Posted by AGORACOM-JC
at 11:05 AM on Friday, August 30th, 2019
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How Digital is Accelerating Healthcare
A digital wave has swept the world. Technology advancements have transformed every aspect of life and healthcare isn’t far behind.
Digital healthcare aims to amplify the shortcomings of traditional healthcare systems.
The digitization of the entire healthcare ecosystem is underway. From
telemedicine to wearables to the remote patient monitoring device,
Integration of technology with healthcare helps in meeting the
unfulfilled challenges in the healthcare industry.
Digital healthcare aims to amplify the shortcomings of traditional
healthcare systems. Prevention, helping patients monitor and manage
chronic conditions, lowering the cost of healthcare provision, and
making medicine more tailored to individual needs – some of the areas
where applying technology to healthcare can immensely help.
Healthtech or Digital Health is a thriving market. Global Digital
Health Market value expected to surpass $504.4 billion by 2025;
according to a new research report by Global Market Insights, Inc.
Increasing demand for remote monitoring services due to rising
incidences of chronic diseases worldwide is a major factor propelling
the global market growth. This could be the reason why Tech giants are
betting big on healthcare with almost all the big firms be it Google or
Amazon are investing billions in healthcare. The most valuable company
in the world – Apple updated its Health app, last year, to display
medical records from 39 hospitals. The firm also added a new Apple
Watch feature called the electrocardiogram (EKG), a more advanced method
of heart monitoring. Apple received an FDA clearance for this.
Alphabet, Google’s parent company is also making a number of bets in healthcare and life sciences. Calico,
focuses on health and well-being, in particular, the challenge of
ageing and associated diseases. And Verily is developing tools to
collect and organize health data, then creating interventions and
platforms that put insights derived from that health data to use for
more holistic care management.
WHO’s push for Digital Health
In the April 2019, the World Health Organization (WHO) released new
recommendations on 10 ways countries can use digital health technology
to improve people’s health and essential services. The guideline
demonstrates that health systems need to respond to the increased
visibility and availability of information. People also must be assured
that their own data is safe and that they are not being put at risk
because they have accessed information on sensitive health topics, such
as sexual and reproductive health issues, a press release from the WHO
states. It further adds that Health workers need adequate training to
boost their motivation to transition to this new way of working and need
to use technology easily.
The guideline stresses the importance of providing supportive
environments for training, dealing with unstable infrastructure, as well
as policies to protect the privacy of individuals, and governance and
coordination to ensure these tools are not fragmented across the health
system.
The guideline encourages policy-makers to review and adapt to these
conditions if they want digital tools to drive tangible changes and
provides guidance on taking privacy considerations on access to patient
data.
WHO has issued a number of resources to strengthen digital health
research and implementation, including the mHealth Assessment and
Planning for Scale (MAPS) toolkit, a handbook for Monitoring and Evaluation of Digital Health, and mechanisms toharness digital health to end TB, eHealth Strategy Toolkit in collaboration with International Telecommunications Union (ITU) and the Digital Health Atlas, an online global repository where implementers can register their digital health activities
Digital Health in Asia
Digital Health is thriving in Asia. Last year, Investment in digital health was around $6.3 billion in
Asia, confirming it as the 2nd largest HealthTech ecosystem in the
world. Significantly exceeding 2017 in dollar size, and doubling 2016,
the Asia ecosystem is fast catching the US, says a report by HealthTech
Alpha, a Galen Growth Asia solution. The most number of news new
announcements and investments came from China and India.
Some other important initiatives include:
Big technology companies, such as Tencent and Alibaba, announced new healthcare ventures
In collaboration with the Food and Drug Administration of the
Philippines (FDA), mClinica introduced a new mobile app, Electronic
Logbook, to digitize prescriptions using cutting edge image recognition
and machine learning. With this, the Philippines became the first
country in Asia to use a nationwide mobile app to disrupt the pharmacy
prescription process
WeDoctor and Ping An Good Doctor – the “AI doctors†are increasingly becoming popular in China
BioTel CareTM(formally known as Telcare), a BioTelemetry company,
has developed a next-generation wireless blood glucose monitor for
diabetes management. It is the first FDA-cleared, cellular-enabled
glucometer which supports real-time transmission and consolidation of
patient data in an FDA-cleared cloud
Japan-based Omron Healthcare has developed a continuous, noninvasive
Beat By Beat®blood pressure monitoring technology. Omron says this is
the first of its kind in the world, uses Omron’s proprietary pressure
sensor to apply pressure in a way to partially flatten the radial
artery, thus enabling measurement of blood pressure for each heartbeat
simply by attaching the monitor unit on the wrist
Health tech is an unprecedented opportunity to solve Asia’s
healthcare woes. New technologies like Artificial Intelligence (AI),
cognitive computing, natural language processing, wearable technology,
virtual reality and augmented reality are providing new opportunities to
provide more personalized prevention, diagnostic, and treatment.
As digital health improves, it will, in turn, strengthen health
systems, enable universal health coverage, and improve health and
well-being for all.
Posted by AGORACOM-JC
at 10:51 PM on Thursday, August 29th, 2019
MONTREAL, Aug. 29, 2019 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company (the “Company”, the “Corporation†or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today its financial and operational results for the second quarter ended June 30, 2019.
“As we have said in the past, 2018 was the year in which the Company
successfully positioned itself with unique and strategic partnerships,
geared to effectively accelerate commercialization, and we are in the
midst of benefiting from these efforts, and I would like to thank
investors for their patience,†said Mr. P. Peter Pascali, President and
CEO of PyroGenesis. “Recent results have been significantly affected by
management’s decisions in 2018 to pursue strategic partnerships at the
expense of revenues. However, as a result, we have press released
imminent contracts in excess of $32MM, with associated future revenues,
well in excess of that which, in my opinion, fully justified that
strategy. At the risk of repeating myself, let me remind readers of the
importance of reading 2019 results to date in the context of these
decisions and recent press releases.â€
Q2 2019 results reflect the following highlights:
Revenues of $913,769, a decrease from $1,421,352 posted in Q2 2018;
Gross margin of 20% a decrease of 15% over the same period in Q2 2018;
Fair value of investments decreased to $339,313, versus ($66,000) a decrease of $405,313;
Leasehold improvements of $227K were spent in building a clean room for plasma atomization system;
A Modified EBITDA loss of $1.4MM compared to a Modified EBITDA loss of $1MM over the same period in Q2 2018;
Backlog of signed contracts as of the date of this writing is $10.5MM;
Cash on hand at quarter end: $1.3MM (December 31, 2018: $645K).
The following is a summary of PyroGenesis’ main activities.
Outlook
2019 is turning into the year that bears the fruit of 2018
strategies, in which PyroGenesis successfully positioned itself with
unique and strategic partnerships, geared to effectively accelerate
commercialization in two of its three business segments.
In 2018, the Company successfully positioned each of its commercial
business lines for rapid growth by strategically partnering with
multi-billion-dollar entities who have identified PyroGenesis’ offerings
to be unique, in demand, and of such a commercial nature as to warrant
such unique relationships.
By the end of 2018 PyroGenesis could boast of a unique relationship
with a multi-billion-dollar entity in each of its three commercial
offerings:
1)
The US Navy within the Military/Environmental sector;
2)
A Japanese trading house within the DROSRITETM (tolling) offering;
3)
Aubert & Duval within the Additive Manufacturing/3D printing (“AMâ€) offering.
Most companies would be thankful for one such relationship, but PyroGenesis has successfully developed three.
It became readily apparent to management that partnering with the
right entity could significantly accelerate commercialization in each of
its new business lines. This, however, would come with a cost in 2018.
In order to succeed, PyroGenesis would have to dedicate significant
resources to demonstrating the value proposition, and capabilities, to
these entities. This meant that assets which should have been dedicated
to sales now had to be deployed to developing these relationships. This
not only impacted revenues, but it also increased costs of non-paying
projects. We have seen this effect continue into Q1 2019 which, as
expected, has continued into Q2, 2019.
To date, PyroGenesis has announced that it should be awarded a
two-ship build for its PAWDS unit, for approximately $13.5MM. Add to
this the recently announced potential contract with first year revenues
of $20MM (plus significant subsequent years revenues) and the impact of
this strategy is apparent: over $32MM in revenues over the next 18
months. Approximately 6x 2018 revenues.
2019 should also see the Company takes steps, outside of the ordinary
course of business, to unlock additional value for investors.
One such step that has been announced is the spin-off of the Company’s additive manufacturing capabilities.
Another step, which is likewise outside the ordinary course of
business, and is geared to unlocking shareholder value, is the
previously announced up-listing of the Company’s stock to a more senior
exchange other than the one the Company is currently on. This is
projected to commence in earnest once the contacts noted above are
successfully signed.
There are other steps, outside the ordinary course of business, that
the Company is considering, to further increase shareholder value.
In short, 2019 is playing out to be the first of many years which
will bear the fruit of strategic decisions made in the recent past.
Financial Summary
Revenue
PyroGenesis recorded revenue of $913,769 in the second quarter of
2019 (“Q2, 2019â€), representing a decrease of 36% compared with
$1,421,352 recorded in the second quarter of 2018 (“Q2, 2018â€).
Revenues recorded during the six months ended June 30, 2019 were generated primarily from:
(i)
PUREVAP™ related sales of $239,836 (2018 Q2 – $1,538,550);
(ii)
Torch related sales of $297,235 (2018 Q2 – $Nil);
(iii)
Support services related to PAWDS-Marine systems supplied to the US Navy $455,427 (2018 Q2 – $706,595).
Cost of Sales and Services and Gross Margins
Cost of sales and services before amortization of intangible assets
was $723,641 in Q2 2019, representing a decrease of 22% compared with
$924,954 in Q2 2018.
In Q2 2019, employee compensation, subcontracting, direct materials
and manufacturing overhead decreased to $750,114 compared to $955,392 in
Q2 2018.
The gross margin for Q2 2019 was $185,349 or 20.3% of revenue
compared to a gross margin of $496,398 or 34.9% of revenue for Q2 2018.
As a result of the type of contracts being executed, the nature of
the project activity had a significant impact on the gross margin and
the overall level of cost of sales and services reported in a period, as
well as the composition of the cost of sales and services, as the mix
between labour, materials and subcontracts may be significantly
different.
The amortization of intangible assets of $4,779 in Q2 2019 and $Nil
for Q2 2018 relates to patents and deferred development costs. Of note,
these expenses are non-cash items and will be amortized over the
duration of the patent lives.
Selling, General and Administrative Expenses
Included within Selling, General and Administrative expenses
(“SG&Aâ€) are costs associated with corporate administration,
business development, project proposals, operations administration,
investor relations and employee training.
SG&A expenses for Q2 2019 excluding the costs associated with
share-based compensation (a non-cash item in which options vest
principally over a four-year period), were $1,583,779, representing an
increase of 34% compared with $1,177,552 reported for Q2 2018.
The increase in SG&A expenses in Q2 2019 over the same period in 2018 is mainly attributable to the net effect of:
an increase of 16% in employee compensation due primarily to additional headcount,
an increase of 84% for professional fees, primarily due to an increase in legal fees and employee recruitment expenses,
a decrease of 18% in office and general expenses, is primarily due
to the reclassification of rent expense to depreciation right of use
assets,
travel costs increased by 104%, due to an increase in travel abroad,
depreciation on property and equipment increased by 21% due to higher amounts of property and equipment being depreciated,
depreciation on right of use assets increased by 100% due to
reclassification of rent expense to depreciation right of use assets,
investment tax credits increased by 100% due to the investment tax
credits being recorded against the respective expenses in cost of goods
sold, selling and general expenses and research and development expenses
versus all of the investment tax credits of Q2 2018 being recorded
against cost of goods sold only,
government grants increased by 16% due to a government grant
contribution for a maximum amount of $350,000 for the period 2018-2020,
other expenses decreased by 8%, primarily due to a decrease in
advertising expenses and in the reclassification of lease property taxes
to depreciation right of use assets.
Separately, share based payments decreased by 91% in Q2 2019 over the
same period in 2018 as a result of the vesting structure of the stock
option plan including the stock options granted in 2018.
Research and Development (“R&Dâ€) Costs
The Company incurred $212,645 of R&D costs, net of government
grants, on internal projects in Q2 2019, a decrease of 47% as compared
with $404,017 in Q2 2018. The decrease in Q2 2019 is related to a
reduction in eligible R&D costs.
In addition to internally funded R&D projects, the Company also
incurred R&D expenditures during the execution of client funded
projects. These expenses are eligible for Scientific Research and
Experimental Development (“SR&EDâ€) tax credits. SR&ED tax
credits on client funded projects are applied against cost of sales and
services (see “Cost of Sales†above).
Net Comprehensive Loss
The net comprehensive loss for Q2 2019 of $2,253,390 compared to a
loss of $1,534,890, in Q2 2018, represents an increase of 47%
year-over-year. The increase of $718,500 in the comprehensive loss in Q2
2019 is primarily attributable to the factors described above, which
have been summarized as follows:
(i)
a decrease in product and service-related revenue of $507,583 arising in Q2 2019,
(ii)
a decrease in cost
of sales and services totaling $196,534, primarily due to a decrease in
direct materials, a decrease in manufacturing overhead, and a decrease
in investment tax credits,
(iii)
an increase in
SG&A expenses of $138,270 arising in Q2 2019 primarily due to an
increase in professional fees, travel, and employee compensation,
(iv)
a decrease in
R&D expenses of $191,372 primarily due to a decrease in eligible
employee compensation and materials & equipment costs,
(v)
an increase in net finance costs of $460,553 in Q2 2019 primarily due to the fair value adjustment of investments.
EBITDA
The EBITDA loss in Q2 2019 was $1,814,832 compared with an EBITDA
loss of $1,274,183 for Q2 2018, representing an increase of 42%
year-over-year. The $540,649 increase in the EBITDA loss in Q2 2019
compared with Q2 2018 is due to the increase in comprehensive loss of
$718,500, an increase in depreciation on property and equipment of
$8,455, an increase in depreciation of right of use assets of $109,673,
an increase in amortization of intangible assets of $4,779 and an
increase in finance charges of $55,241.
Adjusted EBITDA loss in Q2 2019 was $1,787,248 compared with an
Adjusted EBITDA loss of $978,642 for Q2 2018. The increase of $808,606
in the Adjusted EBITDA loss in Q2 2019 is attributable to an increase in
EBITDA loss of $540,649, offset by a decrease of $267,957 in
share-based payments.
The Modified EBITDA loss in Q2 2019 was $1,447,935 compared with a
Modified EBITDA loss of $1,044,642 for Q2 2018, representing an increase
of 39%. The increase in the Modified EBITDA loss in Q2 2019 is
attributable to the increase as mentioned above in the Adjusted EBITDA
loss of $808,606 and a decrease in the change of fair value of
investments of $405,313.
Liquidity
The Company has incurred, in the last several years, operating losses
and negative cash flows from operations, resulting in an accumulated
deficit of $54,198,854 and a negative working capital of $7,297,972 as
at Q2 2019, (December 31, 2018 – $51,066,540 and $4,101,428
respectively). Furthermore, as at Q2 2019, the Company’s current
liabilities and expected level of expenses for the next twelve months
exceed cash on hand of $1,293,173 (December 31, 2018 – $644,981). The
Company has relied upon external financings to fund its operations in
the past, primarily through the issuance of equity, debt, and
convertible debentures, as well as from investment tax credits.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is the world leader in
the design, development, manufacture and commercialization of advanced
plasma processes and products. We provide engineering and manufacturing
expertise, cutting-edge contract research, as well as turnkey process
equipment packages to the defense, metallurgical, mining, advanced
materials (including 3D printing), oil & gas, and environmental
industries. With a team of experienced engineers, scientists and
technicians working out of our Montreal office and our 3,800 m2
manufacturing facility, PyroGenesis maintains its competitive advantage
by remaining at the forefront of technology development and
commercialization. Our core competencies allow PyroGenesis to lead the
way in providing innovative plasma torches, plasma waste processes,
high-temperature metallurgical processes, and engineering services to
the global marketplace. Our operations are ISO 9001:2015 and AS9100D
certified, having been since 1997. PyroGenesis is a publicly-traded
Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR)
and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com.
This press release contains certain forward-looking statements,
including, without limitation, statements containing the words “may”,
“plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”,
“expect”, “in the process” and other similar expressions which
constitute “forward- looking information” within the meaning of
applicable securities laws. Forward-looking statements reflect the
Corporation’s current expectation and assumptions and are subject to a
number of risks and uncertainties that could cause actual results to
differ materially from those anticipated. These forward-looking
statements involve risks and uncertainties including, but not limited
to, our expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to research
and development, the impact of competitive products and pricing, new
product development, and uncertainties related to the regulatory
approval process. Such statements reflect the current views of the
Corporation with respect to future events and are subject to certain
risks and uncertainties and other risks detailed from time-to-time in
the Corporation’s ongoing filings with the securities regulatory
authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com.
Actual results, events, and performance may differ materially. Readers
are cautioned not to place undue reliance on these forward-looking
statements. The Corporation undertakes no obligation to publicly update
or revise any forward- looking statements either as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Neither the TSX Venture Exchange, its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) nor the OTCQB accepts responsibility for the adequacy or
accuracy of this press release.
Tags: PyroGenesis, small cap stocks, stocks, tsx, tsx-v Posted in PyroGenesis Canada Inc. | Comments Off on PyroGenesis $PYR.ca Announces Q2 2019 Results: Current Backlog $10.5MM; Revenues of $914K; Gross Margin of 20% $LMT $RTN $NOC $UTX $HPQ.ca $DDD.ca $SSYS $PRLB
Posted by AGORACOM-JC
at 5:43 PM on Thursday, August 29th, 2019
SPONSOR: Tartisan Nickel (TN:CSE)
Kenbridge Property has a measured and indicated resource of 7.14
million tonnes at 0.62% nickel, 0.33% copper. Tartisan also has
interests in Peru, including a 20 percent equity stake in Eloro
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Nickel gains as waste spill highlights supply worries
Nickel prices rose on Thursday after a waste spill threatened to close a processing plant in Papua New Guinea, adding to fears of supply shortages.
Benchmark nickel on the London Metal Exchange (LME) ended up 2.3% at $16,455, near a 16-month high of $16,690 reached three weeks ago.
LONDON — Nickel prices rose on Thursday after a waste spill threatened to close a processing plant in Papua New Guinea, adding to fears of supply shortages.
Benchmark nickel on the London Metal Exchange (LME) ended up 2.3% at
$16,455, near a 16-month high of $16,690 reached three weeks ago.
The stainless steel ingredient has leaped 50% this year, rising
rapidly since July amid worries that top ore producer Indonesia could
ban exports earlier than expected, potentially disrupting the market.
The premium for cash nickel over the three-month contract on the LME
has spiked to a 10-year high of $95 a tonne, signaling tight nearby
supply. One party holds 50% to 80% of available LME inventories.
Now, a battery nickel processing plant owned by Metallurgical Corp of
China faces possible closure after it spilled mine waste into Papua New
Guinea’s Basamuk Bay.
Story continues below
“That brings to the forefront the ongoing supply concerns from some
of these (producer) countries,†BMO analyst Colin Hamilton said.
But he said the big premium for cash nickel on the LME likely showed
prices had risen too fast, rather than real shortages of material.
Strong output of nickel pig iron from China meant nickel should cost
closer to $13,500, he added.
CHINA: Factory activity in China is expected to have contracted for
the fourth straight month in August, dampening demand. China is the
world’s largest metals consumer.
TRADE WAR: Hopes for progress in a U.S.-China trade dispute that has
dented global economic growth hinge on whether Washington can create
favorable conditions, China’s commerce ministry said on Thursday.
U.S. GROWTH: The U.S. economy slowed in the second quarter, but the
strongest growth in consumer spending in 4-1/2 years and a strong labor
market could temper expectations of a recession.
YUAN: China’s yuan touched a new 11-1/2-year low, raising the cost of
dollar-priced metals for Chinese buyers and potentially weakening
demand.
NICKEL STOCKS: Headline inventories in LME-registered warehouses
slumped to a 6-1/2-year low of 141,906 tonnes this month before rising
slightly to 150,708 tonnes.
POSITIONING: Speculative investors held a net long position in LME
nickel equal to 19% of open contracts as of Tuesday, brokerage Marex
Spectron said.
The expansion of bets on higher prices leaves nickel vulnerable to a
correction if speculators change their minds, analysts at Commerzbank
said.
COPPER: Fresh cancellations of 24,425 tonnes took on-warrant copper
stocks available to the market in LME warehouses to 241,150 tonnes, down
from more than 300,000 tonnes earlier this month.
Benchmark copper finished up 0.6% at $5,726 a tonne.
OTHER METALS: LME aluminum closed 0.4% higher at $1,753, zinc rose
0.5% to $2,269, lead slipped 0.3% to $2,060 and tin gained 0.3% to
$15,795.
(Reporting by Peter Hobson; additional reporting by Mai Nguyen; Editing by Dale Hudson and Kirsten Donovan)
Posted by AGORACOM-JC
at 4:25 PM on Thursday, August 29th, 2019
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projected at $23 BILLION by 2020. The company has launched VIE.gg
esports betting platform and has accelerated affiliate marketing
agreements with 190 Esports teams. Click here for more information
GMBL: OTCQB
———————–
Madden and Pizza Hut enter first-ever virtual stadium deal in esports
The Madden NFL
20 Championship series will be taking place at the newly unveiled Pizza
Hut Stadium. A move intended to further blur the lines between
traditional sports and esports.
Pizza Hut Stadium is the first-ever virtual stadium rights deal in history and all MCS live tournaments will be taking place at the new stadium.
“Pizza and sports go hand in hand, and esports is no exception. Pizza Hut has always been a trailblazer in the gaming space, from the days of tabletop Pac-Man in our restaurants, to now, becoming the first-ever brand to have an official virtual stadium rights deal in esports,†Pizza Hut CMO Marianne Radley said.
EA SPORTS
This is the first ever virtual esports stadium in esports.
He continued: “The goal of all our partnerships is to create 360 fan
engagement and we are thrilled to join forces with EA Sports to create
memorable experiences that connect fans to their favorite sports like
never before.â€
While the stadium is plastered with the Pizza Hut branding, that
doesn’t mean jerseys will be. Alex Nuñez, the esports Sponsorship Lead
at EA Sports told Dexerto: “The idea behind virtual stadium rights is to
develop an opportunity that’s in the image and in the essence of what
you would see in the actual NFL. So we wouldn’t want to stray from a
traditional NFL experience.
“We wanted to mirror what you had experienced if you were to go to an
actual NFL stadium where the concept of stadium rights already exists
and you’re used to seeing brands within the stadium. We’re trying to
create an extension of that in our world.â€
Dexerto asked Vida Mylson, the Sr. Director of Global Brand
Partnerships at EA Sports if there are plans for any other virtual
stadiums.
EA SPORTS
Pizza Hut Stadium will debut August 30.
“I think there’s always a possibility, I think from a bigger picture
perspective and overall for esports,†she said. “I’m not going to say
yes, I’m not going to say no, but obviously we’re definitely thinking a
little bit bigger as far as how we can innovate these offerings and
really lean into creating an experience for these brands within the
sports environment.â€
Mylson added that the partnership “validates the future of the Madden Championship Series as an NFL partner and property.
EA SPORTS
Pizza Hut stadium attempts to blur the lines between esports and traditonal sports.
“I think from a Pizza Hut perspective, as well as ours, it kind of
goes back to the idea of blurring the lines between the real world and
then the world of gaming and really creating that mirrored sponsorship
opportunity that they’re getting in the world of the NFL into a whole
new area of gaming.â€
Nuñez added: “This is such a great example of how a sponsor program
can bring value to the Madden competitive community, especially at the
professional tier.
“Now our professional players are playing in a virtual stadium rights
deal, Pizza Hut stadium. This was created for them and then a belief in
them that they are stars and eventually we become superstars of this
sport. And that’s just how we try to approach our sponsorship business
is not only bringing value to the brand but to the Madden community as
well.â€
EA SPORTS
The Madden series has been around since 1988.
The MCS kickoff and debut of Pizza Hut Stadium is August 30 at the
Madden NFL 20 Classic. The tournament is taking place at North America’s
largest esports facility – Esports Stadium Arlington.
$190,000 is on the line along with first and second place earning a spot in the Madden NFL 20 Bowl.
Posted by AGORACOM-JC
at 2:06 PM on Thursday, August 29th, 2019
Announced that they have obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario).
J55 will acquire all of Enthusiast’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act
TORONTO and VANCOUVER, British Columbia, Aug. 29, 2019 — Enthusiast Gaming Holdings Inc. (TSX-V: EGLX) (“Enthusiastâ€) and J55 Capital Corp. (TSX-V: FIVE.P) (“J55â€) are pleased to  announce that they have obtained a final court order from the Ontario Superior Court of Justice approving the previously announced plan of arrangement under the Business Corporations Act (Ontario). J55 will acquire all of Enthusiast’s issued and outstanding common shares by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement“).
Receipt of the final order follows the annual and special meeting of shareholders of Enthusiast (“Enthusiast Shareholdersâ€)
held on August 26, 2019, where Enthusiast Shareholders overwhelmingly
approved the Arrangement by a special resolution, and the annual and
special meeting of shareholders of J55 (“J55 Shareholdersâ€) held on August 26, 2019, where J55 Shareholders unanimously approved the Arrangement by a special resolution.
Pursuant
to the Arrangement, holders of common shares of Enthusiast will receive
4.22 post-First Consolidation (as defined in the joint management
information circular of J55 and Enthusiast dated July 23, 2019) common
shares of J55 for each common share of Enthusiast held.
Closing
of the Arrangement remains subject to the satisfaction or waiver of
other customary closing conditions, including final approval by the TSX
Venture Exchange. Subject to satisfaction of these closing conditions,
it is anticipated that the Arrangement will be completed in early
September, 2019.
Enthusiast’s stock expects to
be halted after markets today, Thursday August 29, 2019 pending the
closing of the merger transactions. Enthusiast’s stock is not expected
to resume trading as following the Arrangement, Enthusiast will become a
subsidiary of J55 and be delisted.
For further information regarding J55, please contact:
John Veltheer Chief Financial Officer, Secretary and Director Telephone: 604-562-6915 Email: [email protected]
For further information regarding Enthusiast, please contact:
Julia Becker Head of Investor Relations & Marketing Telephone: (604) 785-0850 Email: [email protected]
Forward-Looking Information
This
news release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of J55 or Enthusiast Gaming to be materially different from any future
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forward-looking statements. Forward-looking statements in this news
release include, but are not limited to: statements with respect to the
completion of the Arrangement and the timing for its completion; the
satisfaction of closing conditions which include, without limitation (i)
certain termination rights available to the parties under the
Arrangement Agreement, (ii) J55 obtaining the necessary approvals from
the TSX-V for the listing of its common shares, (iii) Enthusiast Gaming
receiving approval for the delisting of its shares on the TSX-V, and
(iv) other closing conditions, including compliance by J55 and
Enthusiast Gaming with various covenants contained in the Arrangement
Agreement. Often, but not always, forward-looking statements can be
identified by the use of words such as “plansâ€, “expects†or “does not
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not anticipateâ€, or “believesâ€, or variations of such words and phrases
or state that certain actions, events or results “mayâ€, “couldâ€,
“wouldâ€, “might†or “will†be taken, occur or be achieved. Accordingly,
readers should not place undue reliance on the forward-looking
statements and information contained in this press release. 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. Readers are cautioned that the foregoing list of factors is
not exhaustive. The forward-looking statements contained in this news
release are made as of the date of this release and, accordingly, are
subject to change after such date.
J55 and
Enthusiast Gaming do not assume any obligation to update or revise any
forward-looking statements, whether written or oral, that may be made
from time to time by us or on our behalf, except as required by
applicable law.
Neither 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 of this release.
Posted by AGORACOM-JC
at 10:59 AM on Thursday, August 29th, 2019
SPONSOR: Bougainville
Ventures Inc (CSE: BOG) provides strategic capital to the thriving
cannabis cultivation sector through ownership and development of
commercial real estate properties. The company also offers fully built
out turnkey facilities equipped with state-of-the-art growing
infrastructure to cannabis growers and processors. Click here for more info.
Hemp industry awaits new USDA rules
Hemp was decriminalized in the 2018 Farm Bill thanks to legislation sponsored by Wyden, fellow Oregon Democrat Jeff Merkley and Senate Majority Leader Mitch McConnell, R-Ky.
Wyden addressed the state of the hemp industry during a panel discussion Aug. 19 at the Western U.S. Hemp Growers Conference and Expo in Portland. He said Oregon is “at the epicenter of the enormous potential for the hemp in the country.â€
PORTLAND — New rules for growing and testing hemp are coming this
fall from the USDA, and that has farmers anxious about establishing
consistent standards for the booming crop.
U.S. Sen. Ron Wyden, D-Ore., said the agency expects to issue regulations in the next two to four weeks.
Hemp was decriminalized in the 2018 Farm Bill thanks to legislation
sponsored by Wyden, fellow Oregon Democrat Jeff Merkley and Senate
Majority Leader Mitch McConnell, R-Ky.
Wyden addressed the state of the hemp industry during a panel
discussion Aug. 19 at the Western U.S. Hemp Growers Conference and Expo
in Portland. He said Oregon is “at the epicenter of the enormous
potential for the hemp in the country.â€
“We have an enormous sense of pride with the incredible growth in this industry, virtually overnight,†Wyden said.
Since 2014, the state has gone from 13 registered hemp growers and
105 acres to 1,883 growers and roughly 62,000 acres, according to the
Oregon Department of Agriculture.
The Hemp Farming Act of 2018 that passed Congress with bipartisan
support — led by unlikely allies in Wyden, Merkley and McConnell —
classified hemp as an agricultural commodity.
“I think it’s pretty obvious you are on the right side of history,â€
Wyden told the crowd gathered for the conference. “You don’t have
thousands of farmers moving into this space for nothing.â€
Hemp, like marijuana, is a cannabis plant, though it legally contains
less than 0.3% tetrahydrocannabinol, or THC, the main ingredient that
gets users high.
While hemp fiber can be used to make paper, textiles, clothing and
building materials such as “hempcrete,†the current primary market is
for products containing a derivative extract known as cannabidiol, or
CBD. Companies are putting CBD in everything from cosmetics to
beverages, touting numerous benefits.
The USDA Agricultural Marketing Service is now developing a program
to implement the Hemp Farming Act, which requires states and tribes as
the primary regulators of hemp to comply with federal standards for
testing THC levels, inspecting farms and monitoring overall production.
States will submit their detailed plans for approval once the
regulations are announced, going into effect for the 2020 planting
season.
Sunny Summers, cannabis policy coordinator for ODA, said Oregon
already does testing and tracks production under the state’s hemp pilot
program. Such pilot programs were permitted by the 2014 Farm Bill.
“This is not anything new,†Summers said. “We should be setting the standard for the country.â€
The goal, Summers said, is to begin treating hemp the same as any
other crop. But she said the industry still has challenges ahead,
pointing to issues such as the potential for cross-pollination of crops,
pesticide drift and managing odor.
“Coexistence is the backbone of Oregon agriculture,†Summers said.
“The industry is going to have to come together and find those
opportunities to coexist.â€
Courtney Moran, a hemp lobbyist and president of the Oregon
Industrial Hemp Farmers Association, said the USDA rules should clarify
uncertainties for hemp growers and producers around interstate commerce,
banking, crop insurance and law enforcement.
“No matter where you’re going, we want to make sure crops are legal and compliant,†Moran said.
The Food and Drug Administration is responsible for regulating and
classifying CBD products. Wyden said he was told that could take three
to five more years, which he pushed back against forcefully.
The government is starting to make progress implementing the Hemp Farming Act, Wyden said, but needs to move faster.
“CBD products have enormous potential. And that was the whole purpose
of the bill,†Wyden said. “We don’t want to see that potential
squelched because the feds are moving too slowly.â€
Posted by AGORACOM-JC
at 10:29 AM on Thursday, August 29th, 2019
SPONSOR: Betteru Education Corp.
aims to provide access to quality education from around the world. The
Company plans to bridge the prevailing gap in the education and job
industry and enhance the lives of its prospective learners by developing
an integrated ecosystem. Click here for more information.
BTRU: TSX-V
Vedantu secures $42M funding led by Tiger Global & WestBridge Capital
The investment will enable Vedantu to popularize its online live tutoring sessions in small towns and cities across the country.
Vedantu’s current goal is to boost activations from tier 2 and beyond cities, aided by lowering the average price of its live tutoring classes
ETtech
Edtech platform Vedantu has raised $42 million in fresh funding, led by New York-based Tiger Global Management and WestBridge Capital.
The investment will enable Vedantu to popularize its online live
tutoring sessions in small towns and cities across the country.
Existing
investors Accel, Omidyar India and TAL Education also participated in
the round, along with Prince Maximilian of Liechtenstein who is also the
CEO of banking and asset management firm LGT group.
“Majority of
this fund we are planning to deploy into building awareness about this
category and our brand. Investments into our technology and platform
will be the second pillar enabled by this round,†said Vamsi Krishna,
cofounder and CEO.
Vedantu claims 15 million users access free
content on its platform, while 150,000 pay for its live tutoring
programme. The company said it currently recuperates the cost of
acquiring a customer within a year, and is hoping that users extending
their subscriptions over many years will drive profits.
The
company’s current goal is to boost activations from tier 2 and beyond
cities, aided by lowering the average price of its live tutoring
classes, Krishna said. Almost 80% of users who access Vedantu’s free
content are from tier 2 and smaller cities, while 55% of its paid users
are in small towns.
“Vedantu has been the first to reimagine the concept of
tutorials in the country and create an exponential shift towards the
online LIVE Tutoring model. Vamsi and team are extremely focused on
improving the educational outcomes of students using their unique online
offering,†said Anand Daniel, partner at Accel Partners.
Including
the latest funding, Vedantu has raised $58 million in total across
three funding rounds. The investment comes at a time when India’s
ed-tech space is seeing traction, with giants such as Byju’s achieving a
valuation of $5.4 billion in its latest round.
Posted by AGORACOM-JC
at 10:16 AM on Thursday, August 29th, 2019
SPONSOR: Spyder Cannabis (SPDR:TSXV)
went public just a couple of months ago and hit the ground running
with 5 operating Canadian retail locations – and a 6th one on the way
via an 8,000 sq ft super store in Alberta. Most companies would be
ecstatic to have this number of locations – but Spyder just announced a
major move into the United States, with a 5 location deal for boutique
stores up and down the US Eastern seaboard. The news gets better. If
all goes well with these 5 locations, the US outlet partner has a total
of 39 locations across 20 states for Spyder to grow into to. Click here for more info.
(TSX-V: SPDR)
Alberta squeaks out title as Canada’s top cannabis market with $123.6M sold
Ontario, Quebec not far behind in new data showing sales since legalization
Gord Nichol shows off some of the products he bought inside RELM
Cannabis Co., in Burlington, Ont. on April 1. Alberta narrowly squeaked
out as Canada’s top cannabis market, surpassing Ontario by a matter of a
few million. (Dan Taekema/CBC)
Albertans pull out their wallets for legal weed more often than other Canadians, new data shows.
Statistics Canada has published new information on the amount sold at cannabis store across the country, from legalization in October 2018 to June 2019.
The sales data shows that Alberta comes out as the top legal cannabis market in Canada, with more than $123.6 million in sales.
Alberta narrowly squeaked into the top spot with Ontario close behind at $121.6 million, followed by Quebec at $119.2 million.
‘Best job of any province,’ retailer says
Alberta’s quick pick-up in the cannabis market can be attributed to
the province’s regulator — Alberta Gaming Liquor and Cannabis (AGLC)
— argues Darren Bondar, who runs a national chain of cannabis stores out
of Calgary.
“Alberta and the AGLC have done the best job of any province in the country,” the Spirit Leaf CEO said.
He notes AGLC had experience with private liquor stores, which helped
them co-ordinate the opening of 275 private cannabis vendors.
The province also runs a public website that sells and mails out cannabis products.
Ontario may soon surpass Alberta in sales, however. The province was
slow in getting stores open but expects to see another 50 open this
fall.
Another of Canada’s most populous provinces, British Columbia, saw
slow sales, coming ninth on the list. Smaller provinces of Nova Scotia
and New Brunswick, saw more money spent.
Canada’s first cannabis competition
Alberta can also boast the country’s first legal cannabis competition
when Hempfest Expo opens this October in Calgary. A big draw for other
international cannabis hotspots, like Colorado and Amsterdam,
expectations for Hempfest Cup are high.
The competition runs Oct. 11-12 at Stampede Park, and will boast
entries from big and little growers alike — even Canadians who are
(legally) growing plants in their homes or yards. Registration for the
event closes Sept. 12.
Posted by AGORACOM-JC
at 7:39 AM on Thursday, August 29th, 2019
Entered into a purchase agreement with an arm’s length third party to acquire the Vendor’s interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store and an assignment of the leased attached to such Development Permit
Vaughan, Ontario–(August 29, 2019) – Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder” or the “Company“), an established Ontario retail operator, is pleased to announced it has entered into a purchase agreement (the “Agreement“) with an arm’s length third party (the “Vendor“) to acquire the Vendor’s interest in a development permit issued by the City of Calgary for the operation of a retail cannabis store (the “Development Permit“) and an assignment of the leased attached to such Development Permit (the “Lease Assignment“; together with the Development Permit, the “DP Assets“).
Pursuant to the Agreement, the purchase price for the DP Assets will
be $175,000, which will be payable through the issuance of 3,000,000
common shares of Spyder (“Spyder Shares“) at a deemed
price of $0.0583 per share. The closing of the transactions contemplated
by the Agreement is subject to the satisfaction of a number of
conditions, including, but not limited to, receipt of all required
regulatory approvals including the approval of the TSX Venture Exchange,
the Company’s satisfaction of its due diligence results, inspections
and investigations and obtaining landlord’s consent to the Lease
Assignment.
About Spyder
Founded in 2014 Spyder is an established chain of three high-end vape
stores in Ontario, with stores located in Woodbridge, Scarborough and
Burlington. The Spyder brand is defined by its high-quality proprietary
line of e-juice, liquids and exclusive retail deals, dispensed in
uniquely designed stores creating the optimal customer experience.
Spyder is building off this leading retail, distribution and branding
eCig and vapes company and is pursuing expansion into the legal cannabis
market. Spyder has developed a scalable retail model with aggressive
expansion plan to create a significant retail footprint with targeted
and disciplined retail distribution strategy focusing on Canadian
locations in high traffic peripheral areas.
Cautionary Statements
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 of this
release.
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future events or
future performance. The use of any of the words “could”, “intend”,
“expect”, “believe”, “will”, “projected”, “estimated” and similar
expressions and statements relating to matters that are not historical
facts are intended to identify forward-looking information and are based
on the Company’s current belief or assumptions as to the outcome and
timing of such future events. Actual future results may differ
materially. In particular, this release contains forward-looking
information relating to the satisfaction of the closing conditions
contemplated under the Agreement. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those assumptions
and factors are based on information currently available to the Company.
Risk factors that could cause actual results or outcomes to differ
materially from the results expressed or implied by forward-looking
information include, among other things: the TSX Venture Exchange
declining to accept the transaction, the landlord not consenting to the
Lease Assginment, changes in tax laws, general economic and business
conditions; and changes in the regulatory regulation. The Company
cautions the reader that the above list of risk factors is not
exhaustive. The forward-looking information contained in this release is
made as of the date hereof and the Company is not obligated to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue reliance
on forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
For more information, please contact:
Spyder Cannabis Inc. Dan Pelchovitz President & Chief Executive Officer Telephone: (905) 265-8273 Email: [email protected]
Posted by AGORACOM-JC
at 5:52 PM on Wednesday, August 28th, 2019
SPONSOR: Enthusiast Gaming Holdings Inc. (TSX-V: EGLX) Uniting gaming communities with 80 owned and affiliated websites, currently reaching over 150 million monthly visitors. The company exceeded 2018 target with $11.0 million in revenue. Learn More
EGLX: TSX-V
What Are the Most Popular Video Games for Esports?
Esports, or electronic sports, compete with and sometimes even surpasses traditional sports when it comes to things like prize money and viewership.
This fast-growing industry is not just for kids either, as people from traditional sports, like Rick Fox, participate in the esports scene. These are the most popular games for esports and how they got so popular.
You can’t talk about esports history without mentioning South Korea, the home of esports.
In the late ’90s and early 2000s, when Americans were just starting to
use computers to surf the web, Korea invested heavily in becoming the
best place in the world for gaming. People played Starcraft with each other as a hobby. Eventually, it became so competitive they started playing for money.
This quickly blossomed into what we now know as esports. Although
Starcraft was replaced by its sequel, Starcraft II, the game remains a
popular esport in Korea and other parts of the world. Currently,
Starcraft II is past its prime, but it still has almost 2 million active players who’ve earned a total of nearly $31 million in prize money.
League of Legends
The story of esports then turned to League of Legends. Created in
2009, this game soon became the most played in the world, including in
Korea. Its popularity exploded, especially in China, and eventually,
League of Legends grew to have over 100 million players.
That said, Riot Games, the creator of League of Legends, has kept the
prize pools modest. Despite being one of the most-played games in the
world, the total prize pool, as reported by EsportsEarnings, is just
under $69 million.
Fortnite
Fortnite has taken the world by storm. With over 250 million players, its massive popularity translates into huge prize pools considering its relative newness on the esports scene.
Fortnite recently had its inaugural Fortnite World Cup, which had a prize pool of over $30 million. The winner, 16-year-old Kyle “Bugha†Giersdorf,
went home with $3 million. Epic Games, the creator of Fortnite, is
investing a ton of money into the esports scene. So far, it’s already
paid out almost $72 million in winnings to its athletes.
Counter-Strike: Global Offensive
Valve, the creator of Counter-Strike: Global Offensive, or CS: GO for
short, approaches esports differently than others on this list. Valve
funds and operates large tournaments, but it also allows other
organizations to organize their own competitions. As a result, the CS:
GO scene is far larger than how many people actually play the game.
According to Statista,
CS: GO averages less than a million players. Despite this, it has
awarded over $80 million in prize money to competitors from around the
world.
Defense of the Ancients
Valve also developed Defense of the Ancients, also called DotA. Like
CS: GO, not many people play DotA, but its esports scene is absolutely
massive. According to Statista, less than a million people play DotA 2. However, because of the game’s many tournaments around the world, as well as The Compendium, which essentially crowdsources the prize money for DotA’s big tournament, its esports scene is huge.
According to EsportsEarnings, the total prize money from DotA is
almost $182 million. For a game with a fraction of the Fortnite or
League of Legends’ players, DotA throws a lot of money around for its
esports scene.
