Posted by AGORACOM-JC
at 9:32 AM on Wednesday, December 11th, 2019
Until now, investor participation in Artificial Intelligence has been the domain of mega companies and those funded by Silicon Valley. Small cap investors can finally consider participating in the great future of A.I. through Datametrex AI (DM: TSXV) (Soon To Be Nexaology) who just reported the following:
Q3 Revenues Of $1.6 million, an increase of 186%
9 Mont Revenues Of $2.56M an increase of 37%
A Repeat $1M Contract With A Division Of Korean Giant LOTTE Group
$954,000 Contract With Canadian Department of Defence To Fight Social Media Election Meddling
Participation In NATO Research Task Group On Social Media Threat Detection
When a small cap A.I. company is successfully deploying at the
highest levels of global commerce and military, it is a strong sign of
the Company’s capabilities that behooves investors to look deeper.
That deep dive can begin with our joint interview of Datametrex CEO,
Marshall Gunter and President, Jeff Stevens in which we look not only
into the past recent success but also into what the future holds in
terms of both growth and competition.
Watch this interview on one of your favourite screens or hit play and listen to the audio as you drive.
As Greg McDougall prepared to fly the world’s first all-electric
commercial aircraft Tuesday morning, he said “nervous†wasn’t quite the
word to describe how he was feeling.
The fact that the Harbour Air CEO would be the first person to take
the modified de Havilland Beaver on a full test flight didn’t faze him,
nor did knowledge of a charging glitch the night before.
McDougall had gone for a dinner break Monday evening while a crew of
designers and engineers stared at their computers with furrowed brows,
and he returned later to find them smiling and laughing, crisis averted.
“The emotion isn’t necessarily excitement, it’s more sort of anticipation and focus,†he said.
Harbour Air pilot and CEO Greg McDougall talks to media after
completing the world’s first all-electric, zero-emission commercial
aircraft test flight in a 62 year old de Havilland DHC-2 Beaver from
Vancouver International Airports South Terminal on the Fraser River in
Richmond on Tuesday. DON MACKINNON / AFP via Getty Images
With the sun hanging low over the Fraser River in Richmond, McDougall
shifted the throttle into gear and took off. After landing, he said it
felt just like flying any other plane, only with more kick.
“For me, that flight was just like flying a Beaver but it was a
Beaver on electric steroids,†he said, adding he had to throttle back in
order to delay the takeoff to be in line with about a dozen cameras.
“It wanted to fly. With the tailwind it was going to leap off the water.â€
The brief but successful test flight marked a significant win for
Harbour Air and partner magniX, which designed the electric motor, in
the race to electrify commercial aviation fleets.
Harbour Air pilot and CEO Greg McDougall flies the world’s
first all-electric, zero-emission commercial aircraft during a test
flight in a de Havilland DHC-2 Beaver from Vancouver International
Airports South Terminal on the Fraser River in Richmond on Tuesday. DON MACKINNON / AFP via Getty Images
Dozens of companies are working on electric planes, including Boeing
and Airbus. Israeli company Eviation unveiled a nine-seat, all-electric
plane named “Alice†at the Paris Air Show in June, which also happens to
be a magniX project.
Roei Ganzarski, CEO of Seattle-based engineering firm magniX,
described the test flight as the beginning of a revolution in aviation.
In 1903, the Wright brothers made history with the first successful
flight and, in 1939, the Heinkel jet launched the jet age, he said.
“Since 1939, we’ve pretty much stayed stable. Today that team made history,†Ganzarski said, gesturing toward the design team.
Harbour Air announced in March that it had partnered with magniX with
the goal of becoming the world’s first all-electric airline.
The 62-year-old Beaver was outfitted with a 750-horsepower electric
motor, which gives it capacity to fly about 160 kilometres before
needing a recharge.
Harbour Air pilot and CEO Greg McDougall flies the world’s
first all-electric, zero-emission commercial aircraft during a test
flight in a de Havilland DHC-2 Beaver from Vancouver International
Airports South Terminal on the Fraser River in Richmond on Tuesday. DON MACKINNON / AFP via Getty Images
Weight, altitude and storage remain the biggest barriers to flying
electric. A mid-sized passenger plane weighs 100 times as much as a
mid-sized car and the battery technology hasn’t quite adjusted to the
aviation market.
Fuel also remains about 40 to 50 times more power dense than
batteries, Ganzarski said. But the team expects innovation in the
battery industry to continue in the same way for aviation as it has for
electric cars. The key will be developing batteries that are more
compact at the same time that they are more powerful.
The test flight used lithium-ion batteries because they are the most
“tried and true,†but there are already others on the market that are
more powerful, McDougall said.
“The evolution of lithium batteries is constant and there are
literally billions of dollars being poured into that technology as we
speak,†he said.
In the meantime, Ganzarski said the market is there for electric planes to take off around the world.
Harbour Air Pilot and CEO Greg McDougall taxis to the water to
fly the world’s first all-electric, zero-emission commercial aircraft
during a test flight in a de Havilland DHC-2 Beaver from Vancouver
International Airports South Terminal on the Fraser River in Richmond on
Tuesday. DON MACKINNON / AFP via Getty Images
Forty-five per cent of flights worldwide cover distances of 800
kilometres or less, and five per cent cover distances under 160
kilometres, he said.
Exactly when the electric aircraft will be approved for commercial
flight is unclear as Transport Canada will be entering new territory.
But McDougall said the goal is to get passengers on Harbour Air electric flights within two years.
The operating costs are between 50 and 80 per cent lower than
combustion engines and ultimately, that will mean lower ticket prices
for passengers, he said.
Harbour Air covers 12 routes and operates about 30,000 flights a year between Vancouver, Victoria, Seattle and other locations.
Posted by AGORACOM-JC
at 10:30 AM on Tuesday, December 10th, 2019
Tartisan Nickel Corp. has begun
An Investor Awareness Initiative with particular focus on Tartisan’s
flagship asset – The Kenbridge Nickel Deposit in Kenora, Ontario.
Kenbridge property has a measured and indicated resource of 7.14 million tonnes at 0.62% nickel, 0.33% copper
Advanced stage deposit remains open
in three directions, is equipped with a 623m deep shaft and has
never been mined.
Preliminary Economic Assessment completed and updated returned robust project economics and operating costs including a NPV of C$253M and cash costs of US$3.47/lb of nickel net of copper credits.
Plans for Kenbridge include updating PEA, advancing the project through to feasibility and exploring the open mineralization at depth
FULL DISCLOSURE: Tartisan Nickel Corp. is an advertising client of AGORA Internet Relations Corp.
Posted by AGORACOM-JC
at 8:44 AM on Tuesday, December 10th, 2019
There is no shortage of small cap companies claiming they want to
supply materials to the Lithium-Ion battery market …. but none of them
have:
The Silicon “Holy Grail”;
A fully functioning Pilot Plant coming online in Q1 2020;
Are in NDA discussions with a battery manufacturer;
Have not one but TWO world class technology partners
Have not one but THREE products to address different battery needs
HPQ Silicon (HPQ:TSXV) has all of these going in its favour and wasn’t afraid to say so in its latest press release. In fact, HPQ’s CEO stated the following outright: Â
“We now have even greater confidence in our joint ability to deliver the critical Silicon material required by the surging Li-ion battery market in 2020 and beyond.†Â
With the Company’s Pilot Plant already financed thanks to significant investments from both the Quebec government and technology partner, PyroGenesis, HPQ’s path in 2020 is set and so far ahead of everyone else that it warrants taking them very seriously. Â
KEY 2020 PUREVAP™ DEVELOPMENTS THAT WILL DRIVE HPQ FORWARD
1. Gen 3 PUREVAP™ QRR Pilot Plant operational Q1 2020
PyroGenesis Canada Inc.(TSX-V: PYR) (“PyroGenesisâ€) informed HPQ that the Pilot Plant commissioning and testing program will start in full force Q1 2020.
“As previously discussed, a good part of the past year saw us
divert assets from paying projects to non-paying projects. This enabled
PyroGenesis to secure the large breakout contract it recently announced
as well as the upcoming Navy project, which was also recently
announced. As a result, our signed backlog increased from $6MM in Q2
2019 to almost $30MM at the end of Q3 2019. The successful closing of
the Navy project will further increase this backlog by an additional
$13MM. This increase in backlog de risks the company significantly, all
to the benefit of our clients, like HPQ, and their shareholders,†said P. Peter Pascali, President and CEO of PyroGenesis Canada Inc.
“We are now in position to re-focus, and accelerate, the PUREVAP
initiative focus on the multitude of opportunities that have come to
light since defining our original mandate. As a result, we are
confident that HPQ is going to make some significant headway over the
coming months, the least of which will be to start the Gen3 PUREVAPTMPlant commissioning and testing program.
“HPQ congratulates our partner P. Peter Pascali and his
PyroGenesis team on their $20 million contract award, which once again
proves their ability to commercialize high tech applications on a global
scale,†said Bernard Tourillon, President & CEO of HPQ Silicon. “With
the PUREVAPTM Pilot Plant becoming operational in Q1 2020, we now have
even greater confidence in our joint ability to deliver the critical
Silicon material required by the surging Li-ion battery market in 2020
and beyond.â€
The PUREVAP™QRR technology is a unique
carbothermic process that will allow HPQ to have a significant impact,
short and long term, on the following Silicon (Si) markets and
industries:
2. Nanoscale Structure Silicon Powders manufacturing for Li-ion batteries
HPQ and PyroGenesis recently announced plans
regarding the creation of a Joint Venture to produce Nanoscale
Structure Silicon (Si) powders for Li-ion batteries. In Q1 2020, the
plan is to have a modified Gen2 PUREVAPTM reactor operational,
in parallel with the Pilot Plant, validating that our approach works and
producing Nanoscale Structure Silicon (Si) powders samples for industry
participants and research institutions.
Nanoscale Structure Silicon Powders improve Li-ion battery
performance but high-performance Silicon (Si) anodes made using powders
selling for US$ 30,000/kg1 are not commercially feasible. Combining HPQ
PUREVAP™Quartz Reduction Reactor (“QRR”) technology
with PyroGenesis Plasma Atomization knowhow to produce Nanoscale
Structure Silicon (Si) powders represents a unique multibillion-dollar
business opportunity that could subsequently lead to their wide scale
adoption in the battery market. If this occurs, HPQ and PyroGenesis
would then be well positioned to assume a dominant market position.
Silicon’s potential to meet energy storage demand is undeniable and generating massive investments, as well as, serious industry interest, so HPQ and PyroGenesis timing could not be better. A recent report
by Wood Mackenzie Power projects that energy storage deployments are
estimated to grow 1,300% from a 12 Gigawatt-hour market in 2018 to a 158
Gigawatt-hour market in 2024. An estimated US$71 billion in
investments will be made into storage systems where batteries will make
up the lion’s share of capital deployment.
3. Porous Silicon wafers for solid state Li-ion Batteries
During Q3 2019, HPQ started discussions with a battery manufacturer regarding using Silicon produced by our Gen3 PUREVAPTM QRR
pilot plant to manufacture porous silicon wafers needed for their
operations. Furthermore, HPQ negotiated with Apollon Solar an amended
agreement that broadens the scope of the 2017 collaboration
to include, going forward, evaluating manufacturing porous Silicon
wafers for solid-state Li-Ion batteries combining their patented process
with Silicon (Si) produced with HPQ PUREVAPTMQRR.
In November 2019,
HPQ and its partner Apollon Solar SAS, acting as one party, signed a
non-disclosure agreement (“NDAâ€) with the battery manufacturer for the
purposes of exchanging technical information and sending testing
materials. We are still at the beginning of the process of exchanging
technical information and yet we are already looking into the
possibility of supplying the battery manufacturer with the first Silicon
wafer for testing by year end or beginning of 2020.
The probabilities that the discussions started under NDA will evolve
during Q1 2020 to a more formal process are very encouraging.
4. High Purity Silicon Oxide (SiOx) Nanopowders for Li-ion Batteries
In addition to its wafer work, HPQ intends to study, during H1 2020,
the possibility of utilizing Apollon Solar patented process to optimize
the porous structure of HPQ PUREVAPTM Silicon between
Microporous (pore size <5nm), Mesoporous (pore size 5nm – 50nm) and
Macroporous (pore size >50nm) in order to evaluate the potential of
producing, low cost, High Purity SiOx Nanopowders.
The infancy of Si anode technology base on Nanoscale Structure
Silicon Powders explains why presently only limited performance
improvement are obtained using High Purity Silicon Oxide (SiOx)
Nanopowders, selling for about US$ 100/kg2, used in a blended form with
graphite in traditional Li-ion batteries. The quantity used is
typically less than 5 wt%
of the material used to make the batteries, yet even at these levels of
utilization, this is estimated to represent an addressable market of US
$ 1B by 20223 expanding at a CAGR of 38.9% between 2019 – 2024.
5. Standard purity Silicon (“Siâ€) (up to 2N Purity)
Up to now, market participants with significant quartz assets have
shown a keen interest in our process. As such, HPQ anticipates silicon
industry participants will show a keen interest in PUREVAPTM once the
Pilot Plant is operational and validates our unique operational
advantages.
The addressable market for Mg Si is in the multi-billion range with
demand projected to increase by a CAGR of 19% over the next 5 years
(US$ 7.5B in 2018 to US$ 12B in 2023)4. The bulk of the growth is
expected to come from the 2N segment of the market, where the PUREVAP™ QRR process should have massive opex and capex advantage over traditional manufacturers.
6. Solar Grade Silicon using a PUREVAPTM UMG metallurgical process
The market for Solar Grade Silicon is massive and evolving at such an
accelerated pace that some of our original product development
hypothesis are not as relevant as before. Having said this, working
with Apollon Solar, we strongly believe that if the PUREVAP™QRR can
produce, as we believe it can, Si material of 4N+ purity with low boron
count (< 1 ppm), we can develop a very competitive UMG Metallurgical
route to produce Solar Grade Silicon.
OTHER CORPORATE NEWS
1. ANNUAL MINIMUM ROYALTIES PAYMENT DUES TO PYROGENESIS
Under the terms of our Agreement with PyroGenesis, HPQ was obliged to
pay minimum royalty payment obligations of $150,000 for 2018 and
$200,000 for 2019. Due to delays in the project beyond HPQ’s control,
PyroGenesis has agreed to wave HPQ minimum royalty payment obligations
for 2018 and 2019. This represents a Q4 2019 reduction in HPQ current
liabilities of $350,000. Minimum royalties’ obligations will resume
with the scheduled 2020 payment to PyroGenesis.
2. WARRANTS EXTENSION
HPQ Board of Directors has authorized the application to the TSX
Venture Exchange (the “Exchangeâ€) for approval of the extension, until
January 31, 2022, of the exercise date of 4,152,000 outstanding common
share purchase warrants (the “Warrantsâ€) issued by the Company July 17,
2018. The 4,152,000 Warrants are set to expire on January 17, 2020 and
have an exercise price of $0.155. As of today, none of these purchase
warrants has been exercised. All other terms and conditions of the
Warrants will remain the same. The proposed extension is conditional
upon the receipt of the approval of the Exchange.
3. DEBT FOR SHARES
In accordance with the agreement between HPQ-Silicon and Agoracom,
entered into on July 15, 2018 for the term ending July 15, 2020,
HPQ-Silicon board has approved the issuance of 156,944 common shares at a
deemed price of 9 cents per share to pay $14,125 for services rendered
during the period from January 16, 2019 ending April 15, 2019, HPQ board
has also approved the issuance of 156,944 common shares at a deemed
price of 9 cents per share to pay $14,125 for services rendered during
the period from April 16, 2019 ending July 15, 2019, and HPQ board has
also approved the issuance of 166,176 common shares at a deemed price of
8.5 cents per share to pay $14,125 for services rendered during the
period from July 16, 2019 ending October 15, 2019. Each share issued
pursuant to the debt settlement will have a mandatory four (4) month and
one (1) day holding period from the date of closing.
About Silicon
Silicon (Si) is one of today’s strategic materials needed to fulfil
the renewable energy revolution presently under way. Silicon does not
exist in its pure state; it must be extracted from quartz, one of the
most abundant minerals of the earth’s crust and other expensive raw
materials in a carbothermic process.
About HPQ Silicon
HPQ Silicon Resources Inc. is a TSX-V listed company developing, in
collaboration with industry leader PyroGenesis (TSX-V: PYR) the
innovative PUREVAPTM “Quartz Reduction Reactors†(QRR), a truly
2.0 Carbothermic process (patent pending), which will permit the
transformation and purification of quartz (SiO2) into Metallurgical
Grade Silicon (Mg-Si) at prices that will propagate its significant
renewable energy potential.
HPQ is also working with industry leader Apollon Solar to develop: Porous silicon wafers manufacturing using PUREVAP™
Silicon (PVAP Si) that can be used as anode for all-solid-state and
Li-ion batteries; and a metallurgical pathway of producing Solar Grade
Silicon Metal (SoG Si) that will take full advantage of the PUREVAPTM QRR
one-step production of high purity silicon (Si) and significantly
reduce the Capex and Opex associated with the transformation of quartz
(SiO2) into SoG-Si.
HPQ focus is becoming the lowest cost producer of Silicon (Si), High
Purity Silicon (Si), Porous Silicon Wafers and Solar Grade Silicon Metal
(SoG-Si). The pilot plant equipment that will validate the commercial
potential of the process is on schedule to start in 2019.
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.
Disclaimers:
The Corporation’s interest in developing the PUREVAP™ QRR and any
projected capital or operating cost savings associated with its
development should not be construed as being related to the establishing
the economic viability or technical feasibility of the Company’s
Roncevaux Quartz Project, Matapedia Area, in the Gaspe Region, Province
of Quebec.
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
Company’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
Company with respect to future events and are subject to certain risks
and uncertainties and other risks detailed from time-to-time in the
Company’s on-going filings with the security’s regulatory authorities,
which filings can be found at www.sedar.com. Actual results, events, and
performance may differ materially. Readers are cautioned not to place
undue reliance on these forward-looking statements. The Company
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 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.
For further information contact Bernard J. Tourillon, Chairman, President and CEO Tel (514) 907-1011 Patrick Levasseur, Vice-President and COO Tel: (514) 262-9239 http://www.hpqsilicon.com Email: [email protected]
1 Source: Quotation from a producer (Confidential), Media article
2 Advanced Battery Materials, Chapter 5: Practically Relevant Research on Silicon-Based Lithium-Ion Battery Anodes (page 271)
3 Source Marketandmakerts.com
4 CRU – Silicon Market Outlook – November 14, 2018 (Pages 20 – 23)
Posted by AGORACOM-JC
at 7:00 PM on Sunday, December 8th, 2019
Until now, investor participation in Artificial Intelligence has been the domain of mega companies and those funded by Silicon Valley. Small cap investors can finally consider participating in the great future of A.I. through Datametrex AI (DM: TSXV) (Soon To Be Nexaology) who just reported the following:
Q3 Revenues Of $1.6 million, an increase of 186%
9 Mont Revenues Of $2.56M an increase of 37%
A Repeat $1M Contract With A Division Of Korean Giant LOTTE Group Â
$954,000 Contract With Canadian Department of Defence To Fight Social Media Election Meddling
Participation In NATO Research Task Group On Social Media Threat DetectionÂ
When a small cap A.I. company is successfully deploying at the highest levels of global commerce and military, it is a strong sign of the Company’s capabilities that behooves investors to look deeper.Â
That deep dive can begin with our joint interview of Datametrex CEO, Marshall Gunter and President, Jeff Stevens in which we look not only into the past recent success but also into what the future holds in terms of both growth and competition.
Watch this interview on one of your favourite screens or hit play and listen to the audio as you drive. Â
Posted by AGORACOM-JC
at 10:28 AM on Wednesday, December 4th, 2019
“These results signal the beginning of the long-awaited breakout that we have been anticipating…’ These are the words of PyroGenesis CEO, Peter Pascali, and they are backed up by Q3 results that included a 91% increases in revenue and a 492% increase in signed contracts that are now in backlog to the tune of $29.5M, thanks to a monster contract win in October.
If that wasn’t enough, after already having sold two plasma torch based systems to the US Navy for installation on two aircraft carries, the Company has already been advised by the US Navy that 2 more orders are coming for two more aircraft carriers to the tune of $13.5M.
Even the Head of TSX Venture noticed the results on Linkedin recently:
If you are just discovering PyroGenesis (PYR:TSXV) then grab your favourite drink and watch this powerful video …. or listen in via podcast when you want to tune out the world and learn about an incredible company.
Posted by AGORACOM-JC
at 11:45 AM on Thursday, November 28th, 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.
The Digital Learning Revolution: How Classes are Moving Out Of The Classroom
Indian classrooms are growing in numbers every day, and the overburdened teachers are unable to bridge the learning gap experienced by individual students
Edtech tools are the best solution to ensure accessibility of quality education in our country, and its growing demand across the student community validates this stance
In fact, India has become the third-largest market for online education, with trends such as P2P collaborative learning systems becoming the latest rage in the domain of education and learning
By: Michał Borkowski
Every learning process has two principal stakeholders—students and
teachers, or as we like to call them learners and helps—and two
fundamental engagement tools, questions and answers. Learning processes
essentially can be centered on either the teacher or the student, but
the outcomes they result in are drastically different. The didactic
learning process wherein the teacher occupied the central role and the
student was merely a blank slate (Tabula Rasa) was a monotonous and regimented affair, relying solely on the transfer of knowledge from a teacher to a student.
Opposed to it, the new-age online learning method which has its roots
in the revolutionary teaching methods of Socrates, the ancient Greek
logician and thinker, has turned the very nature of learning inside out.
It proposes a student centered mode of learning wherein the visible
demarcations of master and disciple are essentially blurred and both
exist as equal stakeholders.
Onlinelearning—A solution tailor-made for the Indian academia
Indian classrooms are growing in numbers every day, and the
overburdened teachers are unable to bridge the learning gap experienced
by individual students. Edtech tools are the best solution to ensure
accessibility of quality education in our country, and its growing
demand across the student community validates this stance. In fact,
India has become the third-largest market for online education, with
trends such as P2P collaborative learning systems becoming the latest
rage in the domain of education and learning.
Technology and new-age tools have practically reformed the existing
learning framework. Now, teachers, students and parents simultaneously
interact in a cohesive union, relentlessly pursuing knowledge through an
active collaboration of ideas and critical faculties. This empowers the
students to be their own masters by equipping them with a customized
and practical form of education and allows them to exercise control over
their learning which would help them better in terms of practical and
real-time application. When learners get to assert better control over
their learning experience, they are likely to take a more proactive
stance towards the same, ultimately resulting in better outcomes.
The education system in India has long suffered from inherent flaws
and inadequacies owing to its direct and continued formal dependency on
the colonial education system which stresses on ineffective rote
learning and representing facts on paper without practical realization.
But things are fast changing. Online education has really picked up pace
as over 370 million Internet users and countless more localized and
global entrepreneurs are readily investing in the online education
market. By 2018, India had 3,500 edtech start-ups running operations
across the country.
Replacing standardization with personalization
Going beyond the conventional one-way process, digital platforms
allow users to overcome the limits of time and space, as a learner could
now access evaluate and assess information from anywhere at any time,
as long as one has an Internet connection and an inclination to learn.
Since every individual possesses a unique mental aptitude and grasping
level and one can learn at a pace that best suits them through such
platforms. These platforms empower every individual to grasp knowledge
at a personal customized pace which makes learning easy and desirable
rather than a sordid task at hand which one dreads and undertakes
unwillingly.
Edtech platforms also serve as a single platform for every
stakeholder in education to come together. They celebrate the uniqueness
and individuality of every student by bringing all the elements of the
classroom—the teachers, the students and the parents in an organic
unison. The spirit of doubt, curiosity and creativity are now encouraged
which has brought about massive changes in the hitherto predefined
dimensions of knowledge. These platforms further allow the learning
process to continue at home through uninterrupted assistance and
guidance. The teacher no longer has to be physically present to tutor
the child whenever they get stuck on a particular problem or a tricky
lesson.
Today, the e-learning market in India is approximated to be worth
more than three billion dollars. The National Draft Education Policy,
2019 also lays significant emphasis on increasing the penetration of
technology in all aspects of education. Although formal education
structure still holds the same relevance, the very manner of its
proliferation has undergone a monumental change owing to the rise of
digital learning. Digital edtech tools have reduced the workload on
teachers, who now thrive in their new role as a catalyst of change that
proactively engages and enables the students to acquire knowledge from
multiple sources.
When students are allowed to become their own masters and be
responsible for the supervision of their learning experience, it
initiates the formation of an informed and empowered society that prizes
questioning over obedience and intelligence over authority. Online
learning platforms have indeed done away with the space-time
restrictions of classrooms and empowered the primary stakeholder in
learning, i.e. the learner itself, in a manner that would surely have
made Socrates proud.
Posted by AGORACOM-JC
at 1:28 PM on Wednesday, November 27th, 2019
91% increase in revenues to $2.1MM for the quarter over the same period in 2018
gross margin of 45% representing an increase of 22% over the same period in Q3 2018
492% increase in backlog to $29.5MM over Q2 2019 ($6MM)
MONTREAL, Nov. 27, 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 third quarter ended September 30, 2019.
“The 492% increase in backlog to $29.5MM at the end of Q3, from $6MM
at the end of Q2, signals the beginning of the long-awaited breakout
that we have been anticipating,†said Mr. P. Peter Pascali, President
and CEO of PyroGenesis. “Separately, the $13.5MM US Navy Contract has
also gained momentum in the second half of 2019, which we expect will
also be added to the backlog soon. Notwithstanding some minor delays,
2019 is turning out to be all that we had expected it to be.â€
Q3, 2019 results reflected the following highlights:
91% increase in revenues to $2.1MM for the quarter over the same period in 2018,
gross margin of 45% representing an increase of 22% over the same period in Q3 2018,
492% increase in backlog to $29.5MM over Q2 2019 ($6MM),
a modified EBITDA loss of $614K compared to a Modified EBITDA loss of $1.6MM over the same period in Q3 2018,
fair value of investments increased to $70,717, versus a decrease of
$756,750 over the same period in Q3 2018 an increase of $827,467.
The following is an overview of PyroGenesis’ quarterly results.
Outlook
The second half of 2019 has seen the beginning of the long awaited
breakout that we have been anticipating ever since the Company embarked
on a strategy, in 2017 and 2018, to (i) develop two new business lines
and partner with multi-billion-dollar corporations to effectively
accelerate commercialization in these new segments, and (ii) focus on
recurring revenue streams in all business lines.
In the second half of 2019, the Company successfully increased
backlog of signed contracts by approximately 500% to $29.5MM from $6MM
at the end of Q2 2019. The cash flow from this increased backlog is
expected within Q4 2019.
Separately, the long-anticipated US Navy contract for two PAWDS
systems, with approx. $13.5MM in anticipated revenues over 18 months,
has also gained momentum in the second half of 2019. After a period in
which only the longest lead items were contracted for by the US Navy,
PyroGenesis’ PAWDS system’s turn in the queue arrived. We are happy to
report that, as of this writing, the Company recently completed the last
formal steps before final procurement.
With this additional contract in hand, and the resultant backlog in
excess of $40MM, the Company will be well positioned to then embark on
previously announced projects specifically aimed at increasing
shareholder value (up-listing, spin-offs, and stock buy-back
initiatives), which could not have started in earnest until the stock
reacted to the news of these contracts. Once the above-mentioned
contracts have been successfully signed, with deposits received, the
resultant effect on the Company’s valuation can be determined, as this
will play a significant role in dictating the optimum strategy to
execute.
Separately, the Company will now also focus on accelerating paying
projects which had been delayed as a result of the Company’s decision to
divert assets from such projects to those non-paying efforts which
resulted in winning these breakout contracts.
In addition to the above developments, there are several smaller
projects the Company is pursuing (for instance the Swedish torch
transaction geared towards iron ore pelletization) which are very
promising in their own right and should get traction over the next 12
months.
In short, 2019 is turning out to be all that it had been billed to
be, and events are developing in such a way as to make 2019 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 $2,097,437 in the third quarter of
2019 (“Q3 2019â€), representing an increase of 91% compared with
$1,097,726 recorded in the third quarter of 2018 (“Q3 2018â€). Revenues
recorded in Q3 2019 were generated primarily from:
(i)
PUREVAP™ related sales of $328,733 (2018 – $2,249,859),
(ii)
torch related sales of $1,932,353 (2018 – $Nil),
(iii)
the development and support related to systems supplied to the U.S. Military for $500,946 (2018 – $825,151).
Cost of Sales and Services and Gross Margins
Cost of sales and services before amortization of intangible assets
was $1,145,080 in Q3 2019, representing an increase of 35% compared with
$845,575 in Q3 2018.
In Q3 2019, employee compensation and subcontracting decreased to
$514,203 compared to 746,054 in Q3 2018, while the cost of direct
materials and manufacturing overhead & other increased to $731,319
(Q3, 2018 – $187,796).
The gross margin for Q3 2019, was $947,090, or 45% of revenue. This
compares with a gross margin of $252,151 (23% of revenue) for Q3 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 $5,267 in Q3 2019 and $Nil
for Q3 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 Q3 2019 excluding the costs associated with
share-based payments (a non-cash item in which options vest over a
four-year period), were $1,485,803, representing a decrease of 12%
compared with $1,696,158 reported for Q3 2018.
The decrease in SG&A expenses in Q3 2019 over the same period in 2018 is mainly attributable to the net effect of:
a decrease of 14% in employee compensation,
a decrease of 21% for professional fees, primarily due to a decrease in consulting fees,
a decrease of 63% in office and general expenses, is primarily due
to the reclassification of rent expense to depreciation right of use
assets,
travel costs increased by 107%, due to an increase in travel abroad,
depreciation on property and equipment increased by 4% 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 Q3 2018 being recorded
against cost of goods sold only,
government grants decreased by 16% due to lower level of activities supported by such grants and,
other expenses decreased by 38%, primarily due to a decrease in costs of freight and shipping.
Separately, share based payments decreased by 93% in Q3 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 $236,535 of R&D costs in Q3 2019, compared
with $177,405 in Q3 2018, representing an increase of 33%. The increase
in Q3 2019 is related to torch development and plasma atomization
related expenses.
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 Q3 2019 of 965,032 compared to a loss
of $2,758,835 in Q3 2018, represents a decrease of 65% year-over-year.
The increase of $1,793,803 in the comprehensive loss in Q3 2019 is
primarily attributable to the factors described above, which have been
summarized as follows:
(i)
an increase in product and service-related revenue of $999,711 arising in Q3 2019,
(ii)
an increase in cost
of sales and services totaling $304,772, primarily due to an increase
in direct materials and manufacturing overhead and other,
(iii)
a decrease of
SG&A expenses of $399,590 arising in Q3 2019 is primarily due to a
decrease in office and general, other expenses, professional fees and
employee compensation,
(iv)
an increase in R&D expenses of $59,130 primarily due to an increase in materials and equipment and subcontracting,
(v)
a decrease in net finance costs of $758,404 in Q3 2019, primarily due to the fair value adjustment of investments.
EBITDA
The EBITDA loss in Q3 2019 was $556,963 compared with an EBITDA loss
of $2,538,215 for Q3 2018, representing a decrease of 78%
year-over-year. The $1,981,252 decrease in the EBITDA loss in Q3 2019,
compared with Q3 2018, is due to the decrease in comprehensive loss of
$1,793,803, an increase in depreciation on property and equipment of
$1,627, an increase in depreciation of right of use assets of $111,492,
an increase in amortization of intangible assets of $5,267 and an
increase in finance charges of $69,063.
Adjusted EBITDA loss in Q3 2019 was $542,814 compared with an
Adjusted EBITDA loss of $2,334,831 for Q3 2018. The decrease of
$1,792,017 in the Adjusted EBITDA loss in Q3 2019 is attributable to a
decrease in EBITDA loss of $1,981,252 and a decrease of $189,235 in
share-based payments.
Modified EBITDA loss in Q3 2019 was $613,531 compared with a Modified
EBITDA loss of $1,578,081 for Q3 2018, representing a decrease of 61%.
The decrease in the Modified EBITDA loss in Q3 2019 is attributable to
the decrease as mentioned above in the Adjusted EBITDA loss of
$1,792,017 and a decrease in the change of fair value of investments of
$827,467.
Liquidity
The Company has incurred, in the last several years, operating losses
and negative cash flows from operations, resulting in an accumulated
deficit of $55,163,886 and a negative working capital of $8,509,212 as
at September 30, 2019 (December 31, 2018 – $51,066,540 and $4,101,428
respectively). Furthermore, as at September 30, 2019, the Company’s
current liabilities and expected level of expenses for the next twelve
months exceed cash on hand of $276,067 (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.
Revenue generated from active projects does not yet produce
sufficient positive cash flow to fund operations. However, based on
current backlog of $29.5MM at November 27, 2019, together with the
pipeline of prospective new projects, cash flow from operations are
expected to become positive in the very near future.
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, and have 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.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna Kafal, Vice President Investors Relations and Strategic Business Development Phone: (514) 937-0002, E-mail: [email protected] RELATED LINK: http://www.pyrogenesis.com/
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at 10:38 AM on Wednesday, November 27th, 2019
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WHO Report Finds No Public Health Risks Or Abuse Potential For CBD
According to a preliminary WHO report published last month, naturally occurring CBD is safe and well tolerated in humans (and animals), and is not associated with any negative public health effects [PDF].
Experts further stated that CBD, a non-psychoactive chemical found in cannabis, does not induce physical dependence and is “not associated with abuse potential.” The WHO also wrote that, unlike THC, people aren’t getting high off of CBD, either.
By: Janet Burns
A World Health Organization (WHO) report has found no adverse health
outcomes but rather several medical applications for cannabidiol, a.k.a.
CBD, despite U.S. federal policy on this cannabinoid chemical.
According to a preliminary WHO report published last month, naturally
occurring CBD is safe and well tolerated in humans (and animals), and
is not associated with any negative public health effects [PDF].
Experts further stated that CBD, a non-psychoactive chemical
found in cannabis, does not induce physical dependence and is “not
associated with abuse potential.” The WHO also wrote that, unlike THC,
people aren’t getting high off of CBD, either.
“To date, there is no evidence of recreational use of CBD or any
public health related problems associated with the use of pure CBD,”
they wrote. In fact, evidence suggests that CBD mitigates the effects of
THC (whether joyous or panicky), according to this and other reports.
The authors pointed out that research has officially confirmed some positive effects of the chemical, however.
The WHO team determined that CBD has “been demonstrated as an
effective treatment for epilepsy” in adults, children, and even animals,
and that there’s “preliminary evidence” that CBD could be useful in
treating Alzheimer’s disease, cancer, psychosis, Parkinson’s disease, and other serious conditions.
The Herbal Chef CEO and Head Chef Chris Sayegh measures the dose of CBD cannabis extract as he… [+]
In acknowledgement of these kinds of discoveries in recent years, the
report continued, “Several countries have modified their national
controls to accommodate CBD as a medicinal product.”
But the U.S., the report noted, isn’t one of them.
As a cannabis component, CBD remains classified as a Schedule I
controlled substance, meaning it has a “high potential for abuse” in the
federal government’s view. Nevertheless, the “unsanctioned medical use”
of CBD is fairly common, experts found.
For many CBD users in the U.S., the substance’s mostly unsanctioned
and illegal state creates problems, especially as a wave of online
(mostly hemp) and store-bought CBD oils and extracts have allowed
patients to take the treatment process–and the risks involved in buying
unregulated medicine–into their own hands and homes.
While CBD itself is safe and found to be helpful for many users,
industry experts have warned that not all cannabis extracts are created
equally, purely, or with the same methods of extraction.
And while reports of negative reactions to pure CBD are very few and
far between, researchers are able to say that the cannabinoid wouldn’t
be to blame alone. “Reported adverse effects may be as a result of
drug-drug interactions between CBD and patients’ existing medications,”
they noted.
As the cannabis reform nonprofit NORML
reported, the WHO is currently considering changing CBD’s place in its
own drug scheduling code. In September, NORML submitted written
testimony to the U.S. Food and Drug Administration (FDA) opposing the enactment of international restrictions on access to CBD.
The FDA, which has repeatedly declined
to update its position on cannabis products despite a large and
ever-growing body of evidence on the subject, is one of a number of
agencies that will be advising the WHO in its final review of CBD.
Perhaps this time around the FDA will listen, and learn something.
The report was presented by the WHO’s Expert Committee on Drug
Dependence, and drafted under the responsibility of the WHO Secretariat,
Department of Essential Medicines and Health Products, Teams of
Innovation, Access and Use and Policy, Governance and Knowledge.
