OVR2UGHU ³6D\1RWR)DUULHU/LFHQVLQJ´%XPSHU6WLFNHUBBBBB# 7KHVH3URGXFWVRU3D\ ´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ant More? ‘PLUS’ is More! New! Eventer Plus & EZ Plus from St. Croix Forge Yes, ‘PLUS’ is more when it comes to quality horseshoes. With PLUS, St. Croix Forge is again setting the standards with new versions of the world's most popular horseshoes ever. Eventer Plus and EZ Plus shoes feature a wider web with extra ground coverage for additional support, and finished boxed heels to make the farrier's job easier. Available in sizes 0 - 4, clipped and unclipped, symmetrical front, left and right hind patterns. Clipped shoes packed in 10-Pair boxes. Unclipped shoes packed in 20-Pair boxes. Eventer Plus and EZ Plus give you the added bonus you need and asked for. * Left and Right Hind pattern with support fit heels * Outside branches slightly longer and wider * Finished boxed heels on hoof surface * Sole pressure relief * Wider web and thickness appropriate to the size of the shoe * Improved crease for perfect nail locking * Extended nail hole options, punched for SB & ESL nails Clipped Shoe Finished Boxed Heels 5195 Scandia Trail, Forest Lake, MN 55025 (651) 464-8967 • www.stcroixforge.com &KDQJH6HUYLFH5HTXHVWHGWR3RVW0DVWHU % 7KH%URWKHUKRRGRI:RUNLQJ)DUULHUV$VVRFLDWLRQ (DVW+Z\ /D)D\HWWH*HRUJLD 3KRQH)D[ HPDLOLQIR#EZIDQHW ZZZEZIDQHW %
Similar documents
2XU LV \RXUV - Leadership Louisville Center
UHDOLW\LV2XU6WRU\LV
Cooperative Sustainability Report
7KHVXVWDLQDELOLW\HIIRUWVDW8QLWHG'DLU\PHQRI $UL]RQD8'$DUH DOLJQHGZLWK86GDLU\LQGXVWU\HIIRUWVSUHVHQWHGLQWKH,QQRYDWLRQ &HQWHUIRU86'DLU\·V6WHZDUGVKLSDQG6XVWDLQDELOLW\*XL...
More information