Thermal Energy International’s Order Intake and Order Backlog Up Significantly from a Year Ago10/31/2023 Earlier this month, Thermal Energy International (TSX-V: TMG) reported its fiscal 2024 first quarter results for the period ended August 31, 2023. While the Company’s fiscal 2024 first quarter revenue was up 66% to $5.2 million, what’s more impressive is that the Company has already received about $13.7 million in news orders (order intake) just five months into fiscal 2024. Thermal Energy International’s order backlog of $22 million (as at October 24, 2023) is more than 104% of its fiscal 2023 annual revenue (May 30, 2023 year end). The Company’s annual revenue in fiscal 2023 was up 32.6% from the prior year. Going back to those order intake and backlog figures, it's important to note that most of Thermal Energy’s orders are converted to revenue within 12 months of receipt.
Another good sign of the strong momentum Thermal Energy is experiencing is the remarkable year-over-year increase in the number and value of signed project development agreements (“PDAs”). The Company received 25 signed PDAs in fiscal 2023 compared to ten signed PDAs in the prior fiscal year. That number increased to 27 by October 24, 2023. According to a July 11, 2023 press release from the Company, while there is no guarantee that signed PDAs will result in completed turn-key projects, the Company considers PDAs to be a key metric in assessing the strength of its business development pipeline.
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NorthStar Gaming Holdings Inc. (TSXV: BET) ("NorthStar" or the "Company") today announces that it has closed its previously announced private placement financing of approximately $10.3 million, consisting of common shares, warrants and convertible debentures (the "Offering"). All dollar figures are quoted in Canadian dollars.
Pursuant to the Offering, NorthStar has issued 29,528,458 units (the "Units") at a price of $0.175 per Unit, with each Unit comprised of one common share of the Company (a "Common Share"), one half warrant to acquire Common Shares exercisable at $0.36 per full warrant (each such whole warrant an "A Warrant"), and a further half warrant to acquire Common Shares exercisable at $0.40 per full warrant (each such whole warrant a "B Warrant"), in each case for a period of five years. In addition, the Company has issued three-year, 8% unsecured convertible debentures ("Convertible Debentures") in the aggregate principal amount of approximately $5.2 million, converting into Common Shares at $0.20 per share with interest payable-in-kind. Investors in the Offering include Playtech plc ("Playtech"), a global leader in gambling technology that is a supplier of software and services to, and already a significant investor in, the Company, as well as members of the Company's senior management team. All securities issued pursuant to the Offering are legended and restricted from trading until March 1, 2024. Proceeds from the Offering will be utilized to fund NorthStar's expansion across Canada and for general working capital purposes. Sharp uptick in order intake subsequent to quarter end Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF) ("Thermal Energy" or the "Company"), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, today reported its financial results for the first quarter ended August 31, 2023. All figures are in Canadian dollars. Highlights:
"We are proud of the substantial growth in our revenue and gross profit during the quarter, as well as the strong turnaround in our bottom line compared to a year ago," said William Crossland, Thermal Energy CEO. "Subsequent to quarter end, we received our largest heat recovery order in several years - and our first turn-key heat recovery order from a pharmaceutical company. We also signed a Global Master Services Agreement with this customer and already have paid project development agreements ("PDA") for two other sites active with them. Earlier this month, we received $1.9 million in repeat business from a global nutrition company and $2.6 million in repeat business from a multinational dairy company." "Following our record order intake in fiscal 2023, we have already received orders totalling over $13.7 million just five months into fiscal 2024. Our order backlog is currently $22.0 million, and we have 27 active PDAs in place. Our strong order intake, order backlog, and project development activity are clear indications of the strong demand for our proven energy efficiency solutions as our global customer base actively pursues their carbon emissions reduction targets." First Quarter 2024 Financial Review
First quarter revenue was $5.2 million, up 66% from the same quarter the year before. The growth was mainly due to the higher revenues from both Custom Equipment and Turn-key Heat Recovery Projectsiii due to the increase in sales orders received in fiscal year 2023. Gross profit increased by 105% to $2.8 million, due to growth in revenues and improving margins across all key product categories. Operating expenses were $748 thousand more than the same quarter last year, with $338 thousand of the variance due to an increase in foreign exchange loss, and $410 thousand due to recruitment of additional project engineers, sales staff and investment in the digitalization and automation of the key business processes. Nonetheless, the higher revenues and gross profit led to increases of $670 thousand and $644 thousand for net income and EBITDA, respectively, compared to the first quarter of last year. Quarter end cash and working capital balances were around $4.1 million and $3.1 million, respectively. Business Outlook and Order Summary Orders received ("Order Intake") during the first quarter totalled $3.3 million. The Company ended the quarter with an order backlog of $11.6 million, up 93% from the $6.0 million at the end of the same quarter of prior year. The Company has also received $10.4 million in new orders subsequent to the August 31, 2023, quarter-end, bringing the current order backlog to $22.0 million as of October 24, 2023. A list and description of recent order highlights is available on page 13 of the Management's Discussion and Analysis filed today. Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results are available on www.sedarplus.ca and investors-thermalenergy.com/en/financial-overview. About Thermal Energy International Inc. Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. MDA Ltd. (TSX: MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, announced today at its Earth Insight customer conference that it has selected SpaceX to be the launch service provider for CHORUS, MDA's next generation Earth observation constellation. CHORUS is targeted to launch on SpaceX's Falcon 9 rocket in the Q4 2025 launch window from Florida.
A collaborative multi-sensor constellation, CHORUS will bring together diverse and unique imagery and data sources and provide a new level of near real-time insight and innovative Earth observation services. Operating in a unique mid-inclination orbit, CHORUS will be able to image day or night, regardless of weather conditions, with daily access of up to 95% of the coverage area. From an industry-leading 700km-wide imaging swath down to sub-metre high resolution, CHORUS will provide the most extensive and unrivalled Earth observation radar imaging capacity available on the market in a single mission. "The production of CHORUS is well underway and we are looking forward to once again working with SpaceX to launch our next generation Earth observation capability," said Mike Greenley, CEO of MDA. "The Earth is big, dynamic and evolving daily, and our ability to see, measure and analyze what is happening in near real-time – and over time – is imperative to meeting the needs of our global customer base. The insight that CHORUS will provide to governments, companies and organizations around the world will drive decisions and action, and will help to solve some of the biggest problems facing our planet." In 2013, MDA became the first commercial customer to launch on SpaceX's Falcon 9. Designed and manufactured by SpaceX, Falcon 9 is the world's first and only orbital class reusable rocket. Through Canada's successful RADARSAT program, MDA has created an internationally recognized reputation for excellence in near-real time, broad area, commercial SAR data for mission critical applications. The RADARSAT series includes RADARSAT-1 (1995), RADARSAT-2 (2007) and the RADARSAT Constellation Mission (2019). CHORUS will be MDA's fourth generation Earth observation mission. About MDA Serving the world from its Canadian home and global offices, MDA (TSX:MDA) is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 2,800 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyper-connected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars. Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG, OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, this morning received a $2.6 million turn-key heat recovery order from a multinational dairy and nutrition company. All figures are shown in CAD. “We are thrilled to partner with this leading dairy producer to maximize the potential of a Combined Heat and Power system already on site,” said William Crossland, Thermal Energy CEO. “This turn-key project will reduce their reliance on natural gas and lower their carbon footprint while saving them money. While we have sold them GEM steam traps in the past, this is our first Turn-Key Heat Recovery Project with this customer.” Environmental Benefits, Fuel Savings and Project Payback
By displacing the demand for natural gas through waste heat recovery, this turn-key project is expected to result in estimated annual savings of $1.2 million on fuel while reducing CO2 emissions by 4,231 tonnes, as well as a 50% - 90% reduction in annual emissions of particulate matter (which are contributors to asthma and other respiratory diseases) and acid gases such as SO2. The project is expected to provide a payback of approximately 2.1 years. The project is expected to be completed and revenue earned within 12 months. About Thermal Energy International Inc. Thermal Energy International provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. Thermal Energy saves its customers money by reducing their fuel use and cutting their carbon emissions. Their proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high ROI with a short, compelling payback. Thermal Energy’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. For more information, visit our investor website at https://investors-thermalenergy.com or company website at www.thermalenergy.com and follow us on Twitter at https://twitter.com/GoThermalEnergy. Source: Thermal Energy International D-BOX Technologies Inc. (“D-BOX” or the "Corporation") (TSX: DBO) a world leader in haptic and immersive entertainment, has entered into amending agreements relating to its loan facilities with the National Bank of Canada (“NBC”), via its Technology and Innovation Banking Group, and the Business Development Bank of Canada (“BDC”), providing for, among other things:
The upsized line of credit will be secured by first-ranking hypothec and security interests on all movable/personal property of the Corporation and its U.S. subsidiary and a guarantee from Export Development Canada. A portion of the available proceeds from upsizing the line of credit was used to fully repay the CAD$1 million term loan with NBC that was scheduled to mature in February 2024 and that had a balance of approximately CAD$870,000. “These favourable amendments are a testament to D-BOX's solid financial performance in the recent quarters and the confidence shown by our valued financial partners,” said David Montpetit, Chief Financial Officer of D-BOX. “A special thank you to the Economic Development Agency of Canada for helping us secure the amendments to our line of credit. The upsizing of our line of credit and the extended maturities on our term loans provide greater flexibility in our treasury management while reducing our financial cost. These changes better position us as we continue to focus on building royalty-based revenue and driving profitable growth.” “Our Group is a staunch ally of companies in the technology and innovation sectors,” said Maxime Page, Director, Technology and Innovation Banking at NBC. “We believe in the growth potential of D-BOX as well as in their business strategy, and are pleased to support them in their future projects.” About D-BOX D-BOX creates and redefines realistic, immersive entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, music, relaxation, virtual reality applications, metaverse experience, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D‑BOX.com. Source: D-BOX Technologies Inc. Repeat business lifts Thermal Energy's order backlog to over $23.3 million, or 110.5% of fiscal 2023 annual revenue Thermal Energy International Inc. (TSXV: TMG) (OTCQB: TMGEF), a provider of innovative energy efficiency and carbon emission reduction solutions to major corporations around the world, has received a $1.9 million turn-key heat recovery order from a global nutrition company. All figures are shown in CAD. "One of the reasons we target large multinational companies is their potential for significant repeat business," said William Crossland, Thermal Energy CEO. "This will be our sixth turn-key project with this customer and our third in the last 12 months. With this latest order, we have done over $8.1 million of business with this multinational company since 2019. Importantly, this customer has clear evidence that our solutions reduce carbon emissions while saving them money on their energy bills. They have many other sites that could benefit from our technologies and there are still significant opportunities for additional energy and carbon emission reduction projects at the sites we've already done business with." Environmental Benefits, Fuel Savings and Project Payback
The turn-key heat recovery project is designed to recover waste energy from a biomass steam boiler exhaust and use the captured energy to reduce overall steam and fuel consumption onsite. The project is expected to reduce natural gas use by the site's steam boilers by 75%, CO2 emissions by 1,587 tonnes annually, and the emission of particulate matter and acid gases such as SO2 by 50% - 90%. The project is expected to result in a payback of approximately 1.2 years. The project is expected to be completed and revenue earned within 12 months. About Thermal Energy International Inc. Thermal Energy International Inc. provides energy efficiency and emissions reduction solutions to Fortune 500 and other large multinational companies. We save our customers money by reducing their fuel use and cutting their carbon emissions. Thermal Energy's proprietary and proven solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations while delivering a high return on investment with a short, compelling payback. Thermal Energy's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG and on the OTCQB under the symbol TMGEF. Source: Thermal Energy International Federal Funding: A Vote of Confidence for the First Operational, Containerized Green Ammonia System in the World. FuelPositive Corporation (TSX.V: NHHH) (OTCQB: NHHHF) (the “Company” or “FuelPositive”) announced that it will receive a funding grant of up to $1.9 million through the Research and Innovation Stream of the Agriculture Clean Technology (ACT) Program, delivered by Agriculture and Agri-Food Canada (AAFC). AAFC has made this significant commitment to FuelPositive’s “Green NH3 Demonstration Phase Project” in support of the commercialization of the FP300 Green Ammonia system. The funding provided through the ACT Program will help the Company gather the information needed to continue to adapt its technology to the commercial needs of farmers. The Green Ammonia Demonstration Phase consists of building and testing three Green Ammonia demonstration systems. Each system represents an improvement to the intellectual property and technological advancement over the previous system, bringing the Company closer to achieving its efficient and sustainable, large-scale production objectives. Ammonia is essential for global food security. Today, approximately 80% of the ammonia produced goes towards the world's fertilizer needs.1 While ammonia is vital to feeding the world’s growing population, the current ammonia industry, which primarily produces grey ammonia, is highly carbon-intensive. As the world strives to achieve global food security utilizing grey ammonia fertilizers, it simultaneously pollutes the environment needed to grow food. This dilemma, in addition to unpredictable pricing and supply uncertainty, has frustrated and confounded farmers and governments alike. Until now, grey ammonia production was exclusively produced with fossil fuels. As a result, for every tonne of grey ammonia produced, 1.8 to 2.7 tonnes of harmful greenhouse gas (GHG) emissions are released into the atmosphere.2 Grey ammonia is then transported, often across continents, oceans, countries and cities, and finally to a distributor, before finding its way to each customer’s location. This current distribution process adds additional cost and substantial GHG emissions to an already carbon-intensive grey ammonia production process. FuelPositive’s decentralized Green Ammonia production takes fossil fuels out of the equation. FuelPositive’s Green Ammonia system consists of a nitrogen generator to produce nitrogen from the air, an electrolyzer to produce hydrogen and oxygen from water and a patent-pending Green Ammonia synthesis converter that operates with sustainable sources of electricity, eliminating the need for fossil fuels. About FuelPositive Corporation FuelPositive is a Canadian technology company committed to providing commercially viable and sustainable, “cradle to cradle” clean technology solutions, including an on-farm/onsite, containerized Green Ammonia (NH3) production system that eliminates carbon emissions from the production of Green Ammonia. Source: FuelPositive Corporation |
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