News Article | December 1, 2016
The sixth Business of Intellectual Property Asia (BIP Asia) Forum opened today and continues through tomorrow at the Hong Kong Convention and Exhibition Centre (HKCEC). Jointly organised by the Hong Kong Special Administrative Region (HKSAR) Government, the Hong Kong Trade Development Council (HKTDC) and the Hong Kong Design Centre (HKDC), this year's BIP Asia Forum adopts the theme of "IP in the Innovation Era". The event features more than 80 prominent speakers and is expected to attract more than 2,400 IP professionals. At the opening ceremony, CY Leung, Chief Executive of the HKSAR, was joined by Wang Binying, Deputy Director General, World Intellectual Property Organization, Yi Xiaozhun, Deputy Director General, World Trade Organization and Deng Yingjun, Deputy Director General, Office of General Affairs of Patent Office, State Intellectual Property Office of the People's Republic of China. "In a fast-changing world driven by innovation and technology, IP is an increasingly important currency for companies around the globe," Margaret Fong, Executive Director, HKTDC, said. "To shed more light on the key trends, the BIP Asia Forum gathers leading players from all sides of the IP equation: the policymakers who shape the regulatory environment, the innovators who are pushing the boundaries of technology and the brand leaders that have been able to convert great ideas into high-demand products and services." Forecasting IP trends in Asia The opening day featured two plenary sessions. The plenary entitled "Growth and Opportunities: The Next IP Development in Asia" heard Dr Song Liuping, Senior Vice President and Chief Legal Officer, Huawei Technologies Co., Ltd. and Dr Uwe Over, Corporate Vice President, Head of IP and Associate General Counsel, Henkel AG & Co. KGaA analyse upcoming IP trends in Asia in the innovation era. The speakers also discussed ways to formulate effective IP strategies for companies to stand out from the crowd in a competitive business environment. The second plenary session, "The Future is Open: Managing and Commercialising IP Assets" was addressed by Roger Martin, Senior Vice President and Chief IP Strategist, Qualcomm Incorporated; Kenneth S Korea, Senior Vice President and Head of US IP Center, Samsung Electronics Co. Ltd; and Dr Udo Meyer, Senior Vice President and Head of Global Intellectual Property, BASF SE. The three industry experts offered insights on ways to facilitate product development through open innovation while maintaining competitiveness and market share. The opening day also offered breakout sessions covering four main areas: IP Practical Tips, IP Market Insight, Industry-specific IP and Quick Guide to IP Basics. Meanwhile, the two-day IP Manager Training Programme, co-organised by the HKTDC and the Intellectual Property Department of the HKSAR Government, helps provide basic IP training for SMEs to raise their competitiveness. IP, innovation and technology converge at Global Tech Summit Technological innovation is closely linked to IP. The inaugural Global Tech Summit invited representatives from research institutes and technology enterprises, including Hanson Robotics, cherrypicks, DJI, Siemens, Vitargent and VeriFi (Hong Kong) to share their thoughts on the relationship between IP and technological innovation. The speakers explored global technology trends, shared success cases of breakthrough technologies and examined the relationship between technological innovation and IP. China's 13th Five-Year Plan under the spotlight Tomorrow's plenary session entitled "Looking into China's 13th Five-Year Plan: New Opportunities in the Innovation Era", welcomes Yang Guoxin, Deputy Division Director, Planning and Statistics Division of Planning and Development Department, State Intellectual Property Office of the People's Republic of China; Wang Yueping, Deputy Managing Director, Energy Service Division, CGN CLP Energy Services (Shenzhen) Co., Ltd.; and Danny Ng, Senior Vice President, Sales & Marketing, Altai Technologies Limited. They will give expert analysis on the opportunities and effects arising from China's blueprint for development over the next five years. Breakout sessions explore hot topics Tomorrow's breakout sessions will investigate hot IP issues for different sectors. Topics include "Social Media Law and IP Issues Relating to 3D Printing", "Partnering with Universities and Research Institutions in the Era of Open Innovation", "Resolution of IP Disputes - Recent Developments", "Strategic IP Management in China's Film and Creative Industries", "Fashion and IP: New Materials and Technology Applications", "IP Financing: Global Success Models and the Roadmap for Hong Kong", "Brexit and IP: Impacts and Implications", and "Start-ups and IP Business Opportunities". New strategic partners for Asia IP Exchange The Asia IP Exchange (AsiaIPEX) lists more than 27,000 tradable IP items ranging from patents, trademarks and copyrights to registered designs, covering such industries as biotechnology, medicine, electronics and engineering, film and publication. It is the largest platform of its kind in Asia. During the BIP Asia Forum the HKTDC will sign memoranda of understanding with three new strategic partners - British Columbia Institute of Technology, Okinawa Invention and Innovation Institute and The Association of Corporate Patent Executives - to strengthen information exchange and cooperation in IP, expanding the number of strategic partners for the AsiaIPEX to 35. In addition, the HKTDC will sign another memorandum of understanding with the Chongqing Intellectual Property Office to strengthen information exchange and cooperation in IP, so as to facilitate IP trading for enterprises capitalising on the rapidly growing IP market in the Chinese mainland. The BIP Asia exhibition is being staged alongside the main forum to provide more business opportunities for forum participants. It features more than 90 exhibitors, including the World Intellectual Property Organization, major international technology companies, leading local and overseas R&D centres, universities and IP services providers, including Marks & Clerk, Deacons and China Patent Agent. The exhibition provides one-stop on-site advisory services, ranging from knowledge transfer and commercialisation to the application, authorisation and trading of such IP as patents, trademarks and copyrights, as well as relevant laws. Websites Business of Intellectual Property Asia Forum: http://bipasiaforum.com/en/index.htm Asia IP Exchange: http://www.asiaipex.com/Home/Index_EN Photo Download Link: http://bit.ly/2gIxfIy Media Registration: Media may register on-site with their business cards and/or media identification. To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc About HKTDC Established in 1966, the Hong Kong Trade Development Council (HKTDC) is a statutory body dedicated to creating opportunities for Hong Kong's businesses. With more than 40 offices globally, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China, Asia and the world. With 50 years of experience, the HKTDC organises international exhibitions, conferences and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in international markets, while providing information via trade publications, research reports and digital channels including the media room. For more information, please visit: www.hktdc.com/aboutus. Follow us on Google+, Twitter @hktdc, LinkedIn. Google+: https://plus.google.com/+hktdc Twitter: http://www.twitter.com/hktdc LinkedIn: http://www.linkedin.com/company/hong-kong-trade-development-council Contact:
News Article | November 8, 2016
Business of Intellectual Property Asia Forum to Open Next Month Concurrent Fairs to Analyse Opportunities and Challenges for SMEs To explore intellectual property-related business, the sixth Business of Intellectual Property Asia (BIP Asia) Forum will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) on 1-2 December. Three other SME-oriented fairs: InnoDesignTech Expo, World SME Expo and the Hong Kong International Franchising Show, will be held concurrently from 1 to 3 December at the HKCEC to help SMEs grasp business opportunities. Raymond Yip, Deputy Executive Director, HKTDC, said the four events cover areas including design, technology, entrepreneurship, operation management, brand promotion and intellectual property. He said that the combined impact of the fairs provides SMEs with a highly effective one-stop value-adding platform for enhancing their competitiveness and all-round development. IP in the innovation era Organised by the Hong Kong Special Administrative Region (HKSAR) Government, the HKTDC and the Hong Kong Design Centre, this year's BIP Asia Forum adopts the theme of "IP in the Innovation Era". The event is expected to attract more than 2,400 IP professionals and industry leaders. CY Leung, Chief Executive of the HKSAR, will be joined by Wang Binying, Deputy Director General, World Intellectual Property Organization, Yi Xiaozhun, Deputy Director General, World Trade Organization and Deng Yingjun, Deputy Director General, Office of General Affairs of Patent Office, State Intellectual Property Office of the People's Republic of China, at the opening session. During the forum, more than 80 guest speakers will share their expertise and experiences from various IP perspectives. BIP Asia will comprise three plenary sessions, with two happening on the first day. The first, "Growth and Opportunities: The Next IP Development in Asia", features IP leaders Dr Song Liuping, Senior Vice President and Chief Legal Officer, Huawei Technologies Co, Ltd; and Dr Uwe Over, Corporate Vice President, Head of IP and Associate General Counsel, Henkel AG & Co KGaA. The second plenary session, "The Future is Open: Managing and Commercialising IP Assets", will bring together Roger Martin, Senior Vice President and Chief IP Strategist, Qualcomm Incorporated; Kenneth S Korea, Senior Vice President and Head of US IP Center, Samsung Electronics Co, Ltd; and Dr Udo Meyer, DE, Senior Vice President and Head of Global Intellectual Property, BASF SE to share their views on the trends on open innovation. On the second day of the forum, the plenary session "Looking into China's 13th Five-Year Plan: New Opportunities in the Innovation Era" will welcome Yang Guoxin, Deputy Division Director, Planning and Statistics Division of Planning and Development Department, State Intellectual Property Office of the People's Republic of China; Wang Yueping, Deputy Managing Director, Energy Service Division, CGN CLP Energy Services (Shenzhen) Co, Ltd; and Dr Raymond Leung, Founder and Chairman of Altai Technologies Ltd and Founding Chairman and Strategy Advisor of Amperex Technology Ltd (ATL) to analyse the IP opportunities arising from China's 13th Five-Year Plan. Technological innovation is closely linked to intellectual property. The debut Global Tech Summit will be held on the opening day of BIP Asia, where representatives from research institutes and technology enterprises, such as cherrypicks, Siemens, Hanson Robotics, Vitargent and VeriFi (Hong Kong), will explore global technology trends and share success cases of technology breakthroughs. More than 15 breakout sessions will be organised covering four broad areas: IP Practical Tips, IP Market Insight, Industry-specific IP and Quick Guide to IP Basics. Hot-button issues such as IP portfolio management, IP financing, Brexit and start-up IPs will be discussed. At the exhibition area of the forum, more than 80 exhibitors, including the World Intellectual Property Organization as well as large international technology corporations, top-tier research centres and universities and IP service providers, such as Marks & Clerk, China Patent Agent and Deacons, will provide on-site consulting services. "Urbanovation" at InnoDesignTech Expo The 12th InnoDesignTech Expo will include the Trade Hall and Inspiration Hall, gathering a record of around 450 exhibitors from 22 countries and regions. Under the theme "Urbanovation", the Inspiration Hall will explore how design and innovation becomes a key driving force to urban lifestyle and development. Under the categories of smart architecture, smart infrastructure, smart mobility and smart lifestyle, exhibits and interactive games will showcase how creative solutions can solve social problems. Featured displays include the new-generation aluminium mobile home "ALPOD", curated by James Law Cybertecture, Tesla Model X electric car and the innovative home design of "Checkered Playroom Oasis" as well as service robots, 3D food printing, AR and VR experiences. Chicago, this year's partner city of the InnoDesignTech Expo, will bring its unique design style to the event under the theme "Chicago Made". A number of regions with strong design and innovation including Victoria (Australia), Hessen (Germany), Bali (Indonesia), Chungnam (Korea) and Southern Sweden will also bring local innovative designs, products and commercial solutions to the expo. Create Hong Kong (CreateHK) of the Government of the Hong Kong Special Administrative Region* is once again sponsoring the "Hong Kong Creative Force" in the Inspiration Hall. The zone showcases a series of outstanding local creations, including those from cross-discipline collaborative projects "Love Seat", "Urban Playroom", "Urban Oasis", and successful cases of brand upgrading and new media promotions. The Hong Kong Maker Club will also join the expo again to present the fruits of Hong Kong makers such as Sophie IV solar-powered car and robot boxing league. The Trade Hall will feature a number of thematic zones where one-stop commercial solutions using innovative designs and technology will be showcased. A number of leading Hong Kong creative media companies will demonstrate the latest technology at the all-new "AR & VR Zone". An AR & VR experience area will enable visitors to try the technology first-hand and learn how it can be applied across different sectors. On-site demonstrations at the "3D Printing Solutions Zone" will include the printing of precious metals, food and prosthetics. The "Global Innovation Zone" will feature more than 100 inventors showcasing innovations from different sectors. About 70 local start-up companies will gather at the "Creative and Tech Start-up Zone" to connect with potential business partners and investors. And the Retro Spot is where entrepreneurs will be able to "Get in the Ring" to pitch their creative ideas and commercial applications to judges and the audience. During the fair, 15 thematic seminars and workshops will be held under the thematic tracks of "Creativity for Business", "Innovation for Business" and "Start-up Ventures". Major topics include "How Creativity Empowers Brand Management?", "Global Design Trends", "Immersive Marketing with Virtual Reality", "Smart Data and Innovative Marketing" and "Dialogue with Creative Minds". Everything small businesses need at World SME Expo The 16th World SME Expo provides small- and medium-sized enterprises with a wide range of business solutions and supporting services, helping SMEs explore new opportunities. This year, the Opportunities Hall will feature a dedicated "Belt and Road Zone", where more than 40 exhibitors from 13 Belt and Road countries including India, Vietnam, Thailand and Malaysia will showcase the latest developments and partnership opportunities in their respective countries. The Hong Kong Chinese Enterprises Association will introduce economic and trade cooperation zones and industrial parks in Malaysia, Laos, Egypt and Belarus that have been set up using mainland investment. It will also explore the local investment market and analyse investment conditions in different markets. The Solutions Hall will continue to provide SMEs with a range of practical business solutions including e-tailing services, IT services as well as government, institutional and operational support. The seminar series continues to be a highlight of the World SME Expo. More than 30 seminars and workshops will be held this year, including "Innovation & Branding - The New Breed of SMEs", organised by the HKTDC and the Trade and Industry Department, where new leading SMEs will discuss ways to develop products and services, adjust business operation models and forge a successful brand transformation. The series "Embracing The Latest Trend of E-Commerce" will welcome industry experts from Google, LinkedIn and Baidu to introduce mobile apps, social media trends and digital marketing strategies. Renowned entrepreneurs at the event will include Quincy Wong, Chairman, Convoy Global Holdings Ltd, who will discuss ways to lift business performance through innovative ideas; Vincent Tsui, Chief Marketing Officer, Next Digital Ltd, will share promotional strategies for SMEs and artist Skye Chan will share her experience of opening an e-tailing shop. Business matching services and networking events will be arranged to help visitors explore more business opportunities. Expanding business with franchising Following its successful launch last year, the Hong Kong International Franchising Show returns to provide a one-stop platform for companies and entrepreneurs to look for franchising brands, find business partners and pick up top franchising tips. The show will feature more than 100 exhibitors from around the world bringing such brands as American pizza chain Papa John's Pizza, Trendyland Studio, which specialises in selling Disney products and providing Disney-themed photography services, as well as the local food and beverage brand KamCha. New exhibiting brands include the Canadian specialty coffee brand Cafe Cafe, the football training system Coerver Coaching, international courier intermediary company InXpress and Hong Kong's School of Creativity. The show offers numerous franchising opportunities in different sectors with "Catering", "Non-Catering" and "International" zones to help companies match with partners and expand their business. A new seminar series "Advice from the Wise" will debut this year, featuring industry experts from the United States, Japan, Korea, Australia and the Chinese mainland to share tips for entering the mainland market, new operating ideas for the catering sector and how to develop domestic services (such as supervisory care, football training, courier service and laundry) into franchises. The "Round Table Meeting" will analyse the latest franchising trends in Asia-Pacific region, including Singapore, Australia, Korea, Indonesia, the Philippines, Taiwan, the mainland and Hong Kong. BIP Asia Forum, InnoDesignTech Expo, World SME Expo and the Hong Kong International Franchising Show are events of the Innovation and Intellectual Property Week. InnoDesignTech Expo, World SME Expo and Hong Kong International Franchising Show are open to industry players and the public with free admission. Photo Download: http://bit.ly/2fjcr75 Media Registration: Media may register on-site with their business cards and/or media identification. To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc. * Disclaimer: Create Hong Kong of the Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organizers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Communications and Creative Industries Branch of the Commerce and Economic Development Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee. About HKTDC Established in 1966, the Hong Kong Trade Development Council (HKTDC) is a statutory body dedicated to creating opportunities for Hong Kong's businesses. With more than 40 offices globally, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China, Asia and the world. With 50 years of experience, the HKTDC organises international exhibitions, conferences and business missions to provide companies, particularly SMEs, with business opportunities on the mainland and in international markets, while providing information via trade publications, research reports and digital channels including the media room. For more information, please visit: www.hktdc.com/aboutus. Follow us on Google+, Twitter @hktdc, LinkedIn. Google+: https://plus.google.com/+hktdc Twitter: http://www.twitter.com/hktdc LinkedIn: http://www.linkedin.com/company/hong-kong-trade-development-council Contact:
Florides G.,Cyprus University of Technology |
Pouloupatis P.D.,Cyprus University of Technology |
Kalogirou S.,Cyprus University of Technology |
Messaritis V.,Cyprus University of Technology |
And 6 more authors.
Renewable Energy | Year: 2013
A Project funded by the Research Promotion Foundation of Cyprus was undertaken by the Cyprus University of Technology and other collaborators, to investigate and determine the geothermal parameters of the ground in Cyprus since such information is currently unavailable. The purpose of this paper is to report on the ground temperatures collected by now, at the six representative sites in relation to depth, time of the year, structure of the ground and altitude and report on their impact on the efficiency of Ground Coupled Heat Pumps. Every month since October 2009, the temperature of the ground is being recorded along the depth of the boreholes. It is anticipated that the project will be completed by the end of 2010 and geothermal information will be collected and reported for all six locations. The data collected until now clearly indicate that there is a potential for the efficient use of GCHPs in Cyprus leading to significant savings in power. © 2012 Elsevier Ltd.
Florides G.A.,Cyprus University of Technology |
Pouloupatis P.D.,Cyprus University of Technology |
Kalogirou S.,Cyprus University of Technology |
Messaritis V.,Cyprus University of Technology |
And 6 more authors.
Energy | Year: 2011
The ground can be used as an energy source, an energy sink, or for energy storage and for this reason ground characteristics should be available. Therefore the purpose of this paper is to present the recorded ground temperatures at eight representative sites of Cyprus, in relation to depth, time of year, geology and altitude and discuss the efficiency of Ground Coupled Heat Pumps. The ground temperature was recorded for a period of one year, from October 2009 to October 2010. According to the results obtained, in several locations in Cyprus the surface zone reaches a depth of 0.5 m. The shallow zone penetrates to 7-8 m and there after the deep zone follows in which the temperature remains constant throughout the year with a range between 18 and 23 °C. For the eight boreholes, additional geothermal data were also recorded like the type of ground and thermal conductivities of the various geologic layers. The data collected clearly indicate that there is a potential for the efficient use of Ground Coupled Heat Pumps (GCHPs) in Cyprus leading to significant savings in heating and cooling energy consumption. © 2011 Elsevier Ltd.
Panayiotou G.P.,Cyprus University of Technology |
Kalogirou S.A.,Cyprus University of Technology |
Florides G.A.,Cyprus University of Technology |
Maxoulis C.N.,Cyprus Scientific and Technical Chamber |
And 6 more authors.
Energy and Buildings | Year: 2010
The significance of the residential building sector in terms of energy consumption is well acknowledged. In this view the knowledge of the way the residential building stock of Cyprus behaves in terms of energy consumption is quite valuable since it will assist policy makers to formulate targeted measures aiming the improvement of energy efficiency and setting current legal standards and benchmarks in the energy performance certificate, a requirement of the 2002/91/EC Directive. Unfortunately, the existing knowledge on this subject is quite poor. As a remedy a research project supported by a national research grant is in operation since December 2008. This paper presents the outline, goals and methodology of this research project and the findings regarding the energy behaviour and other characteristics of the residential building stock of Cyprus. From the analysis of the results for 500 residential buildings, it seems that the energy demand and primary energy required is lower than that of other European countries. Moreover, it seems that the age of residential buildings has low correlation with the energy demand while in contrast with other Northern and Central European countries, it is clear that the contribution of cooling energy requirements to the overall energy demand is quite significant. © 2010 Elsevier B.V. All rights reserved.
News Article | December 28, 2016
For a city to be considered 'smart', where its inhabitants have their daily needs met in the most efficient and sustainable way, requires the coordinated management of resources, whether material, environmental or human, by urban authorities (public and private). Currently however, the running of many urban services is distributed across multiple suppliers. With energy provision, supply for services such as urban heating and lighting is run by various Energy Management Systems (EMS) that are not integrated and so miss opportunities for increased efficiency and cost savings. The EU-funded BESOS project set out address this lack of coordination by developing an advanced, integrated, management system. This system was designed to enable neighbourhoods to have access to support tools for making public infrastructure decisions. Crucially, another objective was to provide citizens with access to more information to also help them make decisions. The BESOS approach enabled disparate IT management solutions to connect and share data through the creation of what it called an Open Trustworthy Energy Service Platform (OTESP), also accessible to third party applications. The OTESP functions as an information hub designed for different energy stakeholders. Its development involved a number of stages. Firstly, the specification of requirements, use-cases and Key Performance Indicators (KPIs) for specific scenarios such as public lighting or heating/cooling systems had to be generated. Next a common architecture and data models were developed and deployed such that they were adoptable by the end users, whilst also ensuring the integrity of data privacy. Crucially, it was designed to be able to interact with a neighbourhood's different Energy Management Systems (EMS). The methodology was targeted principally at both the infrastructure owners, typically municipalities, and the Energy Service Companies (ESCOs), or operators. The data sharing platform supplied infrastructure owners with a Business Balance Score Card utilised to assess the actual performance of Service Level Agreements (SLAs) with Energy Service Companies and Facility Managers. To be able to monitor and control infrastructure and implement integrated energy efficiency strategies, they also had access to a Decision Support System (DSS) Cockpit. The project also created an Energy Forecast Engine which the Project Coordinator Manuel Serrano Matoses refers to as, 'One of the main outcomes of the project, as it is able to forecast the production of wind mills and PV panels, but also the consumption of different assets - i.e. Buildings, public lighting, EV, etc. so a crucial tool for planning.' The trial had access to a range of public infrastructure assets such as public lighting, public buildings, residential buildings, Photovoltaic micro-generation (55 installations), wind turbines, smart heating, cogeneration, electrical vehicle charging points, and mobility systems. In total the trial encompassed 168 MWh/year of produced electricity and >250GWh/year of consumed electricity and was conducted in both Barcelona and Lisbon, exercising different scenarios in each. 150 experts and citizens were involved in evaluating the project results which found that in terms of cost-benefit, participating cities would recoup their investment within 4-5 years and demonstrated a reduction of costs by more than 30%. The pilots also surpassed their 20 % CO2 emissions reduction target (20.65% in Barcelona, 23.91% in Lisbon), resulting in what Mr Serrano describes as, 'A notable improvement in quality of life for EU citizens.' He elaborated that, 'considering the current economic situation and the dependency on energy resources, providing a tool for better management and monitoring of electricity, as an information tool for public authorities, will help stabilise citizens' and service suppliers' budgets.' As the BESOS system is open access, as well as being open for stakeholders such as ESCOS and public authorities, it is also open to domestic users. In this way aside from increasing service efficiency, one of the immediate impacts of BESOS, is the empowerment of consumers and citizens to make decisions which can keep costs down and by increasing efficiency, contribute to overall sustainability. Indeed, it is anticipated that this consumer empowerment will inspire digital entrepreneurs to come up with new business opportunities. As the technology is designed to integrate into EMS devices of various complexities, the project results are highly transferable and scalable to other worldwide capital cities, regardless of size or location. The project has already identified business opportunities for 2017 and intends to bring to market a range of products such as 'smart cities cockpits' and the 'energy forecast engine'. Additionally, to encourage uptake of the technology, the BESOS project consortium is involved with various international alliances seeking to advance the smart city agenda. Explore further: Novel online platform to substantially improve energy efficiency in both buildings and wider urban areas
News Article | November 8, 2016
OKLAHOMA CITY, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Mammoth Energy Service, Inc. ("Mammoth" or the "Company") (NASDAQ:TUSK) today reported financial and operational results for the three and nine months ended September 30, 2016. Key information related to Mammoth for the reporting periods is as follows: Adjusted EBITDA is a non-GAAP financial measures. Reconciliations of this measure to comparable financial measures calculated in accordance with generally accepted accounting principles ("GAAP") are provided below. Arty Straehla, Mammoth's Chief Executive Officer, stated, “I am very pleased to report on an outstanding financial performance for the quarter despite considerable industry-wide headwinds. This reflects strong performance from our teams operating within our diversified portfolio exposed to some of the most prolific basins. Having recently completed our initial public offering, we are excited about our ability to grow both organically and via acquisition. We have a strong balance sheet and see ourselves as a platform for growth. Our core assets are strategically situated and we expect to steadily add to the portfolio. We remain focused on executional excellence and safely getting the job done in a quality manner at every level of the organization." "This has been a difficult few years, but we are encouraged with what we believe we see ahead. We are strategically positioned in the right basins with ample opportunity to expand both organically and via acquisitions. We are in active dialogue with customers who are also optimistic about expansion. We believe this expansion will provide additional underpinning to pricing, especially in the completion side. Our service quality remains very strong and our vertical integration helps set us apart, especially in the Northeast. We’ve been pleased by the recognition from current and prospective customers of the strong financial position of Mammoth." Mammoth's completion and production services segment contributed revenues of $37.9 million and $99.2 million for the three and nine months ended September 30, 2016, respectively, compared to revenues of $48.1 million and $169.6 million for the three and nine months ended September 30, 2015, respectively. The year over year decrease in revenue in our pressure pumping, pressure control, flowback and equipment rental services resulted primarily from decreased activity caused by the continuation of depressed commodity prices. Cost of revenue decreased by 45% to $23.9 million for the three months ended September 30, 2016, from $43.2 million for the same period in the prior year, and by 45% to $75.3 million for the nine months ended September 30, 2016, from $137.0 million for the same period in the prior year. Mammoth's natural sand proppant production segment contributed revenues of $7.5 million and $23.4 million for the three and nine months ended September 30, 2016, respectively, compared to revenues of $10.5 million and $45.5 million for the three and nine months ended September 30, 2015, respectively. The decrease in revenues was primarily due to decreased activity caused by the continuation of depressed commodity prices. The company sold 137,800 and 380,000 tons of sand for the three and nine months ended September 30, 2016, respectively, compared to 85,800 and 429,200 for the three and nine months ended September 30, 2015, respectively. Cost of revenue decreased by 26% to $6.2 million for the three months ended September 30, 2016, from $8.4 million for the same period in the prior year, and by 50% to $19.7 million for the nine months ended September 30, 2016, from $39.2 million for the same period in the prior year. Mammoth's contract land and directional drilling segment contributed revenues of $8.7 million and $20.3 million for the three and nine months ended September 30, 2016, respectively, compared to revenues of $18.5 million and $63.1 million for the three and nine months ended September 30, 2015, respectively. The decrease in revenues resulted primarily from decrease utilization and day rates for both land rigs and directional kits. The Company had operated five and four rigs for the three and nine months ended September 30, 2016, respectively, compared to nine and ten rigs for the three and nine months ended September 30, 2015, respectively. Cost of revenue decreased by 40% to $9.0 million for the three months ended September 30, 2016, from $15.0 million for the same period in the prior year, and by 54% to $22.0 million for the nine months ended September 30, 2016, from $48.3 million for the same period in the prior year. Mammoth's remote accommodate services segment contributed revenues of $8.6 million and $23.3 million for the three and nine months ended September 30, 2016, respectively, compared to revenues of $9.1 million and $28.0 million for the three and nine months ended September 30, 2015, respectively. The decrease was primarily driven by lower occupancy levels. Cost of revenue decreased by 6% to $3.5 million for the three months ended September 30, 2016, from $3.8 million for the same period in the prior year, and by 15% to $10.0 million for the nine months ended September 30, 2016, from $11.7 million for the same period in the prior year. General and administrative expenses decreased by 28% to $3.0 million for the three months ended September 30, 2016, from $4.2 million for the same period in the prior year, and by 21% to $11.1 million for the nine months ended September 30, 2016, from $14.0 million for the same period in the prior year. The decrease was primarily attributable to decreased compensation and benefits along with decreased bad debt expense charges. As of September 30, 2016, Mammoth had borrowings outstanding of $72.0 million under its revolving credit facility. Upon completion of its initial public offering, the Company used a portion of the net proceeds from its initial public offering to repay all borrowings outstanding under our revolving credit facility. As of November 7, 2016, the Company had liquidity of $174.6 million comprised of its credit facility with $141.2 million available borrowing capacity and cash on-hand of $33.4 million. Capital expenditures totaled $1.6 million and $3.7 million for the three and nine months ended September 30, 2016, respectively. Mammoth currently expects its total capital expenditures to be approximately $5.2 million for 2016. The historical financial information contained in this release relates to Mammoth Energy Partners LP, a Delaware limited partnership (the “Partnership”). On October 12, 2016, subsequent to the periods discussed in this release, the Partnership was converted into a Delaware limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”), and then each member of Mammoth LLC contributed all of its membership interests in Mammoth LLC to the Company. Prior to the conversion and the contribution, the Company was a wholly-owned subsidiary of the Partnership. Following the conversion and the contribution, Mammoth LLC (as the converted successor to the Partnership) was a wholly-owned subsidiary of Mammoth Inc. On October 13, 2016, the Company priced 7,750,000 shares of its common stock in its initial public offering (“IPO”) at a price to the public of $15.00 per share and, on October 14, 2016, Mammoth’s common stock began trading on The Nasdaq Global Select Market under the symbol “TUSK.” On October 19, 2016, Mammoth closed its IPO. The information contained in this release should be read in conjunction with the information contained in Mammoth’s final prospectus dated October 13, 2016 and filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933 on October 17, 2016 (the "Final Prospectus"). The unaudited pro forma financial data presents the impact of the conversion of the Partnership into a limited liability company treated as a C corporation and the contribution of that entity to Mammoth in connection with the IPO. The unaudited pro forma condensed consolidated financial data have been prepared as if the conversion and contribution occurred as a beginning balance adjustment of the respective period under review. The unaudited pro forma data have been prepared based on the assumption that the Partnership will be treated as a C corporation for U.S. federal and state income tax purposes. The unaudited pro forma data have also been prepared based on certain pro forma adjustments to the income tax provision. Mammoth will host a conference call on Wednesday, November 9, 2016 at 10:00 a.m. CST to discuss its third quarter 2016 financial and operational results. The telephone number to access the conference call is 216-562-0385 or toll-free 844-265-1561. The conference ID for the call is 10378923. Mammoth encourages those who would like to participate in the call to place calls between 9:50 a.m. and 10:00 a.m. CST. The conference call will also be webcast live on www.mammothenergy.com in the “investors” section. Mammoth Energy is an integrated, growth-oriented oilfield service company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves. Mammoth Energy’s suite of services includes completion and production services, natural sand proppant services, contract land and directional drilling services and remote accommodation services. For additional information about Mammoth, please visit our website at www.mammothenergy.com, where we routinely post announcements, updates, events, investor information and presentations and recent news releases. This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “plan,” “estimate,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely,” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding our business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for our existing operations, experience, and perception of historical trends, current conditions, anticipated future developments and their effect on us, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, our forward-looking statements are subject to significant risks and uncertainties, including those described in the Final Prospectus, many of which are beyond our control, which may cause actual results to differ materially from our historical experience and our present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks relating to economic conditions; volatility of crude oil and natural gas commodity prices; delays in or failure of delivery of current or future orders of specialized equipment; the loss of or interruption in operations of one or more key suppliers or customers; oil and gas market conditions; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; operating risks; the adequacy of our capital resources and liquidity; weather; litigation; competition in the oil and natural gas industry; and costs and availability of resources. Readers are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law. "Adjusted EBITDA" is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net income (loss) before interest expense, provision for income taxes, depreciation and amortization expense, impairment of long-lived assets, equity based compensation and other non-operating income or expense, net (which is comprised of the (gain) or loss on disposal of long-lived assets, as well as charges associated with Mammoth Partner’s proposed public offering in 2014). We exclude the items listed above from net income in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as and alternative to, or more meaningful than, net income (loss) or cash flows from operating activities as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measure of other companies. We believe that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure our ability to meet debt service requirements because this measure: There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA excludes some, but not all, items that affect net income and is defined differently by different companies in our industry, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. The following tables also provide a reconciliation of Adjusted EBITDA to the GAAP financial measure of net income or loss for each of our operating segments.
News Article | November 14, 2016
9% Year to Date Revenue Increase Fueled By 20% EcoSmart Growth; Teleconference and Webcast to be Held Today at 4:30 P.M. EST WAUKESHA, WI--(Marketwired - November 14, 2016) - Telkonet, Inc., ( : TKOI) (the "Company", "Telkonet"), creator of the EcoSmart platform of intelligent automation solutions designed to optimize comfort, energy efficiency and operational analytics in support of the emerging Internet of Things (IoT), today announced financial results for the third quarter ended September 30, 2016. Telkonet management will hold a teleconference to discuss these results with the financial community today at 4:30 p.m. ET/3:30 p.m. CT. "While the third quarter continues the recovery from the effects of our contested proxy contest earlier this year, the strength of our core business is shown by the 20% revenue growth year-to-date of our EcoSmart business," stated Jason Tienor, Telkonet Chief Executive Officer. "As we continue to share Telkonet's strategic vision and product development with partners and customers post-proxy, we continue to see expansion in product and market demand." Operating and Financial Highlights Comparison for the Nine Months Ended September 30, 2016 and 2015 "While disappointed with the overall Q3 revenue performance, we are strengthened by the renewed traction in our Energy Service Company (ESCO) relationships. Having recently renewed our Master Service Agreement (MSA) with partner Trane to extend the term and expand the footprint to include international efforts and completed a new agreement with another large ESCO, our earlier channel efforts are now providing the fuel for our future growth", stated Tienor. Revenue: Total revenue grew $1.0 million to $12.4 million for the nine months ended September 30, 2016 compared to $11.4 million for the comparable period in 2015. Product Revenue: Product revenue which principally arises from the sales and installation of our EcoSmart energy management platform and High Speed Internet Access ("HSIA") equipment grew 10% to $9.1 million for the nine months ended September 30, 2016 compared to $8.3 million for the comparable period in 2015. The largest growth came from the hospitality market, which increased $1.2 million followed by government and military market which grew by $0.2 million and the Multiple Dwelling Unit market which grew $0.1 million. Gross Margin:Gross profit percentages for the nine month comparable periods remained almost unchanged, 54% for the nine months ended September 30, 2016 compared to 56% for the nine months ended September 30, 2015. Net Loss:The Company reported a net loss of $0.9 million for the nine months ended September 30, 2016 compared to $0.05 million of net income for the comparable period in 2015. A replay of the teleconference will be available until November 28, 2016, which can be accessed by dialing (877) 660-6853 if calling within the US & Canada or (201) 612-7415, if calling internationally. Please enter conference ID # 13649459 to access the replay. Telkonet will post to the Company's investor relations web site (www.telkonet.com) any reconciliation of differences between non-GAAP financial information that may be required in connection with issuing the Company's financial results. The Company, as is common in its industry, uses adjusted EBITDA, a non-GAAP measurement gauge to demonstrate earnings exclusive of interest and non-cash events. The Company manages its business based on its cash flows. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes its decisions based on cash flows, not on the amortization of assets obtained through historical activities. The Company, in managing its current and future affairs, cannot affect the amortization of the intangible assets to any material degree, and therefore uses adjusted EBITDA as its primary management guide. Adjusted EBITDA is not, and should not be considered, an alternative to net income (loss), income (loss) from operations, or any other measure for determining operating performance of liquidity, as determined under accounting principles generally accepted in the United States (GAAP). In assessing the overall health of its business for the three and nine months ended September 30, 2016 and 2015, the Company excluded items in the following general category described below: Adjusted EBITDA and other non-GAAP financial measures should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of the non-GAAP financial measure as an analytical tool. In particular, the non-GAAP financial measure is not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measure reflect the exclusion of items that are recurring and will be reflected in the Company's financial results for the foreseeable future. The Company compensates for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measure. Telkonet, Inc. ( : TKOI) provides innovative intelligent automation platforms at the forefront of the Internet of Things (IoT) space. Helping commercial audiences better manage operational costs, the company offers two product lines: EcoSmart and EthoStream. The EcoSmart Intelligent Automation platform is supported by a full-suite of IoT-connected devices that provide in-depth energy usage information and analysis, allowing building operators to reduce energy expenses. EthoStream is one of the largest hospitality high-speed internet access networks in the world, providing public internet access to more than 100 million annual users. Vertical markets that benefit from Telkonet products include hospitality, education, military, government, healthcare and multiple dwelling housing. Telkonet was founded in 1977 and is based in Waukesha, Wis. For more information, visit www.telkonet.com. Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Registration Statement and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).
News Article | December 7, 2016
BOCA RATON, FL--(Marketwired - Dec 7, 2016) - MiX Telematics ( : MIXT), a leading global provider of fleet and mobile asset management solutions, announced today that it will host a free webinar on the benefits of integrating in-cab video into a fleet management solution on Dec. 14 at 2pm ET/11am PT. Titled, "Vehicle telematics, video and you," the webinar features Brett Quigley, Director of Fleet and DOT Compliance for Nine Energy and Brendan Buzer, Product Manager at MiX Telematics, who will speak about: Who: Brett Quigley, Director of Fleet and DOT Compliance for Nine Energy Service and Brendan Buzer, Product Manager at MiX Telematics What: Free webinar: "Vehicle telematics, video and you" When: Dec. 14 at 2pm ET/11am PT Where: Register online at http://explore.mixtelematics.com/webinar/in-cab-video About MiX Telematics MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to customers managing over 585,000 assets in more than 120 countries. In the U.S., MiX Telematics is known for providing the best customer support, including service for life on all solutions and dedicated account managers who proactively monitor customers' systems for optimal use. The company's products and services provide fleets of all sizes with solutions for efficiency, safety, compliance and security. MiX Telematics was founded in 1996 and has offices in the United States, South Africa, the United Kingdom, Uganda, Brazil, Australia and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the New York Stock Exchange ( : MIXT) and the Johannesburg Stock Exchange ( : MIX). For more information, visit www.mixtelematics.com.
News Article | December 23, 2016
Partial disposal without recourse of the CSPE receivable As announced on 8 November 2016, EDF sold, on 22 December, a portion (26.40%) of the CSPE receivable held with the French state under the deficit of the compensation of public service costs ("CSPE") until December, 31th 2015. This receivable has been subject to a secure repayment plan since the 2015 Amending Finance Act, from the "Energy Transition" special allocation budget item and the "Public Energy Service" budget line of the French national budget. The French State committed to a new repayment schedule confirmed by the decrees of 13 May 2016 and 2 December 2016. The receivable has been assigned to an investors pool composed of a banking institution and a dedicated FCT (Fond Commun de Titrisation - French securitized mutual fund). Proceeds from this disposal (without recourse) amount to €1.542 billion. The assigned receivable includes the component of the receivable not allocated to the Dedicated Assets. This assignment leads to an improvement of the net financial debt of €645 million. The balance is the component affected in Dedicated Assets. This amount will be reinvested in these assets. A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 37.6 million customers, of which 27.8 million in France. The Group generated consolidated sales of €75 billion in 2015, of which 47.2% outside of France. EDF is listed on the Paris Stock Exchange.