Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company") a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that the Company is supplementing the ongoing development of our 4 kW Combined Heat and Power (" CHP ") fuel cell by developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets.
"A number of global pressures are driving rapid growth and accelerating the revenue potential of the generator market at a pace that exceeds the mass home market, and AFCP is ideally positioned to use our cost-effective alkaline technology to meet this growing demand," commented Frank Carnevale, Chief Executive Officer of AFCP. "By leveraging our existing staff and resources in Belgium and Czech Republic, we anticipate being able to generate revenue earlier by selling our fuel cells into the burgeoning generator market."
Off-Grid and Back-up Generator Systems In 2021, the global portable generator market had a value estimated at US$4.6 billion with that figure expected to grow to US$6.7 billion by 2027, representing a CAGR of 6.5% over the period 1 . AFCP is developing fuel cells of varying power output capacities to satisfy these off-grid and back-up generator markets, including fuel cell configurations with an expected stacked range between 40kW and 100kW generator systems. These configurations build on AFCP's current design for the 4kW CHP system, incorporating different membrane technology into larger fuel cells suitable for servicing the generator market.
Discussions with integrators are ongoing and AFCP will collaborate with them to gain access to assembly, sales, marketing, and maintenance capabilities for customers, with the goal of targeting systems that have a power capacity of between 40kW and 100kW with our alkaline fuel cell, including the following:
Global players currently operating within the above segments provide diesel generators which feature a significant carbon footprint compared to the zero-emission alternative offered by AFCP's fuel cells.
Key Advantages of AFCP's Alkaline Technology Alkaline fuel cell technology offers a number of meaningful advantages compared to other fuel cell types, including:
Emerging Trends in the Off-Grid Generator Segment The construction sector is a large market and accounts for 36% of global energy use and 38% of energy-related CO 2 emissions. This sector has a large demand for off-grid power generation that is currently being met by diesel power generators and aligns with the heavy transportation sector given both sectors use diesel fuel as the main energy carrier 2 .
As a result, there will be significant challenges adhering to future CO 2 and pollution regulations. For example, in April of 2022, the UK changed its legislation to restrict the use of tax free diesel in generators, which renders hydrogen powered generators as an interesting alternative both ecologically and economically. Across Europe and the UK, the power generation market shows annual sales of nearly 1 billion EUR, while globally that figure is estimated at 20 billion EUR. The market segment being targeted by AFCP represents 65% of this figure and the Company expects that demand for zero emission power generators will grow rapidly driven by the increasing emission restrictions 3 .
The growth potential of this new market is not limited to the sale of new generators; it also includes the replacement of installed generators that no longer meet stricter emission regulations. The anticipated installed base of old diesel generators is forecast between 15 and 20 billion EUR in Europe and the UK and 400 billion EUR world-wide 4 .
Diversification Lends Strength for Second Half of 2022 and Beyond On June 20, 2022, the Company released an outlook for the second half of 2022, and AFCP's expansion into the back-up and off-grid generator markets is consistent with our drive to further accelerate and ramp up efforts to bring fuel cells to market globally. The Company's inclusion of fuel cells for the generator market enables AFCP to generate revenue in the near term while the distribution system for hydrogen to be delivered to homes continues to advance, supporting our long-term goal of providing micro-CHP Alkaline Fuel Cell Power systems to the market. Off-grid and back-up fuel cell generators can operate using tanks of hydrogen that are stored on site, thus eliminating the need for hydrogen to be distributed directly to local sites.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR) AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.
AFCP is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn , Twitter , Facebook , Instagram and YouTube . Common shares are listed for trading on the NEO Exchange ("NEO") under the symbol " PWWR ", the OTC Venture Exchange "OTCQB" under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".
For further information, please contact:
Frank Carnevale Chief Executive Officer +1 (647) 531- 8264 fcarnevale@fuelcellpower.com
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements may include, but are not limited to, statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
1 Research and Markets : Portable Generator Market, Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 2 BBC Article on Zero-Emission Construction Sites , June 22, 2021 3 Internal AFCP Market research 4 European non-road mobile machinery directive
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/59d57782-be00-4119-92c1-de4c7e33da08
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The electrification revolution is well underway, but will solar and wind power alone help us reach the carbon-neutral emissions goals set by governments worldwide? It’s unlikely, as we’re already seeing a dwindling supply of necessary metals, but integrating hydrogen-based technologies may help cover the gap. It’s estimated that hydrogen cleantech could meet 24 percent of the world’s energy demand by 2050 and reach annual sales of approximately €630 billion.
Current clean energy storage technology costs are prohibitive to widespread adoption, but hydrogen-based technologies are more affordable. Affordability is vital to the worldwide adoption of clean energy, and hydrogen may even compete with conventional options soon. Interest in hydrogen tech is surging, and it is estimated that the cumulative investments in renewable hydrogen in Europe alone could reach between €180-470 billion by 2050, with an additional €3-18 in low-carbon fossil-based hydrogen. It’s clear that hydrogen should not be overlooked by those looking to invest in the clean energy transition.
The company’s PWWR Flow Streams (“PWWR Flow”) solution is presently on the market and offers cost-effective combined heat and power (CHP) for multi-residential and commercial applications. Its natural gas-powered CHP systems are cost-efficient, and can reduce air emissions and maintain grid connection for peak usage times and backup power.
Alkaline Fuel Cell Power’s long-term goal, with Fuel Cell Power NV, is to develop advanced hydrogen-powered alkaline fuel cell technology that does not require a combustion process. These in-development fuel cells have already operated successfully in laboratory settings. The fuel cells are virtually silent, produce no vibrations, and the only by-product is pure water. Additionally, the Alkaline Fuel Cell Power fuel cells primarily use nickel, graphite and plastic, creating a significant cost advantage over the platinum and palladium used by its competitors.
The company is diversifying and future-proofing its revenue streams by working towards indirect micro-CHP systems sales, direct sales of CHP systems, parts production and sales, and supportive services. Its CHP business line is actively generating revenue with 33 active targets and a pipeline of 23 proposals. PWWR presently has a pipeline of ~$50 million in project capital.
Alkaline Fuel Cell Power is led by a team of managers and financial experts with decades of experience in corporate management, investor relations, and the utility sector. The diverse expertise of the management team gives confidence in its ability to achieve its near-term and long-term goals
The company’s long-term goal is the full development and commercialization of its cost-effective hydrogen-powered alkaline fuel cell. Due to proprietary research and leveraging cheaper raw materials, this fuel cell technology is poised to become the most cost-effective power solution on the market for mass adoption of clean energy.
PWWR Flow CHP systems is actively generating revenue with a pipeline of proposals to increase its profitability further. The total asset value of PWWR Flow sales pipeline is an estimated US$51.6 million. Its CHP units provide a cost-effective solution to producing electricity alongside heating and cooling.
Frank Carnevale is the Chief Executive Officer of Alkaline Fuel Cell Power Corp. (NEO:PWWR) Over the past two decades, he has developed and managed several investments in cleantech and PropTech platforms, including originating over $2.5 billion in transactions in energy and utility sectors. Carnevale is passionate in his defense of underserved energy customers- residential and small/medium, industrial, commercial and institutional customers. In delivering in the global energy transformation, he bridges investors with opportunities to deliver customer-centric solutions. Carnevale previously served as Chief Growth Officer and Chief Operating Officer of a TSXV-listed company delivering design and build thermal energy systems, HVAC and Building Controls in Canada. Prior to that, he was Founder and Chief Executive Officer of a boutique consulting, advisory and development firm where he originated and developed energy and infrastructure transactions, including the development of a large wind farm, distributed energy and retrofit contracts, and mergers and acquisitions of several electric utilities. . Carnevale previously served on the Executive Board of the Energy Council of Canada among several industry organizations.
Jo Verstappen has shifted his focus and experience towards hydrogen and fuel cell technology over the last five years because of the huge market potential and opportunities. He has vast experience in production methodology, organization, and business development for new products. His experience is key to structuring the Company and personnel, as well as making sure the Company will have a sizable footprint in the hydrogen market.
Joel Dumaresq has 30 years of experience in the financial sector, and for the last 12 years he has been the Managing Director of the Vancouver-based private equity firm Matrix Partners Inc. Dumaresq also has Oil and Gas executive management experience in the United Kingdom, East Africa and Asia, and has been instrumental in raising over $100M for Oil and Gas ventures from public markets and industry farm-downs. He has extensive expertise in mergers and acquisitions and previously worked in a financial and investment banking role with RBC Dominion Securities. He is also the Corporate Secretary, CFO and Director of the Company.
Carmine advises governments, utilities and cleantech startups across the Middle East, North America and the Caribbean. From 2013 to 2015, Carmine served as Chief Executive Officer of Hydro One Inc., one of Canada’s largest transmission and distribution companies, with a market cap of over $20 billion and over $23 billion in assets. He served in numerous executive roles from 2003, including Asset Management and Strategy and Planning.
Anthony Durkacz has served as a director and the Executive Vice-President of First Republic Capital Corporation (“FRCC”) since 2014. Prior to co-founding FRCC, Durkacz was President of Capital Ideas Investor Relations. He previously served as the Chief Financial Officer and a director of Snipp Interactive Inc., a global marketing solutions company that provides a modular software-as-a-service technology suite. Durkacz was instrumental in the financing and public listing of Snipp Interactive Inc. with operations in Canada, the United States of America, Mexico, and India. From 2006 to 2009, he served as Chief Operating Officer and Chief Financial Officer of MKU Canada Inc. and engaged in mergers and acquisitions of companies around the world. . Durkacz also served as the Chief Financial Officer and a director of Astris Energi Inc., a dual-listed public company in the United States and Canada, which was acquired by an international conglomerate. Durkacz began his career at TD Securities Inc. on the capital markets’ trading floor. He holds an Honors Bachelor of Business Administration from Brock University with a major in both accounting and finance.
Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB:ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company") a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce today that the Company has filed its financial and operating results for the three and six month periods ended June 30, 2022. Select financial and operational information is outlined below and should be read in concert with AFCP's consolidated financial statements and management's discussion and analysis ("MD&A") for the second quarter and first half 2022, available on SEDAR at www.sedar.com and on AFCP's website at www.fuelcellpower.com .
"AFCP is diversifying its investments into more immediate revenue generating investments such as its CHP assets, and improving its ability to bring its fuel cells to market, quicker," commented Frank Carnevale, Chief Executive Officer. "Investors want a more de-risked investment platform, and we're on our way to delivering."
AFCP realized significant progress and advancements during the second quarter of 2022, including the following highlights:
As reported on June 20, 2022, the Company provided an outlook for the for balance of 2022 and over the longer-term. The Company will continue to update on the success over the coming months. Outlined below are a few of the objectives:
Ongoing Growth of PWWR Flow Streams
Continue to Progress Commercialization of Fuel Cell Power NV
ABOUT Alkaline Fuel Cell Power CORP. (NEO: PWWR)
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.
AFCP is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn, Twitter, Facebook, Instagram and YouTube. Common shares are listed for trading on the NEO Exchange ("NEO") under the symbol " PWWR ", the OTC Venture Exchange "OTCQB" under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".
For further information, please contact:
Frank Carnevale Chief Executive Officer +1 (647) 531-8264 fcarnevale@fuelcellpower.com
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements may include, but are not limited to, statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Alkaline Fuel Cell Power Corp. (NEO: PWWR) (OTCQB: ALKFF) (Frankfurt: 77R, WKN: A3CTYF) ("AFCP" or the "Company") a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech, is pleased to announce that the Company is supplementing the ongoing development of our 4 kW Combined Heat and Power (" CHP ") fuel cell by developing a range of fuel cells that target more immediate revenue opportunities within the off-grid and back-up generator markets.
"A number of global pressures are driving rapid growth and accelerating the revenue potential of the generator market at a pace that exceeds the mass home market, and AFCP is ideally positioned to use our cost-effective alkaline technology to meet this growing demand," commented Frank Carnevale, Chief Executive Officer of AFCP. "By leveraging our existing staff and resources in Belgium and Czech Republic, we anticipate being able to generate revenue earlier by selling our fuel cells into the burgeoning generator market."
Off-Grid and Back-up Generator Systems In 2021, the global portable generator market had a value estimated at US$4.6 billion with that figure expected to grow to US$6.7 billion by 2027, representing a CAGR of 6.5% over the period 1 . AFCP is developing fuel cells of varying power output capacities to satisfy these off-grid and back-up generator markets, including fuel cell configurations with an expected stacked range between 40kW and 100kW generator systems. These configurations build on AFCP's current design for the 4kW CHP system, incorporating different membrane technology into larger fuel cells suitable for servicing the generator market.
Discussions with integrators are ongoing and AFCP will collaborate with them to gain access to assembly, sales, marketing, and maintenance capabilities for customers, with the goal of targeting systems that have a power capacity of between 40kW and 100kW with our alkaline fuel cell, including the following:
Global players currently operating within the above segments provide diesel generators which feature a significant carbon footprint compared to the zero-emission alternative offered by AFCP's fuel cells.
Key Advantages of AFCP's Alkaline Technology Alkaline fuel cell technology offers a number of meaningful advantages compared to other fuel cell types, including:
Emerging Trends in the Off-Grid Generator Segment The construction sector is a large market and accounts for 36% of global energy use and 38% of energy-related CO 2 emissions. This sector has a large demand for off-grid power generation that is currently being met by diesel power generators and aligns with the heavy transportation sector given both sectors use diesel fuel as the main energy carrier 2 .
As a result, there will be significant challenges adhering to future CO 2 and pollution regulations. For example, in April of 2022, the UK changed its legislation to restrict the use of tax free diesel in generators, which renders hydrogen powered generators as an interesting alternative both ecologically and economically. Across Europe and the UK, the power generation market shows annual sales of nearly 1 billion EUR, while globally that figure is estimated at 20 billion EUR. The market segment being targeted by AFCP represents 65% of this figure and the Company expects that demand for zero emission power generators will grow rapidly driven by the increasing emission restrictions 3 .
The growth potential of this new market is not limited to the sale of new generators; it also includes the replacement of installed generators that no longer meet stricter emission regulations. The anticipated installed base of old diesel generators is forecast between 15 and 20 billion EUR in Europe and the UK and 400 billion EUR world-wide 4 .
Diversification Lends Strength for Second Half of 2022 and Beyond On June 20, 2022, the Company released an outlook for the second half of 2022, and AFCP's expansion into the back-up and off-grid generator markets is consistent with our drive to further accelerate and ramp up efforts to bring fuel cells to market globally. The Company's inclusion of fuel cells for the generator market enables AFCP to generate revenue in the near term while the distribution system for hydrogen to be delivered to homes continues to advance, supporting our long-term goal of providing micro-CHP Alkaline Fuel Cell Power systems to the market. Off-grid and back-up fuel cell generators can operate using tanks of hydrogen that are stored on site, thus eliminating the need for hydrogen to be distributed directly to local sites.
ABOUT ALKALINE FUEL CELL POWER CORP. (NEO: PWWR) AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech. We bring ‘Power to the People' today, combining a stable revenue stream with a future-forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
AFCP operates through two global entities: Fuel Cell Power NV, a wholly owned subsidiary in Belgium, and PWWR Flow Streams ("PWWR Flow"), an AFCP brand in Canada.
AFCP is well positioned to deliver ‘Power to the People' in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at https://www.fuelcellpower.com/ , and the Company encourages investors and other interested stakeholders to follow it on:
LinkedIn , Twitter , Facebook , Instagram and YouTube . Common shares are listed for trading on the NEO Exchange ("NEO") under the symbol " PWWR ", the OTC Venture Exchange "OTCQB" under the symbol " ALKFF " and on the Frankfurt Exchange under symbol " 77R " and " WKN A3CTYF ".
For further information, please contact:
Frank Carnevale Chief Executive Officer +1 (647) 531- 8264 fcarnevale@fuelcellpower.com
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "achieve". Forward-looking statements may include, but are not limited to, statements with respect to the Company's technology, intellectual property, business plan, objectives and strategy.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
1 Research and Markets : Portable Generator Market, Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 2 BBC Article on Zero-Emission Construction Sites , June 22, 2021 3 Internal AFCP Market research 4 European non-road mobile machinery directive
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/59d57782-be00-4119-92c1-de4c7e33da08
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Applied UV, Inc. (NasdaqCM: AUVI ) ("Applied UV" or the "Company"), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light ("UVC") for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, announced that the Company will be hosting an investor conference call and live webcast on Tuesday, August 16, 2022 at 9:00 am ET to review its financial results. Second quarter 2022 financial results will be released after market close on Monday, August 15 th and will be available through the Investor Relations section of the company's website at https://irdirect.net/AUVI .
Applied UV's management team will host an investor conference call and live webcast on August 16, 2022, at 9:00 am ET. Investors can access the live webcast via a link on Applied UV's web site or at https://www.webcaster4.com/Webcast/Page/2626/46351 . For those planning to participate on the call, please dial +1-888-506-0062 (for domestic calls), or +1-973-528-0011 (for international calls), passcode 660050. A replay of the conference call will be available online on the Applied UV web site, and a dial-in replay will be available for one week following the call at +1-877-481-4010 (for domestic calls) or +1-919-882-2331 (for international calls), replay passcode 46351.
Applied UV is focused on the development and acquisition of technology that address infection control in the healthcare, hospitality, commercial and municipal markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. ("SteriLumen") and Munn Works, LLC ("Munn Works"). SteriLumen's connected platform for Data Driven Disinfection™ applies the power of ultraviolet light (UVC) to destroy pathogens safely, thoroughly, and automatically, addressing the challenge of healthcare-acquired infections ("HAIs"). Targeted for use in facilities that have high customer turnover such as hospitals, hotels, commercial facilities, and other public spaces, the Company's Lumicide™ platform uses UVC LEDs in several patented designs for infection control in and around high-traffic areas, including sinks and restrooms, killing bacteria, viruses, and other pathogens residing on hard surfaces within devices' proximity. The Company's patented in-drain disinfection device, Lumicide Drain, is the only product on the market that addresses this critical pathogen intensive location. SteriLumen's Airocide® air purification devices are research backed, clinically proven, and developed for NASA with assistance from the University of Wisconsin. Airocide® is listed as an FDA Class II Medical device, utilizes a proprietary photocatalytic (PCO) bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous airborne pathogens, destructive VOCs, allergens, odors and biological gasses into harmless water vapor and green carbon dioxide without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, post-harvest, grocery, cannabis facilities and homes. For more information about Applied UV, Inc., and its subsidiaries, please visit the following website: https://www.applieduvinc.com/ .
The information contained herein may contain "forward‐looking statements." Forward-looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005656/en/
Applied UV Inc. John F. Andrews CEO/Director john.andrews@applieduvinc.com
Brett Maas, Managing Principal Hayden IR brett@haydenir.com (646) 536-7331
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Avricore Health INC. (TSXV: AVCR) (the " Company " or " AVCR ") is pleased to announce that the Company's board of directors has approved the granting of stock options (the "Options") exercisable for a total of 2,725,000 common shares to its directors, officers, and consultants at an exercise price of CAD$0.15 per common share.
All Options were granted pursuant to the Company's stock option plan and are subject to the terms of the applicable grant agreements and the requirements of the TSX Venture Exchange.
The options are subject to a 1-year vesting period, with ¼ of the options vesting 3 months after the date of the grant and the remaining options vesting on a quarterly basis thereafter. The options expire 5 years from the date of the grant, subject to the optionees continuing to act as directors, officers or consultants of the Company.
HealthTab is a turnkey point-of-care testing solution that combines best-in-class point-of-care technologies with a secure, cloud-based platform for tackling pressing global health issues.
With just a few drops of blood from a finger prick, the system generates lab-accurate results on the spot and data is reported in real time. The test menu includes up to 23 key biomarkers for screening and managing chronic diseases, such as diabetes and heart disease (e.g., HbA1c, Lipid Profile, eGFR). HealthTab has also recently added capabilities for bacterial and viral tests, such as strep and COVID-19.
The HealthTab network model is unlike anything in pharmacy today. It gives knowledgeable and trusted pharmacists a greater role in primary care delivery, while empowering patients to take more control of their health. It also reduces costs and waiting times and provides many potential revenue streams including equipment leasing & consumables, direct access testing, disease prevention & management programs, sponsored health programs, decentralized clinical trials, real world data (RWD) sets, and third-party app integration through API.
To find a location near you, please visit: healthtab.com/locations
Avricore Health Inc. (TSXV: AVCR) is a pharmacy service innovator focused on acquiring and developing early-stage technologies aimed at moving pharmacy forward. Through its flagship offering HealthTab™ (a wholly owned subsidiary), its mission is to make actionable health information more accessible to everyone by creating the world's largest network of rapid testing devices in community pharmacies.
Avricore Health Inc. Hector Bremner, CEO 604-773-8943 info@avricorehealth.com www.avricorehealth.com
Cautionary Note Regarding Forward-Looking Statements Information in this press release that involves Avricore Health's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Avricore Health generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," "future," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming," and similar expressions to help identify forward-looking statements.
In this press release, forward-looking statements include statements regarding: the completion of the placement and the expected timing thereof and the Company's expected use of proceeds from the placement; the unique features that the HealthTab™ platform offers to pharmacists and patients. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of Avricore Health's management. The forward-looking statements in this press release are based upon information available to Avricore Health as of the date of this press
release. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Avricore Health and are subject to a number of risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations, including without limitation: failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; and other risk factors described in Avricore's public filings. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy.
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Hosting Call at 5:00 pm ET on Thursday , August 25th
European Q&A Session on August 26 th at 8:30am ET
Nanalysis Scientific Corp. ("the Company", (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1), a leader in portable NMR machines and MRI technology for healthcare and industrial applications announces that on Thursday, August 25, 2022 the Company will put out a press release and Chief Executive Officer Sean Krakiwsky and Interim Chief Financial Officer Randall McRae will host a conference call at 5:00 P.M. Eastern Time to discuss the results for the quarter June 30 2022.
Investors interested in participating on the live second quarter call can dial 1-888-664-6392 or 416-764-8659 from abroad. Investors can also access the call online through a listen-only webcast here: https://app.webinar.net/32l7RdQB0Zw or on the investor relations section of the Company's website HERE .
The webcast will be archived on the Company's investor relations webpage for at least 90 days and a telephonic playback will be available for seven days after the conference call by calling 1-888-390-0541 or 416-764-8677, conference ID #484317.
Additionally, the Company will be hosting a Q&A session for it's European investors at 8:30am ET on Friday , August 26 th which can be accessed by the following link: Click here to join the meeting ,or call in (audio only) +1 437-703-4522, Phone Conference ID: 636 080 139#.
Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI', OTC and the Frankfurt exchange under the ticker symbol '1N1'. The company's business is what we term "MRI and NMR for industry". The company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. Nanalysis recently announced that it has begun selling a 100MHz device in 2020. The Company's new device will be the most powerful and most advanced compact NMR device ever brought to market.
Nanalysis devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners.
With the recent acquisition of K'(Prime) Technologies Inc. (KPrime), the company maintains a North American sales and service company of over 40 individuals who cover scientific instrumentation for pharma, food, chemical and oil & gas customers, as well as imaging systems for security applications.
Additionally, the Company has a 43% ownership in Quad Systems AG ("Quad Systems"), with an option to purchase the remaining shares. Quad Systems is a Zurich-based Nuclear Magnetic Resonance (NMR) company focused on high-field NMR for pharmaceutical and other vertical markets.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial and operating results for the second quarter ended June 30, 2022.
"We are pleased with the progress our team continues to make in 2022 despite operating in a challenging business environment. In addition to delivering revenue growth of approximately 13% in the quarter as compared to last year, we also had 5 new utilities join our user community during Q2," stated Peter Londa, President & CEO of Tantalus. "In addition to expanding our user community, we delivered a new milestone for converted orders from our sales pipeline for the first six months of a calendar year at $24.7 million, reflecting 44% growth year-over-year. We also set a new high-water mark for our Annualized Recurring Revenue1 which now stands at $9.0 million."
Revenue3 in the quarter increased by 13% year-over-year to $9.1 million for the quarter.
Despite inflationary pressures, Gross Profit Margin4 remained relatively constant at 46% for the quarter.
Due to investments being made in R&D to bring new products to market, Adjusted EBITDA was ($1.5 million) for the quarter. These near-term investments in R&D are tied to key growth initiatives for the Company.
The Balance Sheet remained strong with total assets amounting to $37.8 million, inclusive of $9.8 million in cash. Adjusted Working Capital5 was $6.6 million.
"As we continue to witness favorable tailwinds across the utility industry, we are investing heavily in the development of our TRUSense IP Gateway, expanding our AI-enabled data analytics capabilities and integrating the software capabilities of Congruitive, our recently announced acquisition. The combination of the TRUSense IP Gateway and Congruitive's software places Tantalus at the forefront of becoming a market leader in assisting utilities with their preparation for the integration of electric vehicle charging infrastructure and the adoption of distributed energy resources, such as solar, storage and microgrids, and the delivery of broadband services. Our near-term R&D investments are buttressed by the largest qualified sales pipeline in our Company's history. While the current business environment remains fluid, we continue to witness strong momentum as utilities seek to digitize distribution grids to improve their resiliency and prepare for the energy transition."
The Company will hold a conference call and webcast to discuss the financial results on Wednesday, August 10, 2022 at 11:00 am Eastern Time.
Conference Call Participant Dial In (Toll Free) 1-844-854-4410 Participant International Dial In 1-412-317-5791 Please ask to join the Tantalus Systems earnings call.
Webcast https://event.choruscall.com/mediaframe/webcast.html?webcastid=nEEOr7AX
Replay Information A conference call replay will be available until August 18, 2022. The webcast will be available until August 17, 2023 at the link set out above. To access the conference call replay, please see details below:
US Toll Free: 1-877-344-7529 International Toll: 1-412-317-0088 Canada Toll Free 1-855-669-9658 Replay Access Code 3817309
Financial Statements and Management Discussion & Analysis
Please see the Company's consolidated financial statements ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for more details. The consolidated financial statements for the three and six months ended June 30, 2022, and related MD&A have been reviewed and approved by Tantalus' Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR at www.sedar.com and is also available on the Company's website at www.tantalus.com.
Non-IFRS and Other Financial Measures This press release refers to the following non-IFRS measures:
"EBITDA" is comprised as income (loss) less interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure. "Adjusted EBITDA" is comprised as income (loss) less interest, income tax, depreciation, amortization, stock-based compensation, foreign exchange gain (loss) and other income / expenses not attributable to the operations of the Company. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure.
"Gross Profit" is comprised as the Company's revenues less cost of sales. Management believes that Gross Profit is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Gross Profit Reconciliation" for a quantitative reconciliation of Gross Profit to the most directly comparable financial measure. This press release refers to "Gross Profit Margin" which is a non-IFRS ratio. Gross Profit Margin is comprised of Gross Profit expressed as a percentage of the Company's revenues. Management believes that Gross Profit Margin is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.
"Adjusted Working Capital" is comprised as current assets less current liabilities exclusive of the Company's bank loan. Management believes Adjusted Working Capital is a useful indicator for investors, and is used by management, for evaluating the operating liquidity to the Company. See "Adjusted Working Capital Reconciliation" for a quantitative reconciliation of Adjusted Working Capital to the most directly comparable financial measure.
"Recurring Revenue" is comprised of the Company's revenues that are recurring in nature and attributable to its analytics software as a service ("SaaS") offering, hosting services and software maintenance and technical support agreement services. "Annual Recurring Revenue" or "ARR" is comprised of the Company's Recurring Revenue as expressed on an annualized revenue basis attributable to its customer agreements at a point in time.
Such non-IFRS measures and non-IFRS ratio do not have a standardized meaning under IFRS and may not be comparable to a similar measure disclosed by other issuers.
Reconciliation of Net (Loss) to Adjusted EBITDA
(a)Finance expense comprised of interest and related finance expense on bank loans and lease liabilities. (b)Share-based non-cash compensation expense. (c)Foreign exchange comprised of unrealized (gain) / loss from non-functional currency assets and liabilities. (d)General and administrative expenses pertaining to the Company's acquisition of Congruitive. (e)Reverse acquisition listing expense comprised of excess purchase price over RiseTech net assets acquired and costs.
About Tantalus Systems Holding Inc. (TSX: GRID)
Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements. Learn more at www.tantalus.com.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements such as those relating to: favorable tailwinds for the utility industry, the adoption, performance and development of the TRUSense IP Gateway, AI-enabled analytics and Congruitive software leading to Tantalus becoming a market leader, the Company's qualified sales pipeline (and the Company's ability to close sales in the current sales pipeline) and continuing momentum relating to utilities seeking to digitize distribution grids.
To the extent any forward-looking information in this news release constitutes a "financial outlook" within the meaning of securities laws, such information is being provided because management's estimate of the future financial performance of Tantalus is useful to investors, and readers are cautioned that this information may not be appropriate for any other purpose and that they should not place undue reliance on such information.
In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: the expected impact of COVID-19, the expected impact of supply chain constraints, the expected impact of inflationary pressures on costs and the expected timing of new product introductions. While Tantalus considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Tantalus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.A complete discussion of the risks and uncertainties facing Tantalus is disclosed under the heading "Risk Factors" in the Tantalus' Annual Information Form dated March 23, 2022, as well as those risk factors included with Tantalus' continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Tantalus disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Contact Tantalus: Deborah Honig Investor Relations 647-203-8793 | deborah@adcap.ca
Website: www.tantalus.com LinkedIn: LinkedIn/company/tantalus Twitter: @TantalusCorp ________________________________
1 See "Non-IFRS and Other Financial Measures."
2 Financial information is reported in United States dollars ("$") unless otherwise stated and in accordance with International Financial Reporting Standards ("IFRS").
3 Unless otherwise stated Q2, 2022 results are compared to the same period in 2021.
4 See "Non-IFRS and Other Financial Measures."
5 See "Non-IFRS and Other Financial Measures."
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133306
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~Company reports record revenue with consistent gross margins~
Greenlane Renewables Inc. (" Greenlane '' or the " Company ") (TSX: GRN) (FSE: 52G) (OTC: GRNWF) today announced financial results for the second quarter ended June 30, 2022 . For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed under the Company's profile on SEDAR at www.sedar.com . All amounts are in Canadian dollars unless otherwise stated and in accordance with International Financial Reporting Standards (" IFRS ").
Three Months Ended June 30th
Six Months Ended June 30th
(in millions, except as noted)
Gross Margin as % of Revenue
"On the back of another record revenue quarter for Greenlane, we remain optimistic about our long term outlook," said Brad Douville , President and CEO of Greenlane. "In line with our strategic plan, we've accomplished a great deal, including the first full quarter of results from our newly acquired Airdep division in Italy and our first deployment of development capital. In view of the Company's extraordinary growth over the last two years we are rapidly adding talented new team members and accelerating systemic and process enhancements. We continue to invest in building the Company and strengthening the team to position for further growth."
"The demand for RNG continues to expand as highlighted by some of the largest market participants and their related news, including recent US Senate support for RNG under the Inflation Reduction Act, industry M&A activity, and gas utilities and governments progressing toward targeted and regulated RNG penetration rates. We remain confident that our products, our people and our role in the RNG industry will contribute significantly to decarbonizing the world's energy systems."
Greenlane continually updates its pipeline of active system sales opportunities (" Sales Pipeline "), which at June 30, 2022 was approximately $900 million , representing a net increase of $50 million in new opportunities since year-end 2021, and a 13% increase year-over-year versus $800 million at the end of Q2 2021. The Sales Pipeline represents visibility to a significant number of opportunities for which the Company provides a quote, and those opportunities that successfully convert into contract wins move into our sales order backlog (" Sales Order Backlog "). The Company's Sales Order Backlog of $40.7 million as at June 30, 2022 is a snapshot in time which varies from quarter-to-quarter. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue.
The overall global market outlook for the biogas industry continues to be robust with recent announcements.
In Europe , the Russian-Ukraine conflict continues to impact energy markets and is widely expected to accelerate the pace of growth of biomethane projects. Earlier in 2022, the European Commission published the "Joint European Action for more affordable, secure and sustainable energy" ("REPowerEU") with the goal of establishing energy independence from Russian fossil fuels. The Commission has pledged €37 billion to increase biomethane production to 35 billion cubic metres by 2030, up from the 3 billion cubic metres in 2020, and represents approximately 20% of current Russian natural gas imports.
In the United States , Senator Joe Manchin and Senate Majority Leader Charles Schumer announced an agreement on a spending and tax package on July 27, 2022 . The resulting Inflation Reduction Act of 2022 raises $739 billion over the next ten years. To address climate and energy issues, the legislation provides $369 billion over the next ten years on spending and tax policies to reduce greenhouse gas emissions and spur the expanded production and use of domestic clean energy, and contains provisions supported and advocated by the RNG industry including biogas property, which includes biogas upgrading equipment, as qualifying equipment for purposes of the Section 48 energy investment tax credit. The base credit is 30% of which 6% would be immediately available with the other 24% available if prevailing wage and apprenticeship requirements are met.
An active spring in the US renewable natural gas market was highlighted with BlackRock's announced acquisition of Vanguard Renewables for US$700 million . BlackRock is partnering with Vanguard to drive its next phase of growth, including plans to commission more than 100 anaerobic digesters to produce renewable natural gas across the country by 2026. Increasing M&A activity is often a leading indicator of continued strength and growth in the sector.
In Canada , FortisBC announced during the second quarter that it nearly tripled RNG supply in 2021 compared to 2020, and that by the end of 2022 it expects to triple its RNG supply again to approximately 3.9 petajoules (PJ) of contracted annual RNG supply for its customers - roughly enough energy to meet the natural gas needs of approximately 43,750 homes in British Columbia . FortisBC said that it expects that its original 2030 goal of 15% of its gas supply being renewable and low carbon will be met or exceeded. In a recent report commissioned by the Province of British Columbia , FortisBC and BC Bioenergy Network revealed that by 2050, the maximum potential supply of in-province renewable and low carbon gases could be as high as 440 PJ per year – roughly double FortisBC's current annual gas supply.
The Government of Québec announced it is seeking feedback on its draft regulation to amend its renewable gas standard that would promulgate the provincial government's commitment to require a 10% renewable gas blend by 2030, equating to approximately 20 million MMBtu of RNG demand, including a 7% interim target in 2028. The current regulation requires gas utilities to achieve the blends of RNG of 2% in 2023 and 5% in 2025.
The public is invited to listen to the conference call by telephone at 2 pm PT ( 5 pm ET ) today, August 9 th . To access the conference call by telephone, please dial: 1-800-319-4610 ( Canada & USA toll-free) or 1-604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.
Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.
Management evaluates the Company's performance using a variety of measures, including "Adjusted EBITDA", "gross margin" (gross profit excluding amortization), "sales pipeline" and "Sales Order Backlog". The specified financial measures, including non-IFRS measures and supplementary financial measures should not be considered as an alternative to or more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these specified financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these specified financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.
Adjusted EBITDA is a non-IFRS measure and is defined by the Company as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as adjustments for other income (expense), value assigned to options and RSU's granted, and strategic initiatives.
Note 1 - Reconciliation of net loss to Adjusted EBITDA:
Note 2 - Sales Order Backlog is a supplementary financial measure that refers to the balance of unrecognized revenue from contracted biogas upgrading system supply projects. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue (by reference to the stage of completion of each contract).
Note 3 - Greenlane maintains a Sales Pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. The Sales Pipeline is a supplementary financial measure. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the Sales Pipeline come from situations where the Company provides a quote on a prospective project and reductions to the Sales Pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the Sales Pipeline is converted to Greenlane's Sales Order Backlog.
Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (" RNG ") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 hydrogen sulfide treatment systems sold, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com .
Forward Looking Information Advisory – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "could", "plan", "expects" or "is expected to", "potential", "proposed", "estimate", "believe", "continues to", "remains" or "continually" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release, includes, but is not limited to: the outlook for the biogas industry continues to be robust, the Russia - Ukraine conflict continues to impact energy markes and is widely expected to accelerate the pace of growth of biomethane projects; the US Inflation Reduction Act of 2022 provides $369 billion over the next ten years on spending and tax policies to reduce greenhouse gas emissions and spur the expanded production and use of domestic clean energy; BlackRock and Vanguard have plans to commission more than 100 anaerobic digersters to produce renewable natural gas across the US by 2026; FortisBC expects to triple its RNG supply by the end of 2022 and it will meet or exceed its 2030 goal of 15% of its gas supply being renewable and low carbon; that by 2050, the maximum potential supply of BC in-province renewable and low carbon gases could be as high as 440 PJ per year; management's belief that the sales pipeline represents visibility to a significant number of opportunities that will, through the sales process, convert opportunities into signed contracts and move into the sales order backlog, which will be drawn down and the Company advances and completes projects to realize revenue; management's expectations and beliefs regarding its ability to maintaining its competitive position going forward. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believes to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, the state of competition in the RNG industry and competitors' capabilities, that natural gas utilities will proceed with announced initiatives and projects, that regulations enacted will have beneficial effects, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond Greenlane's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the effects of the Russia - Ukraine war; the ability of legislation to affect the expanded production of clean energy; the plans, estimates and intentions of third parties to successfully achieve planned initiatives to implement RNG projects and realize goals for increasing renewable and low carbon gas supply and related economic and political sanctions on global fuel sources and supply chains, risks relating to Greenlane's financial performance in 2022, Airdep's products may not be attractive for sales into new and existing biogas projects globally, Greenlane may not be able to convert sales opportunities into contracts as expected, Greenlane may face impediments in delivering and advancing projects to be able to timely realize revenue reducing the sales backlog, Greenlane having a role in economies working towards combating climate change, large oil and gas producers not investing in the RNG industry as expected, RNG initiatives and projects of natural gas utilities being changed, delayed or canceled, RNG not impacting the transportation sector and gas grid as expected, Greenlane's market outlook, Greenlane's market share of the RNG value chain, the state of competition in the RNG industry, Greenlane's position as a leading biogas upgrading and project development solutions provider, US RNG production facilities not having the strong capacity growth expected; the transportation sector not focusing on low carbon fuel sources as anticipated, and large oil and gas producers not aiming to reduce their net carbon intensity as anticipated. Additional risk factors can also be found in the Company's Management Discussion and Analysis, its Annual Information Form and in its base shelf prospectus dated June 24, 2021 , all of which have been filed under the Company's SEDAR profile at www.sedar.com . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
FINANCIAL OUTLOOK INFORMATION – This news release contains "financial outlook information" regarding Greenlane's prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company's revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some contracts contain termination provisions that allow the customer to terminate with no penalty or with minimum prescribed threshold payments based on the length of time since the contract was entered into. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company's revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.
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dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) (" dynaCERT " or the "Company") announces the resignation of its auditors, BDO Canada LLP ("BDO"). BDO resigned on their own initiative, which resignation has been reviewed by dynaCERT 's audit committee. BDO has advised that its resignation is a business decision of such firm and has confirmed that there are no reportable events, "disagreements" or "unresolved issues" (as those terms are defined in National Instrument 51-102 Continuous Disclosure Obligations ) in connection with the change of auditor. dynaCERT is commencing the process to engage a replacement auditor for the 2022 fiscal year.
About dynaCERT Inc. dyna CERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, refrigerated trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com .
READER ADVISORY Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the review by the Company's audit committee of the resignation of BDO Canada LLP as the Company's auditor and the commencement of a process to seek a replacement auditor. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com . Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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On Behalf of the Board Murray James Payne, CEO
View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005494/en/
Jim Payne, CEO & President dynaCERT Inc. #101 – 501 Alliance Avenue Toronto, Ontario M6N 2J1 +1 (416) 766-9691 x 2 jpayne@ dynaCERT .com
Investor Relations dynaCERT Inc. Nancy Massicotte +1 (416) 766-9691 x 1 nmassicotte@ dynaCERT .com
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