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News Article | May 25, 2017
Site: www.marketwired.com

LIBERTY LAKE, WASHINGTON--(Marketwired - May 25, 2017) - Hunt Mining Corp. ("Hunt" or the "Corporation") (TSX VENTURE:HMX) is pleased to announce the filing of its year-end financial results ("Financials") for the period ending December 31, 2016. The Corporation has also restated its financial results for the periods ending December 31, 2014 and December 31, 2015 in accordance with US GAAP standards. The Corporation previously reported financial results using International Financial Reporting Standards ("IFRS"), and has filed these Financials and previous two (2) years' year-end Financials in accordance with US Generally Accepted Accounting Principles ("GAAP") on Form 10-K with the SEC and on SEDAR. The Corporation filed its Form F-1 to become a foreign issuer with the US Securities and Exchange Commission ("SEC"), and became effective on August 29, 2014. As part of the subsequent distribution of Hunt Mining shares to holders of HuntMountain Resources Ltd shares on the record date, Hunt Mining Corp. ceased to be a foreign filer with the SEC, so the Corporation is a domestic filer required to file reports denominated in US dollars. In addition, the SEC required the Corporation auditors to be Public Company Accounting Oversight Board ("PCAOB") certified. As previously filed on SEDAR on March 22, 2017 and with the SEC on March 31, 2017, the Corporation retained the services of Davidson & Company LLP, replacing Crowe MacKay LLP. Davidson & Company LLP are PCAOB certified, and are acting as the Corporation's auditors on a go forward basis. Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Company website at: www.huntmining.com. Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006, entering into production of silver and gold at the Mina Martha property in January 2017. Since 2006, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina. Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.


STAMFORD, Conn., May 24, 2017 (GLOBE NEWSWIRE) -- Treasury Today awarded Votorantim Cimentos N.A. (“VCNA”), a fully owned subsidiary of Brazilian headquartered Votorantim Cimentos S.A. (“VCSA”), with the 2017 “Adam Smith Award” for Best Funding Solution, related to a US$152 million IFRS off-balance sheet trade receivables securitization program facilitated by Finacity. “Finacity is pleased to have been the Arranger, Administrator and an Investor in a successful receivable securitization on behalf of VCNA that has been honored with a Treasury Today ‘Adam Smith Award’ for Best Funding Solution” said Adrian Katz, Chief Executive Officer at Finacity. About VCNA VCNA is the North-American subsidiary of international building materials supplier, Votorantim Cimentos, one of the ten largest providers of cement, concrete, aggregates and mortar in the world, and part of the Votorantim Group, one of Brazil's largest industrial conglomerates with a presence in more than 20 countries. VCNA oversees the Group's cement, ready mix concrete and aggregate operations in North America, which include, among others, St. Marys Cement Inc. (SMC), a leading manufacturer of cement, concrete and aggregates in the United States and Canada. About Finacity Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.


News Article | May 24, 2017
Site: globenewswire.com

Talenom Oyj:n tilinpäätökset 31.12.2015 ja 31.12.2016 päättyneiltä tilikausilta on laadittu Suomen kirjanpitolainsäädännön ("FAS") mukaisesti. Yhtiö on siirtynyt raportoimaan EU:ssa käyttöön hyväksyttyjen kansainvälisten tilinpäätösstandardien (International Financial Reporting Standards, "IFRS") mukaisesti tilikauden 2017 alusta ja laatinut myös tilikausien 2015 ja 2016 luvut takautuvasti IFRS:n mukaisesti. Sekä tilikauden 2016 luvut että vertailutiedot tilikaudelta 2015 ovat tilintarkastettuja.


News Article | May 25, 2017
Site: globenewswire.com

BEVERLY, Mass. and TORONTO, May 25, 2017 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today reported operational and financial results for the quarter ended March 31, 2017. Sales increased 62% to $3.28 million for the quarter ended March 31, 2017 led by the contribution from its recently acquired Embryotech business, as well as strong growth in sales of clinical laser systems and increased revenues from after sale services. Net income and EBITDA for the quarter improved significantly to $405,237 and $635,275 versus $23,147 and $116,423, respectively in the prior year quarter. Cash flow from operations was $1.29 million, and total cash at quarter end was $2.22 million. David Wolf, President and Chief Executive Officer stated, “We achieved solid growth in our instrument business as a result of the significant investments in sales and support resources and market development funding made over the past 6-12 months. Sales into our core in vitro fertilization (IVF) clinic market enhanced our growth, driven by the contribution of a full quarter of Embryotech sales plus a substantial increase in sales of our clinical laser systems. Margins were up at 68.0% versus 63.7% for the prior year quarter due to product mix and the impact of higher Embryotech margins.” Mr. Wolf added, “We continue to make progress on our active acquisition program. Following the quarter end, we completed the acquisition of Gynemed GmbH & Co. KG, a leading manufacturer and distributor of consumables and equipment for the IVF clinic and laboratory markets in the well-established European ART market. This transaction adds a portfolio of premium products that are highly complementary to our existing product and service offerings and provides us with a profitable base of operations in Germany. We expect this transaction to be materially accretive to revenue and EBITDA and look forward to the opportunity to expand Gynemed product offerings into additional international markets and to increase European sales of existing Hamilton Thorne products.” All amounts are in US dollars, unless specified otherwise, and results, with the exception of EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS"). The Company reported that operating expenses were generally in line with expectations, reflecting added expenses from the Embryotech business and continued investment in R&D, staffing, sales and marketing, and $55,000 of expenses related to its acquisition program. Financial statements and accompanying Management Discussion and Analysis for the periods are available on www.sedar.com and the Hamilton Thorne website. Hamilton Thorne is a leading world-wide provider of precision instruments, consumables, software and services that reduce cost, increase productivity, improve results and enable breakthroughs in Assisted Reproductive Technologies (ART) and developmental biology research markets. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as micro-surgical devices, enabling a wide array of scientific applications and In Vitro Fertilization (IVF) procedures. Its image analysis systems are designed to bring quality, efficiency and reliability to studies of reproductive cells in the human fertility, animal sciences and reproductive toxicology fields. Hamilton Thorne’s standardized toxicology assays and quality control testing services help to improve outcomes in human IVF clinics. Hamilton Thorne’s growing worldwide customer base consists of pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, animal breeding companies, and other commercial and academic research establishments, including Harvard, MIT, Yale, McGill, Oxford, Cambridge, the Smithsonian Institution, Charles River Labs, Covance, ABS Global, Sexing Technologies, Merck, Cook Medical, Novartis, Pfizer, and Dow Chemical. Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release. The Company has included earnings before interest, income taxes, depreciation and amortization, (“EBITDA”) as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled “Use of Non-IFRS Measures” in the Company’s Management Discussion and Analysis for the periods covered for further information. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com


News Article | May 29, 2017
Site: globenewswire.com

ENDEAVOUR DISCOVERS AN AREA WITH MULTIPLE HIGH-GRADE TRENDS AT ITY MINE Several targets identified at the Le Plaque area · Maiden resource expected by Q4-2017 -  The 100%-owned Le Plaque area, covering 4km2, is located 5km south of the Ity mining complex and has a similar footprint -  Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly -  Mineralization at the Le Plaque trends occurs from surface for the main lense and all trends are open along strike and at depth -  A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017 -  In addition to Le Plaque, exploration activities are on-going at several other targets in proximity to the current Ity mining complex Abidjan, May 29, 2017 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to announce the discovery of several high-grade mineralized trends at its Ity gold mine in Côte d'Ivoire, at the 100% owned Le Plaque area, situated 5 kilometers south of the Ity mining complex. Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour, said: "The Le Plaque discovery continues to demonstrate the highly prospective nature of the Ity area. The complexity of the geology requires more drilling and interpretation, but we are very encouraged by the multiple trends discovered which exhibit the potential to host significant resources. Our follow up drilling will focus on the multiple identified targets in the La Plaque area and we look forward to publishing a maiden inferred resource by year-end." "We are equally excited about both the ongoing exploration on the other targets located in proximity to the Ity mining complex and on conducting interpretative work to generate new greenfield targets in the wider 80km Ity corridor that was secured last year," added Mr. Bouisset. To date the Le Plaque area has been covered by 3,450 meters of Auger drilling totaling 228 holes, by 1,756 meters of Reverse Circulation ("RC") drilling totaling 22 holes, and by 6,559 meters of Diamond Drilling ("DD") totaling 53 holes. Some of the selected best DD and RC drill intercepts to date from mineralized zones include (estimated true widths): As shown in Figures 1 and 2 below, the Le Plaque area covers 4 square km, is of similar size as the multiple-deposit Ity mining complex to the north, and hosts several large high gold-in-soil anomalies. Several high-grade mineralized trends stretching over 400 meters were identified, with the largest being a 2km long geochemical anomaly with best values >1,000ppb. The trends are all open along strike and at depth. In addition to exploring the Le Plaque area, exploration is also on-going on several other targets (as per the blue circles in Figure 1) located within 5km from the current Ity mining complex, which represents a small portion of the 80km corridor controlled by Endeavour. As shown in the Figure 3 below, the main mineralization starts from surface with secondary shear structures occurring below the surface. The gold mineralization at La Plaque is intersected by drilling and is associated with arsenopyrite and to a lesser extent with pyrite. Gangue mineral phases include galena and sphalerite. The mineralization has a strong structural control, and may have developed where secondary shear structures have exploited the contact between contrasting lithologic units (See Figure 3). Due to sparse outcrops and high vegetative cover, data from airborne and ground geophysical surveys contributed strongly to structural interpretations. The prospect area has recently been covered by a detailed ground IP survey conducted by Sagax Afrique SA (Burkina Faso) and is currently part of a high-resolution helicopter borne combination Magnetic/Radiometric/VTEM survey being flown by Geotech Ltd (Canada) over the Grand Ity project permit areas. GEOLOGICAL SETTING As shown in Figure 4, the Ity district is located within the preserved Toulepleu-Ity klippe, a northeast trending belt of Lower Proterozoic aged B1 Birimian terrane thrusted and floating on an older portion of migmatitic gneissic Archean basement of the West African Craton. The core of the klippe is the granitic/gneissic Guiamapleu intrusive suite. The B1 units are affected by a strong polyphase tectonic regime and sealed by the younger B2 Toulepleu conglomerate that lies unconformably on the rocks of the B1 unit. All formations have been subjected to greenschist to lower amphibolite facies regional metamorphism. The B1 Birimian formations within the Ity area are characterized by a series of volcano-sediments interlayered with carbonate bands. These sedimentary sequences are largely crosscut by granodiorite and diorite intrusions of variable thickness. The Le Plaque Prospect is mostly underlain by felsic and mafic units of the central granitic/gneissic Guiamapleu intrusive suite, with subordinate carbonate, skarn and volcanosedimentary units. Regional scale structures transect the area in northeast, north and northwest orientations, and some of these are interpreted as being associated with mineralization. -  A RC and DD campaign is expected to start in Q3-2017 on Le Plaque to delineate the extent of mineralized potential. -  A maiden inferred resource estimate for some of the targets identified in the Le Plaque area is expected in Q4-2017. -  Exploration is on-going on other exploration targets in vicinity to the Ity mining complex. -  On the greater Ity Area, an interpretation of high resolution helicopter borne geophysical survey (Mag/Spectro/VTEM) will also be reviewed and placed into target ranking and testing. The scientific and technical content of this news release has been reviewed, verified and compiled by Gérard de Hert, EurGeol, Senior VP West Africa Exploration for Endeavour Mining. Gérard de Hert has more than 19 years of mineral exploration and mining experience, and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Le Plaque drill samples were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) and Reverse Circulation percussion hammer chip samples were prepared on site at the SMI (Societe des Mines Ity) exploration mechanical preparation facilities. The prep samples were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Auger samples were directly collected on site. A composite sample was taken for each lithology (laterite, duricrust and mottled zone) except for saprolite where one or two composites of two meters long were taken at bottom hole. Samples were crushed and pulverized on site at the SMI Ity exploration mechanical preparation facilities. The pulverized samples (pulps) were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories in Abidjan (independent lab). ICP-ES analysis was completed by ACME Laboratories Ltd. in Vancouver. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Only results issued from saprolite composites are represented in the Figures. Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record. Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years. This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on mana gement's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fb3c70a5-f7d8-4118-b398-85d9274219ae A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2f47b6eb-f1c9-47d7-919f-bd8be2326301 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bed214b1-21b4-4e62-ac16-b556fffb79df A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f4e0c1f8-3149-403b-b04e-db1b33b73bab


News Article | May 25, 2017
Site: globenewswire.com

BEVERLY, Mass. and TORONTO, May 25, 2017 (GLOBE NEWSWIRE) -- Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART) and developmental biology research markets, today reported operational and financial results for the quarter ended March 31, 2017. Sales increased 62% to $3.28 million for the quarter ended March 31, 2017 led by the contribution from its recently acquired Embryotech business, as well as strong growth in sales of clinical laser systems and increased revenues from after sale services. Net income and EBITDA for the quarter improved significantly to $405,237 and $635,275 versus $23,147 and $116,423, respectively in the prior year quarter. Cash flow from operations was $1.29 million, and total cash at quarter end was $2.22 million. David Wolf, President and Chief Executive Officer stated, “We achieved solid growth in our instrument business as a result of the significant investments in sales and support resources and market development funding made over the past 6-12 months. Sales into our core in vitro fertilization (IVF) clinic market enhanced our growth, driven by the contribution of a full quarter of Embryotech sales plus a substantial increase in sales of our clinical laser systems. Margins were up at 68.0% versus 63.7% for the prior year quarter due to product mix and the impact of higher Embryotech margins.” Mr. Wolf added, “We continue to make progress on our active acquisition program. Following the quarter end, we completed the acquisition of Gynemed GmbH & Co. KG, a leading manufacturer and distributor of consumables and equipment for the IVF clinic and laboratory markets in the well-established European ART market. This transaction adds a portfolio of premium products that are highly complementary to our existing product and service offerings and provides us with a profitable base of operations in Germany. We expect this transaction to be materially accretive to revenue and EBITDA and look forward to the opportunity to expand Gynemed product offerings into additional international markets and to increase European sales of existing Hamilton Thorne products.” All amounts are in US dollars, unless specified otherwise, and results, with the exception of EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS"). The Company reported that operating expenses were generally in line with expectations, reflecting added expenses from the Embryotech business and continued investment in R&D, staffing, sales and marketing, and $55,000 of expenses related to its acquisition program. Financial statements and accompanying Management Discussion and Analysis for the periods are available on www.sedar.com and the Hamilton Thorne website. Hamilton Thorne is a leading world-wide provider of precision instruments, consumables, software and services that reduce cost, increase productivity, improve results and enable breakthroughs in Assisted Reproductive Technologies (ART) and developmental biology research markets. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as micro-surgical devices, enabling a wide array of scientific applications and In Vitro Fertilization (IVF) procedures. Its image analysis systems are designed to bring quality, efficiency and reliability to studies of reproductive cells in the human fertility, animal sciences and reproductive toxicology fields. Hamilton Thorne’s standardized toxicology assays and quality control testing services help to improve outcomes in human IVF clinics. Hamilton Thorne’s growing worldwide customer base consists of pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, animal breeding companies, and other commercial and academic research establishments, including Harvard, MIT, Yale, McGill, Oxford, Cambridge, the Smithsonian Institution, Charles River Labs, Covance, ABS Global, Sexing Technologies, Merck, Cook Medical, Novartis, Pfizer, and Dow Chemical. Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release. The Company has included earnings before interest, income taxes, depreciation and amortization, (“EBITDA”) as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled “Use of Non-IFRS Measures” in the Company’s Management Discussion and Analysis for the periods covered for further information. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com


OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the life insurance subsidiaries of Manulife Financial Corporation (MFC) (Toronto, Canada) [NYSE:MFC]. Concurrently, A.M. Best has affirmed the Long-Term ICR of “a-” and the existing Long-Term Issue Credit Ratings (Long-Term IR) of MFC. The outlook of these Credit Ratings (ratings) is stable. (See link below for a detailed listing of the companies and ratings.) The rating affirmations reflect MFC’s solid risk-adjusted capitalization, strong liquidity profile and strong global business profile in Asia, Canada and the United States. The ratings also acknowledge favorable growth in operating earnings over the past five years and the increased scale of core business lines, growth in net flows and fee-based revenues, particularly within Asia and the company’s global wealth asset management (WAM) business segment. The company’s strategy in recent years has led to a focus on less capital intensive and less volatile lines of business with higher emphasis on fee-based revenues while growing its WAM business segment and concurrently expanding its geographic footprint into selective high-growth Asian markets. The ratings also reflect benefits derived from recent acquisitions and strategic partnerships in North America and Asia that coupled with organic growth have resulted in a material increases in assets under management and administration. A.M. Best believes that these transactions will help to support MFC’s growing global market position, specifically in the WAM business segment in the intermediate and long term. Offsetting rating factors include MFC’s elevated investment risk relative to capital with significant in-force balance sheet exposure to equity and credit risk embedded in MFC’s alternative asset portfolio (i.e., public equities, real estate, timber and agriculture), which the company views as a natural hedge against their long-term liabilities in addition to providing asset diversification. Furthermore, despite strong risk management practices, MFC retains a large block of variable annuities that remains subject to equity market volatility, future policyholder annuitization election rates and interest rate risk. While the company has discontinued sales of its stand-alone individual long-term care (LTC) products and continues to prudently manage its inforce legacy LTC block through rate increases and additional reserve increases, A.M. Best continues to monitor the legacy block given industrywide headwinds regarding the adequacy of interest rate, lapse rate and morbidity assumptions. Amid an evolving global regulatory framework, MFC also is experiencing temporarily elevated financial leverage above the company’s long-term targeted level due to recent pre-financing capital management activities. Also, interest coverage is currently lower than expectations, albeit subject to the accounting volatility inherent in IFRS accounting and offset by a very strong liquidity profile in its investment portfolio. For a complete listing of Manulife Financial Corporation and its subsidiaries’ FSRs, Long-Term ICRs and Long-Term IRs, please visit Manulife Financial Corporation. This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases. A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.


News Article | May 24, 2017
Site: globenewswire.com

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, SOUTH AFRICA, SINGAPORE OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. Rapala VMC Corporation issues a EUR 25 million hybrid bond. The bond bears a fixed interest rate of 5.375 per cent per annum until May 31, 2019. The hybrid bond has no maturity date but the issuer is entitled to redeem the hybrid bond after 2 years. The issue date of the hybrid bond is May 31, 2017. The hybrid bond issue will strengthen the company's capital structure and financial position. "We are very pleased with the broad interest from capital markets towards our hybrid bond. Multiple times oversubscribed transaction sends a strong message of investors' confidence in the company's updated strategy. The hybrid bond will strengthen our financial position and provide additional capital of a temporary nature, which is required for strategy implementation." says Jussi Ristimäki, President and CEO of Rapala VMC Corporation. A hybrid bond is an instrument which is subordinated to the company's other debt obligations and which is treated as equity in the IFRS financial statements. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders. OP Corporate Bank plc acts as sole lead manager for the transaction. Hannes Snellman Attorneys Ltd acts as legal advisor to Rapala VMC Corporation. For further information, please contact: Rapala VMC Corporation ("the Group") is a leading fishing tackle company and the global market leader in fishing lures, treble hooks and fishing related knives and tools. The Group also has a strong global position in other fishing categories and it is one of the leading distributors of outdoor, hunting and winter sport products in the Nordic countries. The Group has the largest distribution network in the industry. The main manufacturing facilities are located in Finland, France, Estonia, Russia, Indonesia and the UK. The Group brand portfolio includes the leading brand in the industry, Rapala, and other global brands like VMC, Sufix, Storm, Blue Fox, Luhr Jensen, Williamson, Dynamite Baits, Mora Ice, StrikeMaster, Marttiini and Peltonen. The Group, with net sales of EUR 261 million in 2016, employs some 2 800 people in 40 countries. Rapala VMC Corporation's share is listed and traded on the Nasdaq Helsinki stock exchange since 1998. This release is for informational purposes only and is not to be construed as an offer to purchase or sell, or a solicitation of an offer to purchase or sell, with respect to any hybrid bond. The distribution of this release and the related material concerning the issuance of the hybrid bond are prohibited by law in certain countries. The hybrid bond is not being offered to the public either inside or outside of Finland. Persons resident outside of Finland may receive this release and the related hybrid bond documentation only in compliance with applicable exemptions or restrictions. Persons into whose possession this release and the related hybrid bond documentation may come are required to inform themselves about and comply with such restrictions. This release and the related hybrid bond documentation may not be distributed or published in any country or jurisdiction or otherwise if to do so would constitute a violation of the relevant laws of such jurisdiction or would require actions under the laws of a state or jurisdiction other than Finland, including the USA, Canada, Australia, Hong Kong, South Africa, Singapore and Japan. The information contained herein shall not constitute an offer to sell or tender, or a solicitation of an offer to buy or sell the hybrid bond to any persons in any jurisdiction in which such offer, solicitation or sale or tender would be unlawful. Rapala VMC Corporation's representatives assume no legal responsibility for such violations, regardless of whether the parties contemplating investing in the hybrid bond are aware of these restrictions or not. Rapala VMC Corporation's hybrid bond will not be registered under the US Securities Act of 1933, nor under any securities legislation of any state in the United States, and it may not be offered, sold, resold, donated, delivered, distributed, bought or transferred in the United States or to US citizens or on behalf of US citizens, except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and any applicable state law legislation.


Héroux-Devtek inc. (TSX:HRX) (« Héroux-Devtek » ou la « Société »), un important fabricant international de produits aérospatiaux, a publié aujourd'hui les résultats de son quatrième trimestre et de son exercice financier clos le 31 mars 2017. À moins d'indication contraire, tous les montants sont exprimés en dollars canadiens. « Au cours de l'exercice 2017, Héroux-Devtek a concentré ses efforts sur l'exécution de sa stratégie commerciale visant à bâtir un avenir durable pour la Société. Nous avons effectué les premières livraisons dans le cadre du plus important contrat de trains d'atterrissage de notre histoire portant sur la fourniture à la société The Boeing Company (« Boeing ») de systèmes complets de trains d'atterrissage destinés aux appareils Boeing 777 et 777X. Nous avons également élargi notre présence sur le marché mondial des trains d'atterrissage en signant des ententes pluriannuelles avec des fabricants d'équipement d'origine (« OEM ») d'envergure mondiale. Enfin, Héroux-Devtek a clos l'exercice en affichant une situation financière solide qui lui permettra d'investir en toute confiance dans des initiatives créatrices de valeur au profit de ses actionnaires, » a déclaré Gilles Labbé, président et chef de la direction de Héroux-Devtek. Les ventes consolidées se sont élevées à 120,9 millions de dollars, comparativement à 117,5 millions de dollars au quatrième trimestre de l'exercice 2016. Cette progression de 2,9 % est attribuable à un accroissement des ventes dans le marché de l'aérospatiale commerciale, tel qu'expliqué plus bas, tandis que les fluctuations de la valeur du dollar canadien par rapport aux autres devises, d'un exercice à l'autre, ont eu une incidence négative de 3,5 millions de dollars sur le montant des ventes du quatrième trimestre. Les ventes dans le secteur commercial ont enregistré une hausse de 11,9 % pour atteindre 60,8 millions de dollars, contre 54,3 millions de dollars lors du précédent exercice. La progression est principalement attribuable au début des livraisons pour le programme du Boeing 777, en partie contrebalancé par une baisse de la demande de clients pour certains programmes de jets d'affaires et d'avions commerciaux gros porteurs, ainsi que par des fluctuations défavorables des devises. Les ventes liées au secteur de la défense ont reculé de 4,9 % et sont passées de 63,2 millions de dollars à 60,1 millions de dollars. La variation est essentiellement attribuable à une baisse des ventes de services de réparation et d'entretien fournis à l'Armée de l'air américaine ainsi qu'à des fluctuations défavorables des devises, en partie contrebalancées par un rattrapage des ventes de pièces de rechange auprès du gouvernement américain. La marge brute s'est établie à 20,8 millions de dollars, soit 17,2 % des ventes, contre 22,2 millions de dollars, ou 18,9 % des ventes, lors du précédent exercice. Le recul de la marge brute est principalement attribuable à une sous-imputation plus importante de certains coûts, notamment des coûts excédentaires de traitement et de finition liés au programme du Boeing 777. Ces coûts excédentaires devraient être normalisés une fois que sera complété le processus de qualification et d'approbation par le client des procédés de traitement des surfaces de Héroux-Devtek. Ce facteur a été en partie contrebalancé par l'évolution favorable des taux de change, d'un exercice sur l'autre, qui a contribué positivement aux ventes à hauteur de 1,8 %. En raison du recul de la marge brute, le BAIIA ajusté s'est établi à 19,2 millions de dollars, soit 15,9 % des ventes, comparativement à 20,7 millions de dollars, ou 17,6 % des ventes, un an auparavant. Le BAIIA ajusté de cette année exclut des frais de restructuration de 3,6 millions de dollars essentiellement constitués de coûts liés au personnel dans le cadre des ajustements d'effectifs annoncés en février 2017. Le résultat net a atteint 8,9 millions de dollars, soit 0,25 $ par action diluée, au quatrième trimestre de l'exercice 2017. Si l'on exclut les éléments non récurrents, après impôts, le résultat net ajusté pour le quatrième trimestre de l'exercice 2017 s'élève à 9,1 millions de dollars, ou 0,25 $ par action, soit un niveau stable par rapport au quatrième trimestre de l'exercice 2016. Le résultat net ajusté exclut un montant après impôts de 2,5 millions de dollars lié à un gain hors trésorerie résultant d'une mise à jour du calendrier estimatif de remboursement d'un prêt d'une autorité gouvernementale. Pour l'exercice clos le 31 mars 2017, les ventes consolidées se sont élevées à 406,5 millions de dollars, soit un niveau essentiellement stable par rapport aux ventes consolidées de 406,8 millions de dollars réalisées lors de l'exercice 2016. Les fluctuations de la valeur du dollar canadien par rapport aux autres devises, d'un exercice sur l'autre, ont eu pour effet d'accroître les ventes de 3,4 millions de dollars. Les ventes dans le secteur commercial ont progressé de 2,1 % pour atteindre 210,8 millions de dollars, tandis que les ventes liées au secteur de la défense ont reculé de 2,3 % pour s'établir à 195,7 millions de dollars. La marge brute s'est élevée à 68,0 millions de dollars, soit 16,7 % des ventes, pour l'exercice 2017, comparativement à 74,3 millions de dollars, ou 18,3 % des ventes, lors de l'exercice 2016. Le BAIIA ajusté a atteint 61,4 millions de dollars, soit 15,1 % des ventes, contre 64,1 millions de dollars, ou 15,7 % des ventes, un an auparavant. Le résultat net s'est établi à 31,8 millions de dollars, soit 0,88 $ par action diluée, pour l'exercice 2017, comparativement à 26,6 millions de dollars, ou 0,74 $ par action diluée, lors de l'exercice 2016. Enfin, le résultat net ajusté s'est élevé à 26,4 millions de dollars, soit 0,73 $ par action, contre 27,7 millions de dollars, ou 0,77 $ par action, lors du précédent exercice. GÉNÉRATION DE ROBUSTES FLUX DE TRÉSORERIE DISPONIBLES ET SITUATION FINANCIÈRE SOLIDE Au cours de l'exercice 2017, Héroux-Devtek a généré de robustes flux de trésorerie disponibles de 33,0 millions de dollars, comparativement à des flux de trésorerie disponibles négatifs de 66,3 millions de dollars lors de l'exercice 2016. Cette augmentation substantielle découle d'une hausse des flux de trésorerie liés aux activités d'exploitation attribuable à l'amélioration du fonds de roulement, de même qu'à une réduction des dépenses en immobilisations à la suite de l'achèvement, au cours de l'exercice 2016, du plan d'investissement d'envergure de la Société lié au contrat des appareils Boeing 777 et 777X. L'amélioration du fonds de roulement a été principalement réalisée au quatrième trimestre, ce qui a donné lieu à de robustes flux de trésorerie disponibles de 22,8 millions de dollars durant la période. Grâce à cette génération de flux de trésorerie disponibles, la situation financière de Héroux-Devtek s'était améliorée encore davantage au 31 mars 2017, alors que la trésorerie et les équivalents de trésorerie se chiffraient à 42,5 millions de dollars, tandis que la dette totale à long terme s'élevait à 134,8 millions de dollars, incluant la tranche à court terme, mais excluant le montant net des frais de financement différés. La dette à long terme comprend un montant de 55,9 millions de dollars prélevé sur la facilité de crédit autorisée de la Société de 200,0 millions de dollars. Par conséquent, la situation de dette nette de la Société s'établissait à 92,3 millions de dollars à la clôture de l'exercice 2017, en forte baisse par rapport à 128,0 millions de dollars à la fin de l'exercice 2016. Le ratio de la dette nette sur les capitaux propres s'établissait à 0,26:1 au 31 mars 2017, contre 0,39:1 douze mois plus tôt. PROLONGATION DE TROIS ANS DE LA FACILITÉ DE CRÉDIT AUTORISÉE Héroux-Devtek a conclu une entente avec un syndicat de banques visant la modification et la mise à jour de sa facilité de crédit existante. Aux termes de l'entente, la facilité de crédit a été prolongée pour une période de trois ans et une nouvelle échéance a été fixée en mai 2022. Le montant autorisé demeure inchangé à 200 millions de dollars, tandis que le montant supplémentaire pouvant être emprunté, sous réserve de l'approbation des prêteurs, a été augmenté de 75 millions de dollars à 100 millions de dollars. La facilité de crédit servira à financer le fonds de roulement, les dépenses en immobilisations et les autres fins générales de Héroux-Devtek et de ses filiales, y compris les acquisitions. Elle est garantie par l'ensemble des actifs de la Société et de ses filiales et assujettie à certaines clauses restrictives et à des garanties d'entreprise accordées par la Société et ses filiales. MISE À JOUR CONCERNANT LE CONTRAT DES APPAREILS B-777 ET B-777X Au cours du quatrième trimestre de l'exercice 2017, Héroux-Devtek a poursuivi l'accélération de la cadence de production des systèmes complets de trains d'atterrissage destinés à ce programme. La Société a livré 21 systèmes complets au cours de l'exercice 2017 et continue de répondre aux exigences en matière de production. Toujours au cours du quatrième trimestre, Héroux-Devtek a obtenu l'approbation du client pour le deuxième des principaux procédés de traitement des surfaces exigés en vertu de ce contrat afin de produire les composants les plus importants à l'interne. Le processus de qualification et d'approbation par le client progresse pour les autres procédés de traitement des surfaces. La direction s'attend à ce que cette étape soit finalisée au cours de l'exercice 2018. Dans le secteur des avions commerciaux gros porteurs, Boeing et Airbus procèdent à des ajustements des cadences de production de plusieurs programmes d'envergure jusqu'à la fin de l'année civile 2020 en prévision du lancement de versions plus économes en carburant de certains appareils existants. Les carnets de commandes des deux avionneurs demeurent bien remplis malgré une réduction des nouvelles commandes fermes depuis l'année civile 2016. La réduction a été plus importante pour les appareils à double allée, une catégorie qui comprend le programme du Boeing 777. Dans le marché des jets d'affaires, les livraisons d'appareils ont reculé de 7,9 % durant l'année civile 2016 en raison d'une contraction économique dans certains marchés émergents, notamment le Brésil et la Russie. La Société demeure toutefois bien positionnée dans ce marché en raison de l'accélération en cours et future de la production de modèles pour lesquels elle a conçu le train d'atterrissage. Dans le marché de l'aérospatiale liée à la défense, la nouvelle administration américaine a fait part de son intention d'accroître le financement, ce qui pourrait s'avérer positif pour certains programmes. À cet égard, une hausse du financement de la défense a été proposée pour l'exercice financier 2018 du gouvernement américain. Les activités de la Société au Royaume-Uni accroissent la diversification géographique du portefeuille de Héroux-Devtek dans le secteur de la défense, réduisant ainsi son exposition relative au marché américain, et offrent davantage d'occasions à l'échelle internationale. En outre, l'équilibre que la Société maintient dans son portefeuille lié au secteur de la défense entre la fabrication de nouveaux composants et la fourniture de produits et services sur le marché secondaire, jumelé aux programmes d'envergure auxquels elle participe, apporte également une plus grande stabilité. Au 31 mars 2017, le carnet de commandes fermes de Héroux-Devtek s'élevait à 405 millions de dollars, contre 424 millions de dollars trois mois plus tôt. « Héroux-Devtek consacre ses ressources à bâtir un avenir durable. Nos installations de pointe, nos employés talentueux, notre participation importante en termes de contenu à des programmes d'envergure de même que les relations solides que nous entretenons les plus grands OEM du secteur de l'aérospatiale constituent des attributs essentiels pour remporter du succès. À court terme, les résultats seront touchés par les réductions de cadences de production de certains programmes d'avions annoncées par les OEM, y compris le programme du Boeing 777. Par conséquent, nous nous attendons à un recul à un chiffre (bas de fourchette) des ventes pour l'exercice qui prendra fin le 31 mars 2018, par rapport à l'exercice qui vient de se terminer. Après cette année de transition, nous anticipons une reprise progressive de la croissance des ventes qui sera stimulée par la montée en cadence de nouveaux programmes, de sorte que les ventes devraient atteindre de 480 à 520 millions de dollars pour l'exercice 2021. Entre-temps, notre situation financière solide nous permet de demeurer à l'affût de nouvelles occasions d'affaires et d'acquisitions stratégiques potentielles susceptibles d'enrichir nos activités actuelles et d'être créatrices de valeur pour les actionnaires, » a conclu M. Labbé. Héroux-Devtek inc. tiendra une conférence téléphonique pour discuter de ces résultats le jeudi 25 mai 2017 à 10 h, heure de l'Est. Les personnes intéressées peuvent participer à l'appel en composant le 1-877-223-4471 (Amérique du Nord) ou le 1-647-788-4922 (ailleurs dans le monde). Il sera également possible de participer à la conférence en direct sur le site Web de Héroux-Devtek au http://www.herouxdevtek.com/fr-CA/investisseurs/evenements ou encore à l'adresse http://www.gowebcasting.com/8469. Dans la mesure où il vous serait impossible de participer à la conférence téléphonique, vous pourrez avoir accès à un enregistrement de celle-ci en téléphonant au 1-800-585-8367 et en composant le code 11011930 sur votre clavier téléphonique. Cet enregistrement sera accessible à compter du jeudi 25 mai 2017 à 13 h, heure de l'Est, et ce, jusqu'à 23 h 59, heure de l'Est, le jeudi 1er juin 2017. Héroux-Devtek inc. (TSX:HRX) est une entreprise internationale qui se spécialise dans la conception, la mise au point, la fabrication ainsi que la réparation et l'entretien de systèmes et de composants de trains d'atterrissage et d'actionnement destinés au marché de l'aérospatiale. Troisième plus importante entreprise de trains d'atterrissage à l'échelle mondiale, la Société fournit de nouveaux systèmes et composants de trains d'atterrissage aux secteurs commercial et de la défense du marché de l'aérospatiale, de même que des produits et services sur le marché secondaire. La Société fabrique également des systèmes hydrauliques, des systèmes de filtration des fluides et des boîtiers pour systèmes électroniques. La Société réalise environ 80 % de ses ventes à l'extérieur du Canada, dont environ 55 % aux États-Unis. La Société a son siège social à Longueuil, au Québec, et possède des installations dans le Grand Montréal (Longueuil, Laval et Saint-Hubert), à Kitchener, Cambridge et Toronto en Ontario, à Springfield et à Strongsville dans l'Ohio, à Wichita au Kansas, à Everett dans l'état de Washington et à Runcorn, Nottingham et Bolton au Royaume-Uni. À l'exception de l'information historique, ce communiqué peut contenir de l'information et des déclarations de nature prospective en ce qui concerne la performance future de la Société. Ces déclarations se fondent sur des hypothèses et des incertitudes, ainsi que la meilleure évaluation possible de la direction en ce qui a trait aux événements futurs. Parmi les facteurs susceptibles de causer un écart dans les résultats figurent, entre autres, les fluctuations des résultats trimestriels, l'évolution de la demande pour les produits et services de la Société, l'incidence de la concurrence sur les prix, ainsi que les tendances générales du marché et les changements de la conjoncture économique. En conséquence, le lecteur est averti qu'un écart peut survenir entre les résultats réels et les prévisions. Veuillez consulter la rubrique intitulée « Prévisions » de l'analyse par la direction de la situation financière et des résultats d'exploitation de la Société pour l'exercice clos le 31 mars 2017 afin d'obtenir de plus amples détails concernant les principales hypothèses sur lesquelles se fondent les prévisions. Ces prévisions sont fournies afin d'aider le lecteur à comprendre la performance financière et les perspectives de la Société et de lui présenter l'évaluation par la direction des projets et activités à venir, et le lecteur est prié de noter que ces déclarations pourraient ne pas se prêter à d'autres fins. Le bénéfice avant intérêts, impôts et amortissement (« BAIIA »), le BAIIA ajusté, le résultat net ajusté et le résultat par action ajusté ne sont pas des mesures de rendement conformes aux Normes internationales d'information financière (« IFRS »). Il est donc peu probable qu'elles puissent être comparables à des mesures similaires publiées par d'autres émetteurs. La direction estime toutefois qu'elles procurent aux investisseurs des renseignements utiles pour leur permettre d'évaluer la rentabilité et les liquidités de la Société, ainsi que sa capacité de générer des fonds pour financer ses activités. Veuillez consulter la rubrique intitulée « Mesures financières non conformes aux IFRS » de la section traitant des résultats d'exploitation de l'analyse par la direction de la situation financière et des résultats d'exploitation de la Société pour les définitions et les rapprochements aux mesures conformes aux IFRS les plus directement comparables. Avis aux lecteurs : Les états financiers consolidés audités complets et l'analyse par la direction de la situation financière et des résultats d'exploitation sont disponibles sur le site Web de Héroux-Devtek à l'adresse www.herouxdevtek.com


News Article | May 25, 2017
Site: globenewswire.com

TORONTO, May 25, 2017 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX-V:DYA) (OTCQB:DYFSF) ("dynaCERT" or the "Company") is pleased to announce that it has released its quarterly financial statements and management discussion and analysis for the three months ended March 31, 2017 (fiscal Q1 2017). This press release should be read in conjunction with dynaCERT's financial statements and MD & A for the quarter ended March 31, 2017. These documents can be found on the company's website or on SEDAR. Robert Maier, COO of dynaCERT, states, “We are executing well and gaining traction as we focus on the foundation of strong distributor relationships. We are expanding into other markets for our suite of HydraGENTM products.” “I am pleased with our first quarter results as we commenced commercial sales,” said Jim Payne, President and CEO of dynaCERT.  “We are strengthening our management team and support for sales and product installation.  The growth potential for sales is both exciting and challenging as we transform from an R&D company into a sales and manufacturing organization.” Financial information has been prepared in conformity with IFRS.  However certain measures used in this press release do not have any standardized meaning under IFRS and could be calculated differently by other companies.  We believe that many readers analyze our results based on certain non-IFRS financial measures because such measures provide a better indicator of the performance of the Company’s activities.  Management uses such non-IFRS financial information to evaluate the performance of its operations and managers.  These measures should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. About dynaCERT Inc. dynaCERT Inc. manufactures, distributes, and installs Carbon Emission Reduction Technology for use with internal combustion engines.  Our patent-pending technology creates hydrogen and oxygen on-demand through electrolysis and supplies these additives through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency.  Our technology is currently in use with on-road applications.  Website:  www.dynaCERT.com. READER ADVISORY Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.  In particular, forward-looking information in this press release includes, but is not limited to: future issuances of shares, approval by the TSX Venture Exchange.  Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.  Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com.  Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation.  Readers are cautioned not to place undue reliance on forward-looking information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release. On Behalf of the Board

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