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Avenir LNG Limited - Private Placement Successfully Completed

Oil - 1 hour 32 min ago

Bermuda, 13 November 2018 - Reference is made to the stock exchange release on 1 October 2018 where Stolt-Nielsen Limited, Golar LNG Limited and Höegh LNG Holdings Limited (collectively the 'Sponsors') announced a combined investment commitment of USD 182 million in Avenir LNG Ltd ('Avenir' or the 'Company') and a contemplated subsequent equity raise in the Company (the 'Private Placement'). The investment will be contributed as cash and equity-in-kind and will partly fund the construction of four 7,500cbm small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, two 20,000cbm small-scale LNG carriers on order from Sinopacific Offshore Engineering in Nantong, China and 80% ownership in an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia.

Avenir LNG has the ambition to become the leading provider of small scale LNG for the Power, Bunkering, Trucking and Industrial markets through supplying low-cost LNG using innovative technology and leveraging from its Sponsors' know-how and existing LNG infrastructure.

The Company is pleased to announce that the first step in the capitalisation of Avenir, a Private Placement of 110,000,000 new shares (the 'Offer Shares') at a par price of USD 1.00 per share, which has now been successfully completed at a subscription price of USD 1.00 per share.

This placement was split in two tranches. Tranche A consisted of 99,000,000 new shares that were subscribed for by Stolt-Nielsen Ltd (through Stolt-Nielsen LNG Holdings Ltd.), (49,500,000 Shares), Golar LNG Limited (24,750,000 Shares) and Höegh LNG Holdings Ltd (24,750,000 Shares). This Tranche has closed.

Tranche B consisted of 11,000,000 new shares and was placed with a group of institutional and other professional investors on 8 November. Tranche B will close today, 13 November 2018.

The Company will, once Tranche B is closed, have an issued share capital of USD 110,000,000 divided into 110,000,000 common shares, each with a nominal value of USD 1.00. Stolt-Nielsen LNG Holdings Ltd. will hold 45% of the shares, each of Golar LNG Limited and Höegh LNG Holdings Limited will hold 22.5% while the remainder will be initially held by the subscribers in Tranche B.

The Company's shares will be listed on the N-OTC list with effect from 14 November 2018.

Clarksons Platou Securities AS, Danske Bank Norwegian branch, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Nordea Bank Abp. Filial Norge, Pareto Securities AS, Swedbank Norge, branch of Swedbank AB (Publ.) in cooperation with Kepler Cheuvreux and Skandinaviska Enskilda Banken AB (publ.) (Oslo Branch) acted as managers in the Private Placement.

 

About Avenir LNG Limited:

Avenir LNG Limited is a Bermuda registered company established for the purpose of developing the small scale global LNG market by sourcing, shipping, storing and distributing LNG to the end customer in areas of stranded demand.

 

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "project", "will be", "will continue", "will likely result", "plan", "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially include, but are not limited to, those factors listed from time to time in the reports and other documents Golar files with the United States Securities and Exchange Commission.  

New factors emerge from time to time, and it is not possible for Golar to predict all of these factors. Further, Golar cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Golar does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

 

Hamilton, Bermuda

November 13, 2018

Enquiries:

Golar Management Limited: + 44 207 063 7900

Graham Robjohns

Stuart Buchanan

Categories: State

RigNet Introduces Enhanced Cyber Services for Energy

Oil - 1 hour 51 min ago

HOUSTON, Nov. 13, 2018 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ: RNET), a global leader in customized communications services, today introduced its Enhanced Cyber Services (ECS); the first offering is tailored to improve data and system security for energy companies by providing real-time threat detection, network visualization, and advanced investigative capabilities.

RigNet's ECS will enable customers to work with a single vendor that augments their existing cybersecurity personnel, which can substantially reduce OPEX when compared with the cost of hiring cybersecurity professionals. Working in conjunction with RigNet's security operation center (SOC), ECS will employ advanced intrusion-prevention tools to continuously monitor cyber threats.

"Among the tools our ECS will be using is a platform from artificial intelligence (AI) pioneer Darktrace, the world leader in cyber AI for cyber-threat detection and cyber-attack defense," says RigNet President and CEO, Steven Pickett. "The capabilities Darktrace gives us along with Cyphre, our advanced data-encryption technology, enables RigNet to provide O&G customers the most complete suite of cyber-security services for the protection of their data and networks."

"Darktrace's partnership with RigNet is coming at a critical time," says Gary Szukalski, Chief Channel Management Officer at Darktrace. "The increasing convergence of IT and OT environments is dramatically expanding the threat surface of industrial control systems, while threats to SCADA are increasingly advanced. Organizations will now be able to benefit jointly from RigNet's expertise in the oil and gas and maritime industries and Darktrace's world-leading cyber AI. Not only will this partnership help companies support and augment existing security teams, but by detecting and combating cyber-threats in real time, attacks can be stopped before they do damage."

RigNet (NASDAQ: RNET) is a global technology company providing customized communications services, applications, real-time machine learning, and cybersecurity solutions to enhance customer decision-making and business performance. RigNet delivers a digital transformation bundle that accelerates technology adoption and empowers customers to be always connected, always secure, and always learning. RigNet is headquartered in Houston, Texas with operations around the world.

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

Media / Investor Relations Contact
Lee M. Ahlstrom Tel: +1 (281) 674-0480
RigNet, Inc. investor.relations@rig.net

Categories: State

Golden Developing Solutions, Inc. (DVLP) to Exhibit and Launch New Software Division at MJBizCon

Recreation - 1 hour 56 min ago

AUSTIN, Texas, Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - Golden Developing Solutions, Inc. (OTC Pink: DVLP) today announces it will exhibit and launch its new software division at MJBizCon taking place in Las Vegas, Nevada, November 14-16, 2018.

From booth #1748 DVLP will unveil Greener Grows (www.GreenerGrows.org), its new software division that allows businesses to anonymously share their metrics and compare with others. Greener Grows is a free industry tool designed to help businesses in the cannabis industry lower their environmental footprint and achieve cost savings.  The software will collate data that can be used by other businesses, regulators and industry professionals.

“We can think of no better time and place to launch Greener Grows than MJBizCon, where we can network with the industry’s top innovators. We are excited to introduce Greener Grows as a data collection tool that can be used across the industry to help improve cannabis growing and operations,” states DVLP CEO Stavros Triant. “This is an excellent opportunity to build industry relationships and gain exposure for our products and services.”

DVLP’s second booth, #4289, will showcase Where’s Weed (www.WheresWeed.com), the Company’s online platform for location-based deals, dispensary listings, and product pre-purchasing.  

For more information on MJBizCon, visit https://MJBizConference.com/

About Golden Developing Solutions, Inc.:

Golden Developing Solutions (DVLP) is developing an online retail business for cannabidiol (CBD), hemp oil and health/wellness-related products. Through the website of its wholly owned subsidiary, Pura Vida Vitamins (www.PuraVidaVitamins.com), as well as through wholesale and distribution channels, the company offers a broad range of high-quality, price-competitive products, including traditional vitamins, supplements, and CBD-based tinctures, vapes and soft gels, among other products. Merchandise also includes hemp and CBD-related products and additional products focusing on health and lifestyle.

Golden Developing Solutions is a development-stage company providing business services and/or products supporting the cannabis industry, in which company intends to make acquisitions in the near future. Currently, 29 states and the District of Columbia have passed laws permitting their citizens to use cannabis for medical and/or recreational purposes. Cannabis has shown encouraging signs as a treatment for various medical conditions and has become increasingly more acceptable to the public and society.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced herein are not incorporated into this press release.

Company Contacts:
Stavros Triant, CEO
Stavros@GoldenDeveloping.com        

Corporate Communications Contact: 
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office 
Editor@NetworkNewsWire.com

Categories: State

Apolo II Acquisition Corp. Announces Proposed Qualifying Transaction

Recreation - 3 hours 1 min ago

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES

TORONTO, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Apolo II Acquisition Corp. ("Apolo" or the "Corporation") (TSXV: APII.P) is pleased to announce that it has entered into a binding letter of intent dated November 12, 2018 (the "Letter of Intent") with Terrace Inc. ("Terrace") pursuant to which Apolo will acquire all of the issued and outstanding common shares in the capital of Terrace (the "Terrace Common Shares") upon the terms and conditions to be set out in a definitive agreement (the "Proposed Transaction").

Apolo is a Capital Pool Company ("CPC") and intends the Proposed Transaction to constitute its Qualifying Transaction (the "Qualifying Transaction") under the policies of the TSX Venture Exchange (the "Exchange").

INFORMATION ON Terrace

Terrace was incorporated pursuant to the provisions of the OBCA on August 28, 2018. Terrace's head office is located at 365 Bay Street, Suite 800, Toronto, Ontario. Terrace is a Canadian company focused on the development and acquisition of international cannabis assets.

Terrace has an option to acquire 100% of the shares of Oransur, S.A., a Uruguayan corporation holding a hemp production license ("Oransur"), and 33.75% of the shares of Faises, S.A., a Uruguayan corporation holding a recreational cannabis production license ("Faises"), upon receipt of the approval of the Instituto de Regulación y Control del Cannabis ("IRCCA").

Oransur

Oransur is the holder of hemp license in Uruguay. It leases farms across Uruguay to cultivate various crops with proprietary and imported genetics. Its current operation is 60 hectares and located in Florida, Uruguay, with the ability to expand its production area to 500 hectares.

Faises

Faises has one of two licenses in Uruguay to produce and distribute recreational cannabis through approved pharmacies. Its current production capacity is two tonnes per year, with an option to increase to four tonnes. The Faises land is owned by Uruguayan State and leased by Faises. Its producing greenhouse is located in San José, one hour from Carrasco International Airport.

BACKGROUND

The Letter of Intent provides that Apolo and Terrace will negotiate and enter into a definitive agreement in respect of the Proposed Transaction (the "Definitive Agreement"). Once entered into, the Definitive Agreement shall supersede the Letter of Intent. Pursuant to the Letter of Intent, Apolo will acquire all of the issued and outstanding Terrace Common Shares by way of a "three-cornered amalgamation" pursuant to the provisions of the Business Corporations Act (Ontario) (the "OBCA").

The Proposed Transaction will constitute a reverse take-over of Apolo by Terrace where the existing shareholders of Terrace will own, assuming completion of the QT Financing (as defined hereafter), a majority of the outstanding Apolo Common Shares. The final structure of the Proposed Transaction is subject to receipt of tax, corporate and securities law advice for both Apolo and Terrace.

THE QUALIFYING TRANSACTION

The holders of the issued and outstanding Terrace Common Shares shall receive one post-Consolidation (as defined below) common shares in the capital of Apolo (each, an "Apolo Common Share") for each Terrace Common Share held (the "Exchange Ratio").

On or immediately prior to the completion of the Proposed Transaction, it is anticipated that: (i) Apolo will effect a name change to such name as may be determined by Apolo and Terrace (the "Resulting Issuer"); and (ii) Apolo will consolidate its common shares on the basis of one "new" share for every 2.5 "old" shares issued and outstanding (the "Consolidation").

Completion of the Proposed Transaction will be subject to a number of conditions including completion of the Consolidation and the QT Financing, shareholder approval, if required, completion or waiver of sponsorship, receipt of all required regulatory approvals, including the approval of the Exchange, completion of satisfactory due diligence reviews, satisfaction of all initial listing requirements of the Exchange and all requirements under the policies of the Exchange relating to the completion of the Proposed Transaction, and execution of the Definitive Agreement.

Sponsorship of a Qualifying Transaction of a CPC is required by the Exchange unless exempt in accordance with Exchange policies or waived by the Exchange. The Proposed Transaction may require sponsorship and Apolo plans to provide a news release update should a sponsor be retained. Apolo's shares will be halted from trading as a result of the announcement of the Proposed Transaction. Apolo expects that trading in its Apolo Common Shares will remain halted pending closing of the Qualifying Transaction. The Apolo Common Shares may trade sooner, only upon Exchange approval and the filing of required materials with the Exchange as contemplated by Exchange policy.

Terrace FINANCING

In conjunction with the Proposed Transaction, the parties have agreed that Terrace may complete a financing of Terrace Common Shares prior to the closing of the Proposed Transaction upon terms yet to be determined (the "QT Financing").

Terrace would use the net proceeds from the QT Financing to build out its production and extraction assets in Uruguay, to complete the acquisition of certain assets, including in Colombia and Spain, and for working capital.

PROPOSED DIRECTORS OF THE RESULTING ISSUER

Subject to applicable shareholder and Exchange approval, on completion of the Proposed Transaction, the board of directors of the Resulting Issuer will be comprised of the following individuals:

Francisco Ortiz von Bismarck

Francisco Ortiz von Bismarck is an international entrepreneur and founder of Terrace, who brings extensive investment experience across Europe and South America. Mr. von Bismarck has founded several companies over the span of his career. In 2006, he co-founded the "Spanish Facebook", 'Tuenti', which was sold to Telefonica in 2010. Francisco holds a Bachelor Degree in Economics from Harvard University.

Vincent Gasparro

Vincent Gasparro has over eleven years of private equity experience. Mr. Gasparro has completed acquisitions in the manufacturing and retail sectors. Since June 2010 to April 2017, Mr. Gasparro has served as Managing Director at The Green Tomorrow Fund, where he has been investing in and financing renewable energy projects as well as revenue generating green businesses. Prior to that, Mr. Gasparro was a Senior Associate as Succession Capital Corp. Mr. Gasparro has a B.A. (Honours) from York University and an MBA from Villanova University.

Maxim Zavet

Max Zavet is a lawyer, entrepreneur, and prolific cannabis professional. As CEO of Robes Cannabis, Mr. Zavet has taken his entrepreneurial passion and love for the plant and transformed it into a business dedicated to helping others. Building upon his experience as a medical cannabis patient and as founding partner of Emblem Corp. Mr. Zavet is dedicated to cultivating the highest quality, unique cannabis products for both medical and recreational purposes. Mr. Zavet is Toronto-based and holds a J.D. from the University of Windsor Law School.

Dennis Mills

Mr. Mills was a director of Pacific Rubiales Energy Corp. and was Vice Chairman and Chief Executive Officer of MI Developments Inc. from 2004 to 2011, and a Vice President at Magna International from 1984 to 1987. Mr. Mills served as a Member of Parliament in Canada's federal parliament from 1988 to 2004. His positions in the federal parliament included: Parliamentary Secretary to the Minister of Industry (1993 to 1996). He is currently on the boards of Hut 8 Mining Corp. (TSXV – HUT) and CGX Energy Inc. (TSV – OYL).

ADDITIONAL TERMS

A comprehensive news release with further particulars relating to the Proposed Transaction, financial particulars, descriptions of the proposed management of the Resulting Issuer and QT Financing will follow in accordance with the policies of the Exchange.

All information contained in this news release with respect to Apolo and Terrace was supplied by the parties respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

The Apolo Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the Corporation's future plans and intentions, statements with respect to receipt of IRCCA approval, and statements with respect to the completion of the Proposed Transaction and the QT Financing, including the use of proceeds therefrom. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

For further information please contact:

Apolo II Acquisition Corp.
Vincent Gasparro, CEO and Director
Telephone: 416.361.3121

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

Categories: State

Spectrum Global Solutions Third Quarter 2018 Results Up Over 300% Year Over Year

Oil - 3 hours 15 min ago

LONGWOOD, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (the "Company"), reported financial results for the fiscal period ended September 30, 2018.

Roger Ponder, CEO of the Company stated, “Revenue was just under $10 million which reflects consistent growth in our AW Solutions and ADEX subsidiaries.  We also reported net income of over $400,000 for the period and earnings per share of .04 on a fully diluted basis.

Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions and ADEX subsidiaries, that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”

Financial Highlights:

Revenue was $9,671,990 compared to $2,336,376 for the same period in 2017.  Gross profit was $1,604,763 attributable to the subsidiaries acquired in April 2017 and February 2018. The Company had net  income attributable to common stockholders of $414,485 during the period ended September 30, 2018 compared to net income of $214,910 for the comparable period of 2017.  The decrease in net income loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended September 30, 2018 and 2017 are summarized as follows:

       Three Months Ended 
September 30, 2018 Three Months Ended 
September 30,2017Statement of Operations Data:        Revenues $9,671,990  $2,336,376 Gross profit  1,604,763   113,871 Operating expenses  1,912,215   891,222 Loss from operations  (307,452)  (777,351)Total other income (expense)   721,937   904,408 Net Income (loss) attributable to common stockholders  414,485   214,910                   Balance sheet data for period ended June 30, 2018:        Cash $301,080     Accounts receivable, net  8,022,749     Total current assets  8,339,955     Goodwill and intangible assets, net  3,854,971     Total assets  12,257,326              Total current liabilities  13,007,666     Derivative liabilities  5,932,5214     Stockholders' (deficit) equity  (6,682,861)             

About Spectrum Global Solutions, Inc.:

Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

CONTACT:
Investor Relations
Spectrum Global Solutions, Inc.
561-672-7068

Categories: State

PGS Sells OptoSeis® to Geospace Technologies

Oil - 3 hours 24 min ago

  

November 13, 2018: Oslo, Norway, PGS sells the fiber optic permanent reservoir monitoring solution, OptoSeis®, to Geospace Technologies.

Terms of the transaction include an initial cash payment at closing of $1.8 million and contingent cash payments of up to an additional $23.2 million over a five-and-a-half year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services utilizing the OptoSeis® fiber optic technology.

"After reorganizing during the fourth quarter 2017, we started exploring opportunities to divest our non-core OptoSeis® technology early 2018. I am pleased that Geospace will continue to offer this unique solution to clients. PGS looks forward to support and complement Geospace's offering with survey planning, imaging and acquisition services as and when required by their customers," says President & CEO Rune Olav Pedersen.

Pareto Securities acted as financial adviser to PGS in this transaction.

For details, contact:
Bård Stenberg, SVP IR & Communication
Mobile: +47 992 45 235

Petroleum Geo-Services ASA and its subsidiaries ("PGS" or "the Company") is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information on PGS visit www.pgs.com.

****

The information included herein contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to the demand for seismic services, the demand for data from our multi-client data library, the attractiveness of our technology, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions. For a further description of other relevant risk factors we refer to our Annual Report for 2017. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and PGS disclaims any and all liability in this respect.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

TransGlobe Energy Corporation: Holdings(s) in Company

Oil - 3 hours 28 min ago

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation ("TransGlobe" or the “Company”) understands that as of 31 October 2018, Janus Henderson Group PLC, Janus Henderson European Focus Fund and various funds, individuals and/or institutional clients of the foregoing (together, "Janus Henderson"), beneficially own an aggregate interest in 7,785,000 common shares of the Company, which represents approximately 10.8%1 of the issued and outstanding common shares of the Company.

The above information is based on the Company's understanding of Janus Henderson's 13G/A Securities and Exchange Commission filing, dated 8 November 2018.

For further information, please contact:                           Investor Relations             Telephone: 403.264.9888             Email: investor.relations@trans-globe.com             Web site:  http://www.trans-globe.com                           TransGlobe EnergyVia FTI Consulting            Ross Clarkson, Chief Executive Officerwww.trans-globe.com            Randy Neely, President             Eddie Ok, Chief Financial Officer                           Canaccord Genuity (Nomad & Joint Broker)+44 (0) 207 523 8000            Henry Fitzgerald-O'Connor             James Asensio                           GMP First Energy (Joint Broker)+44 (0) 207 448 0200            Jonathan Wright                           FTI Consulting (Financial PR)+44 (0) 203 727 1000            Ben Brewerton             Genevieve Ryantransglobeenergy@fticonsulting.com                          

____________________________

1 This percentage shareholding is based on a shares in issue figure of 72,205,369 common shares of TransGlobe.

PDF available: http://resource.globenewswire.com/Resource/Download/a2f9b633-4768-4f18-95ff-360566254750

Categories: State

Greenbelt Initiates CBE Project to Produce Bioethanol for CBD Extraction

Oil - 3 hours 31 min ago

“California BioEthanol (CBE) Project” designed to produce a highly sustainable ethanol

To Receive TEXT ALERTS On Greenbelt Resources TEXT "GRCO" To 522-36

PASO ROBLES, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt) has announced commencing Phase 1 of the “California BioEthanol Project,” a three-phased initiative to convert Greenbelt’s Commercial Scale Testing Facility into a commercial-scale production biorefinery. Upon Phase 1 completion, the biorefinery will produce approximately 1.37 million pounds of protein concentrate and 75,000 gallons per year of bioethanol.  Announced earlier this year, the total estimated investment for the California BioEthanol Project is $3.25 million. 

“The demands of the extraction industry for bioethanol, particularly in California, are now undeniable,” says Darren Eng, Greenbelt’s CEO. “Greenbelt has become a preferred premium source because our proprietary ECOsystem model is founded on a community-scale concept that’s even more environmentally friendly than organic.  We transform unintended food waste from local businesses, such as breweries and wineries, and produce bioproducts, such as amino acid rich protein concentrates to be sold to local animal producers and bioethanol to be sold to the local cannabis industry for use in extraction.”

Eng estimates the production facility will begin generating sales within the first eight weeks of commissioning.  Phase 2 will add a second production system followed by Phase 3 that will expand the production capacity of Phase 1 and reduce cost of per gallon production.  Phase 3 will more than double the bioethanol production to 200,000 gallons per year.

Already, industry demand has opened discussions about installing Greenbelt ECOsystem community scaled systems all around the country starting with key areas of demand in California and Colorado, but also in the northeast and the south, where the CBD industry is exploding.

California’s cannabis industry alone is projected to be over $10.0 billion annually by Arcview Market Research and author Kenneth Morrow in The Extraction Evolution writes that 90 percent of all cannabis produced and sold in the future will be processed and extracted.  

About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of sustainable energy production systems focused on delivering modular solutions that enable the localized processing of locally generated waste into locally consumed products. Greenbelt designs, develops and implements technology that makes the production of advanced biofuel reliable, practical and efficient. Controlled by proprietary automated controls, Greenbelt’s small-scale, end-to-end modular systems convert food, beverage and other cellulosic wastes into commercially viable advanced biofuels (bio-ethanol), animal feed, fertilizer and filtered water. For more information visit www.greenbeltresources.com.

Forward-Looking Statements & Safe Harbor
This document includes certain statements, predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the supply and demand for biofuels, our ability to remain technologically competitive and other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices.

Contact:
Darren Eng, CEO
Greenbelt Resources Corporation
888-995-GRCO (4726 x 101) 
darren@greenbeltresources.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f39bc9c2-9945-4569-8b5b-c86a868d1e4f.

Categories: State

Joint Ventures are Leading the Cannabis Beverage Space into the Future; Sproutly Canada (CSE: SPR) (OTCQB: SRUTF), Hexo Corp., Canopy Growth

Recreation - 3 hours 31 min ago

POINT ROBERTS, Wash., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks releases a sector snapshot with a focus on the recent JV’’s (joint ventures) and investments in the cannabis infused beverage market.

Why the urgency to invest and partner in the space? Multiple sources including Business Insider quoted recent market projections from Canaccord Genuity reporting,” Marijuana-infused beverages could become a $600 million market in the US in the next four years and big beverage makers are looking to take advantage of that opportunity.”

“Revenue from cannabis beverages could outpace the general demand for cannabis products by over two times, capturing 20% of the market for marijuana edibles by 2022, according to the analysts.”

Most recent JV news hitting the sector; Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF)  (FRA: 38G) just announced that it has entered into a letter of intent with Global Canna Labs Limited, the Caribbean’s largest medical cannabis producer, to establish a joint venture for the purpose of developing, producing, distributing, marketing and selling cannabis infused beverages, edibles and topical products derived from Sproutly’s fully licensed, APP Technology.

From the news: “Partnering with Global Canna Labs on this joint venture allows Sproutly to expand its business outside of Canada with a leading, low cost cannabis cultivator in Jamaica that has proven distribution in across the Caribbean and expanding into the European Union,” said Keith Dolo, Chief Executive Officer and Director of Sproutly. “This partnership will enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction.”

Continued: “Paul Glavine, Chief Executive Officer of Global Canna Labs said, “We are eager to roll out this partnership with Sproutly on their APP technology. We have explored a number of options regarding extraction and cannabis technology solutions for beverage and derivative products – APP Technology is in our view the superior choice for beverage formulations.  With our current supply and expansion plans to over 1 million square feet of cultivation, we see this partnership with Sproutly as a step towards utilization of our large-scale production towards a finished-product strategy.”

In early October, a substantial JV cannabis beverage announcement came from Molson Coors Canada (MCC), the Canadian business unit of Molson Coors Brewing Company, and HEXO Corp. (TSX: HEXO) (OTC:HYYDF). They reported the formation of a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization. 

The joint venture, Truss, is led by former Molson Coors executive, Brett Vye, in the role of Chief Executive Officer. Vye reports to the Truss board of directors consisting of three members appointed by MCC and two members appointed by HEXO. 

Mark Hunter, President and CEO of Molson Coors was quoted in an article earlier this month saying “clearly there are lots of numbers being bandied around with regard to the potential size of the cannabis market in Canada.” He went on to say, “I think, if you take the average, then it suggests that the market may be somewhere between $7 billion and $10 billion in market value, with beverages somewhere between 20% and 30%, and that’s obviously non-alcoholic cannabis infused beverages. Even if you take the low end of that estimate, then it suggests that the beverages segment could be circa $1.5 billion of value. We’re well placed to take a meaningful share of that segment.”

Not only are many companies looking to be the first to the beverage market, whether locally or internationally, but the consumer demand seems to be pushing that direction as well.

According to one survey, “76% of US and Canadian’s surveyed said they would use legal cannabis-infused products for therapeutic reasons, with nearly a quarter indicating that they'd try recreational cannabis via skincare products like lotions, creams and lip balms. 41% of the participants said they'd be more likely to try recreational cannabis through food, slightly higher than the 39% of those surveyed who said they would smoke it.”

There has been heavy investment into this concept, the largest example being the $5 Billion CAD [$4 Billion USD] investment from Constellation Brands into Canopy Growth Corp. (NYSE:CGC) (TSX:WEED), though speculation continues around Coca Cola’s interest in the Cannabis sector.

In a recent CBC article, Bruce Linton, the founder and co-CEO of Canopy Growth said ”new products developed by Tweed represent the next big opportunity.”

Continued: "I think if you're not preparing things two years in advance, you're never ready," he said. "Right now, none of the chocolate or gummy bears or beverages can be prepared or sold, but we're doing experiments on how to make them."

Walmart, much like Coca Cola, according New Frontier Data “has also led some investigation into the cannabis market for although Walmart does not sell CBD products, it does sell a variety of hemp-derived products; such as hemp oil, hemp soap, and hemp fiber.”

Continued: “At present, none of these large hemp companies sell CBD-related products, but look for some of them to start in 2019 as several leading brands look to expand their product offering into hemp-derived CBD to capitalize on mass market distribution opportunities. For now, all eyes are on the Farm Bill and FDA to give mass markets retailers, like Walmart, the green light to begin selling hemp products with CBD.”

As countries race to allow new legalization for cannabis, companies in the sector continue to push to be leading innovators. The next year offers the potential  passing of the 2018 Farm Bill as well as the legalization of edibles  and beverages  in Canada on October 2019, which could see consumers very close to their first ‘cannabeverage’.

Investors can expect to see more money flow and JV’s as the sector ramps up.

Investor Ideas stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks

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Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp. Disclosure: this article featuring   Sproutly (SPR: CSE / SRUTF: OTCQB) is a paid for article at Investorideas.com – learn more about costs and services https://www.investorideas.com/News-Upload/  

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Categories: State

Washington Trust Provides $1.1 Million in Financing for Construction of a Dollar General Store in Morris, CT

Banking - 3 hours 31 min ago

MORRIS, Conn., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Washington Trust’s Commercial Real Estate Group recently provided $1.1 million in financing to MCG Morris, LLC, for the construction of a Dollar General Store in Morris, Connecticut. Located at 16 West Street in Morris, the new retail property includes 7,544 square feet of space on a 1.33 acre parcel. Dollar General was founded in 1939 and operates more than 13,600 stores across 44 states.

“Our client has a talent for finding strategic locations for the  Dollar General locations that they build - filling a real niche in the community,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “We are very pleased to be a partner in this venture.” 

MCG Morris, LLC, is a single owner limited liability company.

Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Mary Ettinger, Vice President, Commercial Real Estate Group, at 401-348-1415 or 1-800-475-2265 ext. 1415.

ABOUT WASHINGTON TRUST®
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.

MEDIA CONTACT: Tony Nunes
Public Relations 
401.348.1657
ajnunes@washtrust.com
Categories: State

BW Offshore: Invitation to Q3 2018 Presentation 20 November

Oil - 4 hours 13 min ago

BW Offshore will release its Q3 2018 results on Tuesday 20 November at 07:30 (CET). The company will host a presentation of the financial results 09:00 (CET) the same day at Hotel Continental in Oslo, Norway. The presentation will be given by CEO Carl K. Arnet and CFO Knut R. Sæthre.

The presentation will be broadcasted via webcast and will also be available for replay. Please visit www.bwoffshore.com for details.

For further information, please contact:
IR@bwoffshore.com

About BW Offshore:
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.


Further information is available on www.bwoffshore.com


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

Martin Midstream Partners L.P. Announces Participation in the RBC Capital Markets’ Midstream Conference

Oil - 4 hours 30 min ago

KILGORE, Texas, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today that members of executive management will participate in the 2018 RBC Capital Markets’ Midstream Conference on November 13-14, 2018, in Dallas, Texas. A copy of the Partnership’s presentation will be available by visiting the Partnership’s website at www.martinmidstream.com.

About Martin Midstream Partners

Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region.  The Partnership's primary business lines include: (1) natural gas liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.

Additional information concerning Martin Midstream is available on its website at www.martinmidstream.com, or

Sharon Taylor, Director of Investor Relations
(877) 256-6644

Categories: State

Tecogen Announces Third Quarter 2018 Results

Oil - 4 hours 31 min ago

Reporting a 14% increase in Product Sales

WALTHAM, Mass., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Tecogen® Inc. (NASDAQ:TGEN), a leading manufacturer of clean energy products which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, reported revenues of $7,938,684 for the quarter ended September 30, 2018 compared to $8,501,198 for the same period in 2017, a 6.6% decline in top line revenue. Energy production revenue from the sites of our wholly-owned subsidiary, American DG Energy, contributed $1,459,820 in revenue to the quarterly result. Consolidated gross profit for the third quarter of 2018 was $2,883,098 compared to $3,258,031 in the third quarter of 2017, a decrease of 11.5% in overall gross profit year over year.

Revenue results were highlighted by growth in product sales of 14.0%, helped by significant progress in our chiller sales segment. Total services related revenues for the third quarter of 2018 declined by 17.8% over the prior year period, primarily due to decreased installation activity.

The third quarter saw a decline in cogeneration sales as more attention is focused on rapidly growing market segments for our gas engine chiller products. We are currently expanding our gas chiller line with an ammonia-based refrigeration product called TecoFrost used for industrial cooling applications such as cold storage and ice production. We anticipate reaching market with TecoFrost production in early 2019.

Product gross margin improved to 38.7% for the third quarter of 2018 compared to 36.6% for the same period in 2017. Combined products and services gross margin remained level at 35% for the third quarters of both 2018 and 2017. Overall gross margin for the quarter was 36.3% compared to 38.3% in the third quarter of 2017, within management's targeted 35-40% gross margin range.

Adjusted non-GAAP EBITDA(1), excluding the unrealized gain or loss on EuroSite Power Inc.'s shares owned by American DG Energy, stock-compensation expense and merger related expenses, was negative $258,655 for the third quarter of 2018 versus positive $295,755 for the third quarter of 2017, a difference of $554,410. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on equity securities and merger related expenses. See table following the statements of operations for a reconciliation from net income (loss) to Adjusted EBITDA as well as important disclosures about the company's use of Adjusted EBITDA).

On a combined basis, operating expenses increased to $3,445,410 for the third quarter 2018 from $3,172,492 in the third quarter of 2017. An increase in research and development expenses of 16.3% to $281,094, and selling expenses which rose 15.6% to $581,716, along with an increase in G&A costs, accounted for this increase.

The increased expenses for the quarter are partially attributable to the Company’s investment in the future through research and development, as discussed in the "Emissions Technology" section below and selling activities with such expenses increasing year over year. We have also realized an increase in general and administrative expenses of year over year.

Loss from operations was $562,312 compared to income of $85,539 in the prior year comparable period. Similarly, net loss attributable to the Company for the quarter was $603,037 compared to comprehensive income for the quarter ended September 30, 2017 of $66,572, a difference of $669,609.

“While we are disappointed with the drop in overall revenues, the third quarter saw a lot of progress in terms of positioning the company for future growth,” commented Benjamin Locke, CEO.  “Our increase in product sales is due to our focused sales activity around our exclusive gas engine cooling systems, and in October we announced a plan for continued development of our Ultera emissions system with our forklift partner, Mitsubishi Caterpillar Forklift America Inc.  We expect product sales and overall revenues in our core business to rebound as we execute on our plans to expand our chiller product line, and we anticipate initiating a fleet retrofit project with our forklift partner in 2019.”

Backlog of products and installations was $15.7 million as of the end of the third quarter of 2018 and stood at $20.2 million as of November 9, 2018. Given the importance of our growing chiller sales segment, we are pleased to announce our chiller backlog was $6.3 million of product as of November 9, 2018, all of which is expected to ship by mid-2019.

Major Highlights:

Financial

  • As of the end of Q3 2018, on a trailing four quarters basis, revenue was $37 million showing revenue growth of 23% year over year and gross profit was $13.7 million.

  • Product revenue for the third quarter increased by 14% over the third quarter of 2017, with chiller product sales increasing by 89%, to $1,101,216 for the third quarter of 2018 compared to $583,431 for the same period in 2017, underscoring the growing interest in our chiller products.  Revenue from services and energy production declined by 17.8% and 6.2% respectively during the third quarter of 2018 compared to the third quarter of 2017.

  • Overall gross margin was 36.3% for the third quarter of 2018 compared to 38.3% for the third quarter of 2017, resulting from the combination of an increase in product gross margin, and decreases in gross margins for services and energy production.

  • Product gross margin was 38.7% for the third quarter of 2018 compared to 36.6% for the third quarter of 2017. Product gross margin was primarily helped by the materials and supplier arrangements put in place in previous quarters.

  • Service gross margin declined to 32.2% in the third quarter of 2018 compared to 34.0% for the third quarter of 2017. Service gross margin is impacted by margins realized on installation projects.

  • Energy production gross margin for the third quarter of 2018 was 42.3% compared with the previous year's third quarter, which was an exceptionally strong 53.5% due to a one-time incentive payment received in the third quarter of 2017. The margin for the third quarter of 2018 is consistent with management's expectations.

  • Net loss attributable to Tecogen for the three months ended September 30, 2018 was $603,037 compared to income of $27,211 for the same period in 2017 and comprehensive income of $66,572 for the same period in 2017.

  • Net loss per share was $0.02 for the three months ended September 30, 2018 and $0.00 for the comparative period in 2017.

  • Current assets at quarter end of $22,925,281 were more than twice current liabilities of $11,340,611. Current liabilities as of September 30, 2018 included $1,708,888 of short-term debt on the Company's revolving line of credit.

Sales & Operations

  • Product revenues increased 14.0% from the same period in 2017 primarily due to a continued high demand for our gas fired chillers.

  • First nine months of 2018 chiller sales increased 77.3% over the first nine months of 2017 and current chiller backlog increased to $6.3 million.

  • Advanced discussions with production partner to re-launch TecoFrost to meet the growing demand for natural gas cooling using ammonia refrigerants for cold storage and other premium chiller applications.

  • Received order to replace outdated TecoChill system at University of Connecticut with 4-400 ton system ensuring continued long-term service revenues with the University.

  • Current sales backlog of equipment and installations as of November 9, 2018 is $20.2 million, driven by strong traction in both the InVerde and TecoChill product lines, as well as installation services.  As of September 30, 2018, the backlog was $15.7 million compared to $14.5 million as of September 30, 2017, showing a sustainable backlog at this level.

Emissions Technology

  • Presented scientific paper on forklift truck program results at the World LPG Forum to an international audience of propane industry executives.  Presentation described successful emissions reductions on a forklift provided by manufacturing partner, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a leading manufacturer of forklift trucks, supplying a full line throughout North, South and Central America.

  • Developing next phase development program with MCFA that includes incorporating alternative engine control software for optimizing conditions for the Ultera process. The test software, under development by MCFA in Japan, is expected to lead to additional emission reductions on the forklift prototype at Tecogen,  after which it will be returned to MCFA in Houston for additional testing.

  • Provided a proposal to the Propane Education and Research Council (PERC), to provide funding for next phase to support the ongoing MCFA development tasks.

  • Third party compliance testing was completed for most of the Ultera-equipped generators located in Southern California (one remains to be tested). All were found compliant, meeting the final requirement for their air permits. Ultera kits we sold to this customer for retrofit into their onsite natural gas generators to allow the generators to be permitted for continuous operation resulted in the first natural gas engines permitted to these levels - which we believe to be the strictest in existence - without hourly restriction or special exemption.

  • Continuing development work for on-road mobile applications of Ultera under company funded subcontract to a highly-respected, independent institution that specializes in powertrain research.  The research focused on a specialized catalyst formulation expected to promote improved removal of the major categories of criteria pollutants (NOx, CO and hydrocarbons). We are currently discussing the specific formulation with a researcher having the ability to produce a test sample.

Commenting on the progress of the Ultera technology platform, Robert Panora, President and COO noted, “The successful implementation of our Ultera emissions technology on a commercial forklift truck provided by the manufacturing sponsor, MCFA, validates key components of the Ultera system.  Importantly, the results are directly translatable to our effort to develop Ultera for automotive applications. We are excited with our progress this quarter.”

Conference Call Scheduled for Today at 11:00 am ET

Tecogen will host a conference call today to discuss the third quarter results beginning at 11:00 am eastern time.  To listen to the call dial (877) 407-7186 within the U.S. and Canada, or (201) 689-8052 from other international locations.  Participants should ask to be joined to the Tecogen third quarter 2018 earnings call.  Please begin dialing 10 minutes before the scheduled starting time.  The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/financial-results.  Following the call, the webcast will be archived for 30 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call through November 27, 2018.  To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,000 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde, e+, Ilios, Tecochill, and Ultera are registered or pending trademarks of Tecogen Inc.

Forward Looking Statements

This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan,"  "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation.  We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information: 

Benjamin Locke
P: 781-466-6402
E: Benjamin.Locke@tecogen.com

  TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)  September 30, 2018 December 31, 2017ASSETS   Current assets:   Cash and cash equivalents$136,717  $1,673,072 Accounts receivable, net11,548,663  9,536,673 Unbilled revenue4,441,565  3,963,133 Inventory, net5,983,067  5,130,805 Due from related party—  585,492 Prepaid and other current assets815,269  771,526 Total current assets22,925,281  21,660,701 Property, plant and equipment, net11,107,509  12,265,711 Intangible assets, net2,935,279  2,896,458 Goodwill13,365,655  13,365,655 Other assets427,810  482,551 TOTAL ASSETS$50,761,534  $50,671,076     LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Revolving line of credit, bank$1,708,888  $— Accounts payable5,716,426  5,095,285 Accrued expenses2,196,921  1,416,976 Deferred revenue1,718,376  1,293,638 Loan due to related party—  850,000 Interest payable, related party—  52,265 Total current liabilities11,340,611  8,708,164 Long-term liabilities:   Deferred revenue, net of current portion343,031  538,100 Unfavorable contract liability, net6,534,074  7,729,667 Total liabilities18,217,716  16,975,931     Commitments and contingencies (Note 10)       Stockholders’ equity:   Tecogen Inc. stockholders’ equity:   Common stock, $0.001 par value; 100,000,000 shares authorized;
24,819,646 and 24,766,892 issued and outstanding at September
30, 2018 and December 31, 2017, respectively24,819  24,767 Additional paid-in capital56,371,583  56,176,330 Accumulated other comprehensive loss-investment securities—  (165,317)Accumulated deficit(24,298,191) (22,796,246)Total Tecogen Inc. stockholders’ equity32,098,211  33,239,534 Noncontrolling interest445,607  455,611 Total stockholders’ equity32,543,818  33,695,145 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$50,761,534  $50,671,076  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)  Three Months Ended September 30, 2018 September 30, 2017Revenues   Products$2,765,094  $2,425,616 Services3,713,770  4,519,467 Energy production1,459,820  1,556,115 Total revenues7,938,684  8,501,198 Cost of sales   Products1,695,347  1,538,515 Services2,517,210  2,981,454 Energy production843,029  723,198 Total cost of sales5,055,586  5,243,167 Gross profit2,883,098  3,258,031 Operating expenses   General and administrative2,582,600  2,427,352 Selling581,716  503,415 Research and development281,094  241,725 Total operating expenses3,445,410  3,172,492 Income (loss) from operations(562,312) 85,539 Other income (expense)   Interest income and other expense, net4,168  14,849 Interest expense(33,380) (45,242)Unrealized gain on investment securities19,681  — Total other expense, net(9,531) (30,393)Income (loss) before provision for state income taxes(571,843) 55,146 Provision for state income taxes3,815  — Consolidated net income (loss)(575,658) 55,146 Income attributable to the noncontrolling interest(27,379) (27,935)Net income (loss) attributable to Tecogen Inc.$(603,037) 27,211 Other comprehensive income - unrealized gain on securities  39,361 Comprehensive income  $66,572     Net loss per share - basic and diluted$(0.02) $0.00 Weighted average shares outstanding - basic24,819,056  24,720,613 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(603,037) $27,211 Interest & other expense, net9,531  30,393 Income taxes3,815  — Depreciation & amortization, net199,938  160,061 EBITDA(389,753) 217,665 Stock based compensation55,330  40,645 Merger related expenses75,768  37,445 Adjusted EBITDA$(258,655) $295,755  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017Revenues   Products$8,922,257  $8,349,159 Services12,894,439  12,259,037 Energy production4,750,580  2,330,307 Total revenues26,567,276  22,938,503 Cost of sales   Products5,596,272  5,261,245 Services8,262,104  7,464,193 Energy production2,828,405  1,053,741 Total cost of sales16,686,781  13,779,179 Gross profit9,880,495  9,159,324 Operating expenses   General and administrative8,122,856  7,042,500 Selling1,892,229  1,558,378 Research and development993,102  641,064 Total operating expenses11,008,187  9,241,942 Loss from operations(1,127,692) (82,618)Other income (expense)   Interest and other income7,926  21,033 Interest expense(56,195) (115,026)Unrealized loss on investment securities(59,042) — Total other expense, net(107,311) (93,993)Loss before provision for state income taxes(1,235,003) (176,611)Provision for state income taxes3,815  — Consolidated net loss(1,277,682) (176,611)Income attributable to the noncontrolling interest(58,946) (44,933)Net loss attributable to Tecogen Inc.$(1,336,628) (221,544)Other comprehensive loss - unrealized loss on securities  (184,998)Comprehensive loss  $(406,542)    Net loss per share - basic and diluted$(0.05) $(0.01)Weighted average shares outstanding - basic and diluted24,813,936  22,643,406 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(1,336,628) $(221,544)Interest & other expense, net107,311  93,993 Depreciation & amortization, net586,188  402,939 EBITDA(600,450) 275,388 Stock based compensation133,808  138,329 Merger related expenses181,935  156,298 Adjusted EBITDA$(284,707) $570,015  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017CASH FLOWS FROM OPERATING ACTIVITIES:   Consolidated net loss$(1,277,682) $(176,611)Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation, accretion and amortization, net586,188  402,939 Gain on contract termination(124,732) — Provision on inventory reserve1,000  43,609 Stock-based compensation133,808  138,329 Non-cash interest expense—  577 Loss on sale of assets13,343  2,909 Provision for losses on accounts receivable4,395  8,000 Changes in operating assets and liabilities, net of effects of acquisitions   (Increase) decrease in:   Accounts receivable(1,840,150) (1,908,655)Unbilled revenue(245,892) (776,365)Inventory, net(853,262) (1,279,847)Due from related party585,492  (236,971)Prepaid expenses and other current assets(43,743) (18,673)Other non-current assets54,741  (32,251)Increase (decrease) in:   Accounts payable(262,925) 1,641,206 Accrued expenses and other current liabilities779,945  (233,824)Deferred revenue185,059  407,379 Interest payable, related party(52,265) 21,378 Net cash used in operating activities(2,356,680) (1,996,871)CASH FLOWS FROM INVESTING ACTIVITIES:   Purchases of property and equipment(273,814) (315,205)Proceeds from sale of assets3,606  — Purchases of intangible assets(203,648) (34,551)Cash acquired in asset acquisition442,746  971,454 Expenses associated with asset acquisition(900) — Payment of stock issuance costs(908) (367,101)Distributions to noncontrolling interest(68,950) (31,362)Net cash provided by (used in) investing activities(101,868) 223,235 CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from revolving line of credit12,550,590  — Payments on revolving line of credit(10,696,691) — Payments for debt issuance costs(145,011) — Proceeds from the exercise of stock options63,305  128,918 Payment on loan due to related party(850,000) — Net cash provided by financing activities922,193  128,918 Change in cash and cash equivalents(1,536,355) (1,644,718)Cash and cash equivalents, beginning of the period1,673,072  3,721,765 Cash and cash equivalents, end of the period$136,717  $2,077,047     Supplemental disclosures of cash flows information:   Cash paid for interest$112,460  $95,550 Cash paid for taxes$44,864  $— Issuance of stock to acquire American DG Energy$—  $18,745,007 Issuance of Tecogen stock options in exchange for American DG Energy options$—  $114,896 

(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, depreciation and amortization, stock based compensation expense, unrealized gain or loss on investment securities and merger related expenses), which is a non-GAAP measure.  The Company believes EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Categories: State

XsunX Ending 2018 with Multiple Projects in Its Design and Construction Portfolio

Oil - 4 hours 31 min ago

Company Sees Project Flow Steadily Increase as Interest from Commercial Facilities Continues to Grow  

ALISO VIEJO, CA, Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- XsunX, Inc. (OTC: XSNX), a leading solar and energy saving technologies provider, today announced that the Company is enjoying a strong end to 2018 with multiple commercial rooftops, and 33 carports underway.

The Company recently outlined how the California utility rate increase, which is scheduled to go into effect in March of 2019, has resulted in an increase of commercial system quote requests being fielded by XsunX. Because of the overall interest, the Company has also seen an increase in project starts in its year end project portfolio.

“We have always felt that with our development of expertise in servicing the commercial and industrial sector with multiple technologies offered us the greatest future growth potential,” stated Tom Djokovich, CEO of XsunX, Inc.  “So, as the cost for utility provided electrical power has soared, it appears that an increasing number of businesses are getting serious about investing in energy saving technologies and, are turning to XsunX for solutions,” concluded Mr. Djokovich.

About XsunX:  XsunX specializes in the sale, design, and installation of solar photovoltaic power generation (PV), energy storage, and energy efficiency technologies to provide our clients long term savings, predictability, and control of their energy costs. Making solar energy a sound investment for our clients is our mission.

For more information, please visit the Company's website at www.xsunx.com, or to learn more about the benefits of solar energy for your business or home schedule a free PV project assessment.

Safe Harbor Statement: Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein, are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. 

CONTACT: Contact: Tom Djokovich, President and CEO - 888-797-4527 or email: info@xsunx.com
Categories: State

Tecogen Announces Third Quarter 2018 Results

Recreation - 4 hours 31 min ago

Reporting a 14% increase in Product Sales

WALTHAM, Mass., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Tecogen® Inc. (NASDAQ:TGEN), a leading manufacturer of clean energy products which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, reported revenues of $7,938,684 for the quarter ended September 30, 2018 compared to $8,501,198 for the same period in 2017, a 6.6% decline in top line revenue. Energy production revenue from the sites of our wholly-owned subsidiary, American DG Energy, contributed $1,459,820 in revenue to the quarterly result. Consolidated gross profit for the third quarter of 2018 was $2,883,098 compared to $3,258,031 in the third quarter of 2017, a decrease of 11.5% in overall gross profit year over year.

Revenue results were highlighted by growth in product sales of 14.0%, helped by significant progress in our chiller sales segment. Total services related revenues for the third quarter of 2018 declined by 17.8% over the prior year period, primarily due to decreased installation activity.

The third quarter saw a decline in cogeneration sales as more attention is focused on rapidly growing market segments for our gas engine chiller products. We are currently expanding our gas chiller line with an ammonia-based refrigeration product called TecoFrost used for industrial cooling applications such as cold storage and ice production. We anticipate reaching market with TecoFrost production in early 2019.

Product gross margin improved to 38.7% for the third quarter of 2018 compared to 36.6% for the same period in 2017. Combined products and services gross margin remained level at 35% for the third quarters of both 2018 and 2017. Overall gross margin for the quarter was 36.3% compared to 38.3% in the third quarter of 2017, within management's targeted 35-40% gross margin range.

Adjusted non-GAAP EBITDA(1), excluding the unrealized gain or loss on EuroSite Power Inc.'s shares owned by American DG Energy, stock-compensation expense and merger related expenses, was negative $258,655 for the third quarter of 2018 versus positive $295,755 for the third quarter of 2017, a difference of $554,410. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on equity securities and merger related expenses. See table following the statements of operations for a reconciliation from net income (loss) to Adjusted EBITDA as well as important disclosures about the company's use of Adjusted EBITDA).

On a combined basis, operating expenses increased to $3,445,410 for the third quarter 2018 from $3,172,492 in the third quarter of 2017. An increase in research and development expenses of 16.3% to $281,094, and selling expenses which rose 15.6% to $581,716, along with an increase in G&A costs, accounted for this increase.

The increased expenses for the quarter are partially attributable to the Company’s investment in the future through research and development, as discussed in the "Emissions Technology" section below and selling activities with such expenses increasing year over year. We have also realized an increase in general and administrative expenses of year over year.

Loss from operations was $562,312 compared to income of $85,539 in the prior year comparable period. Similarly, net loss attributable to the Company for the quarter was $603,037 compared to comprehensive income for the quarter ended September 30, 2017 of $66,572, a difference of $669,609.

“While we are disappointed with the drop in overall revenues, the third quarter saw a lot of progress in terms of positioning the company for future growth,” commented Benjamin Locke, CEO.  “Our increase in product sales is due to our focused sales activity around our exclusive gas engine cooling systems, and in October we announced a plan for continued development of our Ultera emissions system with our forklift partner, Mitsubishi Caterpillar Forklift America Inc.  We expect product sales and overall revenues in our core business to rebound as we execute on our plans to expand our chiller product line, and we anticipate initiating a fleet retrofit project with our forklift partner in 2019.”

Backlog of products and installations was $15.7 million as of the end of the third quarter of 2018 and stood at $20.2 million as of November 9, 2018. Given the importance of our growing chiller sales segment, we are pleased to announce our chiller backlog was $6.3 million of product as of November 9, 2018, all of which is expected to ship by mid-2019.

Major Highlights:

Financial

  • As of the end of Q3 2018, on a trailing four quarters basis, revenue was $37 million showing revenue growth of 23% year over year and gross profit was $13.7 million.

  • Product revenue for the third quarter increased by 14% over the third quarter of 2017, with chiller product sales increasing by 89%, to $1,101,216 for the third quarter of 2018 compared to $583,431 for the same period in 2017, underscoring the growing interest in our chiller products.  Revenue from services and energy production declined by 17.8% and 6.2% respectively during the third quarter of 2018 compared to the third quarter of 2017.

  • Overall gross margin was 36.3% for the third quarter of 2018 compared to 38.3% for the third quarter of 2017, resulting from the combination of an increase in product gross margin, and decreases in gross margins for services and energy production.

  • Product gross margin was 38.7% for the third quarter of 2018 compared to 36.6% for the third quarter of 2017. Product gross margin was primarily helped by the materials and supplier arrangements put in place in previous quarters.

  • Service gross margin declined to 32.2% in the third quarter of 2018 compared to 34.0% for the third quarter of 2017. Service gross margin is impacted by margins realized on installation projects.

  • Energy production gross margin for the third quarter of 2018 was 42.3% compared with the previous year's third quarter, which was an exceptionally strong 53.5% due to a one-time incentive payment received in the third quarter of 2017. The margin for the third quarter of 2018 is consistent with management's expectations.

  • Net loss attributable to Tecogen for the three months ended September 30, 2018 was $603,037 compared to income of $27,211 for the same period in 2017 and comprehensive income of $66,572 for the same period in 2017.

  • Net loss per share was $0.02 for the three months ended September 30, 2018 and $0.00 for the comparative period in 2017.

  • Current assets at quarter end of $22,925,281 were more than twice current liabilities of $11,340,611. Current liabilities as of September 30, 2018 included $1,708,888 of short-term debt on the Company's revolving line of credit.

Sales & Operations

  • Product revenues increased 14.0% from the same period in 2017 primarily due to a continued high demand for our gas fired chillers.

  • First nine months of 2018 chiller sales increased 77.3% over the first nine months of 2017 and current chiller backlog increased to $6.3 million.

  • Advanced discussions with production partner to re-launch TecoFrost to meet the growing demand for natural gas cooling using ammonia refrigerants for cold storage and other premium chiller applications.

  • Received order to replace outdated TecoChill system at University of Connecticut with 4-400 ton system ensuring continued long-term service revenues with the University.

  • Current sales backlog of equipment and installations as of November 9, 2018 is $20.2 million, driven by strong traction in both the InVerde and TecoChill product lines, as well as installation services.  As of September 30, 2018, the backlog was $15.7 million compared to $14.5 million as of September 30, 2017, showing a sustainable backlog at this level.

Emissions Technology

  • Presented scientific paper on forklift truck program results at the World LPG Forum to an international audience of propane industry executives.  Presentation described successful emissions reductions on a forklift provided by manufacturing partner, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a leading manufacturer of forklift trucks, supplying a full line throughout North, South and Central America.

  • Developing next phase development program with MCFA that includes incorporating alternative engine control software for optimizing conditions for the Ultera process. The test software, under development by MCFA in Japan, is expected to lead to additional emission reductions on the forklift prototype at Tecogen,  after which it will be returned to MCFA in Houston for additional testing.

  • Provided a proposal to the Propane Education and Research Council (PERC), to provide funding for next phase to support the ongoing MCFA development tasks.

  • Third party compliance testing was completed for most of the Ultera-equipped generators located in Southern California (one remains to be tested). All were found compliant, meeting the final requirement for their air permits. Ultera kits we sold to this customer for retrofit into their onsite natural gas generators to allow the generators to be permitted for continuous operation resulted in the first natural gas engines permitted to these levels - which we believe to be the strictest in existence - without hourly restriction or special exemption.

  • Continuing development work for on-road mobile applications of Ultera under company funded subcontract to a highly-respected, independent institution that specializes in powertrain research.  The research focused on a specialized catalyst formulation expected to promote improved removal of the major categories of criteria pollutants (NOx, CO and hydrocarbons). We are currently discussing the specific formulation with a researcher having the ability to produce a test sample.

Commenting on the progress of the Ultera technology platform, Robert Panora, President and COO noted, “The successful implementation of our Ultera emissions technology on a commercial forklift truck provided by the manufacturing sponsor, MCFA, validates key components of the Ultera system.  Importantly, the results are directly translatable to our effort to develop Ultera for automotive applications. We are excited with our progress this quarter.”

Conference Call Scheduled for Today at 11:00 am ET

Tecogen will host a conference call today to discuss the third quarter results beginning at 11:00 am eastern time.  To listen to the call dial (877) 407-7186 within the U.S. and Canada, or (201) 689-8052 from other international locations.  Participants should ask to be joined to the Tecogen third quarter 2018 earnings call.  Please begin dialing 10 minutes before the scheduled starting time.  The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/financial-results.  Following the call, the webcast will be archived for 30 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call through November 27, 2018.  To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,000 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde, e+, Ilios, Tecochill, and Ultera are registered or pending trademarks of Tecogen Inc.

Forward Looking Statements

This press release and any accompanying documents, contain “forward-looking statements” which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan,"  "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation.  We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information: 

Benjamin Locke
P: 781-466-6402
E: Benjamin.Locke@tecogen.com

  TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)  September 30, 2018 December 31, 2017ASSETS   Current assets:   Cash and cash equivalents$136,717  $1,673,072 Accounts receivable, net11,548,663  9,536,673 Unbilled revenue4,441,565  3,963,133 Inventory, net5,983,067  5,130,805 Due from related party—  585,492 Prepaid and other current assets815,269  771,526 Total current assets22,925,281  21,660,701 Property, plant and equipment, net11,107,509  12,265,711 Intangible assets, net2,935,279  2,896,458 Goodwill13,365,655  13,365,655 Other assets427,810  482,551 TOTAL ASSETS$50,761,534  $50,671,076     LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Revolving line of credit, bank$1,708,888  $— Accounts payable5,716,426  5,095,285 Accrued expenses2,196,921  1,416,976 Deferred revenue1,718,376  1,293,638 Loan due to related party—  850,000 Interest payable, related party—  52,265 Total current liabilities11,340,611  8,708,164 Long-term liabilities:   Deferred revenue, net of current portion343,031  538,100 Unfavorable contract liability, net6,534,074  7,729,667 Total liabilities18,217,716  16,975,931     Commitments and contingencies (Note 10)       Stockholders’ equity:   Tecogen Inc. stockholders’ equity:   Common stock, $0.001 par value; 100,000,000 shares authorized;
24,819,646 and 24,766,892 issued and outstanding at September
30, 2018 and December 31, 2017, respectively24,819  24,767 Additional paid-in capital56,371,583  56,176,330 Accumulated other comprehensive loss-investment securities—  (165,317)Accumulated deficit(24,298,191) (22,796,246)Total Tecogen Inc. stockholders’ equity32,098,211  33,239,534 Noncontrolling interest445,607  455,611 Total stockholders’ equity32,543,818  33,695,145 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$50,761,534  $50,671,076  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(unaudited)  Three Months Ended September 30, 2018 September 30, 2017Revenues   Products$2,765,094  $2,425,616 Services3,713,770  4,519,467 Energy production1,459,820  1,556,115 Total revenues7,938,684  8,501,198 Cost of sales   Products1,695,347  1,538,515 Services2,517,210  2,981,454 Energy production843,029  723,198 Total cost of sales5,055,586  5,243,167 Gross profit2,883,098  3,258,031 Operating expenses   General and administrative2,582,600  2,427,352 Selling581,716  503,415 Research and development281,094  241,725 Total operating expenses3,445,410  3,172,492 Income (loss) from operations(562,312) 85,539 Other income (expense)   Interest income and other expense, net4,168  14,849 Interest expense(33,380) (45,242)Unrealized gain on investment securities19,681  — Total other expense, net(9,531) (30,393)Income (loss) before provision for state income taxes(571,843) 55,146 Provision for state income taxes3,815  — Consolidated net income (loss)(575,658) 55,146 Income attributable to the noncontrolling interest(27,379) (27,935)Net income (loss) attributable to Tecogen Inc.$(603,037) 27,211 Other comprehensive income - unrealized gain on securities  39,361 Comprehensive income  $66,572     Net loss per share - basic and diluted$(0.02) $0.00 Weighted average shares outstanding - basic24,819,056  24,720,613 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(603,037) $27,211 Interest & other expense, net9,531  30,393 Income taxes3,815  — Depreciation & amortization, net199,938  160,061 EBITDA(389,753) 217,665 Stock based compensation55,330  40,645 Merger related expenses75,768  37,445 Adjusted EBITDA$(258,655) $295,755  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017Revenues   Products$8,922,257  $8,349,159 Services12,894,439  12,259,037 Energy production4,750,580  2,330,307 Total revenues26,567,276  22,938,503 Cost of sales   Products5,596,272  5,261,245 Services8,262,104  7,464,193 Energy production2,828,405  1,053,741 Total cost of sales16,686,781  13,779,179 Gross profit9,880,495  9,159,324 Operating expenses   General and administrative8,122,856  7,042,500 Selling1,892,229  1,558,378 Research and development993,102  641,064 Total operating expenses11,008,187  9,241,942 Loss from operations(1,127,692) (82,618)Other income (expense)   Interest and other income7,926  21,033 Interest expense(56,195) (115,026)Unrealized loss on investment securities(59,042) — Total other expense, net(107,311) (93,993)Loss before provision for state income taxes(1,235,003) (176,611)Provision for state income taxes3,815  — Consolidated net loss(1,277,682) (176,611)Income attributable to the noncontrolling interest(58,946) (44,933)Net loss attributable to Tecogen Inc.$(1,336,628) (221,544)Other comprehensive loss - unrealized loss on securities  (184,998)Comprehensive loss  $(406,542)    Net loss per share - basic and diluted$(0.05) $(0.01)Weighted average shares outstanding - basic and diluted24,813,936  22,643,406 


Non-GAAP financial disclosure (1)   Net loss attributable to Tecogen Inc.$(1,336,628) $(221,544)Interest & other expense, net107,311  93,993 Depreciation & amortization, net586,188  402,939 EBITDA(600,450) 275,388 Stock based compensation133,808  138,329 Merger related expenses181,935  156,298 Adjusted EBITDA$(284,707) $570,015  


 TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)  Nine Months Ended September 30, 2018 September 30, 2017CASH FLOWS FROM OPERATING ACTIVITIES:   Consolidated net loss$(1,277,682) $(176,611)Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation, accretion and amortization, net586,188  402,939 Gain on contract termination(124,732) — Provision on inventory reserve1,000  43,609 Stock-based compensation133,808  138,329 Non-cash interest expense—  577 Loss on sale of assets13,343  2,909 Provision for losses on accounts receivable4,395  8,000 Changes in operating assets and liabilities, net of effects of acquisitions   (Increase) decrease in:   Accounts receivable(1,840,150) (1,908,655)Unbilled revenue(245,892) (776,365)Inventory, net(853,262) (1,279,847)Due from related party585,492  (236,971)Prepaid expenses and other current assets(43,743) (18,673)Other non-current assets54,741  (32,251)Increase (decrease) in:   Accounts payable(262,925) 1,641,206 Accrued expenses and other current liabilities779,945  (233,824)Deferred revenue185,059  407,379 Interest payable, related party(52,265) 21,378 Net cash used in operating activities(2,356,680) (1,996,871)CASH FLOWS FROM INVESTING ACTIVITIES:   Purchases of property and equipment(273,814) (315,205)Proceeds from sale of assets3,606  — Purchases of intangible assets(203,648) (34,551)Cash acquired in asset acquisition442,746  971,454 Expenses associated with asset acquisition(900) — Payment of stock issuance costs(908) (367,101)Distributions to noncontrolling interest(68,950) (31,362)Net cash provided by (used in) investing activities(101,868) 223,235 CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from revolving line of credit12,550,590  — Payments on revolving line of credit(10,696,691) — Payments for debt issuance costs(145,011) — Proceeds from the exercise of stock options63,305  128,918 Payment on loan due to related party(850,000) — Net cash provided by financing activities922,193  128,918 Change in cash and cash equivalents(1,536,355) (1,644,718)Cash and cash equivalents, beginning of the period1,673,072  3,721,765 Cash and cash equivalents, end of the period$136,717  $2,077,047     Supplemental disclosures of cash flows information:   Cash paid for interest$112,460  $95,550 Cash paid for taxes$44,864  $— Issuance of stock to acquire American DG Energy$—  $18,745,007 Issuance of Tecogen stock options in exchange for American DG Energy options$—  $114,896 

(1) Non-GAAP Financial Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, this news release contains information about EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, depreciation and amortization, stock based compensation expense, unrealized gain or loss on investment securities and merger related expenses), which is a non-GAAP measure.  The Company believes EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results.  EBITDA is not calculated through the application of GAAP.  Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure.  The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Categories: State

SeaBird Exploration: Delivery of Eagle Explorer and new contract

Oil - 4 hours 48 min ago

13 November 2018, Limassol, Cyprus

Reference is made to the stock exchange notices of 11 July 2018 and 1 August 2018 regarding the acquisition of the Geowave Voyager, fully rigged with 40km streamer and dual source, for USD 17 million.  SeaBird Exploration has now taken delivery of the Geowave Voyager from CGG and the vessel has been renamed Eagle Explorer.  

As part of the purchase agreement, SeaBird will have a preferred supplier status with CGG when using the Eagle Explorer.  SeaBird and CGG have entered into a contract for the vessel, operating as a source vessel.  The contract is for 160 days firm with options for CGG to extend.  The work will start in December, after the vessel has completed class renewal.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

For further queries contact:

Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717

Categories: State

Chaparral Energy Announces Third Quarter 2018 Financial and Operational Results

Oil - 4 hours 58 min ago

OKLAHOMA CITY, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Chaparral Energy, Inc. (NYSE: CHAP) today announced its third quarter 2018 financial and operational results with the filing of its form 10-Q. The company will hold its quarterly financial and operating results conference call this morning, November 13, at 10 a.m. Central.

Third Quarter Highlights and Recent Key Items

  • Grew STACK production 53% on a year-over-year basis and 19% on a quarter-over-quarter basis to 15,663 barrels of oil equivalent per day (Boe/d)
  • Increased full year STACK production guidance by 7% to 14,250 - 14,750 Boe/d
  • Reported a net loss of $12.1 million, driven by a $16.8 million non-cash loss associated with commodity derivatives
  • Generated adjusted EBITDA, as defined below, of $34.3 million, an increase of 27% on a quarter-over-quarter basis
  • Decreased STACK lease operating expense per barrel of oil equivalent (LOE/Boe) by 18% on a quarter-over-quarter basis to $4.34
  • Reduced full year total company LOE/Boe guidance by 6% to $7.25 - $7.65
  • Uplisted to the New York Stock Exchange (NYSE), under the new symbol “CHAP”

“Chaparral continued to deliver strong operational and financial results in the third quarter,” said Chief Executive Officer Earl Reynolds. “Our STACK wells on average continued to outperform type curve expectations and drove considerable STACK production growth of almost 20% quarter-over-quarter. In addition, we saw extremely encouraging early results from our initial Canadian County Merge Miss partial section spacing test. The three-well Denali pad, which came online in August, had an average 30-day peak initial production rate of more than 1,200 Boe/d per well, with 75% liquids. Based on these results we believe our Canadian County Merge Miss acreage could have as many as eight to nine wells per section. We will continue to conduct more spacing tests, which in the near-term includes a Kingfisher County partial section, five-well test scheduled to come online during the fourth quarter and an 11-well spacing test in Canadian County. Our 11-well spacing test, which includes a nine-well Merge Miss full section test and a two-well Woodford partial section test, is slated to come online in early 2019. As a result of our consistent STACK drilling success and our strong balance sheet, we added a fourth drilling rig in October and increased our full year guidance for both total company and STACK production.”

“In addition, we also saw continued improvement in our STACK LOE/Boe during the quarter, with costs below $4.50 per barrel,” said Reynolds. “We expect to sustain these lower LOE costs moving forward and, as such, are lowering our full year total company LOE/Boe guidance to a range of $7.25 - $7.65. For the quarter, we also saw significant growth in our adjusted EBITDA, which was driven by our production growth, cost management and higher realized pricing. Adjusted EBITDA for the third quarter rose 27% quarter-over-quarter to $34.3 million, and we now have delivered $90.6 million of adjusted EBITDA year-to-date.”

“Finally, the company achieved a significant milestone during the early part of the third quarter with the uplisting of our common stock in July from the OTCQB market to the NYSE. This move provides us access to a much larger potential investor base and should ultimately generate more liquidity for our stock as we work to create long-term value for our stockholders,” concluded Reynolds.

Operational Update — STACK Production Grows More than 50% Year-over-Year
Chaparral grew its STACK production to 15,663 Boe/d in the third quarter. This marks a 53% year-over-year increase compared to 10,261 Boe/d in the third quarter of 2017 and a 19% quarter-over-quarter increase compared to 13,198 Boe/d during the second quarter of 2018.

Excluding production from divested EOR assets, the company’s third quarter 2018 average total production grew by 11% on a year-over-year basis to 21,342 Boe/d, of which 61% was liquids and 39% natural gas. The company’s drilling program for the first three quarters was focused on strategic development of its Canadian and Garfield County acreage, which continue to deliver strong internal rates-of-return ranging from 55% to more than 100%.

Overall during the quarter, Chaparral operated three total drilling rigs in Canadian, Kingfisher and Garfield counties. The company brought 12 new gross STACK wells on production, four in Canadian County and eight in Garfield County, five of which were part of its joint venture drilling program with Bayou City Energy.

The company continues to see strong results within the Merge Miss in Canadian County and from its Osage and Meramec program in Garfield County. In the third quarter, Chaparral brought online its first Canadian County Merge Miss partial section spacing test. The three-well Denali pad has exceeded expectations, producing at an average three-phase, 30-day initial production (IP) rate of more than 1,200 Boe/d per well, of which 75% was liquids. In Garfield County, recent notable wells include the Pear 2106, which produced at a three-phase, 30-day IP rate of 1,351 Boe/d, of which 87% was liquids and the Platter 2007, a joint venture well, which recorded 729 Boe/d on the same basis, of which 83% was liquids.

Overall, results from the company’s Meramec and Osage programs continue to exceed type curve expectations. The company currently believes approximately 50% of its Garfield County position has been de-risked in at least two distinct drillable targets — the Meramec and Osage. In addition, Chaparral believes it has effectively de-risked more than 80% of its Canadian County Merge Miss position.

The company continues to optimize the development of its STACK acreage and plans to test different pad sizes and spacing throughout 2019. As a result of Chaparral’s strategic well optimization and spacing test activities, the company expects some variability in its quarter-over-quarter STACK production growth profile moving forward.

Chaparral’s total capital expenditures during the third quarter were $74 million. This includes $54.5 million associated with STACK drilling and completions activity and $15.2 million spent on additional STACK acreage acquisitions, of which $4.4 million was associated with non-cash acreage trades as part of the company’s ongoing strategy to block up its core STACK acreage.

Financial Summary — Adjusted EBITDA Drives Strong Third Quarter
Chaparral recorded a net loss of $12.1 million, or 27 cents per share, during the third quarter of 2018. This loss was driven by a $16.8 million non-cash loss associated with commodity derivatives. Chaparral’s adjusted EBITDA for the third quarter was $34.3 million, an increase of 27% compared to the second quarter. On a year-over-year basis, adjusted EBITDA, as well as the company’s production, revenues and expenses mentioned in this release, were impacted by the sale of its EOR assets in November 2017, as well as other non-core asset sales.

Total gross commodity sales for the quarter were $70.1 million, which represents a 13% quarter-over-quarter increase compared to $62.3 million in the second quarter and an 8% year-over-year decrease. This year-over-year decline was driven by a decrease in total company production associated with prior asset sales.

Chaparral’s average realized price, excluding derivative settlements, for crude oil increased to $70.14 per barrel in the third quarter of 2018. This represented a 6% quarter-over-quarter increase, compared to $66.28 per barrel in the second quarter of 2018. It also marked a 50% increase compared to $46.64 per barrel in the third quarter of 2017. The company’s realized natural gas liquids price during the third quarter was $25.93 per barrel, which was up 6% compared to $24.39 per barrel in the second quarter of this year. On a year-over-year basis, Chaparral’s natural gas liquids price increased by 16% from $22.40 per barrel during the third quarter of 2017. The company’s realized natural gas price was up slightly on a quarter-over-quarter basis from $2.01 per thousand cubic feet (Mcf) in the second quarter to $2.08 per Mcf in the third quarter. On a year-over-year basis, natural gas prices were down 18% from $2.53 per Mcf in the third quarter of 2017.

Total company LOE for the third quarter of 2018 was $12.5 million, or $6.36 per Boe, which was down 24% on a quarter-over-quarter basis compared to $8.36 in the second quarter. Chaparral’s STACK LOE/Boe for the third quarter was $4.34, which was down 18% compared to the second quarter. The company’s cost reductions associated with LOE were primarily driven by increased production, the sale of higher cost, non-core properties and sustainable saltwater disposal cost reductions. Chaparral has lowered its full year total company LOE/Boe from $7.60 - $8.20 to $7.25 - $7.65.

Chaparral’s net general and administrative (G&A) expenses were $9.0 million, or $4.59 per Boe, which was virtually flat compared to $4.56 per Boe, or $8.2 million in the second quarter of 2018. Adjusted for non-cash compensation, the company’s net cash G&A expense per Boe in the third quarter was $3.42, which was down 6% from the previous quarter. Chaparral previously lowered its 2018 full year G&A/Boe guidance to $3.50 - $4.00 in the second quarter.

Production taxes for the third quarter of 2018 were $4.0 million, or $2.05 per Boe, which was higher on a quarter-over-quarter basis, compared to $2.8 million, or $1.54 per Boe, during the second quarter. This increase was driven by an increase in Oklahoma production taxes, which went into effect in the third quarter of 2018.

Divestitures
During the third quarter Chaparral realized $29.7 million in proceeds from non-core assets sales. This included the successful monetization of a portion of its saltwater disposal infrastructure for $8.3 million. It also closed on various other non-core assets in the third quarter resulting in cash proceeds of $21.4 million, which brings the company’s year-to-date total cash proceeds to $36.3 million and accounts for approximately 1.4 MBoe/d of associated net production. Chaparral continues to forecast additional non-core asset sales in the fourth quarter and anticipates proceeds to be in line with its previously stated 2018 asset sale guidance of $50 - 60 million.

Balance Sheet and Liquidity
As of September 30, 2018, Chaparral had approximately $49 million in cash and cash equivalents and had no borrowings under its $265 million borrowing base. The company’s balance sheet remains strong with no significant debt maturities due until 2022.

NYSE Listing
Chaparral uplisted its Class A common stock from the OTCQB market to the NYSE in July when it began trading under the ticker symbol “CHAP.”


Updated 2018 Guidance – STACK Results Drive Increase in Production Growth

2018 GuidancePreviousRevisedTotal Company
Average Daily Production (MBoe/d)19.0 - 20.0

20.25 - 20.75

  STACK
  Average Daily Production (MBoe/d)13.0 - 14.0

14.25 - 14.75

Total CAPEX$300 - $325 millionno changeLOE ($/Boe)$7.60 - $8.20$7.25 - $7.65Cash G&A Expense ($/Boe)$3.50 - $4.00no changeAnticipated Proceeds from Asset Sales$50 - $60 millionno change   

Chaparral increased its full year 2018 STACK production guidance by 7% to 14,250 - 14,750 Boe/d and increased total company production guidance by 5% to 20,250 - 20,750 MBoe/d. This increase in production is driven by strong STACK well results and includes estimated fourth quarter STACK production of 16,250 - 17,250 Boe/d and total company production of 21,250 - 22,250 Boe/d.

The company also decreased its full year LOE/Boe guidance by 6% to $7.25 - $7.65. This decrease is primarily a result of increased production, the sale of higher cost, non-core properties and sustainable saltwater disposal cost reductions.

Earnings Call Information
Chaparral will hold its financial and operating results call this morning, Tuesday, November 13, at 10 a.m. Central. Interested parties may access the call toll-free at 888-208-1711 and ask for the Chaparral Energy conference call 10 minutes prior to the start time. The conference ID number is 1391619. A live webcast of the call will be available on the company’s website at chaparralenergy.com/investors.

The company has also provided an updated investor presentation for the quarter, which along with its form 10-Q, is available on the Investor section of its website at chaparralenergy.com/investors. A recording of this morning’s call will also be available shortly after the call’s conclusion on the company’s website.

All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Chaparral expects, believes or anticipates will or may occur in the future are forward-looking statements. Statements made in this release contain “forward-looking statements.” These statements are based on certain assumptions and expectations made by Chaparral, which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments, potential for reserves and drilling, completion of current and future acquisitions and growth, benefits of acquisitions, future competitive position and other factors believed to be appropriate. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, the uncertain economic conditions in the United States and globally, the decline in the reserve values of our properties that may result in ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, the impact of natural disasters on our present and future operations, the impact of government regulation and the operating hazards attendant to the oil and natural gas business. Initial production (IP) rates are discreet data points in each well’s productive history. These rates are sometimes actual rates and sometimes extrapolated or normalized rates. As such, the rates for a particular well may decline over time and change as additional data becomes available. Peak production rates are not necessarily indicative or predictive of future production rates or economic rates of return from such wells and should not be relied upon for such purpose. The ability of the company or the relevant operator to maintain expected levels of production from a well is subject to numerous risks and uncertainties, including those referenced and discussed above. In addition, methodology the company and other industry participants utilize to calculate peak IP rates may not be consistent and, as a result, the values reported may not be directly and meaningfully comparable. Please read “Risk Factors” in our annual reports, form 10-K or other public filings. We undertake no duty to update or revise these forward-looking statements, whether as a result of new information or future events.

About Chaparral
Chaparral Energy (NYSE: CHAP) is an independent oil and natural gas exploration and production company headquartered in Oklahoma City. Founded in 1988, Chaparral is a pure-play operator focused in Oklahoma’s highly economic STACK Play, where it has approximately 127,000 net acres primarily in Kingfisher, Canadian and Garfield counties. The company has approximately 265,000 net surface acres in the Mid-Continent region. For more information, visit chaparralenergy.com.

       Investor Contact    Media Contact Joe Evans    Brandi Wessel Chief Financial Officer    Communications Manager 405-426-4590    405-426-6657 joe.evans@chaparralenergy.com    brandi.wessel@chaparralenergy.com        


Operating Results Data (Unaudited)

(in thousands, except share and per share data)Three months
ended
September 30, 2018
Three months
ended
September 30, 2017
Revenues:    Net commodity sales$  65,519 $  75,947 Sublease revenue   1,199    — Total revenues   66,718    75,947 Costs and expenses:    Lease operating   12,493    24,209 Transportation and processing   -     2,942 Production taxes   4,028    4,536 Depreciation, depletion and amortization   22,252    32,167 General and administrative   9,021    9,924 Cost reduction initiatives   210    34 Other   402    — Total costs and expenses   48,406    73,812      Operating income   18,312    2,135      Non-operating (expense) income:    Interest expense   (4,205)   (5,283)Derivative (losses) gains   (23,677)   (15,448)(Loss) gain on sale of assets   (2,024)   (13)Other income, net   19    389 Net non-operating (expense) income   (29,887)   (20,355)Reorganization items, net   (493)   (858)(Loss) income before income taxes   (12,068)   (19,078)Income tax expense   —    37 Net (loss) income$  (12,068)$  (19,115)Earnings per share:    Basic for Class A and Class B$  (0.27)$  (0.42)Diluted for Class A and Class B$  (0.27)$  (0.42)Weighted average shares used to compute earnings per share:    Basic for Class A and Class B   45,333,745    44,982,142 Diluted for Class A and Class B   45,333,745    44,982,142        


Operating Results Data (Unaudited)

 SuccessorPredecessor(in thousands, except share and per share data)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Revenues:      Net commodity sales$ 181,835    157,803  $66,531 Sublease revenue   3,595    -     — Total revenues   185,430    157,803    66,531 Costs and expenses:      Lease operating   42,045    51,527    19,941 Transportation and processing   -     6,370    2,034 Production taxes   9,473    8,235    2,417 Depreciation, depletion and amortization   63,765    66,432    24,915 General and administrative   28,718    24,641    6,843 Cost reduction initiatives   1,034    155    629 Other   1,633    —    — Total costs and expenses   146,668    157,360    56,779        Operating income (loss)   38,762    443    9,752        Non-operating (expense) income:      Interest expense   (7,315)   (10,984)   (5,862)Derivative (losses) gains   (72,464)   (4,089)   48,006 (Loss) gain on sale of assets   (2,599)   (876)   206 Other income, net   123    696    1,167 Net non-operating (expense) income   (82,255)   (15,253)   43,517 Reorganization items, net   (2,010)   (2,548)   988,727 (Loss) income before income taxes   (45,503)   (17,358)   1,041,996 Income tax expense   —    75    37 Net (loss) income$  (45,503)$ (17,433)$  1,041,959 Earnings per share:      Basic for Class A and Class B$ (1.01)$ (0.39)  *Diluted for Class A and Class B$(1.01)$  (0.39) *Weighted average shares used to compute earnings per share:      Basic for Class A and Class B   45,272,595    44,982,142   *Diluted for Class A and Class B   45,272,595    44,982,142   *         


Consolidated Balance Sheets

(dollars in thousands)September 30, 2018
(unaudited)
December 31, 2017Assets    Current assets:    Cash and cash equivalents$  48,960 $  27,732 Accounts receivable, net   65,780    60,363 Inventories, net   5,774    5,138 Prepaid expenses   2,312    2,661 Total current assets   122,826    95,894 Property and equipment, net   43,996    50,641 Oil and natural gas properties, using the full cost method:    Proved   771,028    634,294 Unevaluated (excluded from the amortization base)   558,081    482,239 Accumulated depreciation, depletion, amortization and impairment   (179,540)   (124,180)Total oil and natural gas properties   1,149,569    992,353 Derivative instruments   —    — Other assets   446    418 Total assets$  1,316,837 $  1,139,306 Liabilities and stockholders’ equity    Current liabilities:    Accounts payable and accrued liabilities$  66,614 $  75,414 Accrued payroll and benefits payable   8,315    11,276 Accrued interest payable   7,057    187 Revenue distribution payable   28,470    17,966 Long-term debt and capital leases, classified as current   3,444    3,273 Derivative instruments   29,905    8,959 Total current liabilities   143,805    117,075 Long-term debt and capital leases, less current maturities   305,760    141,386 Derivative instruments   39,042    4,167 Deferred compensation   453    696 Asset retirement obligations   24,358    33,216 Commitments and contingencies    Stockholders’ equity:    Preferred stock   —    — Class A Common stock   388    389 Class B Common stock   79    79 Additional paid in capital   972,229    961,200 Treasury stock   (4,872)   — Accumulated deficit   (164,405)   (118,902)Total stockholders' equity   803,419    842,766 Total liabilities and stockholders' equity$  1,316,837 $  1,139,306        


Consolidated Statements of Cash Flows (Unaudited)

 SuccessorPredecessor(in thousands)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Cash flows from operating activities      Net (loss) income$  (45,503)$  (17,433)$  1,041,959 Adjustments to reconcile net (loss) income
  to net cash provided by operating activities      Non-cash reorganization items   —    —    (1,012,090)Depreciation, depletion and  
  amortization   63,765    66,432    24,915 Derivative losses (gains)   72,464    4,089    (48,006)Loss (gain) on sale of assets   2,599    876    (206)Other   4,376    1,300    645 Change in assets and liabilities      Accounts receivable   (6,743)   (16,082)   198 Inventories   (1,415)   2,683    466 Prepaid expenses and other
  assets   322    2,560    (497)Accounts payable and accrued
  liabilities   (12,383)   (13,369)   8,733 Revenue distribution payable   10,895    4,549    (1,875)Deferred compensation   7,890    2,565    143 Net cash provided by
  operating activities   96,267    38,170    14,385 Cash flows from investing activities      Expenditures for property, plant, and equipment
  and oil and natural gas properties   (252,731)   (114,358)   (31,179)Proceeds from asset dispositions   36,335    7,791    1,884 (Payments) proceeds from derivative
  instruments   (16,642)   15,143    1,285 Cash in escrow   -     42    — Net cash used in investing
  activities   (233,038)   (91,382)   (28,010)Cash flows from financing activities      Proceeds from long-term debt   116,000    33,000    270,000 Repayment of long-term debt   (243,554)   (1,154)   (444,785)Proceeds from Senior Notes   300,000    -     — Proceeds from rights offering, net   —    —    50,031 Principal payments under capital lease
  obligations   (2,003)   (1,362)   (568)Payment of debt issuance costs and other
  financing fees   (7,572)   -     (2,410)Treasury stock purchased   (4,872)   —    — Net cash provided by (used in)
  financing activities   157,999    30,484    (127,732)Net increase (decrease) in
  cash, cash equivalents, and
  restricted cash   21,228    (22,728)   (141,357)Cash, cash equivalents, and restricted cash at beginning of period   27,732    45,123    186,480 Cash, cash equivalents, and restricted cash at end of period$  48,960 $  22,395 $  45,123           

Non-GAAP Financial Measures and Reconciliations
Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income in the table “Adjusted EBITDA Reconciliation, NON-GAAP.”

Adjusted EBITDA Reconciliation, Non-GAAP

(in thousands)Three months
ended
September 30, 2018
Three months
ended
September 30, 2017
Net (loss) income$  (12,068)   (19,115)Interest expense   4,205    5,283 Income tax expense   -     37 Depreciation, depletion, and amortization   22,252    32,167 Non-cash change in fair value of derivative instruments   16,804    22,236 Impact of derivative pricing   (1,698)   — Interest income   (7)   (4)Stock-based compensation expense   2,304    2,776 (Gain) loss on sale of assets   2,024    13 Restructuring, reorganization and other   493    892 Adjusted EBITDA$  34,309 $  44,285        


    SuccessorPredecessor(in thousands)Nine months
ended
September 30, 2018
Period from
March 22, 2017
through
September 30, 2017
Period from
January 1, 2017
through
March 21, 2017
Net (loss) income$  (45,503)$  (17,433)$  1,041,959 Interest expense   7,315    10,984    5,862 Income tax expense   -     75    37 Depreciation, depletion, and amortization   63,765    66,432    24,915 Non-cash change in fair value of derivative
  instruments   55,822    19,232    (46,721)Impact of derivative pricing   (3,950)   -     — Loss (gain) on settlement of liabilities subject
  to compromise   48    -     (372,093)Fresh start accounting adjustments   —    —    (641,684)Interest income   (9)   (9)   (133)Stock-based compensation expense   8,598    2,776    155 Loss (gain) on sale of assets   2,599    876    (206)Write-off of debt issuance costs, discount and
  premium   —    —    1,687 Restructuring, reorganization and other   1,962    2,703    24,297 Adjusted EBITDA$  90,647 $  85,636 $  38,075           

 

Categories: State

Mezzotin Minerals Inc. Announces Proposed Reverse Takeover By Indus Holding Company

Recreation - 5 hours 1 min ago

Not for distribution to United States newswire services or for release publication, distribution or dissemination, directly or indirectly, in whole or in part, in or into the United States.

TORONTO and SALINAS, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Mezzotin Minerals Inc. [NEX: MEZ.H] ("Mezzotin" or the "Company") is pleased to announce that it has entered into a binding letter agreement dated as of November 12, 2018  (the "Letter Agreement") with Salinas, California-based Indus Holding Company ("Indus"), a vertically integrated cannabis company with world-class production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. The Letter Agreement outlines the proposed terms and conditions pursuant to which Mezzotin and Indus will effect a business combination that will result in a reverse takeover of Mezzotin by the security holders of Indus (the "Proposed Transaction"). The Letter Agreement was negotiated at arm's length.

“Having established ourselves as a leading cannabis manufacturer and distributor in the world’s largest cannabis economy, we are looking forward to growing internationally,” said Indus co-founder and Chief Executive Officer, Robert Weakley. “Canada is a forward-thinking nation when it comes to recreational cannabis, and we welcome the opportunity to add our company’s collective expertise to their fast-growing industry.”

Founded in 2014, Indus offers services supporting every step of the supply chain and an extensive portfolio of products, including Altai Brands, Dixie, Moon, Beboe, Acme Elixirs, and Legal. Indus Distribution, a division of Indus, is a leading distributor of cannabis products, servicing brands and licensed retailers throughout California.

Terms of the Transaction

The Proposed Transaction will be structured as an amalgamation, arrangement, takeover bid, share purchase or other similar form of transaction or series of transactions that have a similar effect with Mezzotin acquiring all securities of Indus. The final structure for the Proposed Transaction is subject to satisfactory tax, corporate and securities law advice for both Mezzotin and Indus.

Completion of the Proposed Transaction is subject to a number of conditions, including, without limitation, receipt of all necessary shareholder, third party and regulatory approvals, satisfactory completion of due diligence, the execution of definitive transaction documents, the delisting of the common shares of Mezzotin from the NEX Board of the TSX Venture Exchange and conditional approval to list the equity shares (the "Resulting Issuer Shares") of the issuer resulting from the Proposed Transaction (the "Resulting Issuer") on the Canadian Securities Exchange (the "CSE").

Indus intends to undertake a debt and/or equity financing in conjunction with the Proposed Transaction, including a brokered private placement (the "Concurrent Financing") of subscription receipts (the "Subscription Receipts"), either directly or through a special-purpose financing corporation (“FinanceCo”), upon terms to be determined. Indus has engaged Beacon Securities Limited to act as lead agent and sole bookrunner in connection with the Concurrent Financing. The Subscription Receipts are proposed to be exchanged for securities of Indus or FinanceCo, as applicable, upon the satisfaction of certain conditions, which shall in turn be exchanged for securities of the Resulting Issuer upon completion of the Proposed Transaction.

It is anticipated that in connection with the Proposed Transaction, the existing common shares of Mezzotin (“Existing Mezzotin Shares”) shall be redesignated as a new class of subordinate voting shares of the Resulting Issuer to be created (“Pubco Subordinate Voting Shares”) on a basis that results in the holders of Existing Mezzotin Shares at the closing of the Proposed Transaction holding, in the aggregate, Pubco Subordinate Voting Shares having a value of CDN$2.25 million less the amount of Mezzotin’s working capital deficiency (exclusive of certain transaction costs and liabilities), such valuation to be determined on the basis of the effective per share value of the Concurrent Financing converted to Canadian dollars. 

Under the Proposed Transaction: (i) non-U.S. shareholders of Indus will exchange their shares for Pubco Subordinate Voting Shares and U.S. shareholders of Indus will exchange their shares for a newly created class of subordinate voting shares of a subsidiary of the Resulting Issuer which are convertible into Pubco Subordinate Voting Shares, in each case on a 1:1 basis; (ii) FinanceCo, if used in connection with the Concurrent Financing, shall be acquired by Mezzotin pursuant to a three-cornered amalgamation; (iii) designated founders of Indus shall subscribe for non-participating, super-voting shares of the Resulting Issuer (“Super Voting Shares”) carrying voting rights that would, in the aggregate, represent in excess of 90% of the voting rights of the Resulting Issuer upon completion of the Proposed Transaction and on a fully diluted basis; and (iv) stock options, warrants and other convertible securities of Indus shall be exchanged for securities of the Resulting Issuer such that, upon the exercise or conversion thereof, the holders will receive Pubco Subordinate Voting Shares on an economically equivalent basis in lieu of securities of Indus.

In connection with the Proposed Transaction, the Company will be required to, among other things: (i) change its name to a name requested by Indus and acceptable to applicable regulatory authorities; (ii) replace all directors and officers of the Company on closing of the Proposed Transaction with nominees of Indus; (iii) receive approval to delist the Existing Mezzotin Shares from the NEX Board of the TSX Venture Exchange; (iv) redesignate the Existing Mezzotin Shares as (or convert such shares into) Pubco Subordinate Voting Shares; (v) create the new class of Super Voting Shares; and (vi) receive approval to list the Resulting Issuer Shares on the CSE.

Upon successful completion of the Proposed Transaction, Mezzotin will be required to pay a finder’s fee to an arm’s length party in Existing Mezzotin Shares equal to 9.99% of the number of Existing Mezzotin Shares to be outstanding immediately prior to the completion of the Proposed Transaction (after giving effect to the issuance of the finder’s fee shares).

Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of Indus), including a CSE listing statement, to be filed by the Company in connection with the Proposed Transaction. It is anticipated that a special shareholders' meeting of the Company to approve, among other matters, any necessary matters related to the Proposed Transaction and closing of the Proposed Transaction will take place in the first quarter of 2019.

Trading in the Existing Mezzotin Shares has been halted and will remain halted until all necessary filings have been accepted by applicable regulatory authorities.

For more information please contact:

Mezzotin: Indus:   Lawrence Schreiner
Chief Financial Officer
Phone: (416) 496-3077
E-mail: lschreiner@manbancorp.com E-mail: pr@indusholdingco.com

About Indus Holding Company

INDUS Holding Company is a vertically integrated cannabis company with world-class production capabilities, including cultivation, extraction, manufacturing, brand sales & marketing, and distribution. Founded in 2014 by hospitality veteran Robert Weakley and based in Salinas, California, INDUS offers services supporting every step of the supply chain and an extensive portfolio of award-winning brands, including Altai Brands, Dixie, Moon, Beboe, Acme Elixirs, and Legal. INDUS Distribution, a division of INDUS Holding Company, is a leading distributor of cannabis products, servicing an extensive portfolio of brands and licensed retailers throughout California.

About Mezzotin Minerals, Inc.

Mezzotin Minerals Inc. is a junior company listed on the NEX Board of the TSX Venture Exchange in Canada. The Company recently sold its mineral properties in Zimbabwe, comprising substantially all of its assets, and has subsequently been actively seeking merger and acquisition opportunities.

All information contained in this news release with respect to Indus was supplied by Indus for inclusion herein and the Company has relied on the accuracy of such information without independent verification.

As noted above, completion of the Proposed Transaction is subject to a number of conditions, including receiving approval to list the Resulting Issuer Shares on the CSE. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or listing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Mezzotin, Indus or FinanceCo should be considered highly speculative.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has in any way passed upon the merits of the Proposed Transaction nor accepts responsibility for the adequacy or accuracy of this news release.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking  statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's and Indus’ beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's and Indus’ control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Proposed Transaction, the Concurrent Financing, expectations regarding whether the Proposed Transaction will be consummated, including whether conditions to the consummation of the Proposed Transaction will be satisfied, the timing for holding the special meeting of shareholders of the Company and the timing for completing the Proposed Transaction, expectations for the effects of the Proposed Transaction or the ability of the combined company to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, the Company and Indus are alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and Indus to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company and Indus have made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability to consummate the Proposed Transaction and the Concurrent Financing; the ability to obtain requisite regulatory, third party and security holder approvals and the satisfaction of other conditions to the consummation of the Proposed Transaction on the proposed terms and schedule; the ability to complete the Concurrent Financing or to the conversion of the Subscription Receipts; the potential impact of the announcement or consummation of the Proposed Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Proposed Transaction and the Concurrent Financing. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and neither the Company nor Indus undertakes to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company, Indus or persons acting on their behalf are expressly qualified in its entirety by this notice.

Categories: State

Lexaria Targets Cannabinoids, Tobacco, Hemp, and Pharma Markets with New Subsidiaries -- CFN Media

Recreation - 5 hours 1 min ago

SEATTLE, Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing Lexaria Bioscience Corp. (CSE: LXX) (LXX: CN) (CNSX: LXX) (OTCQX: LXRP). The company’s DehydraTECH drug delivery platform could deliver a three-fold improvement to the bioavailability of cannabinoids, which could be compelling for both medical and recreational companies. In addition, the company believes that the platform has even wider implications across the pharmaceutical and tobacco industries—potentially unlocking billions of dollars in market potential.

The cannabis industry is projected to generation hundreds of billions of dollars of revenue over the coming years, driven by the legalization of medical and recreational cannabis across North America. While many investors are focused on cultivation or dispensary operations, drug delivery technologies may represent an even bigger opportunity. These companies have an opportunity to license their technology and earn high-margin royalties from the industry.

Divide and Conquer

Lexaria recently announced the creation of four wholly-owned subsidiaries, each focused on distinct customer bases and business applications. By establishing different subsidiaries, the company will be able to better-focus its research efforts in each area and different financing structures can be used depending on the situation. These different market opportunities could also be spun off much easier down the road.

The four new subsidiaries include:

  • Lexaria CanPharm Corp.: Lexaria CanPharm Corp. is a Canadian company focused on providing DehydraTECH technology and other enhancements to the global cannabis industry. Currently, the company is in active discussions related to licensing its technology to companies located in Canada, the U.S., and Europe.

  • Lexaria Nicotine Corp.: Lexaria Nicotine Corp. is a U.S. company focused on providing DehydraTECH technology to the global nicotine and tobacco industries. Since 2017, the company has had discussions with several leading tobacco companies around the world and will continue to work towards healthier consumer outcomes.

  • Lexaria Hemp Corp.: Lexaria Hemp Corp. is a U.S. company focused on providing DehydraTECH to the rapidly growing hemp-based food and supplements industry. Currently, the company is in discussions with many companies regarding the use of CBD-from-hemp products in the U.S. and Canada.

  • Lexaria Pharmaceutical Corp.: Lexaria Pharmaceutical Corp. is a U.S. company focused on licensing DehydraTECH to the large and diverse pharmaceutical sectors, including pain relief, vitamins, PDE5 inhibitors, hormone treatments, CNS conditions, and many other medical conditions.

The company’s growing patent portfolio - already 10 patents granted and over 50 pending - will be divided across these subsidiaries to maximize potential licensing revenue.

DehydraTECH’s Advantage

Lexaria’s proprietary DehydraTECH drug delivery platform is designed to improve the bioavailability of active pharmaceutical ingredients (APIs), as well as make dosing more predictable across patient populations.

By combining APIs with fatty acid oil, applying food carrier particles, and performing a dehydration procedure, the technology masks the taste of underlying ingredients and ensures quick and effective transportation into the bloodstream without degradation in the stomach or liver (e.g. first pass metabolism). Early animal studies have shown that the approach could significantly improve the bioavailability of a wide range of APIs—including cannabinoids.

In a recent clinical study, cannabidiol (CBD) absorption rates were more than three-times higher than the control at the 30-minute mark and continued to significantly surpass control blood level concentrations through the 360-minute measurement. Interestingly, the CBD absorption was even better than GW Pharmaceuticals’ Mount Sinai study, which used much higher doses of 400 mg and 800 mg to achieve lower blood concentrations.

Looking Ahead

Lexaria Bioscience Corp.’s (CSE: LXX) (LXX: CN) (CNSX: LXX) (OTCQX: LXRP) decision to establish four new subsidiaries will help it capitalize on different market opportunities.

In addition to these developments, the company announced that it will utilize its wholly-owned Poviva Tea Corp. to advance existing ViPova Tea and Coffee consumer brands. Recent legislation in the U.S. supports the possibility of renewed distribution for these brands. These developments could help improve revenue over the intermediate-term.

For more information, visit the company’s website.

Please follow the link to read the full article: http://www.cannabisfn.com/lexaria-targets-cannabinoids-tobacco-hemp-pharma-markets-new-subsidiaries/

Disclaimer

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

About CFN Media

CFN Media (CannabisFN) is the leading agency and financial media network dedicated to the global cannabis industry, helps companies operating in the space attract investors, capital, and publicity. Since 2013, private and public cannabis companies in the US and Canada have relied on CFN Media to grow and succeed.

Learn how to become a CFN Media client company, brand or entrepreneur: http://www.cannabisfn.com/featuredcompany

Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand: https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8

Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone: http://www.cannabisfn.com

Disclaimer

CannabisFN.com is not an independent financial investment advisor or broker-dealer. You should always consult with your own independent legal, tax, and/or investment professionals before making any investment decisions. The information provided on http://www.cannabisfn.com (the ‘Site’) is either original financial news or paid advertisements drafted by our in-house team or provided by an affiliate. CannabisFN.com, a financial news media and marketing firm enters into media buys or service agreements with the companies that are the subject of the articles posted on the Site or other editorials for advertising such companies.  We are not an independent news media provider. We make no warranty or representation about the information including its completeness, accuracy, truthfulness or reliability and we disclaim, expressly and implicitly, all warranties of any kind, including whether the Information is complete, accurate, truthful, or reliable. As such, your use of the information is at your own risk. Nor do we undertake any obligation to update the items posted. CannabisFN.com received compensation for producing and presenting high quality and sophisticated content on CannabisFN.com along with financial and corporate news.  

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

Frank Lane
206-369-7050
Flane@cannabisfn.com

Categories: State

NexTech AR Brings Augmented Reality to Cannabis -- CFN Media

Recreation - 5 hours 1 min ago

SEATTLE, Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing NexTech AR Solutions Inc. (CSE: NTAR). The company is taking a unique approach to educating consumers on how to choose the right strain and right consumption device to suit their needs.

The cannabis industry is projected to surpass $75 billion by 2030, according to Cowen & Co., driven by the legalization of both medical and adult-use marijuana. While just over half of Americans have used cannabis at some point in their life, cannabis companies face an uphill battle educating those that haven’t recently tried cannabis.

NexTech AR’s ARitize™ app was launched in August 2018 to provide an advertising and education platform to cannabis brands and retailers, making it one of the only companies to combine the multi-billion dollar cannabis and augmented reality industries. According to Statistica, the virtual and augmented reality market is projected to reach $209 billion by 2022, as customers embrace these new technologies as a way to better connect with content and brands.

Educating Consumers

The cannabis industry can be a confusing place for experts—much less consumers without any experience. During prohibition, cannabis consumers rarely knew the type of cannabis that they were consuming apart from catchy nicknames, like Sour Diesel or Blue Dream. There were lab tests to differentiate between indica and sativa or supply chain to ensure that you were receiving the advertised ratio of tetrahydrocannabinol (THC) to cannabidiol (CBD).

Legalization eliminated some of this uncertainty by establishing laboratory testing and labeling standards, but opened the door to thousands of new strains—each touting different effects and wellness benefits. There are so many choices at most dispensaries that it can be challenging for new consumers to know where to start or who to trust. Some dispensaries are even moving away from strain names to eliminate some of this confusion.

Augmented reality promises to help educate consumers through self-serve explanations and demonstrates. For example, a consumer might scan a certain brand with their smartphone and in 3D see a brand ambassador as a hologram explain the benefits in front of them with visual aids. Consumers could even see how consumption devices work, such as a 3D volumetric in-front-of-them demonstration on how to load a cartridge into a vaporizer.

Click here to meet Buddy the Holographic Budtender.

Numerous Benefits

Dispensaries can offer a fully-interactive shopping experience without having to rely on a large number of well-versed staff members. This can dramatically improve short-term sales through greater engagement with the customer, as well as long-term relationships by helping customers find products that accurately satisfy their medical or recreational needs. In the future, transactions could even occur directly through the smartphone.

Brands can leverage augmented reality to set themselves apart from the competition. Rather than relying on labeling to explain benefits, brands can produce compelling 3D AR content that captivates consumers and helps them select the best products for their needs. Cannabis companies that provide consumption device and ancillary products can similarly use augmented reality to explain how their products work.

Media companies can use augmented reality to reach more consumers, businesses, and industry participants as well. For instance, NexTech AR recently partnered with CFN Media to provide live augmented reality streaming of the New West Summit in Oakland, California on October 11-13, 2018. The company’s ARitize™ app enabled anyone around the world to see live streaming holograms from the event.

Significant Expertise

NexTech AR Solutions is a pioneer in bringing augmented reality and holographic teleportation to the cannabis market with a seasoned team. 

CEO Evan Gappelberg is a seasoned entrepreneur, hedge fund manager, and early cannabis industry participant that helped Future Farm Technologies expand its market cap over 20X before leaving to form NexTech AR Solutions and bringing it public October 31st, 2018.

President Paul Duffy invented Holographic Telepresence technology and has spent the past 25 years successfully starting, expanding, diversifying, and selling global technology companies, including one of the largest online learning and communication companies in North America.

COO Reuben Tozman has over 15 years operating product and engineering teams at an executive level. He has led large and geographically dispersed teams of people working alongside other executives to help drive results. Most recently Reuben was the VP of Product for Shutterstock Custom (previously Flashstock).

CTO Scott Jenkins, whom has 25 years of experience in the software industry, having been involved in both the product development and marketing of over 200 software properties internationally for a variety of companies, resulting in over $5B in combined sales. While serving as Creative Director at Acclaim Entertainment, Scott contributed to iconic industry franchises including Mortal Kombat, Marvel, The Simpsons, WWE/WWF, Turok, etc.

Looking Ahead

NexTech AR Solutions Inc. (CSE: NTAR) is well-positioned to capitalize on the burgeoning cannabis industry by providing next-generation augmented reality technology. With a veteran management team at the helm, the company has already made significant inroads into the industry where its products could help clients improve their sales and customer retention—all in a market that is becoming increasingly competitive.

For more information, visit the company’s website at www.nextechar.com.

Please follow the link to read the full article:

http://www.cannabisfn.com/nextech-ar-brings-augmented-reality-cannabis/?preview=true

Disclaimer

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

About CFN Media

CFN Media (CannabisFN) is the leading agency and financial media network dedicated to the global cannabis industry, helps companies operating in the space attract investors, capital, and publicity. Since 2013, private and public cannabis companies in the US and Canada have relied on CFN Media to grow and succeed.

Learn how to become a CFN Media client company, brand or entrepreneur: http://www.cannabisfn.com/featuredcompany

Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand: https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8

Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone: http://www.cannabisfn.com

Disclaimer

CannabisFN.com is not an independent financial investment advisor or broker-dealer. You should always consult with your own independent legal, tax, and/or investment professionals before making any investment decisions. The information provided on http://www.cannabisfn.com (the ‘Site’) is either original financial news or paid advertisements drafted by our in-house team or provided by an affiliate. CannabisFN.com, a financial news media and marketing firm enters into media buys or service agreements with the companies that are the subject of the articles posted on the Site or other editorials for advertising such companies.  We are not an independent news media provider. We make no warranty or representation about the information including its completeness, accuracy, truthfulness or reliability and we disclaim, expressly and implicitly, all warranties of any kind, including whether the Information is complete, accurate, truthful, or reliable. As such, your use of the information is at your own risk. Nor do we undertake any obligation to update the items posted. CannabisFN.com received compensation for producing and presenting high quality and sophisticated content on CannabisFN.com along with financial and corporate news.  

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

Frank Lane
206-369-7050
flane@cannabisfn.com

Categories: State
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