News Article | May 11, 2017
CALGARY, ALBERTA--(Marketwired - May 11, 2017) - Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG) announced today the release of financial and operating results for the first quarter ended March 31, 2017. The unaudited condensed consolidated interim financial statements, accompanying notes and Management Discussion and Analysis ("MD&A") will be available on SEDAR and on MAXIM's website on May 11, 2017. All figures reported herein are Canadian dollars unless otherwise stated. The Financial Highlights below include the results from MAXIM's continuing operations and Maxim Power (USA), Inc. ("MUSA") which is recorded as discontinued operations in MAXIM's financial statements. COMAX France S.A.S. ("COMAX") has been excluded for comparative purposes as the segment was sold in December 2016. Refer to MAXIM's unaudited condensed consolidated interim financial statements and MD&A for further details. During the first quarter of 2017, revenue, adjusted EBITDA and FFO increased, and net loss attributable to shareholders decreased compared to the same period in 2016. Revenue, adjusted EBITDA and FFO increased as a result of higher realized Northeast U.S. power prices. In addition, adjusted EBITDA and FFO increased as a result of lower fuel and maintenance costs in conjunction with realized gains on commodity risk management activities in Canada, partially offset by an increase in foreign exchange risk management costs realized in relation to the MUSA sale's process. In addition to the discussion noted above, net loss attributable to shareholders decreased in 2017 as a result of inventories write-downs in 2016. As previously reported on April 3, 2017, MAXIM announced that it has closed the sale of 100% of its ownership interest in its wholly-owned subsidiary MUSA to an affiliate of Hull Street Energy, LLC. The implied enterprise value was approximately $106 million USD inclusive of working capital. Net proceeds to MAXIM after accounting for debt and transaction costs are approximately $84 million USD. MAXIM will utilize $8 million CAD of the net sales proceeds as collateral for letters of credit that are securing potential obligations of the Corporation and $5 million USD to fulfill obligations under the FERC Settlement agreement previously disclosed on September 26, 2016. The remainder of the proceeds will be held by MAXIM for strategic corporate purposes. Refer to page 12 of the MD&A for details on the Corporation's pro-forma financial position after collecting the proceeds on sale. On May 1, 2017, MAXIM provided notice to the Alberta Electric System Operator ("AESO") to temporarily suspend the generation of electricity at M1 effective July 28, 2017. The decision to temporarily suspend the operations at M1 was due to continued record low Alberta power prices, which have undermined profitability for a prolonged period. Laying up M1 operations will result in a 75% reduction of plant staff through a combination of layoffs and severances for an undetermined period. Prior to suspension, M1 will remain available to the AESO as a long lead time asset and it is unlikely that the unit will be dispatched. MAXIM is currently maintaining a smaller operating team to undertake maintenance and repairs for possible resumption of generation as power market conditions improve. A significant improvement in Alberta power prices will be required to justify resuming operations. As previously announced on November 10, 2016, the Corporation commenced consideration of various strategic and financing alternatives potentially available to MAXIM. Since that date, MAXIM closed the sale of 100% of its ownership interest in COMAX and its parent MAXIM Power Europe B.V., and subsequently in 2017 closed the sale its of 100% of its ownership interest in its wholly-owned subsidiary MUSA. MAXIM continues to own 156 MW of generating capacity in Canada. MAXIM also has permitted power generation development projects totalling up to 996 MW (refer to Growth Initiatives section below) and a permitted metallurgical coal development project in Alberta. MAXIM will provide updates on initiatives pertaining to these investments as these considerations progress. MAXIM has four electrical generating development projects in Alberta totalling 996 MW of capacity. These projects are at various stages of the permitting phase, with 796 MW having AUC permits and the remainder in the early stage of permitting. The Corporation is currently evaluating the viability of each project in the context of recent regulatory announcements by the Government of Alberta. These regulatory announcements include provision for the transition of Alberta's "energy only" power market to a "capacity market" by 2021. The pace and success of the transition outlined above will determine decisions on advancing development of these projects. MAXIM has not made any definitive commitments to the timing or certainty of advancing development of these projects. MAXIM also owns a metallurgical coal development initiative located north of Grande Cache, Alberta that in turn owns metallurgical coal leases for M14 and M16S ("SUMMIT"). Current estimates for M14 are 18.9 million tonnes of low-mid volatile metallurgical coal reserves with a mine life of 17 years based on the NI 43-101 Technical Report filed on SEDAR on March 21, 2013. M16S is located 30 kilometers northwest of M14 and represents 1,792 hectares or 29% of SUMMIT's total area of coal leases. A NI 43-101 Technical Report has not been prepared for M16S. M14 is permitted for a run-of-mine production rate of up to 1,300,000 tonnes per year. MAXIM has not made any definitive commitments to the timing or certainty of advancing development of this project. Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 2 power plants in Alberta, having 156 MW of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com. Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.
News Article | May 9, 2017
"This is truly a historic moment for our company but especially for the entire aviation industry," says Nico Nijenhuis, CEO of Clear Flight Solutions. "We currently operate our Robirds in a variety of places, but taking the step towards full integration within daily operations at an airport is huge. For years, there has been a lot of interest from airports. To now officially start integrating our operations at a major Canadian airport is absolutely fantastic." As part of the integrated suite of services, CFS AERIUM will be providing UAS mapping and inspections services to support EIA's maintenance programs and future economic development efforts. These operations will continue from the flight missions that have been diligently conducted prior to this release. The missions were completed to satisfy Safety and Hazard Identification Risk Assessments requirements in addition to demonstrating competency. UAS missions have been conducted under tight supervision within 400m of active runways. CFS AERIUM will continue working towards full integration into airside operations in a professional, safe, and effective manner. "The Robird was the missing link in our integrated service model," says Jordan Cicoria of AERIUM. "Our relationship with Clear Flight Solutions has created an opportunity to have a positive ecologically-friendly impact on local industries at and surrounding the airport. In a world so focused on innovation Edmonton International Airport is an industry front runner and we are proud to have a partnership with Clear Flight Solutions that allows us to actually translate innovation into value," says Tim Bibby of AERIUM. Edmonton International Airport is Canada's fifth-busiest airport by passenger traffic and the largest major Canadian airport by land area. It is a self-funded, not-for-profit corporation whose mandate is to drive economic prosperity for the Edmonton Metro Region. Historically, EIA has been an early-adopter of promising technologies that can add economic value. It has always taken great care to ensure that technology is implemented strategically and safely. "EIA is excited to trial this new technology. We will ensure that all of the airports regulatory requirements are met as part of our Safety Management System, including risk assessments etc. to ensure that the testing is completed in a safe manner," says Steve Rumley, VP of Infrastructure at EIA. EIA also houses the Alberta Aerospace and Technology Center ("AATC"). Since 2015, the AATC has been focused on the development and attraction of Aerospace and Technology companies to Alberta. In 2016, the AATC joined up with AERIUM to focus on the growth and development of UAV technologies in Alberta. "The partnership between AERIUM Analytics and Clear Flight Solutions is exactly the types of companies and solutions we look to foster under the Alberta Aerospace and Technology Center. We look forward to supporting and promoting this incredible integration of UAS services into airport operations around North America." said Myron Keehn, VP of Commercial Development at EIA. Clear Flight Solutions is a Dutch company combining expert knowledge of unmanned aerial vehicles with extensive expertise in the ecological domain. Whether the situation requires a robotic bird of prey or a stable multicopter, the Company provides a working solution. With the Robirds, flying on unique patented flapping wing technology, the Company offers unmatched effectiveness in the field of bird control. Clear Flight Solutions also offers unique platforms for wildlife observation and protection, safety and surveillance, and surveying and mapping. After winning the UVS International Innovation Award in 2011, the Company was founded in 2012 as a spin-off of the University of Twente. Clear Flight Solutions has obtained a $1.7 million investment from the Cottonwood Euro Technology Fund early 2015. The Company was elected Startup of the Year in the Twente region in 2015 and has recently been awarded with the euRobotics Technology Transfer Award, the ASME Young Technology Award, as well as the first ever EU Drone Award for best drone-based solution. For further information about our services please visit http://www.clearflightsolutions.com AERIUM Analytics (AERIUM) is a Canadian 'UAV-As-A-Service' provider with a strong focus on data. AERIUM's value lies in its ability to build an integrated service model offering UAV flight services, data processing, and enhanced data visualization. This model creates an alignment with clients and builds value from exploring UAV technology. As the world embraces UAV technology, AERIUM will be at the forefront of this next technological wave. Our mission is to inspire innovation, transform data, and realize opportunity in the world around us. For further information about our services please visit http://www.aeriumanalytics.com EIA offers non-stop connections to 60 destinations across Canada, the US, Mexico, the Caribbean and Europe. EIA is a major economic driver, with an economic output of over $2.2 billion, supporting over 12,600 jobs. For further information about Edminton International Airport please visit http://www.flyeia.com The AATC is a joint venture founded by Canadian Helicopters (an HNZ company), Canadian North, Edmonton Economic Development Corporation (EEDC), the Government of Alberta and EIA. As part of AATC, Canadian North operates a 737 training simulator in the airport's Cargo Village, HNZ Topflight operates a helicopter training simulator in the main terminal building and the Alberta Motor Transport Association (AMTA) will begin construction of a new educational facility in the north part of EIA. The official contract signing will take place during AUVSI Xponential in Dallas, Texas. There will be an opportunity for the press to ask questions during the accompanying press conference. This will take place Tuesday May 9th in the Drone Stars Club in Dallas, Texas. The press conference will start at 12.00, noon, local Dallas time (UTC -5). Access to the Drone Stars Club is limited to people registered as press to AUVSI Xponential and persons individually invited to the Drone Stars Club. An invitation can be obtained by registering through sending an e-mail to firstname.lastname@example.org. More details can be found here: http://xponential.vporoom.com/AERIUMAnalytics-ClearFlightSolutions The address of the Drone Stars Club is: To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/robird-and-integrated-drone-solutions-deployed-at-major-international-airport-300453338.html
News Article | May 17, 2017
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To request a report overview of this report please email Sara Peerun at email@example.com or call Tel: +44-(0)-20-7336-6100 3F Chimica Accelerated Oil Technologies LLC Al Qaeda Alberta Energy Regulator Anterra Energy Inc BASF Beijing Hengju Chemical Group Corp Belayim Petroleum Company Berexco BlackPearl Resources BP BP Migas Cairn Energy India CASCO CCC Leduc Cenovus Centre of Excellence in EOR (Malaysia) Chemical EOR Alliance Chevron China Petroleum & Chemical Corporation Chinese EOR Laboratory CNOOC CNPC CNRL Connacher Oil and Gas Limited Dow Ecopetrol S.A EOR Centre of Excellence (Oman) EXPEC Advanced Research Center ExxonMobil FORCE (Forum for improved oil and gas recovery and improved exploration in Norway) GlassPoint Government Agencies and Other Organisations Mentioned in This Report Government of Alberta Government of Oman Harvest Energy Harvest Operations Huntsman Husky Energy Husky Oil Operations Hyak Energy Hyundai IFP Energies Nouvelles Instituto Colombiano del Petróleo (ICP) Kemira KOC Lukoil Medco Enerji Internasional Murphy Oil Nalco National Energy Technology Laboratory (NETL) National Enhanced Oil Recovery Institute Nexen Inc. Norwegian Government Occidental Petroleum Oil & Gas UK Oil Chem Technologies Oil India Ltd. ONGC OPEC Pan American Energy Partex Corporation Pengrowth Energy Corporation Penn West Pertamina Petroamazonas Petrobras Petrochina Petrofac Petróleos de Venezuela, S.A. (PDVSA) Petróleos Mexicanos (PEMEX) Petroleum Development Oman (PDO) Petroleum Technology Research Centre Petronas PT Chevron Pacific Indonesia PT Erraenersi Konstruksindo PT Multi Structure PwC Repsol Research Partnership to Secure Energy for America (RPSEA) Rex Energy RNZ Integrated Rock Energy RusPAV Saskatchewan Ministry of the Economy Sasol Saudi Aramco Shandong Polymer Bio-Chemicals Co. Ltd Shell (Royal Dutch Shell) Shell Canada Shell Chemicals Shell Malaysia SIBUR Siemens Energy Sinopec (China Petroleum and Chemical Corporation) SNF Floerger SNF Group Solvay Statoil Stepan Surtek Talisman TD Securities Terrex Energy Texaco Texas A&M University Tiorco Titan Oil Recovery Inc. Total UAE Oil Ministry University of Kansas University of Oklahoma University of Wyoming University of Wyoming Enhanced Oil Recovery Institute US Department of Energy (DoE) US EIA Wintershall World Bank YPF Zargon Oil and Gas To see a report overview please email Sara Peerun on firstname.lastname@example.org