Posted by AGORACOM-JC
at 4:31 PM on Wednesday, November 25th, 2020
PyroGenesis (PYR:TSX) recently UP-Listed to the TSX from the TSX Venture on the strength of some major sales agreements for its plasma torch technology. Specifically, PYR announced an $11.5M sales to the US Navy for systems on two aircraft carriers, as well as, a $25M + contract for use by one of the biggest high-tech aluminum smelters in the world.
Yesterday, PYR announced the signing of an initial plasma torch contract with a Major Iron Ore Producer. The initial sale amount of $1.8M (for just 1 unit) doesn’t come close to the size of the agreements above – but it follows the exact same game plan of starting small and finishing big, something the Company alluded to in the press release quote which stated the following;
“It is expected that future sales with this Client will include a separate continued after-sale services agreement. The Client is a multi-billion-dollar international producer of iron ore pellets, one of the largest in the industry, whose name will remain confidential for competitive reasons. The Client, which has committed to reduce its greenhouse gas (“GHG”) emissions, has over ten (10) plants, each possibly requiring up to 50 plasma torches.”
The math has not alluded investors, who first had a slew of their own questions which CEO Peter Pascali answered as part of this great interview.
Posted by AGORACOM-JC
at 3:42 PM on Wednesday, November 25th, 2020
Q32020 results reflect the following highlights:
Revenues of $8,149,427, an increase of 289% from $2,097,437 over the same period in Q3 2020;
Comprehensive income of $15,325,996 an increase of 16 times that posted in Q3 2019 – ($965,032);
Net income from operations before share-based expenses of $3.1MM vs ($1MM) posted over the same period in 2019;
Positive cash flow from operations for three and nine months 2020 of $2.4MM and $1.6MM respectively versus ($0.85MM) and ($2.8MM) over the same periods in 2019;
Gross margin of 67.9% an increase of 22.7% over the same period in Q3 2019;
Cash on hand at September 30, 2020 of $2,095,519 (December 31, 2019 – $34,431);
Backlog of signed contracts of $36.4MM.
Basic Earnings per Share (EPS) of $0.10 for Q3 2020 and $0.13 for 9 months ending 2020.
MONTREAL, Nov. 25, 2020 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: 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 systems, is pleased to announce today its financial and operational results for the third-quarter ended September 30 th, 2020.
“We are happy to be announcing Q3 2020 financial results, which are simply historical. We have posted quarterly revenues of over $8MM which is more than we have posted for any full year in recent memory. This reflects the successful processing of the backlog of signed contracts which we have previously announced. As of this writing, we have also retired all significant debt and raised over $12MM in a bought-deal, leaving us with over $17MM of cash on hand, positioning us very well for the future,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “Of note, net income from operations of $3.1MM (before share-based expenses) is quite significant, and when combined with the results from our strategic investment, has contributed to a basic EPS of $0.10 for the quarter, and basic EPS of $0.13 for the 9 months, both of which have exceeded previous guidance. We expect this trend to continue.”
Q32020 results reflect the following highlights:
Revenues of $8,149,427, an increase of 289% from $2,097,437 over the same period in Q3 2020;
Comprehensive income of $15,325,996 an increase of 16 times that posted in Q3 2019 – ($965,032);
Net income from operations before share-based expenses of $3.1MM vs ($1MM) posted over the same period in 2019;
Positive cash flow from operations for three and nine months 2020 of $2.4MM and $1.6MM respectively versus ($0.85MM) and ($2.8MM) over the same periods in 2019;
Gross margin of 67.9% an increase of 22.7% over the same period in Q3 2019;
Cash on hand at September 30, 2020 of $2,095,519 (December 31, 2019 – $34,431);
Backlog of signed contracts of $36.4MM.
Basic Earnings per Share (EPS) of $0.10 for Q3 2020 and $0.13 for 9 months ending 2020.
OUTLOOK
The third quarter continues to reflect the results of the strategic long term focusing/positioning which has been taking place over the past several years.
To date during 2020, PyroGenesis has with respect to:
(i) Business Segments:
a)
received significant payments under the $20MM+ contract with Drosrite International, thereby validating announcements made during 2019;
b)
established a relationship with a US based tunneling company for plasma torches;
c)
signed a contract for approx. $3MM with HPQ Nano Silicon Powders Inc, a wholly owned subsidiary of HPQ Silicon Resources Inc, to exploit the benefits of the novel PUREVAP™ Nano Silicon Reactor (NSiR) to make nano Silicon powder for the battery market,
d)
established a relationship with an OEM in North America with the intent to eventually supply powders for their 3D printing needs. This augments our relationship with Aubert & Duval, while at the same time de-risking our dependence on them;
e)
closed the long-awaited order of $11.5MM for the US Navy. This contract was for two plasma waste destruction systems, one for each ship in the US Navy’s two-ship build;
f)
established itself in the iron ore pelletization industry as a supplier of plasma torches geared to replacing existing fossil fuel burners and thereby reducing greenhouse gas (GHG) emissions. Interest is also gaining traction in other industries with GHG emissions reduction targets, and
(ii) Financials:
a)
retired a $3MM convertible debenture in full, and repaid all other term loans;
b)
benefited from early conversion of warrants maturing in 2021 and beyond of approx. $4MM;
c)
bought back approximately 1.3 million shares under a Normal Course Issuer Bid at an average price of approximately 0.75;
d)
increased the Company’s investment in HPQ, which has subsequently experienced a significant increase in market capitalization;
e)
posted profitable operations in Q3 2020 (even after a onetime non-cash charge of approx. $3MM for share based compensation);
f)
posted positive cash flow from operations; for three and nine months 2020 of $2.4 MM and $1.6MM respectively versus ($0.849 MM) and ($2.8MM) over the same periods in 2019;
g)
booked backlog of signed contracts of approx. $36.4MM as of November 25 th , 2020;
h)
closed a $12MM bought deal (oversubscribed by >100%);
i)
graduated to the most senior exchange in Canada, the Toronto Stock Exchange (TSX).
At the time of this writing, the Company is well positioned with a clean balance sheet, over $17MM in cash on hand, and a healthy backlog of approx. $36.4MM.
One of the most significant developments in 2020 is the emergence of the Company as a credible provider of GHG reducing technologies to the iron ore pelletization industry with its patented plasma torch process geared to replacing fossil fuel burners. The Company is not only well positioned to address this opportunity with iron ore pelletizers, but to also leveraging off of this first mover advantage in other industries which are also under pressure to reduce GHG emissions and are similarly using fossil fuel burners (such as the cement, aluminum and glass industries).
The Company is already repositioning its offerings to address the world-wide need for solution to reduce GHG emissions, and expects a significant increase in interest in its offerings as a result. The Company is selectively considering strategic alliances with technologies/technology providers which could accelerate this strategic focus with a goal to become a world leader in GHG emissions reduction. The Company has, as of November 25 th , 2020, approximately $6MM of in-the-money warrants and options expiring in 2020 and 2021. The Company also has over $50MM in tax loss carryforwards (roughly evenly distributed between federal and provincial obligations) which is not reflected as an asset on the balance sheet.
Financial Summary
Revenues PyroGenesis recorded revenue of $8,149,427 in the third quarter of 2020 (“Q3, 2020”), representing an increase of 289% compared with $2,097,437 recorded in the third quarter of 2019 (“Q3, 2019”). Revenues recorded during the nine months ended September 30, 2020 were generated primarily from:
(i) DROSRITE™ related sales of $6,384,563 (2019 – $Nil)
(ii) PUREVAP™ related sales of $2,883,819 (2019 – $328,733)
(iii) torch related sales of $897,822 (2019 – $1,932,353)
(iv) the development and support related to systems supplied to the U.S. Military of $478,132 (2019 – $500,946)
Cost of Sales and Services and Gross Margins Cost of sales and services before amortization of intangible assets was $2,610,119 in Q3 2020, representing an increase of 128% compared with $1,145,080 in Q3 2019, primarily due to an increase in employee compensation $530,860 (Q3, 2019 – $434,624), subcontracting $480,602 (Q3, 2019 – $79,579) and direct material $1,423,762 (Q3, 2019 – $516,552).
In Q3 2020, manufacturing overhead & other and foreign exchange increased to $198,351 (Q3, 2019 – $164,730). The gross margin for Q3 2020 was $5,532,526 or 67.9% of revenue compared to a gross margin of $947,090 or 45.2% of revenue for Q3 2019. As a result of the type of contracts being executed (the nature of project activity), as well as the composition of the cost of sales and services, the mix between labour, materials and subcontracts may be significantly different.
Investment tax credits recorded against cost of sales are related to projects that qualify for tax credits from the provincial government of Quebec. Qualifying tax credits decreased to $23,456 in Q3 2020, compared with $50,405 in Q3 2019. This represents a decrease of 53% year-over-year. In total, for the nine months, the Company earned refundable investment tax credits of $62,844 against cost of sales in Q3 2020. The Company continues to make investments in research and development projects involving strategic partners and government bodies.
The amortization of intangible assets of $6,782 in Q3 2020 and $5,267 for Q3 2019 relates to patents and deferred development costs. Of note, these expenses are non-cash items and will be amortized over the duration of their expected lives.
Selling, General and Administrative Expenses Included within Selling, General and Administrative expenses (“SG&A”) are costs associated with corporate administration, business development, project proposals, operations administration, investor relations and employee training.
SG&A expenses for Q3, 2020 were significantly impacted by a non-cash item, namely, share-based expenses as a result of the Company issuance of stock options to directors and employees which had an attributed expense value of $3,017,408 for Q3, 2020. SG&A (net of share-based expenses) were 28% of revenues in Q3 2020 (70%, of revenues in Q3 2019).
SG&A excluding the costs associated with share-based expenses (a non-cash item in which options vest over a four-year period), was $2,294,394 representing an increase of 54% compared with $1,485,803 reported for Q3, 2019. On a year-to-date basis, SG&A expenses before share-based expenses were $5,141,456 compared with $4,349,616 in the same period in 2019.
The increase in SG&A expenses in Q3, 2020 over the same period in 2019 is mainly attributable to the net effect of:
an increase of 76% in employee compensation, primarily due to an increase in commissions,
an increase of 59% for professional fees, primarily due to an increase in legal fees related to the uplisting to the TSX, accounting fees and patent expenses,
an increase of 91% in office and general expenses, is primarily due to an increase in computer, internet, security and safety expenses,
travel costs decreased by 91%, due to decrease in travel abroad,
depreciation on property and equipment decreased by 57%, primarily due to lower amounts of property and equipment being depreciated,
depreciation on right of use assets increased by 16% due to higher amounts of right of use assets being depreciated,
investment tax credits did not increase or decrease resulting in an unchanged variance,
government grants decreased by 100% due to lower level of activities supported by such grants and,
other expenses increased by 30%, primarily due to higher insurance expenses.
Separately, share based expenses increased by $3,017,408, or in Q3, 2020, over the same period in 2019 primarily as a result of stock options granted on July 16, 2020. This was directly impacted by the vesting structure of the stock option plan with 50% of the options vesting on the grant date requiring an immediate recognition of that cost.
For comparison purposes, had the vesting structure allocated 25% instead of 50% of the July 16, 2020 stock options granted on the grant date the share-based expenses would have resulted in an approximate amount of $2,500,000 a significant decrease of $517,408. Similarly had the vesting structure allocated 10% instead of 50% of the July 16, 2020 stock options granted on the grant date the share-based expenses would have resulted in an approximate amount of $1,150,000 a significant reduction of $1,867,408 in SG&A expenses. A comparative chart is provided below:
Share-based expenses with comparative structures
Structure
Expense
Actual
50%
$3,017,408
Hypothetical
25%
$ 2,500,000
Hypothetical
10%
$ 1,150,000
Research and Development (“R&D”) Costs The Company incurred $131,955 of net R&D costs in Q3, 2020, compared with $236,535 in Q3, 2019, representing a decrease of 44%. During the first nine months of fiscal 2020, net spending on internal R&D was $151,176 as compared to $544,954 in 2019, primarily due to an increase in government grants received of $366,254 in the nine months ending September 30, 2020 compared to $204,525 during the same period in 2019.
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&ED”) tax credits. SR&ED tax credits on client funded projects are applied against cost of sales and services (see “Cost of Sales” above).
Net Finance Costs Finance costs for Q3, 2020 totaled ($16,370) as compared with $246,352 for Q3, 2019, representing a decrease of 107%. The decrease in finance costs in Q3, 2020 is primarily attributable to the decrease in interest accretion on convertible liability instruments, and the decrease associated with the capitalized finance costs on borrowing costs as well as the retirement of debt. Of note, there is a Nil balance of convertible liability instruments at the end of Q3,2020.
Strategic Investments The adjustment to the fair market value of strategic investments in Q3 2020 resulted in a gain of $15,220,857 compared to a gain in the amount of $70,717 in Q3 2019, representing an increase of $15,150,140. The increase is primarily attributable to the increased market share value of common shares and warrants owned by the Company of HPQ Silicon Resources Inc.
NetComprehensive Loss The net comprehensive income for Q3 2020, of $15,325,996 compared to a loss of $965,032 in Q3 2019, represents an increase of $16,291,028. The difference of $16,291,028 in the comprehensive income in Q3 2020 is primarily attributable to the factors described above (net), which are summarized as follows:
(i)
an increase in product and service-related revenue of $6,051,990 in Q3 2020,
(ii)
an increase in product cost of sales and services totaling $1,466,554, primarily due to an increase in subcontracting and direct materials
(iii)
an increase of SG&A expenses of $3,811,850 in Q3, 2020 is primarily due to an increase in share-based payments, and employee compensation,
(iv)
a decrease in R&D expenses of $104,580 primarily due to a decrease in employee compensation, and an increase in government grants,
(v)
a decrease in net finance costs of $262,722 in Q3, 2020, primarily due to capitalized finance costs on borrowing costs and a decrease in accretion costs of convertible liability instruments,
(vi)
an increase of $15,150,140 in the fair market value of strategic investments.
EBITDA EBITDA in Q3, 2020 was $15,464,504 compared with an EBITDA loss of $556,963 for Q3, 2019, representing an increase of 2,877% year-over-year. The $16,021,467 increase in EBITDA in Q3 2020, compared with Q3 2019, is due to the increase in comprehensive income of $16,291,028, a decrease in depreciation on property and equipment of $25,833, an increase in depreciation of right of use assets of $17,479, an increase in amortization of intangible assets of $1,515 and a decrease in finance charges of $262,722.
Adjusted EBITDA in Q3, 2020 was $18,481,912 compared with an Adjusted EBITDA loss of $542,814 for Q3, 2019, representing an increase of 3,505%. The increase of $19,024,726 in the Adjusted EBITDA in Q3, 2020 is attributable to an increase in EBITDA of $16,021,467 and an increase of $3,003,259 in share-based payments.
Modified EBITDA in Q3, 2020 was $3,261,055 compared with a Modified EBITDA loss of $613,531 for Q3, 2019, representing an increase of 632%. The increase in the Modified EBITDA in Q3, 2020 is attributable to the increase in the Adjusted EBITDA of $19,024,726 offset by the increase in the change of fair value of investments of $15,150,140.
Liquidity The Company has incurred, in the last several years, operating losses and negative cash flows from operations, resulting in an accumulated deficit of $41,978,687 and a negative working capital of $4,712,539 as at Q3 2020, (December 31, 2019 – $60,237,656 and $10,492,102 respectively). Furthermore, as at Q3 2020, the Company’s current liabilities and expected level of expenses for the next twelve months exceed cash on hand of $2,095,519 (December 31, 2019 – $34,431). 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.
Revenue generated from active projects has begun to produce sufficient positive cash flow to fund operations. The Company has a strong backlog from signed contracts totaling $36.4MM, and a pipeline of prospective new projects resulting in the Company’s business plan becoming less dependent on raising additional funds to finance operations within and beyond the next 12 months. While the Company has been successful in securing financing in the past, raising additional funds is dependent on a number of factors outside the Company’s control, and as such there is no assurance that it will be able to do so, should it need to, in the future. If the Company is unable to obtain sufficient additional financing when needed, it may have to curtail operations and development activities, any of which could harm the business, financial condition and results of operations.
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m 2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. 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 Toronto Stock Exchange (TSX), its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
Posted by AGORACOM-JC
at 11:41 AM on Wednesday, November 25th, 2020
Recognized revenue of $7.6 million
Earned $362K excluding non cash expenses
Very strong balance sheet with $1.4M cash and $2M receivables
Introduced Naxalogy’s Social Media Automated Reporting Technologies.
Completed the second phase of a multi-phase R&D program through the Department of National Defence’s Innovation for Defence Excellence and Security IDEaS program.
Toronto, Ontario–(November 25, 2020) – Datametrex AI Limited(TSXV: DM) (FSE: D4G) (OTC Pink: DTMXF) (the “Company” or “Datametrex“) is pleased to announce record third quarter 2020 (“Q3”) financial and operating results. All currency is in Canadian dollars, unless otherwise stated. All results are reported on a 100% basis.
The Company’s revenue increased by 189% in Q3 compared to the same period of last year. The Company’s cash position improved significantly to $1,413,374 compared to $119,675 at the end of 2019. The net loss improved with a decrease of 35% to ($451,353) compared to ($695,803) in the same period of last year. There was a $607,997 of option issuance expense and $194,517 of Depreciation and Amortization expense, which are non-cash based expenses.
Excluding these expenses, the Company generated a net profit. This is reflected in Adjusted EBITDA. The Adjusted EBITDA showed a significant improvement achieving a positive Adjusted EBITDA of $362,059, compared to ($539,116) in the same period of last year.
“In Q3 2020, the Company achieved multiple key milestones, a significant increase in gross revenue and improvement in its cash position. This positive outcome was a direct result of our quick response in implementing a plan to begin selling test kits as result of the global impact of the COVID-19 virus. This resulted in a substantial improvement to the bottom line,” said Marshall Gunter, CEO of the Company.
Business Outlook
AI and Technology
The Company is now targeting larger bids with the Canada’s Industrial and Technological Benefits (“ITB”) program that are in the range of tens of millions of dollar. At the same time, we are continuing to work with the United States Air Force (“USAF”), Office of Naval Reesarch (“ONR”) and the Defence Research and Development Canada (“DRDC”).
The Company is also continuing to expand its product and, as such, Nexalogy SMART technology will be available imminently on the market.
Our footprint in Korea continues to expand as demonstrated by the recent growth in our revenue. We are looking to bring the formula used in Korean sales to Canada and the United State for the private sector.
COVID-19 Test Kits
The Company continues to expand our footprint with film production companies and mining companies, performing approximately 5,000 tests a week. We expect the number of tests per week to grow continuously as the Company is now running tests in Vancouver, Toronto and Montreal.
Highlights for Q3 2020
Recognized revenue of $7.6 million for the nine-month 2020 period compared to $2.6 million in same period 2019, of which $4.9 million was earned in the third quarter.
The Company started securing and delivering purchase orders of COVID-19 test kits and generated $2.3 million COVID-19 related revenue in Q3 2020.
The Company has received $1.8 million from the exercise of share purchase warrants and options.
The Company introduced Naxalogy’s Social Media Automated Reporting Technologies.
The Company completed the second phase of a multi-phase R&D program through the Department of National Defence’s Innovation for Defence Excellence and Security IDEaS program.
Financial Highlights
The following table summarizes revenue, net loss and EBITDA* and Adjusted EBITDA* for the three and nine months ended September 30, 2020 and 2019.
* Note: EBITDA (non- IFRS measures) is calculated as Net Loss adjusted for 1. Income taxes, 2. Depreciation and amortization, and 3. Interest and accretion. Adjusted EBITDA (non-IFRS measures) is calculated as EBITFA adjusted for share based compensation.
Non-IFRS financial measures do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Specific items may only be relevant in certain periods. For reconciliation of non-IFRS financial measures please refer to the Company’s Management Discussion and Analysis for the nine months ended September 30, 2020.
The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are at SEDAR at www.sedar.com.
About Datametrex
Datametrex AI Limited is a technology-focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com). Datametrex’s mission is to provide tools that support companies in fulfilling their operational Health and Safety goals with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, the Company provides progressive solutions to support the supply chain.
Marshall Gunter – CEO Phone: (514) 295-2300 Email: [email protected]
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” 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, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Posted by AGORACOM-JC
at 9:46 AM on Wednesday, November 25th, 2020
Announced that it has become an official member of the Canadian Gaming Association, the national trade association of the gaming industry in Canada. The membership became effective on November 24th, 2020
Members of the Canadian Gaming Association will attain the privilege to foster new relationships with the various entities involved in the gaming industry in Canada that currently collaborate or partner with CGA.
In addition, CGA members will receive additional benefits such as advocacy on legislation impacting Canadian gaming companies, access to research that cover important topics related to the gaming sector, networking opportunities and exclusive marketing through CGA’s Canadian Gaming Summit and Canadian Gaming Business magazine, respectively.
Vancouver, British Columbia–(November 25, 2020) – FansUnite Entertainment Inc (CSE: FANS) (OTCQB: FUNFF) (“FansUnite” or the “Company”), a sports and entertainment company, focusing on its technology related to regulated online sports betting and related products, is pleased to announce that it has become an official member of the Canadian Gaming Association (“CGA”), the national trade association of the gaming industry in Canada. The membership became effective on November 24th, 2020.
Members of the Canadian Gaming Association will attain the privilege to foster new relationships with the various entities involved in the gaming industry in Canada that currently collaborate or partner with CGA. In addition, CGA members will receive additional benefits such as advocacy on legislation impacting Canadian gaming companies, access to research that cover important topics related to the gaming sector, networking opportunities and exclusive marketing through CGA’s Canadian Gaming Summit and Canadian Gaming Business magazine, respectively.
“We are delighted to be part of a great organization like the Canadian Gaming Association,” said Scott Burton, CEO of FansUnite Entertainment. “The on-going debates on the repeal of Bill C-218 and the potential for Canadian provinces like Ontario to allow private betting operators may give us the opportunity to participate in our home market. We believe that our sports betting and iGaming platform could form the backbone of many Canadian casino or sportsbook operators that require a robust turnkey solution, which includes KYC procedures, payment methods, marketing platforms, iGaming and online wagering systems. By joining the CGA, we will be able to strengthen our position in the Canadian market to take advantage of any domestic opportunities that come our way.”
“We are pleased to welcome FansUnite as the newest member of the CGA,” commented Paul Burns, President and CEO of the Canadian Gaming Association. “We have followed the team behind FansUnite for a number of years and are excited to see a Canadian played sports betting and iGaming technology company that is poised to take advantage of the anticipated changes to the Canadian Gaming landscape. They have shown that they can operate in highly regulated markets globally and Canada presents a great opportunity for their business here at home. We look forward to assisting their growth in any way we can.”
About the Canadian Gaming Association
The Canadian Gaming Association (CGA) is a national trade association that works to advance the evolution of Canada’s gaming industry. The association’s mandate is to promote the economic value of gaming in Canada; use research, innovation, and best practices to help the industry advance; and create productive dialogue among stakeholders. Visit www.canadiangaming.ca to learn more about the CGA and gaming in Canada.
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one of a kind complete iGaming platform, Chameleon Gaming Platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high-growth potential in new or developing markets.
For further information, please contact:
Prit Singh Investor Relations at FansUnite [email protected] (905) 510-7636
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “believes,” “belief,” “expects,” “intends,” ”anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or similar expressions to be uncertain and forward-looking. Forward-looking statements may include, without limitation, statements relating to future outlook and anticipated events such as: the ability of FansUnite to foster new relationships with entities in the gaming industry; benefits arising from CGA membership such as advocacy on legislation, access to research, networking opportunities and marketing; opportunities to participate in the Canadian market; the impact and market for of FansUnite’s sports betting and iGaming platform; Nova’s ability to strengthen its position in the Canadian market; opportunities available to Nova in Canadian market; and future acquisitions of Nova. Forward-looking statements are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of FansUnite to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Additional information regarding the risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Non-Offering Prospectus dated March 27, 2020 filed on its issuer profile on SEDAR at www.sedar.com and risks related to global pandemics, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and influence of macroeconomic developments. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking statements in this news release are made as of the date of this release. FansUnite disclaims and does not undertake to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Posted by AGORACOM-JC
at 7:33 AM on Wednesday, November 25th, 2020
5,044 patient visits generating total revenue of $629,854, compared to 5,807 patient visits generating $663,003 for Q3 2019.
17,457 patient visits generating total revenue of $2,306,111, compared to 11,304 patient visits generating $1,409,143 for nine months ended September 30, 2019.
VANCOUVER, BC / ACCESSWIRE / November 25, 2020 /EMPOWER CLINICS INC. (CSE:CBDT) (OTC PINK:EPWCF) (Frankfurt:8EC) (“Empower” or the “Company”) has filed today its unaudited condensed interim financial statements and related management’s discussion and analysis, both of which are available at www.SEDAR.com. All financial information in this press release is reported in United States dollars, unless otherwise indicated.
“Our Q3 2020 performance overall exceeded our expectations given the challenging operating environment in our key markets, yet the team managed to serve large quantities of patients while maintaining strict COVID-19 protocols for health and safety.” Said Steven McAuley, Chairman and CEO. “We also continue to implement numerous business development opportunities setting the stage for an exciting Q4 and 2021.”
Q3 2020 Highlights
5,044 patient visits generating total revenue of $629,854, compared to 5,807 patient visits generating $663,003 for Q3 2019.
Net loss of $460,035 or $0.00 per share, compared to a loss of $504,532 or $0.00 per share for Q3 2019, driven by increases in direct clinic costs as a percentage of revenue. This issue was addressed subsequent to the quarter by changing the compensation structure of the clinic’s physicians along with the implementation of further cost cutting measures in Arizona clinics.
Cash used in operating activities was $534,141, compared to $487,720 for Q3 2019.
Cash at September 30, 2020 of $112,539, compared to cash of $179,153 at December 31, 2019.
YTD 2020 Highlights
17,457 patient visits generating total revenue of $2,306,111, compared to 11,304 patient visits generating $1,409,143 for nine months ended September 30, 2019.
Net loss of $1,380,316 or $0.01 per share, compared to a loss of $2,359,579 or $0.02 per share for nine months ended September 30, 2019, driven by year to date increased profitability related to the Sun Valley Health acquisition and robust reductions in salaries and benefits, legal and professional fees and non-cash share-based payments expense.
Cash used in operating activities was $531,494, compared to cash used in operating activities of $1,819,670 for nine months end September 30, 2019.
Financial Performance for the nine months ended September 30, 2020
Increase in clinic revenues – The increase is attributed to the acquisition of Sun Valley in 2019 and the addition of 5 clinics for the full reporting period.
Increase in direct clinic expenses – This increase above prior year is attributable to the increase in number of patient visits and the related physician costs.
Decrease in loss from operations – This decrease in net loss from operations primarily attributable to an increase in clinic profitability with the acquisition of Sun Valley and a decrease in salaries and benefits, legal and professional fees and non-cash share-based payments expense.
Loss from operations for the quarter – The loss for the quarter is comparable to the loss for the same quarter in 2019. While able to reduce legal and professional fees for the quarter, there was an increase in direct clinic costs. This issue was addressed subsequent to the quarter by changing the compensation structure of the clinic’s physicians.
Please refer to the Company’s unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2020 and 2019, and accompanying Management Discussion and Analysis for a full review of the operations.
About Empower
Empower is creating a network of physicians and practitioners who integrate to serve patient needs, in-clinic, through telemedicine, and with decentralized mobile delivery. A simplified, streamlined care model bringing key attributes of the healthcare supply chain together, always focused on patient experience. The Company provides COVID-19 testing services to consumers and businesses as part of a four-phased nationwide testing initiative in the United States. Empower recently acquired Kai Medical Laboratory, LLC as a wholly owned subsidiary with large-scale testing capability.
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include, but are not limited to, statements regarding: the expected benefits to the Company and its shareholders as a result of the acquisition of Kai Medical Laboratory; the fact that Kai Medical Laboratory will complete the development of ABC RT-PCR test; the development of new accounts using the new test; the transaction terms; the expected number of clinics and patients following the closing; the future potential success of Kai Medical Laboratory, Sun Valley’s franchise model; the anticipated date of closing of the acquisition and the occurrence thereof; and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2020 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that the Kai Medical Laboratory acquisition may not be completed on the terms expected or at all; that the Company’s products may not work as expected; that the Company may not be able to expand COVID-19 testing; that legislative changes may have an adverse affect on the Company’s business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed transaction; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
Posted by AGORACOM-JC
at 7:28 AM on Wednesday, November 25th, 2020
Real Sociedad is Second La Liga Team to Leverage Augmented Reality for Fan Activation & Engagement with ImagineAR
Announced the signing of a two year revenue partnership agreement with Real Sociedad, two time La Liga Champion and currently first place in La Liga, to provide its Augmented Reality SDK Platform for fan activation and engagement
This agreement makes Real Sociedad the second La Liga team to incorporate ImagineAR SDK Augmented Reality for global fan activation and engagement
VANCOUVER, BC and ERIE, Pa. , Nov. 25, 2020 – Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) (“ImagineAR” or “Company”) an Augmented Reality Company that enables sports teams, businesses and enterprises to instantly create their own AR mobile campaigns, is pleased to announce the signing of a two year revenue partnership agreement with Real Sociedad, two time La Liga Champion and currently first place in La Liga, to provide its Augmented Reality SDK Platform for fan activation and engagement. This agreement makes Real Sociedad the second La Liga team to incorporate ImagineAR SDK Augmented Reality for global fan activation and engagement.
Juan Iraola , Chief Innovation Officer at Real Sociedad and Sports Innovation Alliance, stated “We focus on integrating best-in-class technology and ImagineAR provides the most advanced Augmented Reality SDK fan engagement platform for mobile apps today. We are excited to launch immersive AR campaigns for Real Sociedad fans around the world starting in 2021.”
Alen Paul Silverrstieen, CEO of ImagineAR, stated ” Juan Iraola is recognized as a global sports technology thought leader and we are excited to be working with Real Sociedad for the next two years delivering immersive fan engagement and sponsorship activation. We are very optimistic that this partnership will grow enormously in the next two years.”
This News Release is available on the company’s CEO Verified Discussion Forum , a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.
About ImagineAR
Imagine AR Inc. (CSE: IP) (OTC: IPNFF) has developed ImagineAR.com; an “AR-as-a-Service” platform for desktops that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos, information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.
We encourage you to do your own due diligence and ask your broker if ImagineAR Inc. (cse: IP) is suitable for your particular investment portfolio*.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release. This press release may include ‘forward-looking information’ within the meaning of Canadian securities legislation, concerning the business of the Company. The forward- looking information is based on certain key expectations and assumptions made by ImagineAR’s management. Although ImagineAR believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because ImagineAR can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and ImagineAR disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Posted by AGORACOM-JC
at 4:39 PM on Tuesday, November 24th, 2020
Signed an initial plasma torch contract to provide one high powered (approx. 1MW) plasma torch with ancillary equipment, with Client A, a major iron ore producer, for approx. $1.8MM.
This does not include continued after-sale services, which was not the subject of these initial negotiations.
It is expected that future sales with this Client will include a separate continued after-sale services agreement.
The Client is a multi-billion-dollar international producer of iron ore pellets, one of the largest in the industry, whose name will remain confidential for competitive reasons.
The Client, which has committed to reduce its greenhouse gas (“GHG”) emissions, has over ten (10) plants, each possibly requiring up to 50 plasma torches.
MONTREAL, Nov. 24, 2020 — PyroGenesis Canada Inc. ( http://www.pyrogenesis.com ) (TSX: 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 that it has signed an initial plasma torch contract (the “Contract”) to provide one high powered (approx. 1MW) plasma torch with ancillary equipment (the “Torch”), with Client A (the “Client”), a major iron ore producer, for approx. $1.8MM. This does not include continued after-sale services, which was not the subject of these initial negotiations. It is expected that future sales with this Client will include a separate continued after-sale services agreement. The Client is a multi-billion-dollar international producer of iron ore pellets, one of the largest in the industry, whose name will remain confidential for competitive reasons. The Client, which has committed to reduce its greenhouse gas (“GHG”) emissions, has over ten (10) plants, each possibly requiring up to 50 plasma torches.
“This is a major milestone for PyroGenesis as it is the first time we have sold a torch system to a major iron ore pelletizer. The first commercial sale is always the hardest in any industry. It is not a secret that the ultimate goal is to replace their fossil fuel burners with our plasma torches. Of note, the preamble to the Contract states ‘…whereas [Client’s Name] has demonstrated a willingness to replace its fossil fuel burners with PyroGenesis’ proprietary plasma torches with the goal of reducing greenhouse gases in a furtherance of its stated policy to do so…’ , which I believe sums up the significance of this announcement,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “We have indeed crossed a threshold. This was our preferred rollout strategy, as it now enables us to better quantify all outstanding aspects of replacing fossil fuel burners with plasma torches, and thus be better positioned to price any additional benefits into future orders. We cannot overemphasize the opportunity this presents. That is not to say that there are no risks moving forward, or that future contracts are guaranteed. That is definitely not true. There are no guarantees, however we can say with certainty that we are conservatively ticking the boxes one by one.”
“With this announcement, PyroGenesis is on its way to assuming a leadership role in reducing greenhouse gas emissions using PyroGenesis’ proprietary plasma torches,” said Mr. Pierre Carabin, Chief Technology Officer and Chief Strategist of PyroGenesis. “We look forward to leveraging this success into other industries and becoming a premier environmental company geared toward reducing greenhouse gas emissions across all our business segments.”
The Contract announced today is a direct result of our recent success in the previously disclosed modeling contract which confirmed, amongst other things, that replacing fossil fuel burners with PyroGenesis’ proprietary plasma torches could potentially address the Client’s GHG reduction strategy/policy. ( Press Release dated September 1st,2020 )
As previously disclosed, PyroGenesis has the process patent to replace fossil fuel burners with PyroGenesis’ clean plasma torches in the iron ore pelletization industry, thereby reducing GHG emissions. ( Press Release dated September 1st,2020 )
Management has estimated internally that a typical pellet plant producing 10 million metric tonnes of pellets annually emits approximately one million metric tonnes of CO 2 1 . The total world pellet production of 400 million metric tonnes of pellets represents a potential market for torch sales in excess of $10B worldwide. The world pellet industry generates about 40 million metric tonnes of CO 2 every year. The use of plasma torches running off a clean electrical grid would reduce these emissions significantly. For reference, 40 million tonnes of CO 2 represent the combined yearly emissions of 8.7 million US passenger vehicles 2 .
It is expected, with multiple orders, that PyroGenesis would source long lead items ahead of time, and as such, it is expected that the time from contract to final assembly/installation at a client’s facility will be from a couple of weeks up to four (4) months.
Pelletization is the process in which iron ore is concentrated before shipment, thus significantly reducing the cost of transportation, and providing a required feedstock for blast furnaces. In conventional technologies, the process heat is provided by fuel oil or natural gas burners (both environmentally damaging). The combustion, in the burners, of fossil fuels results in the production of greenhouse gases (“GHG”), mainly CO 2 . Plasma torches, by contrast, utilize renewable electricity and as such offer an environmentally attractive alternative to fossil fuel burners.
PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m 2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. 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 toa number ofrisks 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 risksdetailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found atwww.sedar.com,or atwww.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 Toronto StockExchange(TSX), its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna Kafal, Vice President, IR/Comms. and Strategic BD Phone: (514) 937-0002, E-mail: [email protected]
Posted by AGORACOM-JC
at 2:35 PM on Tuesday, November 24th, 2020
Vancouver, British Columbia–(November 24, 2020) – FansUnite Entertainment Inc. (CSE: FANS) (OTCQB: FUNFF) (“FansUnite” or the “Company”), is issuing this news release at the request of the Investment Industry Regulatory Organization of Canada to confirm that the Company’s management is unaware of any material change in the Company’s operations that has not been publicly disclosed that would account for the recent increase in market activity.
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one of a kind complete iGaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high growth potential in new or developing markets.
For further information, please contact:
Prit Singh Investor Relations at FansUnite [email protected] (905) 510-7636
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Posted by AGORACOM-JC
at 5:39 PM on Monday, November 23rd, 2020
Loop Insights has become a global force in COVID-19 venue solutions. The company has progressed beyond contact tracing to provide a full working Venue Bubble solution by intelligently incorporating every element of safety and ecommerce, both of which are imperative for venues to be able to function. Given the response of a recent Amazon Web Services webinar and resulting conversations with Global hospitality companies, being able to provide this solution in a live environment will provide significant business opportunities for the company going forward.
Posted by AGORACOM-JC
at 5:30 PM on Monday, November 23rd, 2020
Toronto, Ontario–(November 23, 2020) – SustainCo Inc. (TSXV: SMS), awaiting name change to Universal PropTech Inc. (the “Company”), is pleased to announce the launch of a 14-month online marketing campaign through AGORACOM.
The Company will receive significant exposure through millions of content brand insertions on the AGORACOM network and extensive search engine marketing during the term of the agreement. The Company HUB containing multiple landing pages, videos, photos and other helpful information updated in real-time over the next 14 months will be live on November 26, 2020 and can be found at:
https://agoracom.com/ir/UniversalPropTech
The Company HUB will receive significant exposure through continuous brand impression, content marketing, search engine marketing and social media engagement throughout the entire AGORACOM network. AGORACOM is the only small cap marketing firm to hold a Twitter Verified badge, averaging 4.2 million Twitter impressions per month in 2019.
The Company has also launched a “CEO Verified” Discussion Forum on AGORACOM to serve as the Company’s primary social media platform to interact with both current and prospective shareholders in a fully moderated environment. The Company discussion forum can be found at:
Pursuant to the terms of the agreement, and subject to receipt of all necessary regulatory approvals, including but not limited to, conditional approval of the TSX Venture Exchange, the Company has agreed to pay AGORACOM the following as consideration for the online advertising, marketing and branding services provided by AGORACOM:
$15,000 + HST in shares for services upon commencement for previously completed work on initial set up of HUB, marketing materials and search engine programs;
$15,000 + HST in shares for services at end of the Third Month, being February 17, 2021;
$15,000 + HST in shares for services at end of the Sixth Month, being May 17, 2021;
$15,000 + HST in shares for services at end of the Ninth Month, being August 17, 2021 and
$15,000 + HST in shares for services at end of Fourteenth Month, being December 31, 2021.
The number of common shares to be issued in respect of each period will be determined by using the undiscounted closing price of the common shares of the Company on the TSX Venture Exchange on the last trading day before the issuance of the news release announcing each issuance of shares once the services have been performed.
About AGORACOM
AGORACOM is the pioneer of online marketing, broadcasting, conferences and investor relations services to North American small and mid-cap public companies, with more than 300 companies served. AGORACOM is the home of more than 7.7 million investors that visited 55.2 million times and read over 600 million pages of information over the last 10 years. The average visit of 8min 43sec is more than double that of global financial sites, which can be attributed to the implementation and enforcement of the strongest moderation rules in the industry.
About SustainCo Inc.
SustainCo Inc. (TSXV: SMS), awaiting name change to Universal PropTech Inc., which conducts its operations through its wholly-owned subsidiary, VCI CONTROLS Inc. (“VCI”), is a leading supplier and integrator of PropTech healthy building solutions and services. The Company is an industry leader in the development of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI’s business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, SustainCo has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Forward-Looking Statements
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “forecast”, expect”, “plan”, “intend”, “estimate”, “propose”, “project”, or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company’s securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
CONTACT INFORMATION
SustainCo Inc. Chris Hazelton Chief Executive Officer (647) 300-2957
