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The CEO says he's not revealing their product pipeline to the market, but when things like this leak, it gives a good indication that they're working on cutting edge stuff:
https://www.sciencedaily.com/releases/2016/12/161214090315.htm
Yeah, US growth of 79% YOY is a highlight and the company MD&A indicates 4 new products ready to submit for regulatory approval in 12 to 18 months....developments definitely seam to be gaining momentum.
Yes, as per Jeffrey Mandell, they released results earlier than usual this year to get in the practice of complying with stricter TSX guidelines, as opposed to TSX-V, just in case they qualify for an uplisting sometime over the course of the next year! :)
Covalon Announces Record Positive Results for Fiscal 2017
December 18, 2017 07:00 AM Eastern Standard Time
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Mr. Brian Pedlar, President and CEO of Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), is delighted to announce that Covalon has achieved the best financial results in its history for the fiscal 2017 year-end.
“ and statements that an event or result ”
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Fiscal 2017 Summary Results
Total revenue for the three months ended September 30, 2017, increased 1,027% to $9,836,953 compared to $872,570 for the same period of the prior year.
Total revenue for the year ended September 30, 2017 was $27,309,757 compared to $6,581,166 for the same period of the prior year.
Product revenue for the year increased 331% to $24,681,335 compared to $5,729,011 for the same period last year.
Gross margin on product sales for the year ended September 30, 2017 increased to 85%
Net income for the year was $1,811,694, compared to a net loss of $3,095,148 in fiscal 2016.
CEO Comment
Mr. Pedlar, Covalon President and CEO, stated:
“Fiscal 2017 has been a historic year for Covalon. We substantially increased our revenue year-over-year to $27 million and have been able to generate a $1.8 million profit for the year. This demonstrates we are well on the right path to growing Covalon and to generating value for our shareholders. We have proven that we can compete with the largest companies in our markets based on the clinical strength of our products. To that end, we have launched a number of products over the past year, including an improved version of IV Clear, significant expansion of our CovaWound line of advanced wound care products and several new MediClear branded products in our peri-operative portfolio, including MediClear PreOp. I anticipate these products will begin to contribute to our growth in fiscal 2018.
Our products have demonstrated their clinical relevance by displacing and capturing market share in the key markets that we focussed on in 2016 and 2017. Revenue growth this year has been driven by our success in the Middle East and continued steady growth in the United States of our IV Clear vascular access dressings and our ColActive Plus advanced wound care dressings. I anticipate that we will continue to grow our presence in these markets, as we focus on marketing our many new products introduced in 2016 and 2017. At the same time, we have begun the process of expanding our business prospects in key markets such as the United Kingdom, Latin America, and the United States.
Looking forward to fiscal 2018, we anticipate beginning to generate revenue in new markets. We anticipate generating revenue in Europe, including sales of our CovaWound line of products into the United Kingdom, and sales of MediClear PreOp into the United States. We are expecting to begin sales into Mexico, Chile, and other selected Latin American markets during fiscal 2018 as well. Our work with MPA Morrison Park Advisors Inc. is progressing well and we are actively assessing a number of acquisition opportunities to see which one might best fit our growth plans. We are well positioned for continued growth into fiscal 2018 and seeing our success translate to increases in shareholder value as a result.”
Company Highlights
The improvement in the Company’s revenues this fiscal year, compared to the prior year, is due to shipments of IV Clear and ColActive Plus products, including fulfilling tenders awarded to the Company by the Ministry of Health in Saudi Arabia and growth in the United States. Gross margins increased to 85%, compared to 70% in the comparative period, driven mainly by product mix and increased volume of product sales.
Licensing and royalty fees revenue for the year was $1,762,283 compared to $802,816 for the year ended September 30, 2016. Development and consulting services revenue for the year was $866,139 compared to $49,339 for the same period of the prior year.
During the year, the Company made strategic investments in beginning to establish a presence in new markets, such as the United Kingdom and Latin America, and increased our investment in our new product pipeline.
In May 2017, Covalon announced that it had engaged MPA Morrison Park Advisors Inc. as a financial advisor to help the Company accelerate its growth and expansion by pursuing strategic acquisitions and enhance the Company’s profile in the capital markets and investment community. Covalon is evaluating a number of potential transactions that might best fit its future growth strategies.
On September 21, 2017, the Company announced that it had received United States Food and Drug Administration clearance to legally market and sell MediClear PreOp in the United States. MediClear PreOp can be sold to clinics, and directly to patients, without the need for a prescription. MediClear PreOp is a breathable, transparent, self-adhesive, silicone barrier film-drape that smoothly conforms to the contours of a patient's skin at the planned incision or insertion site to protect the patient from exposure to bacteria, yeast and viruses, prior to a surgery.
The Company also launched its new Centaur Coating technology that has significant advantages for companies looking to upgrade existing product lines with new low friction, low particulate enhancements that can also provide antimicrobial protection to patients. This technology has been demonstrated to be highly effective for improving the safety and functionality of intravascular medical devices such as catheters, guidewires, and delivery sheaths where the presence of unwanted particulate can cause significant patient complications.
Conference Call Scheduled
A conference call to discuss Covalon’s financial results will be held Tuesday December 19, 2017 at 9:00 a.m. EST. To participate in the call please dial:
Local / International: 416-640-5946
North American Toll-Free: 1 866-233-4585
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
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 this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Contacts
Covalon Technologies Ltd.
Brian Pedlar, CEO, 905-568-8400 x 233
bpedlar@covalon.com
Toll free: 1-877-711-6055
Web site: www.covalon.com
Twitter: @covalon
COV.v: Covalon Announces Record Positive Results for Fiscal 2017
December 18, 2017 07:00 AM Eastern Standard Time
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Mr. Brian Pedlar, President and CEO of Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), is delighted to announce that Covalon has achieved the best financial results in its history for the fiscal 2017 year-end.
“ and statements that an event or result ”
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Fiscal 2017 Summary Results
Total revenue for the three months ended September 30, 2017, increased 1,027% to $9,836,953 compared to $872,570 for the same period of the prior year.
Total revenue for the year ended September 30, 2017 was $27,309,757 compared to $6,581,166 for the same period of the prior year.
Product revenue for the year increased 331% to $24,681,335 compared to $5,729,011 for the same period last year.
Gross margin on product sales for the year ended September 30, 2017 increased to 85%
Net income for the year was $1,811,694, compared to a net loss of $3,095,148 in fiscal 2016.
CEO Comment
Mr. Pedlar, Covalon President and CEO, stated:
“Fiscal 2017 has been a historic year for Covalon. We substantially increased our revenue year-over-year to $27 million and have been able to generate a $1.8 million profit for the year. This demonstrates we are well on the right path to growing Covalon and to generating value for our shareholders. We have proven that we can compete with the largest companies in our markets based on the clinical strength of our products. To that end, we have launched a number of products over the past year, including an improved version of IV Clear, significant expansion of our CovaWound line of advanced wound care products and several new MediClear branded products in our peri-operative portfolio, including MediClear PreOp. I anticipate these products will begin to contribute to our growth in fiscal 2018.
Our products have demonstrated their clinical relevance by displacing and capturing market share in the key markets that we focussed on in 2016 and 2017. Revenue growth this year has been driven by our success in the Middle East and continued steady growth in the United States of our IV Clear vascular access dressings and our ColActive Plus advanced wound care dressings. I anticipate that we will continue to grow our presence in these markets, as we focus on marketing our many new products introduced in 2016 and 2017. At the same time, we have begun the process of expanding our business prospects in key markets such as the United Kingdom, Latin America, and the United States.
Looking forward to fiscal 2018, we anticipate beginning to generate revenue in new markets. We anticipate generating revenue in Europe, including sales of our CovaWound line of products into the United Kingdom, and sales of MediClear PreOp into the United States. We are expecting to begin sales into Mexico, Chile, and other selected Latin American markets during fiscal 2018 as well. Our work with MPA Morrison Park Advisors Inc. is progressing well and we are actively assessing a number of acquisition opportunities to see which one might best fit our growth plans. We are well positioned for continued growth into fiscal 2018 and seeing our success translate to increases in shareholder value as a result.”
Company Highlights
The improvement in the Company’s revenues this fiscal year, compared to the prior year, is due to shipments of IV Clear and ColActive Plus products, including fulfilling tenders awarded to the Company by the Ministry of Health in Saudi Arabia and growth in the United States. Gross margins increased to 85%, compared to 70% in the comparative period, driven mainly by product mix and increased volume of product sales.
Licensing and royalty fees revenue for the year was $1,762,283 compared to $802,816 for the year ended September 30, 2016. Development and consulting services revenue for the year was $866,139 compared to $49,339 for the same period of the prior year.
During the year, the Company made strategic investments in beginning to establish a presence in new markets, such as the United Kingdom and Latin America, and increased our investment in our new product pipeline.
In May 2017, Covalon announced that it had engaged MPA Morrison Park Advisors Inc. as a financial advisor to help the Company accelerate its growth and expansion by pursuing strategic acquisitions and enhance the Company’s profile in the capital markets and investment community. Covalon is evaluating a number of potential transactions that might best fit its future growth strategies.
On September 21, 2017, the Company announced that it had received United States Food and Drug Administration clearance to legally market and sell MediClear PreOp in the United States. MediClear PreOp can be sold to clinics, and directly to patients, without the need for a prescription. MediClear PreOp is a breathable, transparent, self-adhesive, silicone barrier film-drape that smoothly conforms to the contours of a patient's skin at the planned incision or insertion site to protect the patient from exposure to bacteria, yeast and viruses, prior to a surgery.
The Company also launched its new Centaur Coating technology that has significant advantages for companies looking to upgrade existing product lines with new low friction, low particulate enhancements that can also provide antimicrobial protection to patients. This technology has been demonstrated to be highly effective for improving the safety and functionality of intravascular medical devices such as catheters, guidewires, and delivery sheaths where the presence of unwanted particulate can cause significant patient complications.
Conference Call Scheduled
A conference call to discuss Covalon’s financial results will be held Tuesday December 19, 2017 at 9:00 a.m. EST. To participate in the call please dial:
Local / International: 416-640-5946
North American Toll-Free: 1 866-233-4585
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
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 this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Contacts
Covalon Technologies Ltd.
Brian Pedlar, CEO, 905-568-8400 x 233
bpedlar@covalon.com
Toll free: 1-877-711-6055
Web site: www.covalon.com
Twitter: @covalon
FAT/FCCG: The replay of FAT Brands CC is now available (see links below).
A couple of the callers had questions about the relationship between FAT & FCCG. One caller asked questions about the relationship with FCCG and CEO Andy Wiederhorn declined to give much detail about FCCG directly, but did answer him to indicate that all director and executive compensation is coming from FAT Brands.
The last caller asked a few questions about Fog Cutter and the CEO did confirm that FCCG would receive the dividends on their 80% ownership, he also confirmed that FCCG has a tax loss carry forward for the FAT Brands business but that FAT would accrue for taxes at the ordinary corporate rate because the tax loss carry forward is FCCGs.
Most interesting for FCCG's shareholders was the last question I've paraphrased below:
Do you plan on bringing Fog Cutter out of the fog anytime in the future to improve transparency and corporate governance for all your public shareholders?
"The short answer is there is a net operating loss caryforward inside of fog cutter that is useful to Fat Brands therefore there is consolidation, we do hope that in the future there is some sort of transaction that enables, maybe it's a merger, maybe it's not maybe there's some other transaction that would allow the NOL to get 100% inside FAT Brands and not have to use a tax sharing agreement, but there's nothing certain about that. There's certainly been litigation at fog cutter and other things at fog cutter that we would want to make sure are cleaned up and they are not cleaned up yet so on that basis we chose to keep it separate to keep FAT Brands very clean and simple and easy to look at and that's why we came up with the structure we did and we think everyone will be happy that they are not having to worry about other liabilities at fog cutter at this point."
I take that as a pretty positive sign FCCG shareholders may eventually undergo a transaction that allows for full valuation of it's ownership of FAT, considering that FCCG is how the CEO maintains his ownership stake of FAT Brands. However, we should do some more research into what the outstanding litigation might be and the associated potential liabilities.
The full CC replay available here:
Conference Call and Webcast
FAT Brands will host a conference call and webcast to discuss financial results for the fiscal third quarter 2017, today at 5:00 PM ET. Hosting the call and webcast will be Andy Wiederhorn, President and Chief Executive Officer; and Ron Roe, Chief Financial Officer.
Interested parties may listen to the conference call via telephone by dialing 1-877-705-6003, or for international callers, 1-201-493-6725. A telephone replay will be available shortly after the call has concluded and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode is 13673895.
The webcast will be available at www.fatbrands.com under the invest section, and will be archived on the site shortly after the call has concluded.
FCCG: FAT earnings release (cc @ 5pm): FAT Brands Inc. Announces Fiscal Third Quarter 2017 Financial Results
Business Wire Business WireNovember 29, 2017Comment
LOS ANGELES--(BUSINESS WIRE)--
FAT (Fresh. Authentic. Tasty.) Brands Inc. (FAT) (“FAT Brands” or the “Company”) today announced financial results for its 13-week fiscal third quarter ended September 24, 2017.
Andy Wiederhorn, President and CEO of FAT Brands, commented, “We are proud of our third quarter results, which included same-store sales growth of 3.8% at Fatburger and 3.9% at Buffalo’s, despite what remains a challenging industry backdrop. These results continue the trend of seven consecutive years of positive same-store sales for both Fatburger and Buffalo’s franchisees domestically.”
Wiederhorn continued, “In October we completed our initial public offering with the goal of growing our portfolio of fresh, authentic, and tasty brands. We have developed a strong and actionable pipeline of targets, and recently announced our first deal as a public company, the acquisition of Hurricane Grill & Wings, which is expected to close later this year. There are a number of attractive opportunities to consolidate brands onto our platform as part of our asset light growth strategy, which we believe will drive meaningful value for our shareholders over the long term. We are just getting started.”
“FAT Brands is built for growth. Our robust management and systems platforms support the expansion of our existing brands, while enabling the accretive acquisition and efficient integration of additional restaurant concepts. This scalable platform generates significant efficiencies in franchise support services and corporate overhead. Pro forma for the Hurricanes acquisition and expected synergies, we expect annualized revenue to exceed $17 million, and annualized adjusted cash earnings of greater than $11 million, or $1.10 per share,” Wiederhorn concluded.
The Company was formed as a Delaware corporation on March 21, 2017 as a wholly owned subsidiary of Fog Cutter Capital Group Inc. (“FCCG”). The Company was formed for the purpose of completing a public offering and related transactions, and to acquire and continue certain businesses previously conducted by subsidiaries of FCCG. These planned transactions have occurred subsequent to the effective date of the accompanying financial statements, and as a result, the statements of operations, changes in stockholder’s equity, and cash flows reflect that there have been no operating activities in this entity from formation through September 24, 2017.
The following highlights present the summary historical financial data for Fatburger North America, Inc. and Buffalo’s Franchise Concepts, Inc., which were historically under common control of FCCG and are the predecessors of the issuer, FAT Brands Inc., for financial reporting purposes. The historical financial and other data of Fatburger North America, Inc. and Buffalo’s Franchise Concepts, Inc. have been combined on a pro forma basis through mathematical addition to show how FAT Brands Inc. would have performed if simply combined as one operating entity for the periods presented. These results are not representative of the go forward business due to the subsequent events described below, and do not include results for Ponderosa and Bonanza Steakhouses.
Fiscal Third Quarter Highlights for Predecessor
System-wide sales of $32.9 million, up 7.5% y/y
System-wide restaurant count of 174 locations, as compared to 178 locations in the third quarter of last year
Same-store sales growth (1) of 3.8% at Fatburger, 3.9% at Buffalo’s
Total Revenue of $2.4 million versus $3.0 million in the prior year period
Operating Income of $1.6 million versus $2.1 million in the prior year period
Net Income of $1.0 million versus $1.3 million in the prior year period
EPS of $0.10 as compared to $0.13 in the prior year period
EBITDA, a non-GAAP measure, of $1.6 million, as compared to $2.1 million in the prior year period
(1)
Excludes 2 Fatburger locations that were adversely affected by ongoing construction, and 4 Buffalo’s locations with extraordinary adverse conditions from construction, changes in alcohol laws and political sanctions affecting supply chain
Subsequent Events
On October 20, 2017, the Company completed its initial public offering, raising $21.2 million in net proceeds. In connection with the IPO, FCCG contributed its two operating subsidiaries, Fatburger North America, Inc. and Buffalo’s Franchise Concepts Inc. to the Company. Additionally, FCCG consummated the acquisition of Homestyle Dining LLC, and immediately contributed its franchising subsidiaries, Ponderosa Franchising Company; Bonanza Franchising Company; Ponderosa International Development, Inc.; and Puerto Rico Ponderosa, Inc. to FAT Brands.
On November 15, 2017 the Company announced that it has signed a definitive agreement to acquire Hurricane Grill & Wings, a Florida-based restaurant brand with over 60 units open or under construction. The acquisition is expected to close in 2017, subject to customary closing conditions including the receipt of financing.
Fiscal Third Quarter Highlights Pro Forma for IPO and Acquisition of Ponderosa and Bonanza Steakhouses
The unaudited pro forma condensed consolidated financial statements are based on FAT Brands’, Fatburger’s, Buffalo’s and Ponderosa’s historical financial statements as adjusted to give effect to the acquisition of Ponderosa. The unaudited pro forma consolidated statements of operations for the 13 weeks ended September 24, 2017, and the 13 weeks ended September 25, 2016 give effect to the acquisitions as if they had occurred on December 28, 2015.
Please note the pro forma results are before expected synergies, and do not account for the acquisition of Hurricane Grill & Wings, which is expected to close later this year.
System-wide sales of $75.9 million, down 0.1% y/y
System-wide restaurant count of 292 locations, as compared to 307 locations in the third quarter of last year
Same-store sales growth (1) of 3.8% at Fatburger, 3.9% at Buffalo’s, and negative 3.5% at Ponderosa
Total Revenue of $3.5 million versus $4.1 million in the prior year period
Operating Income of $2.1 million versus $2.6 million in the prior year period
Net Income of $1.5 million versus $1.9 million in the prior year period
EPS of $0.15 as compared to $0.19 in the prior year period
EBITDA, a non-GAAP measure, of $2.0 million, as compared to $2.6 million in the prior year period
(1)
Excludes 2 Fatburger locations that were adversely affected by ongoing construction, and 4 Buffalo’s locations with extraordinary adverse conditions from construction, changes in alcohol laws and political sanctions affecting supply chain
Key Financial Definitions
New store openings - The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per year and the timing of stores openings has, and will continue to have, an impact on our results.
Average unit volumes - Average Unit Volumes for any 12-month period consist of the average sales of all stores over that period that have been open a full year. Average unit volumes are calculated by dividing total sales from all stores open a full year by the number of stores open during that period. The measurement of AUVs allows us to assess changes in guest traffic and per transaction patterns at our stores.
Same-store sales growth – Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open for at least one full fiscal year. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Thus, we do not include stores in the comparable base until they have been open for at least one full fiscal year. We expect that this trend will continue for the foreseeable future as we continue to open and expand into new markets.
Conference Call and Webcast
FAT Brands will host a conference call and webcast to discuss financial results for the fiscal third quarter 2017, today at 5:00 PM ET. Hosting the call and webcast will be Andy Wiederhorn, President and Chief Executive Officer; and Ron Roe, Chief Financial Officer.
Interested parties may listen to the conference call via telephone by dialing 1-877-705-6003, or for international callers, 1-201-493-6725. A telephone replay will be available shortly after the call has concluded and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode is 13673895.
The webcast will be available at www.fatbrands.com under the invest section, and will be archived on the site shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns five restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa & Bonanza Steakhouses, that have approximately 300 locations open and 300 under development in 32 countries. For more information, please visit www.fatbrands.com.
Contgrats KIK! What's the count on how many of these contests you have won over the years dating back to PSL1? ...I remember at least a couple other wins.
Incredible consistency in picking micro and nanocaps!
OBCI: The Hurricanes possively affected demand for their OrorStar & Performacide Mold & Mildew control products:
On a positive note, the Company had increased sales of its Odor Star®/Performacide® products in the affected hurricane areas. We believe that demand for these products, increased use in homes and commercial restoration as a result of damage caused by the hurricanes. The sales of Odor Star®/Performacide® products offset a portion of the third quarter 2017 sales decrease. The Company also donated our chlorine dioxide disinfectant and sanitizer products (Performacide®) to organizations active in the cleanup efforts, to kill mold, mildew and odors in houses and businesses."
Based on this statement from their 2015 annual report I was expecting better results: PERFORMACIDE - With the many markets and uses for our disinfectant/sanitizing
chloride dioxide patented delivery system product, our objective in 2015 was to
expand our distributor network. These activities are yielding very favorable results.
One of our private label distributors has secured business with one of the largest
home restoration companies in the southwestern United States.
OBCI: Reported 0.09 vs. 0.17 last year.
https://finance.yahoo.com/news/ocean-bio-chem-inc-reports-151500277.html
Ocean Bio-Chem, Inc. Reports Third Quarter and Nine Month Financial Results
The Company achieved record net sales and record net income for the first nine months of the year despite the adverse impact of Hurricanes Harvey and Irma on third quarter 2017 results
FORT LAUDERDALE, Fla., Nov. 14, 2017 /PRNewswire/ -- Ocean Bio-Chem, Inc. (OBCI) announced today its third quarter 2017 and first nine months of 2017 financial results.
For the nine months ended September 30, 2017, net income was approximately $2.31 million, compared to $1.64 million for the first nine months of 2016, an increase of approximately $700,000 or 40.5%. Net income for the nine months ended September 30, 2017 constituted the highest first nine months net income in the Company's history.
Earnings per share for the first nine months of 2017 were $0.25 compared to $0.18 for the same period in 2016.
The Company also reported record net sales for the nine months ended September 30, 2017. For the first nine months of 2017, net sales were $29.95 million, as compared to $27.68 million for the same period of 2016, an increase of approximately 8.2%.
For the three months ended September 30, 2017, net income was approximately $854,000, compared to approximately $1.53 million for the third quarter of 2016, a decline of approximately $675,000 or 44%. Earnings per share for the third quarter of 2017 were $0.09, compared to $0.17 during the same period in 2016.
Net sales for the three months ended September 30, 2017 were approximately $11.65 million, compared to approximately $12.21 for the same period in 2016, a decline of approximately $424,000 or 3.5%
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2017
2016
2017
2016
NET SALES
$11,652
$12,207
$29,946
$27,682
PRE-TAX INCOME
$ 1,259
$ 2,203
$ 3,399
$ 2,379
NET INCOME
$ 854
$ 1,528
$ 2,310
$ 1,644
EPS - BASIC & DILUTED
$0.09
$0.17
$0.25
$0.18
DIVIDENDS PER COMMON SHARE
-
-
$0.06
$0.06
Peter Dornau, the Company's President and CEO, commented: The third quarter sales were adversely affected by Hurricane Harvey and Hurricane Irma, which caused some of our customers in the Houston metropolitan area and in numerous Florida locations to temporarily close retail and warehouse/distribution operations. Moreover, some shipments of our products in these areas were delayed because trucking companies that we utilize to ship our products gave priority to relief efforts in support of victims of the hurricanes. On a positive note, the Company had increased sales of its Odor Star®/Performacide® products in the affected hurricane areas. We believe that demand for these products, increased use in homes and commercial restoration as a result of damage caused by the hurricanes. The sales of Odor Star®/Performacide® products offset a portion of the third quarter 2017 sales decrease. The Company also donated our chlorine dioxide disinfectant and sanitizer products (Performacide®) to organizations active in the cleanup efforts, to kill mold, mildew and odors in houses and businesses."
Mr. Dornau continued: "Despite the challenges presented by the hurricanes, we achieved the highest first nine months net sales and net income in the Company's 44-year history. Our nine month financial results reflect the strong sales growth of our Star brite® and Star Tron® branded products in the marine sector of our business. Our results also reflect lower operating expenses during the first nine months of 2017 as compared to the same period in 2016, principally due to a decline in legal expenses. During the 2016 period, we incurred legal expenses of approximately $1.13 million in connection with a lawsuit that is now concluded."
Mr. Dornau continued: "The combination of higher sales volume, higher gross profit and lower operating expenses resulted in record operating income of approximately $3.4 million during the nine months ended September 30, 2017, a 42.1% increase as compared to the nine months ended September 30, 2016."
Mr. Dornau concluded: "The 84,000-sq. ft. expansion of our manufacturing and distribution facilities in Montgomery, Alabama is expected to be completed in the first quarter of 2018, positioning us well for anticipated increased sales of our Performacide® products in addition to both Star Tron® and Star brite® branded products in 2018 and beyond."
Jeffrey Barocas, Chief Financial Officer of the Company, commented: "The financial condition of the Company continues to be strong. At September 30, 2017, the Company had approximately $4.7 million in cash, $1.3 million for operations and $3.4 million for capital expansion. In the third quarter of 2017, we completed long term financing derived from the issuance of a $4.5 million industrial development bond. Our obligations to fund repayment of the bond effectively bear an annual interest rate of approximately 3%. In addition, we renewed our revolving line of credit, which increased from a maximum amount of $4 million to a maximum amount of $6 million. Currently, the Company does not have any outstanding borrowings under the line of credit. As a result of these financings, the Company is well positioned for continued growth. Our current ratio is strong at 4.7:1 at September 30, 2017."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. manufactures, markets and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets under the Star brite®, Star Tron®, Performacide®, Outdoor Collection and other brand names within the United States of America and Canada. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products. The Company also manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Star brite® and Performacide® brand names.
The Company's web sites are: www.oceanbiochem.com; www.starbrite.com; www.startron.com; and www.performacide.com
FCCG $1.07: Anyone following this foggy situation where a dark company (FCCG) has offered 20% of their Fatburger (NASDAQ: FAT) holdings through a Reg 1A offering?
FCCG has 11.8 million shares out and recently filed a Form 3 to report holding the other 8 million shares (80% of FAT Brands), computes to each FCCG share owning 67% of a FAT share, so with FAT trading at $9.50 that implies a value of more than $6.30 per FCCG share.
This is a well known brand name, but management has a checkered past, and Andy Weiderhorn's intentions as 38.2% owner of FCCG are yet to be determined.
FZMD could get interesting again:
https://finance.yahoo.com/news/fuse-medical-inc-signs-non-230100455.html
Fuse Medical, Inc. announced today that it signed a non-binding Letter of Intent to purchase all of the outstanding membership units of CPM Medical Consultants, LLC , a privately-owned national distributor of medical device implants and biologics.
I sold for a loss a while ago, but It's still on watch.....this is way too open ended for me to get excited as of yet....will be watching to see if/when terms are disclosed.
Yes, the status of the balance sheet is unknown since the last quarterly report was filed in 2010, but Andy Wiederhorn's interest seam to be aligned with Fog Cutter Capital, so it seams logical that the sale of the Fatburger business would have covered all the associated liabilities. There was also some news of a debt settlement on 11/2/2012:
http://www.oregonlive.com/business/index.ssf/2012/11/andy_wiederhorns_fog_cutter_ca.html
I think another reason for the discount is the uncertainty of Andy Wiederhorn's intentions. The FAT IPO was a pretty smart way to recapitalize Fat burger for expansion, but what's the goal for FCCG? Will FCCG accumulate the dividends to build a capital pool for another investment, will management just pay themselves FAT salaries, or would they actually treat all shareholders equally and redistribute the dividends to FCCG shareholders?
I personally can't understand how investors could read the 1A filing and still buy the FAT IPO given all their dependence on FCCG and all the uncertainty around FCCG. For me personally, it made me want to play FCCG, because I believe Andy Wiederhorn needs to come out of the dark and play fairly with all his shareholders if he wants to be true to the character he portrayed in his Undercover Boss episode....and honest guy who just took some bad advice.....
FAT's 1A filings indicate Andy Wiederhorn owns 38.2% of FCCG, but I don't see his wife or children's ownership disclosed. Where are you getting the 70% from?
I am in FCCG from the $2.30s and believe it should be trading closer to it's value in FAT share holdings.
If you read the FAT 1A filings, it's obvious FCCG is in control of FAT, I don't really understand who could read the FAT 1A filings and come away wanting to own FAT over FCCG, particularly without a better understanding of what is going on at FCCG. All of the proceeds from the FAT IPO are going to repay FCCG debt.
The most pressing question for FCCG shareholders is what is FCCG going to do with the FAT dividends they receive? Andy has referred to FCCG as "a family company" and made other statements that cause me some reservation about how equitable he will be with minority shareholders, but on the same account I think his most rational self interest would be to distribute the dividends directly to FCCG shareholders and receive these proceeds as tax advantaged "qualified dividends".
FCCG: The company made it's first SEC filing in seven years to file a Form 3 to report the receipt of the 8 million shares of FAT:
https://www.otcmarkets.com/stock/FCCG/filings
I find that to be a somewhat positive development, although I don't think we can conclude this means they are coming out of the dark quite yet.
I still think FCCG is a good arbitrage play, with the CEO of both companies, Andy Wiederhorn, owning 38.2% of FCCG according to FAT's 1A filings.
It will be interetesting to see what FCCG does when they begin receiving FAT dividends. Will Andy prefer the tax advantages of qualified dividends by distributing them to FCCG shareholders, will he pay himself a heavily taxed salary from FCCG's funds, or will he allow FCCG to collect the dividends to recapitalize it for some other venture?
No, I have not averaged down, I made a small investment with my risk capital and will not add to it unless I see the situation materially de-risked and an opportunity to jump in before the valuation disparity is corrected appropriately.
FWIW, I spoke with Maj @ GEOInvesting yesterday and he said he remains long as well, is still waiting for a response to the information request he placed through the SOS of Maryland, and looking at opportunities to implore Andy to do the right thing for long suffering FCCG shareholders.
FAT/FCCG: Obviously this is a speculative valuation arbitrage play and I've invested accordingly....keeping it to a small-ish position.
I agree that their IPO valuation of over 40 times their proforma 2017 earnings is high, but the target dividend yield of 4% at the IPO price of $12 should put a floor under it somewhere in the high single digits.
Also, being a franchising only business, Fatburger has a pretty rich pipeline of 30 new locations per year, which amounts to about 15% growth from their current 176 locations.
I appreciate your time giving it a look over, I'm hopeful that someone in the financial press is going to "press" Andy Wiederhorn to clarify the current financial position of FCCG......as FAT is dependent on the health of FCCG.....it kind of baffles me that no one has pressed him too hard on this issue yet.
FAT IPO: That's a phat valuation for sure.
Glad you took an interest. Have you found anything you are leery of? After reading and re-reading the Reg 1A filings, I can't find a reason FCCG shouldn't be valued closer to the value of it's 80% stake in FAT, it's how the CEO is maintaining his ownership in FAT, but he doesn't have a majority so we shouldn't be vulnerable to a take under.....and there's no preferred shares on FCCG as per otcmarkets website's recent verification with the transfer agent. It will be interesting to see what happens when the first FAT dividends are issued.
FCCG: Fog Cutter is definitely an ironic name given their current situation.
I don't have anything recent, but GEOInvesting has submitted an information request through the State of Maryland to try to get updated information, which one should expect will be distributed to their subscribers first, then possibly to the Microcap Club, where I learned about this situation.
For lack of current financials, I believe there are a few clues in the 1A filing that through deductive reasoning, suggest FCCG financials must at least be in fairly good shape:
- The fact they were approved for the financing of the Ponderosa/Bonanza purchase and this related party debt will be repaid to FCCG by IPO proceeds;
- The fact that FCCG is the mechanism of ownership that CEO Andy Wiederhorn will maintain his ownership stake in FAT;
- The fact FCCG has been receiving dividends from Fat Burger North Amerca, Inc.:
During the 26 weeks ended June 25, 2017, Fatburger North America Inc. declared and paid dividends in the amount of $1,000,000 and none for the 26 weeks ended June 26, 2016, and $1,700,000 and $7,000,000 during the years ended December 25, 2016 and December 27, 2015, respectively. During the 26 weeks ended June 25, 2017, Buffalo’s Franchise Concepts Inc. declared and paid dividends in the amount of $100,000 and none for the 26 weeks ended June 26, 2016, and $200,000 and $400,000 during the years ended December 25, 2016 and December 27, 2015, respectively.
FAT/FCCG: Somewhere in my reading of the FAT 1A filings 10/20 was the date the IPO was scheduled, but now I see it is scheduled for Monday:
http://www.nasdaq.com/markets/ipos/company/fat-brands-inc-1032029-84671
Yes, I think it's an interesting current situation that some might be interested in here, but it certainly bears A LOT OF RISK and I thought I highlighted those risks appropriately at the end of my post, discussing the unknown status of past debt levels and the CEO's checkered past.....did you read it all?
I own a speculative position in it because I am compelled by the potential 3x upside based on the IPO pricing of FAT.
FCCG: Fatburger owner, Fat Brands, Inc. (NASDAQ: FAT) is "going public" by offering 20% of the company through a Regulation A offering Friday (tomorrow), but what's interesting is by all apparent information in FAT's 1-A filings, the other 80% will continue to be owned by Fog Cutter Capital Group, Inc. (FCCG), a dark OTC company that looks deeply undervalued according to this valuation.
FAT's offering 2 million shares at $12, which gives the whole company a valuation of $120 million, which would imply the other 80% FCCG own is worth $96 million. According to OTC Markets.com FCCG has 11.8 million O/S (as of October 10th), which at the current price of $2.50 gives FCCG a valuation of $26.5 million.
It appears quite clear in their 1-A filings that FCCG is the owner making the offering and will own 80%:
https://www.sec.gov/cgi-bin/browse-edgar?company=fat+brands&owner=exclude&action=getcompany
<img>//www.sec.gov/Archives/edgar/data/1705012/000149315217011171/pg44_005.jpg</img>
Brief Background
In brief, Fatburger had filed for Chapter 11 bankruptcy in 2009 and sold all of its company owned stores to exit bankruptcy, the newly emerging FAT Brands is a 100% franchising company that now also owns the Buffalo Cafe brand. The company's franchises now consist of 176 locations around the world, but mostly in the western U.S., with Fatburger location accounting for 157 of the locations and Buffalo's Cafe and Buffalo's Express accounting for the other 19 locations.
The 1A filings also show marked improvement in financial performance and lay out a clear plan for growing their franchise model going forward, here's some of the more interesting excerpts:
-Since converting to a franchisor model in 2011, we have improved store-level operations and maintained positive same-store sales growth in our traditional domestic market over each of the last five years while operating less than 1% of total units. Over the same time period, our concepts have also experienced significant growth in total number of locations. As a result, between 2012 and 2016 the company achieved compound annual growth rates in net revenue, net income, and EBITDA of 9.9%, 40.0% and 35.3%, respectively, reflecting consistent yearly growth over this period.
-From 2012 to 2016, our EBITDA margin expanded from 27.2% to 64.3%.
-Based on existing new restaurant commitments of over 300 locations across our brands, we anticipate that our current franchisees will open more than 30 new restaurants annually for at least the next four years.
-In addition to our pending acquisition of Ponderosa and Bonanza, as of the date of this Offering Circular we have entered into a letter of intent to acquire an additional restaurant concept with approximately 60 franchised stores for approximately $11,000,000, and are in discussions to acquire another restaurant concept with approximately 50 stores for a purchase price in the range of $26-30 million.
The IPO proceeds are going to be used to settle some of FCCG's related party debt:
-As part of the Reorganization Transactions, we will issue to FCCG an unsecured promissory note with a principal balance of $30,000,000, bearing interest at a rate of 10.0% per annum, and maturing in five years (the “Related Party Debt”). We will use up to $9,500,000 from this Offering to repay a portion of the Related Party Debt to FCCG, which will use this payment to repay indebtedness that it previously incurred in acquiring Buffalo’s Franchise Concepts, Inc.
FAT intends to pay a 4% dividend:
-We intend to distribute as dividends to holders of our Common Stock, on a quarterly basis, substantially all of our distributable earnings.
-Our targeted quarterly dividend will be 4.0% of the price per share in this Offering, or $0.48 per share annually ($0.12 per share quarterly), which amount may be raised or lowered in the future without advance notice. We believe, based on our historical financial performance on a pro forma basis (assuming the completion of the Ponderosa Acquisition) and our expected future financial performance, that we will generate sufficient net income and cash flow to support our targeted quarterly dividend. See “Unaudited Pro Forma Condensed Consolidated Statement of Operations For the Year Ended December 25, 2016.
Valuation
Based on disclosures in the 1A, FAT revenues for 2017 are tracking at $7.0 million, with net income and EPS tracking at $3.0 million and $0.28, respectively. That being said, $12 may be a bit of a rich valuation for these earnings, as it would imply a forward P/E of about 43, but the expected 4% dividend yield may be enough to justify that for some.
What is not so obvious is the condition of FCCG’s balance sheet since going dark in 2009. As of Q3 2009 (the last FCCG financial filing), FCCG’s debt totaled $19.0 million.
- $8.8 million in notes payable and other debt of Fatburger, secured by the assets of Fatburger;
- $1.6 million in capital leases maturing on or before 2010 which are secured by an aircraft and various restaurant assets;
- $7.5 million of notes payable secured by various assets of the Company; and
- $1.1 million of short-term borrowings secured by the assets of DAC International.
FCCG has been financing acquisitions for Fat Brands. Fat Brands’ SEC filings mentions that Fat Brands owes FCCG $30 million in related party debt. Other than this $30 million, there does not seem to be any significant debt on FAT’s balance sheet. This is a possible sign that the $8.8 million of legacy Fat Burger debt on FCCG’s balance sheet no longer exists and that FCCG may not have any other significant debt. In addition to FAT using IPO proceeds to pay off a portion of its FCCG related debt, it intends to pay its remaining obligations ($20.5M) owed to FCCG by obtaining a line of credit:
Concurrently with or shortly following the closing of this Offering, we expect to enter into a credit facility with a third-party lender, providing for debt financing of between $35,000,000 and $50,000,000. Upon consummation of such credit facility, we intend to repay the remaining Related Party Debt, which is expected to total approximately $20,500,000.
This means that FCCG’s balance sheet could be much improved:
- Our director and Chief Executive Officer, Andrew Wiederhorn, is also Chairman and Chief Executive Officer of FCCG. The stockholders of FCCG, including Mr. Wiederhorn, will indirectly benefit from the proceeds of this Offering.
The real question is whether FCCG will transfer the economic benefit it receives from FAT to FCCG shareholders. The FCCG claim on FAT is real, but we just don’t know what CEO Wiederhorn’s view towards maximizing FCCG shareholder value will be. We are going to find out soon. In the meantime, I think once more investors connect the dots, FCCG could trade in line with its implied valuation in relation to FAT, with a reasonable discount. Further upside would exist if FAT executes on its growth plan, pushing shares higher and/or if FCCG distributes capital to shareholders.
Other Risks and Caveats
- CEO of FCCG/FAT, Andrew Wiederhorn, has had his share of legal problemsIn 2004 Wiederhorn had pled guilty to the two felony charges, one for filing a false tax return and the other for paying an illegal gratuity to Capital Consultants—which lost some $350 million in union pension money to fraudulent and failed investments, although he never admitted to wrongdoing in the matter. Wiederhorn maintained that it was wrong for the government to prosecute him for a non-intent crime involving a business transaction by his former employer, Wilshire Financial Services Group, Inc. He insisted it was a transaction which had been approved by Wilshire’s in-house counsel and other attorneys.
- The parent company of Ponderosa and Bonanza went through chapter 11 proceedings in 2008.
- Andrew overpromised and under delivered regarding Fat Burger prior to its chapter 11.
- Industry saturationWe don’t have 100% clarity on FCCG’s capital structure and financials.
- Growth in 2017 has stalled.
- Why take FAT public through Reg A as opposed to using FCCG to grow the brand (reverse split and up list), showing a clear commitment to maximizing FCCG shareholders?
- Given the CEO’s past history, the Chapter 11 theme and potential questions about the going public process, I can almost guarantee shorts will be hovering around FAT and FCCG.
DISCLOSURE: GEOInvesting.com informed its subscribers of this situation in early September at much lower prices, much of the information presented above is copied or paraphrased with permission from Maj Soueidan of GEOInvesting.com.
What's the best free portfolio tracker? I know we've had this conversation here many times before and last I recall it seamed many had moved to Google Finance.
I just wanted to double check today before I make the move myself, I've been slow to move from Yahoo! Finance because I have about 15 watchlist portfolios there with several hundred stocks on watch....even though it has become more and more annoying and useless over the years.
I've decided it's finally time to move from Yahoo! Finance now, since they don't even allow you to see a complete news release when you click on it.
Thanks in advance for any insight you can offer.....and thanks again to SSKILZ and all who contribute here for continuing to maintain one of the best stock discussion forums on the internet.
Covalon Announces Major Milestone: FDA Clearance for MediClear™ PreOp
MISSISSAUGA, Ontario -- (Business Wire) --
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, announced today it has received United States Food and Drug Administration (“FDA”) clearance to legally market and sell MediClear™ PreOp in the US to hospitals, clinics and directly to patients, without the need for a prescription.
MediClear PreOp is a breathable, transparent, self-adhesive, silicone barrier film-drape that smoothly conforms to the contours of a patient's skin at the planned incision or insertion site to protect the patient from exposure to bacteria, yeast and viruses. MediClear PreOp’s application is so simple, it can be applied by patients themselves or by clinicians at a consultation before their surgery. MediClear PreOp is then removed immediately prior to surgery by a clinician in the operating room under sterile conditions.
"MediClear PreOp is Covalon's first product to be cleared that enables us to enter the multi-billion dollar pre-surgical skin antisepsis market," said Brian Pedlar, Covalon's Chief Executive Officer. "With an over-the-counter ("OTC") designation by the FDA, Covalon can now provide patients easy access to a world-class infection prevention product to protect themselves from exposure to bacteria, viruses and fungi before a surgery."
The silicone adhesive in MediClear Pre-Op contains two antimicrobials – chlorhexidine and silver. The chlorhexidine and silver contained in the adhesive provides continuous antimicrobial activity while a polyurethane barrier film acts as a protective barrier to isolate a procedural site from microbial and other contamination. MediClear PreOp's silicone adhesive provides a rapid bactericidal and fungicidal effect against a broad-spectrum of microorganisms, averaging a 99.9% reduction at 10 minutes and a 99.99% reduction at 30 minutes, and prevents their re-growth for up to 7 days during wear.
"In an effort to reduce surgical site infections, hospitals in the United States spend billions of dollars every year on products to antiseptically clean and prep patients’ skin before surgery and a further $3.3 billion a year treating surgical site infections that current products and practices couldn't prevent," said Pedlar. "We see great promise with MediClear PreOp to help in reducing the instances of surgical site infections by protecting patients all the way into the operating room. There is no other OTC product on the market that provides the dual-antimicrobial and physical protection of MediClear PreOp."
MediClear™ PreOp provides an effective physical barrier against external contamination including fluids, bacteria, and yeast. Invitro testing demonstrates that the chlorhexidine and silver incorporated within the silicone adhesive provide a rapid bactericidal and fungicidal effect against microorganisms including Staphylococcusaureus (MRSA), Staphylococcusepidermidis, Enterococcusfaecalis (VRE), Klebsiellapneumoniae, Pseudomonasaeruginosa, Enterobactercloacae, Candidaalbicans, and Candidatropicalis, and prevents their re-growth for up to 7 days while wearing MediClear PreOp.
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
I don't know, didn't my last post kind of explain just how ambiguous determining a fair price for this company could be?
For fun, if you use PEG ratios, or the assumption P/E should be roughly equal to the earnings growth rate, and plug in our current astronomical growth rate over the last year (200%), you could come up with a value of about $18......but with no forward guidance, or even assurance that the Saudi contracts will be renewed at this point, then maybe we are at the ever-nebulous "fair value" now.
You are both right, COV.v is relatively highly valued when compared to other Canadian Venture exchange technology stocks, that trade mostly based on valuations irregardless of business fundamentals and outlook.
However, Covalon trades relatively cheaply when compared to it's peers in the advanced wound care and medical coatings markets, which mostly trade in the US and loose money like it didn't matter. ALQA, DSCI, MDWD, SRDX, and maybe MDXG if COV's project in that area ever gets some light shed on it.
COV.v: Actually, the story is getting better IMO, their licensing revenue grew to $1.36M this quarter from a new "international customer" for their medical device coating systems and they also took in another $499k in service revenues, which Brian explained during the CC is unrelated to that additional licensing revenue, so it appears their coating systems business is firing on multiple cylinders all the sudden. The prospects for developing a long term royalty stream from their medical coatings business has always been an exciting factor of this company for me....and I'm very encouraged by this apparent spike in interest.
Of course I would love to see some diversification of their revenue stream for their existing products.....and it would be even more exciting if the diversification came with a lower cost of sales than they are paying in Saudi Arabia.
All in all, I still believe this is a deep value compared to US peers ALQA, MDWD, MDXG, and SRDX to name a few.
COV: Covalon Releases Third Quarter Financial Results
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Covalon Technologies Ltd.:
200% growth in revenue for the nine months ended June 30, 2017Revenue of $17.5 million for the nine-month period and profit of $1.6 millionCovalon Technologies Ltd. (the "Company" or "Covalon") ( COV.V), an advanced medical technologies company, announced today its second quarter financial results, which included revenue of $5,901,622 and net income of $541,346 or $0.02 per share for the three months ended June 30, 2017 and revenue of $17,472,628 and net income of $1,552,534 or $0.07 per share for the nine months ended June 30, 2017. These results show a significant improvement compared to revenue of $2,600,002 and a net loss of $156,792 or $0.02 per share for the three months ended June 30, 2016 and revenue of $5,838,384 and net loss of $956,087 or $0.09 per share for the nine months ended June 30, 2017. This improvement in the Company’s revenue in the first nine months, compared to the prior year, is due to shipments of IV Clear and ColActive Plus products, including fulfilling tenders awarded to the Company by the Ministry of Health in Saudi Arabia and growth in the United States. Gross margins increased to 79% or $13,766,932 for the nine months ended June 30, 2017, compared to 65% in the comparative period, driven mainly by product mix and volume.
Brian Pedlar, Covalon’s CEO, stated:
“We have continued our solid financial growth this past quarter, with year-to-date revenue growth of over 200% to $17.5 million and profitability of $1.6 million. Revenue growth this year has been driven by our success in the Middle East and continued steady growth in the United States of our IV Clear vascular access dressings and our ColActive Plus advanced wound care dressings. We have continued to expand our penetration of new markets in Latin America, Europe and Asia during this past quarter.
We have proven that we can compete with the largest companies in our markets based on the strength of our products. We continue to hear from clinicians every day that our products make a significant difference in protecting their patients from infection and helping them to heal. To that end, we have launched a number of products over the past year, including an improved version of IV Clear, significant expansion of our CovaWound line of advanced wound care products and several new MediClear branded products in our peri-operative portfolio.
During our third quarter, we also launched our new Centaur Coating technology that has significant advantages for companies looking to upgrade existing product lines with new low friction, low particulate enhancements that can also provide antimicrobial protection to patients. This technology has been demonstrated to be highly effective for improving the safety and functionality of intravascular medical devices such as catheters, guidewires and delivery sheaths where the presence of unwanted particulate can cause significant patient complications.
We anticipate that we will end the current fiscal year with additional growth in our fourth quarter ending September 30, 2017. I am looking forward to accelerating our growth and expansion by expanding our business interests in new territories and pursuing strategic acquisitions. We are well positioned for continued growth into fiscal 2018 and seeing our success translate to increases in shareholder value as a result.”
A conference call to discuss Covalon’s financial results will be held Tuesday August 22, 2017 at 9:00 a.m. EST. To participate in the call please dial:
Local / International: 416-640-5946
North American Toll- Free: 1 866-233-4585
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
COV: Covalon Releases Third Quarter Financial Results
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Covalon Technologies Ltd.:
200% growth in revenue for the nine months ended June 30, 2017Revenue of $17.5 million for the nine-month period and profit of $1.6 millionCovalon Technologies Ltd. (the "Company" or "Covalon") ( COV.V), an advanced medical technologies company, announced today its second quarter financial results, which included revenue of $5,901,622 and net income of $541,346 or $0.02 per share for the three months ended June 30, 2017 and revenue of $17,472,628 and net income of $1,552,534 or $0.07 per share for the nine months ended June 30, 2017. These results show a significant improvement compared to revenue of $2,600,002 and a net loss of $156,792 or $0.02 per share for the three months ended June 30, 2016 and revenue of $5,838,384 and net loss of $956,087 or $0.09 per share for the nine months ended June 30, 2017. This improvement in the Company’s revenue in the first nine months, compared to the prior year, is due to shipments of IV Clear and ColActive Plus products, including fulfilling tenders awarded to the Company by the Ministry of Health in Saudi Arabia and growth in the United States. Gross margins increased to 79% or $13,766,932 for the nine months ended June 30, 2017, compared to 65% in the comparative period, driven mainly by product mix and volume.
Brian Pedlar, Covalon’s CEO, stated:
“We have continued our solid financial growth this past quarter, with year-to-date revenue growth of over 200% to $17.5 million and profitability of $1.6 million. Revenue growth this year has been driven by our success in the Middle East and continued steady growth in the United States of our IV Clear vascular access dressings and our ColActive Plus advanced wound care dressings. We have continued to expand our penetration of new markets in Latin America, Europe and Asia during this past quarter.
We have proven that we can compete with the largest companies in our markets based on the strength of our products. We continue to hear from clinicians every day that our products make a significant difference in protecting their patients from infection and helping them to heal. To that end, we have launched a number of products over the past year, including an improved version of IV Clear, significant expansion of our CovaWound line of advanced wound care products and several new MediClear branded products in our peri-operative portfolio.
During our third quarter, we also launched our new Centaur Coating technology that has significant advantages for companies looking to upgrade existing product lines with new low friction, low particulate enhancements that can also provide antimicrobial protection to patients. This technology has been demonstrated to be highly effective for improving the safety and functionality of intravascular medical devices such as catheters, guidewires and delivery sheaths where the presence of unwanted particulate can cause significant patient complications.
We anticipate that we will end the current fiscal year with additional growth in our fourth quarter ending September 30, 2017. I am looking forward to accelerating our growth and expansion by expanding our business interests in new territories and pursuing strategic acquisitions. We are well positioned for continued growth into fiscal 2018 and seeing our success translate to increases in shareholder value as a result.”
A conference call to discuss Covalon’s financial results will be held Tuesday August 22, 2017 at 9:00 a.m. EST. To participate in the call please dial:
Local / International: 416-640-5946
North American Toll- Free: 1 866-233-4585
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
Not particularly, it seems there could be a lot of upside potential given their success in the JNJ lawsuit, but there's also not much value underneath it if they should decline the offer, or let it fall through.
I briefly thought about trading in my EUCTF for DECN today, but decided to stick with the security of EUCTF trading near cash....and what I believe is bigger potential of their businesses in the long run.
If you take note of the last sentence in their PR yesterday, this unloved technology stock trading near cash value and about half of book value could potentially become a marijuana stock.....and a marijuana stock with more actual technology and credibility than many marijuana stocks trading with market capitalizations that are several multiples higher. They've also got SICPA competing for fuel marking contracts they could receive a 5% royalty on (including a big European Union contract) and their wholly owned XwinSys subsidiary working with the major semiconductor manufacturers to place their Onyx semiconductor inspection systems at ~$2 million a piece.....so I decided to keep my investment money parked there for what I believe will eventually be a healthy long term gain.
I know DECN has been discussed here before and just wanted to give a heads-up for that interesting news.....if I had time and free cash to play, I might have looked for a short-term trade in it.
DECN:
Decision Diagnostics Corp. Receives Surprise Acquisition Offer from Valued Venture Funded Company
LOS ANGELES, CA / ACCESSWIRE / July 13, 2017 / Decision Diagnostics Corp. (OTC PINK current: DECN), the manufacturer, quality plan administrator, and the exclusive worldwide sales, service, and regulatory processes agent for the popular GenUltimate!™ glucose test strips, designed to work with the market leading Johnson & Johnson Lifescan OneTouch Ultra meters ("J&J") and the pre-market ready GenSure!™ and GenChoice!™ test strips, and the in-development meter and test strip system GenPrecis! for the U.S., EU and/or developing world markets, today announces a revised confidential acquisition offer from a well-financed venture funded company. The revised offer was significantly higher than its shortened prior offer.
In April 2017 the company's Principal Executive Officer, Keith Berman, received and reviewed a prior offer proposal, first expressed verbally, and then in email form, from the proposed acquisition partner. Mr. Berman found the earlier offer to be incomplete on its face, and open ended. Mr. Berman, at the behest of another Board member, asked the proposed acquisition partner to conform the offer in a manner more consistent to standard M&A proposals and documentation.
Both proposals were made at generous premiums to the company's current stock price and market valuation. Mr. Berman has now submitted the current proposal to the Board of Directors for their review and comments.
Robert Jagunich, the DECN director with the most experience in M&A activities commented, "Although we have received an offer and then a revision of that original offer, both at premiums to current market prices, it is the Board's belief that we need to make a critical evaluation of the entire concept presented and based on our analysis, we may then hire an expert to verify independently whether this offer provides full value for the company's shares, or whether there is more value to shareholders by countering the most recent offer or by rejecting it and remaining independent. We believe, and the industry has shown, that the properties and assets of the company are worth by themselves significantly more than the current market capitalization and therefore while above market transactions are exciting, we need to ensure that the full value of the company is being reflected in any transaction."
Keith Berman, Principal Executive of Decision Diagnostics continued, "Even with a proposal in hand, Decision Diagnostics continues to explore its options, as well as other shareholder value enhancing opportunities. The current offer is confidential by the terms of the offer, and little more can be said at this time, other than we did not expect to receive a term sheet until several months after the market release of one or more of our new products. We were also surprised by the identity of the offeror who would put our company in play."
Mr. Berman concluded, "Shareholders are not being requested to take action at this time, or call the company with a multitude of requests. The Board will take action in due course, and we intend to fully comply with our disclosures rules to keep our shareholders abreast of the situation."
Forward-Looking Statements:
This release contains the Company's forward-looking statements which are based on management's current expectations and assumptions, as of July 12, 2017, regarding the Company's business and performance, its prospects, current factors, the economy, the state of any changes to the Affordable Care Act, and other future conditions and forecasts of future events, circumstances, and results.
CONTACT INFORMATION
Decision Diagnostics Corp. Keith Berman (805) 446-2973 info@decisiondiagnostics.com www.genultimate.com www.decisiondiagnostics.com
SOURCE: Decision Diagnostics
EUO.v/EUCTF: This tech stock trading at cash value and about half of book value could become a marijuana stock....and a marijuana stock with more actual technology and credibility than many marijuana stocks trading with market capitalizations that are several multiples higher.
Read the last line of their need release today:
Eurocontrol's Croptimal Commercializes its Precision Agriculture Solution for Almond Crops
Commences Netafim 24 month irrigation exclusivity
TORONTO, ONTARIO--(Marketwired - July 12, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Croptimal Ltd. ("Croptimal") has successfully commercialized its agricultural solution in Israel and is providing its Croptimal service for customers specializing in almond crops including to Kibbutz Sha'ar HaAmakim, a farm that has over 200 acres of almond crops located in northern Israel where a complete solution that includes samples collection, preparation and testing, along with final detailed analysis including agronomic recommendations is being provided. Further, pursuant to a 2016 agreement with Netafim, an Israeli company that is the global leader in drip and micro-irrigation solutions for sustainable agricultural productivity, the commencement of commercialization of this almond project has triggered the two year exclusivity rights for the irrigation sector to Netafim.
Croptimal's mobile laboratory comprises integrated firmware units utilizing Multi-Spectral Technology (MST). The mobile lab performs immediate spectroscopic composition analysis of nutrients in the field, offering a unique precise agricultural service that enhances crop yields. Croptimal performs real time immediate tests and analysis in the field for crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require days to weeks for results. The data collected by Croptimal is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
Doron Reinis, Chief Operating Officer of Eurocontrol, stated, "The Croptimal service being provided to Kibbutz Sha'ar HaAmakim is expected to increase yields, reduce expenses and boost the revenue of the kibbutz. The almond is a species of tree native to the Middle East, the Indian subcontinent and North Africa. World production of almonds is over 3 million tons per year and with growing demand. This project for kibbutz Sha'ar HaAmakim will serve as a case study enhancing the Croptimal platform as a beneficial solution to this specific market."
Bruce Rowlands, Chairman and Chief Executive Officer, added" We are very pleased that our Croptimal technology and service has been embraced so quickly proving that our model of "taking the laboratory to the field" to provide actionable results is the way of the future. Croptimal's technology and service can be applied to virtually any crop and our team in Israel is currently working on tomatoes, potatoes and corn with interest expressed on numerous other crops including marijuana."
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. The Croptimal technology was initially developed by Xenemetrix, a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence (ED-XRF) systems and components. Xenemetrix is located in Israel and with over 30 years experience, numerous certifications and awards, Xenemetrix continues to develop highly innovative XRF solutions suitable for today's ever-growing analytical challenges. Croptimal's service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal's expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology - a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results. The collected data is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
EUO.v/EUCTF: This tech stock trading at cash value and about half of book value could become a marijuana stock....and a marijuana stock with more actual technology and credibility than many marijuana stocks trading with market capitalizations that are several multiples higher.
Read the last line of their need release today:
Eurocontrol's Croptimal Commercializes its Precision Agriculture Solution for Almond Crops
Commences Netafim 24 month irrigation exclusivity
TORONTO, ONTARIO--(Marketwired - July 12, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Croptimal Ltd. ("Croptimal") has successfully commercialized its agricultural solution in Israel and is providing its Croptimal service for customers specializing in almond crops including to Kibbutz Sha'ar HaAmakim, a farm that has over 200 acres of almond crops located in northern Israel where a complete solution that includes samples collection, preparation and testing, along with final detailed analysis including agronomic recommendations is being provided. Further, pursuant to a 2016 agreement with Netafim, an Israeli company that is the global leader in drip and micro-irrigation solutions for sustainable agricultural productivity, the commencement of commercialization of this almond project has triggered the two year exclusivity rights for the irrigation sector to Netafim.
Croptimal's mobile laboratory comprises integrated firmware units utilizing Multi-Spectral Technology (MST). The mobile lab performs immediate spectroscopic composition analysis of nutrients in the field, offering a unique precise agricultural service that enhances crop yields. Croptimal performs real time immediate tests and analysis in the field for crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require days to weeks for results. The data collected by Croptimal is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
Doron Reinis, Chief Operating Officer of Eurocontrol, stated, "The Croptimal service being provided to Kibbutz Sha'ar HaAmakim is expected to increase yields, reduce expenses and boost the revenue of the kibbutz. The almond is a species of tree native to the Middle East, the Indian subcontinent and North Africa. World production of almonds is over 3 million tons per year and with growing demand. This project for kibbutz Sha'ar HaAmakim will serve as a case study enhancing the Croptimal platform as a beneficial solution to this specific market."
Bruce Rowlands, Chairman and Chief Executive Officer, added" We are very pleased that our Croptimal technology and service has been embraced so quickly proving that our model of "taking the laboratory to the field" to provide actionable results is the way of the future. Croptimal's technology and service can be applied to virtually any crop and our team in Israel is currently working on tomatoes, potatoes and corn with interest expressed on numerous other crops including marijuana."
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. The Croptimal technology was initially developed by Xenemetrix, a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence (ED-XRF) systems and components. Xenemetrix is located in Israel and with over 30 years experience, numerous certifications and awards, Xenemetrix continues to develop highly innovative XRF solutions suitable for today's ever-growing analytical challenges. Croptimal's service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal's expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology - a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results. The collected data is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
EUO.v/EUCTF: This tech stock trading at cash value and about half of book value could become a marijuana stock....and a marijuana stock with more actual technology and credibility than many marijuana stocks trading with market capitalizations that are several multiples higher.
Read the last line of their need release today:
Eurocontrol's Croptimal Commercializes its Precision Agriculture Solution for Almond Crops
Commences Netafim 24 month irrigation exclusivity
TORONTO, ONTARIO--(Marketwired - July 12, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Croptimal Ltd. ("Croptimal") has successfully commercialized its agricultural solution in Israel and is providing its Croptimal service for customers specializing in almond crops including to Kibbutz Sha'ar HaAmakim, a farm that has over 200 acres of almond crops located in northern Israel where a complete solution that includes samples collection, preparation and testing, along with final detailed analysis including agronomic recommendations is being provided. Further, pursuant to a 2016 agreement with Netafim, an Israeli company that is the global leader in drip and micro-irrigation solutions for sustainable agricultural productivity, the commencement of commercialization of this almond project has triggered the two year exclusivity rights for the irrigation sector to Netafim.
Croptimal's mobile laboratory comprises integrated firmware units utilizing Multi-Spectral Technology (MST). The mobile lab performs immediate spectroscopic composition analysis of nutrients in the field, offering a unique precise agricultural service that enhances crop yields. Croptimal performs real time immediate tests and analysis in the field for crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require days to weeks for results. The data collected by Croptimal is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
Doron Reinis, Chief Operating Officer of Eurocontrol, stated, "The Croptimal service being provided to Kibbutz Sha'ar HaAmakim is expected to increase yields, reduce expenses and boost the revenue of the kibbutz. The almond is a species of tree native to the Middle East, the Indian subcontinent and North Africa. World production of almonds is over 3 million tons per year and with growing demand. This project for kibbutz Sha'ar HaAmakim will serve as a case study enhancing the Croptimal platform as a beneficial solution to this specific market."
Bruce Rowlands, Chairman and Chief Executive Officer, added" We are very pleased that our Croptimal technology and service has been embraced so quickly proving that our model of "taking the laboratory to the field" to provide actionable results is the way of the future. Croptimal's technology and service can be applied to virtually any crop and our team in Israel is currently working on tomatoes, potatoes and corn with interest expressed on numerous other crops including marijuana."
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. The Croptimal technology was initially developed by Xenemetrix, a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence (ED-XRF) systems and components. Xenemetrix is located in Israel and with over 30 years experience, numerous certifications and awards, Xenemetrix continues to develop highly innovative XRF solutions suitable for today's ever-growing analytical challenges. Croptimal's service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal's expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology - a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results. The collected data is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
EUO.v/EUCTF: Take note of the last sentence in this PR, this under the radar technology stock trading for it's cash value and half it's book value might soon become a marijuana stock.
Eurocontrol's Croptimal Commercializes its Precision Agriculture Solution for Almond Crops
Commences Netafim 24 month irrigation exclusivity
TORONTO, ONTARIO--(Marketwired - July 12, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision agriculture sectors, announces that its wholly-owned subsidiary Croptimal Ltd. ("Croptimal") has successfully commercialized its agricultural solution in Israel and is providing its Croptimal service for customers specializing in almond crops including to Kibbutz Sha'ar HaAmakim, a farm that has over 200 acres of almond crops located in northern Israel where a complete solution that includes samples collection, preparation and testing, along with final detailed analysis including agronomic recommendations is being provided. Further, pursuant to a 2016 agreement with Netafim, an Israeli company that is the global leader in drip and micro-irrigation solutions for sustainable agricultural productivity, the commencement of commercialization of this almond project has triggered the two year exclusivity rights for the irrigation sector to Netafim.
Croptimal's mobile laboratory comprises integrated firmware units utilizing Multi-Spectral Technology (MST). The mobile lab performs immediate spectroscopic composition analysis of nutrients in the field, offering a unique precise agricultural service that enhances crop yields. Croptimal performs real time immediate tests and analysis in the field for crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require days to weeks for results. The data collected by Croptimal is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
Doron Reinis, Chief Operating Officer of Eurocontrol, stated, "The Croptimal service being provided to Kibbutz Sha'ar HaAmakim is expected to increase yields, reduce expenses and boost the revenue of the kibbutz. The almond is a species of tree native to the Middle East, the Indian subcontinent and North Africa. World production of almonds is over 3 million tons per year and with growing demand. This project for kibbutz Sha'ar HaAmakim will serve as a case study enhancing the Croptimal platform as a beneficial solution to this specific market."
Bruce Rowlands, Chairman and Chief Executive Officer, added" We are very pleased that our Croptimal technology and service has been embraced so quickly proving that our model of "taking the laboratory to the field" to provide actionable results is the way of the future. Croptimal's technology and service can be applied to virtually any crop and our team in Israel is currently working on tomatoes, potatoes and corn with interest expressed on numerous other crops including marijuana."
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. The Croptimal technology was initially developed by Xenemetrix, a leading designer, manufacturer and marketer of energy-dispersive x-ray fluorescence (ED-XRF) systems and components. Xenemetrix is located in Israel and with over 30 years experience, numerous certifications and awards, Xenemetrix continues to develop highly innovative XRF solutions suitable for today's ever-growing analytical challenges. Croptimal's service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal's expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology - a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results. The collected data is accumulated in a Cloud-based database that will provide "big-data" for intelligent recommendations and data mining trends.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA to supply Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
For further information on Eurocontrol, please visit the Company's website at www.eurocontrol.ca.
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 this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Covalon Technologies Ltd. (the "Company" or "Covalon") (COV.V), an advanced medical technologies company, today announced that it will be exhibiting for the first time at the 32nd Annual Oley Consumer/Clinician Conference taking place at the Hyatt Regency in Old Greenwich, CT from July 5-8, 2017.
In addition to exhibiting, Covalon will sponsor a presentation by Brenda Gray, PharmD, CNSC, BCNSP, PRS CVAA(c) entitled Medical Adhesive-Related Skin Injuries (MARSI), how consumers can prevent and manage its occurrence on July 7, 2017 at 2:45pm and 4pm in Salon Cos Cob.
Medical adhesive-related skin injury is a clinically relevant and potentially avoidable event. Preventing MARSI has the potential to reduce complications, increase patient satisfaction, and improve clinical outcomes.1
Covalon’s IV Clear™ is indicated to cover and protect vascular access devices used in a wide variety of both acute and alternate care settings. Its patented combination of chlorhexidine and silver is proven to have a synergistic effect against some of the most commonly associated blood stream infection bacteria2 and its skin sparing silicone adhesive will not cause adhesive related skin injury or pain during dressing changes3.
“As proud first time sponsors of this event, and are excited about the opportunity to show patients and their clinicians the combined benefits that only IV Clear can offer,” said John R. Hands, Executive Vice President.
The Oley Foundation is a national, independent, non-profit organization that strives to enrich the lives of patients dependent on home intravenous nutrition (parenteral) and tube feeding (enteral) through education, advocacy, and networking. The Foundation also serves as a resource for consumer’s families, clinicians and industry representatives, and other interested parties.
To learn more about IV Clear, visit Covalon at booth 23 during exhibit hours, or email ivclear@covalon.com
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
ssk, sorry I can't respond by PM, but I am confused when you say: "...because it is under .15, will only use if it closes under .10. other then that your picks are good to go."
I thought we couldn't pick stocks under $0.10?
Not exactly excited about this news, but will be if they follow-up with news the way they did with their last PP in 2013:
Covalon Announces $2.6 Million Private Placement and Warrant Exercise
Business Wire Business WireMay 12, 2017Comment
MISSISSAUGA, Ontario--(BUSINESS WIRE)--
Covalon Technologies Ltd. (the "Company" or "Covalon") (COV.V), an advanced medical technologies company, today announced that the Company intends to raise an aggregate of approximately $2,600,000, of which approximately $1,825,000 stems from a non-brokered private placement (the “Offering”) and $775,000 from the exercise of currently outstanding warrants.
The Offering comprises approximately 931,121 units at a price of $1.96 per unit for aggregate gross proceeds of $1,825,000. Each unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire an additional common share at a price of $2.30 per share for a period of three years from the closing date. Insiders of Covalon are expected to participate in the Offering for an aggregate of 752,551 units for gross proceeds of $1,475,000. The closing of the Offering is subject to approval by the TSX Venture Exchange (the “TSXV”) and all securities issued pursuant to the Offering will be subject to a hold period expiring four months from the date of closing. Proceeds of the Offering will be used by Covalon to develop and commercialize new wound care products, expand international distribution channels and for general working capital.
No commission or finder's fee will be paid in connection with the Offering. As Insiders will participate in the Offering, any such subscriptions will be considered to be related party transactions within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such Insider participation.
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility.
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 this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results, the closing of proposed transactions, and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170512005085/en/
Contact:
Covalon Technologies Ltd.
Brian Pedlar, 905-568-8400 x 233
CEO
bpedlar@covalon.com
Toll free: 1-877-711-6055
Web site: www.covalon.com
Twitter: @covalon
EUO.v (EUCTF) revenues up: Eurocontrol Reports Year End 2016 Results
May 1, 2017
TORONTO, ONTARIO--(Marketwired - May 1, 2017) - Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(EUCTF) ("Eurocontrol" or the "Company"), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision farming sectors, announces that it has filed its audited financial statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2016.
The year end results reflect a 31% increase in fiscal year revenue to $1,664,737 compared to $1,271,111 for the year ended December 31, 2015 from continuing operations. The Company recognized EBITDA of $13,188,544 ($161,790 in 2015) resulting in net income of $11,533,824 for the year compared to $1,627,042 for the year ended December 31, 2015. Included below is a summary table outlining earnings for the fiscal year and for the three month period compared to the corresponding 2015 period which is followed by a description of recent developments.
Included in the financial statements are discontinued operations relating to the Company's sale of its former wholly owned subsidiary, Global Fluids International (GFI) S.A. (GFI), to SICPA S.A. ("SICPA"), a private Swiss company that is a global leader in the provision of secured identification, traceability and authentication solutions and services, on January 4, 2016 in exchange for $16 million in cash (less transaction payments) and post closing earn-out payments equal to 5% of the net revenues earned by SICPA GFI from contracts entered into (between January 4, 2016 ending January 4, 2022), with a minimum guaranteed of $1.5 million per year for the six year earn-out period (total payment of at least $9,000,000). The Company, through its wholly owned subsidiary, Xenemetrix, entered into a strategic exclusive long term supply, maintenance and support agreement, pursuant to which Xenemetrix will continue to supply to SICPA GFI, Xenemetrix products and services for the oil and gas marking and monitoring field. Further details relating to this sale transaction can be obtained from the Company's continuous disclosure documents including the MD&A for the year ended December 31, 2016.
Bruce Rowlands, Chairman and Chief Executive Officer stated: "We are pleased with the year over year increase in revenues of close to 31% from our operating subsidiary Xenemetrix which was achieved as a direct result of the investment in R&D that we made to update the Xenemetrix ED-XRF product line. R&D investment was also made to refine the development of our semiconductor metrology inspection systems developed by XwinSys and in investigating new ways to utilize ED-XRF technology to develop new markets. Our introduction of state of the art, disruptive technology across all three subsidiaries, Xenemetrix, XwinSys and Croptimal, is a testament to our strong innovation team in Israel and we look forward in 2017 to our technology advances being recognized through commercialization."
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Financial and Operating Highlights *
Achieved annual revenue of $1,664,737 from continuing operations, a 31% increase from year end 2015 revenue of $1,271,111
Achieved fourth quarter revenue from continuing operations of $717,253 compared to $402,312, a 78% increase
Recognized annual EBITDA of $13,188,544 compared to $161,790 in 2015
Recognized annual income of $11,533,824 compared to $1,627,042 for the 2015 fiscal year
2016 investment in R&D increased by approximately 81% to $2,958,595 towards finalizing the integration of our ED-XRF technology with automated 2D and 3D image processing technologies for the semiconductor and related microelectronics industries and updating the ED-XRF product line.
* Certain comparative figures have been reclassified to conform to the current year's presentation. These reclassifications did not affect prior years' net losses.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix's core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA/GFI to supply SICPA/GFI with Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix's ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.
Well, I guess my curiosity is actually greater if the manufacturer of the device they coated has an interest in the performance of the coating.
Up until a couple quarters ago Covalon had been reporting small amounts of "Medical device coatings" revenues for their T&M consulting work with medical device companies.
So was this demonstration purely an independent demonstration by Covalon, or does the second party have an interest in the results?
....time will tell.
In a third party in vitro simulated vascular insertion study designed to measure the levels of particulate, Covalon’s Centaur™ coating resulted in statistically significantly lower levels for all particulate sizes relative to the same uncoated catheter. This contrasts with other industry leading coatings that can generate nearly twice as many particles as the same uncoated catheter. Covalon’s Centaur™ coating technology specifically targets and is ideally suited for a growing segment of the medical coatings market focused on improving lubricity while maintaining coating durability.
Saying third party implies there was a second party. Who's devices did they coat? Was this done as simple demonstration, or more in-depth validation?
This part of the business has been forgotten, but a licensing agreement with the right partner for a major market product could be transformative to the company.....