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Thermal Energy Reports New Revenue and Order Book Highs for Fiscal 2019

9/30/2019

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​OTTAWA, ONTARIO - September 30, 2019 - Thermal Energy International Inc. ("Thermal Energy or the "Company") (TSXV:TMG) (OTC:TMGEF), an innovative cleantech company and global provider of proprietary, energy efficiency and emissions reduction solutions, has announced its financial results for the fiscal year ended May 31, 2019. All figures are in Canadian dollars.

Highlights:
  • Strong fourth quarter as evidenced by record GEM(TM) Steam Trap revenue, $3.5 million gross profit and $1.0 million EBITDAS
  • Robust growth for the year with a 21% increase in revenue (33% CAGR since 2015) and $9.2 million gross profit
  • Year end cash balance of $4.2 million
  • Record $14.0 million order backlog as at May 31, 2019 to begin the new year (41% higher than last year) which has since grown to $18.2 million

"These figures from our latest quarter and fiscal year are a significant marker of the positive impact our strategic growth plan is having on the business." said William Crossland, CEO of Thermal Energy.

"Both revenue and gross profit are at all time highs, up 21% and 11% respectively compared to last year. The final quarter of 2019 also proved to be our most successful to date in terms of GEM(TM) Steam Trap revenue, as well as generating record levels of quarterly gross profit and EBITDAS. All of which is reflective of a successful growth strategy that has contributed to the Company's revenue more than tripling since 2015, equivalent to a compound annual growth rate of 33%."

"We began the new financial year with a record $14.0 million's worth of confirmed orders with revenue yet to be recognized - 41% higher than the previous year. Now, in September, we have already increased our order backlog by another 30% to $18.2 million."

"This growing order backlog is a particularly useful measure of future revenue trajectory. Considering that 70% of last year's order backlog was represented by the single Resolute Forest Products "mega" order (announced December 2017), the Company's ability to not only maintain but actually grow revenue levels beyond the one-time Resolute order showcases the robust nature of our strategy."

"Over the last 24 months we have been investing aggressively in all areas of the business including sales, engineering, operations and marketing. We have also been proactive in expanding our geographical footprint to include key markets such as Germany, Poland, Texas and the US Gulf Coast. Furthermore, in June 2018 we acquired Boilerroom Equipment Inc. (BEI). This acquisition not only added new distribution channels but is also an integral part of our objective to become a single point of contact for all our clients' thermal energy efficiency and heat recovery needs."

"Investing heavily in the future growth of the business over the last two years has added approximately $1.3 million to operating expenses, which has in turn had a short-term impact on profitability. However, this investment strategy is already delivering results, as evidenced by our growing revenue and order backlog with a diverse range of clients, sectors and territories."
"Now, with much of our short to medium term strategic growth initiatives already underway, over the next financial year we'll be seeking to fully optimize the significant investment we have made, maximizing its benefit to further grow revenues, strengthen profit margins and deliver a solid ROI."

For additional details see our Fourth Quarter and Fiscal 2019 Financial Summary presentation here: http://www.thermalenergy.com/presentations.html

Fourth Quarter and Fiscal Year 2019 Financial Review:


The fourth quarter generated the strongest quarterly GEM(TM) stem trap revenue in the Company's history. It was also the second strongest quarter for total revenue since the Company begin, surpassed only by the final quarter of 2018 when more than half of the Company's total revenue for the quarter was represented by the single Resolute 'mega' order.

Yearly revenue was $21.1 million a 21% increase compared to the same period last year. The decrease in gross margin for the full year was the result of a change in product and project mix, the inclusion of the BEI results and lower than anticipated GEM(TM) steam trap revenue for the year. However, the final quarter delivered an increase in gross margin to 58% as a result of strong GEM steam trap revenues.

With the majority of our short to medium term strategic growth initiatives already commenced Operating Expenses 
for the fourth quarter were largely unchanged from the previous year. Operating Expenses for the year totaled $9,439,498. This is compared to $7,732,044 for year prior and is an increase of $ 1,707,454, or 22%. The main increases in Operating Expenses relate to:
  1. Strategic growth-oriented investments in the business to enhance capabilities throughout sales, engineering, operations, marketing and business development
  2. Expanding the business's geographical footprint in Europe and North America
  3. The inclusion of Boilerroom Equipment Inc. ("BEI") operating expenses into consolidated results
  4. Additional depreciation, amortization and other non-cash charges in part due to the acquisition of BEI

Business Outlook and Order Backlog Summary


The Company ended the year with an order backlog of $14.0 compared to $9.9 million last year. This means Thermal Energy is starting the new fiscal year 2020 with an order backlog 41% better than last year. By September 30, 2019, the order backlog had increased to a record $18.2 million compared to only $12.7 million at the same time last year.


The Company defines its order book as the value of projects for which purchase orders have been received, but have not yet been fully reflected as revenue in the Company's published quarterly financial statements. These include:

  • Four separate heat recovery projects within the food and beverage industry, the value of which totals over $7.7 million, announced between December 2018 and August 2019
  • A $2.3 million order to improve energy efficiency for a leading multinational animal nutrition and agricultural products company, announced March 2019
  • A $1.8 million order to implement an extensive HeatSponge heat recovery project for a US dairy group, announced March 2019
  • A $1.3 million order to implement a water recovery system as part of an ongoing sustainability drive for a leading Fortune 500 food and beverage company, announced October 2018
  • A $960,000 order to design and implement a company-wide resource productivity and sustainability initiative for a leading speciality chemicals producer, announced November 19, 2018
  • A $850,000 order to supply a heat recovery system to a top 10 global tissue company, announced April 1, 2019

In addition to these announced commissions, the Company also received a number of GEM(TM) trap orders. These include two from a leading Petrochemical company totalling $251,000 and one from a textile and fabric mill of over 200 traps with a value of over $176,400.


Full financial results including Management's Discussion and Analysis and accompanying notes to the financial statements have been filed and made available on www.SEDAR.com and www.thermalenergy.com/financial-reports.html.
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PyroGenesis Announces Boards Restructuring; Cancels Previously Announced Special Meeting of Shareholders

9/30/2019

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The post PyroGenesis Announces Board’s Restructuring; Cancels Previously Announced Special Meeting of Shareholders appeared first on PyroGenesis Canada Inc..



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PyroGenesis Announces Board Restructuring; Cancels Previously Announced Special Meeting of Shareholders

9/30/2019

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The post PyroGenesis Announces Board Restructuring; Cancels Previously Announced Special Meeting of Shareholders appeared first on PyroGenesis Canada Inc..



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PyroGenesis Announces Special Meeting of Shareholders to Increase the Number of Directors and Elect New Board

9/24/2019

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Legend Power to Present at the MicroCap Leadership Summit in Chicago

9/19/2019

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Vancouver, Canada, September 19, 2019 – Legend Power® Systems Inc. (TSXV: LPS), a global leader in onsite power management technology, today announced that CEO Randy Buchamer will host a day of investor meetings at the fourth annual MicroCap Leadership Summit, hosted by MicroCapClub, on Friday, September 27, 2019, at the Westin Chicago Northwest Hotel in Itasca, Illinois.

“With Legend Power’s expansion into the U.S. market gaining traction, we want to accelerate our communications with U.S. investors who are focused on microcap technology stocks,” said Mr.Buchamer. “We recently announced a $535,000 follow-on order from a North American property owner, and our pipeline is robust. So, I’m excited to attend my first MicroCap Leadership Summit to not only update current shareholders about our U.S. growth plans but also to detail our investment opportunity to new investors.”

The Legend Power presentation will be made by CEO Randy Buchamer. The MicroCap Leadership Summit utilizes a small group format whereby the company will present to approximately 50 retail and institutional microcap investors throughout the day. The Company’s investor presentation will be accessible on the “Invest” page of the Legend Power website, located at https://legendpower.com/invest/

For more information about the MicroCap Leadership Summit, please visit http://microcapclub.com/summit/

About MicroCapClub
MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $300m market cap) trading on United States, Canadian, European, and Australian equity marketplaces. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community, produce Educational content for investors, and promote better Leadership in the microcap arena. For more information, visit http://microcapclub.com

About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ enables dynamic power management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.

For further information, please contact:

Steve Vanry, CFO
+ 1 604 671 9522
svanry@legendpower.com

Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

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PyroGenesis Successfully Completes 900-kW Plasma Torch Factory Acceptance Testing; Receives Payments Totaling $936000; Torch Shipped to Sweden

9/18/2019

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The post PyroGenesis Successfully Completes 900-kW Plasma Torch Factory Acceptance Testing; Receives Payments Totaling $936,000; Torch Shipped to Sweden appeared first on PyroGenesis Canada Inc..



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Legend Power Closes $535000 Follow-on Order to North American Property Manager

9/17/2019

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Multi-Family and Commercial Real Estate Leader’s Third Multi-Unit Order

Vancouver, Canada, September 17, 2019 – Legend Power Systems Inc. (LPS:TSXV), a global leader in onsite energy management technology, announces a follow-on order for six additional SmartGATE™ systems by a multi-family and commercial real estate investment company, totalling C$537,168. This order brings to 12, the number of its 439 multi-family buildings that the customer has outfitted with Legend’s energy-management solution.

The customer is an investor in, and active manager of, properties in the U.S. and Canada. Its $7 billion portfolio of multi-family properties includes over 439 buildings totaling approximately 36,000 units. They also have a commercial property portfolio of over 55 buildings containing approximately 6.2 million square feet of floor space. Legend estimates the total potential market for its products in the North American multi-family rental buildings vertical at US$750 million1.

”This follow-on order is a testament to the broad value that SmartGATE™ creates for owners of multifamily properties in North America,” said Legend’s CEO Randy Buchamer. “The SmartGATE™ platform is making buildings better from the minute power enters the customer property. It analyzes and improves power quality before it’s utilized throughout the customer’s buildings, increasing the uptime and lifetime of systems, while increasing energy efficiencies, and making their properties more environmentally sustainable. Multi-unit sales are common across all our verticals with 74% of all SmartGATE’s sold to date being multiple sales of between 2 and 18 units to individual customers. The breadth of benefits is driving increasing interest and demand for the product, and our sales funnel has never been stronger in both Canada and in U.S. markets we have entered.”

Ontario Offers SmartGATE Landlord Incentives

Ontario multi-family building owners that invest in SmartGATE’s may apply to increase rents under the Province of Ontario Landlord and Tenant Board’s, Rent Increase Guideline Program. The program encourages Landlord’s investment in capital projects, including those considered as promoting energy conservation such as Legend’s energy efficiency technology.

For more information about our technology or to request an assessment of how much energy Legend Power can save in your building, please visit us on the web at: http://legendpower.com/products/.

1 Source: U.S. Department of Housing and Urban Development and U.S. Census Bureau, Rental Housing Finance Survey; Rental apartment properties containing over 50 units at average revenue of C$60k per apartment.

About Legend Power® Systems Inc.
Legend Power® Systems Inc. (www.legendpower.com) is a global leader in onsite energy management technology. We help buildings overcome grid volatility challenges common to utilities around the world. Legend’s industry-proven SmartGATE™ enables dynamic power management of an entire building. The proprietary and patented system reduces total energy consumption and power costs, while also maximizing the life of electrical equipment. Legend’s unique solution is also a key contributor to both corporate sustainability efforts and the meeting of utility energy efficiency targets.

For further information, please contact:

Steve Vanry, CFO
+ 1 604 671 9522
svanry@legendpower.com

Sean Peasgood, Investor Relations
+ 1 647 503 1054
sean@sophiccapital.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.

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Hydrogenics Corporation Completes Sale Transaction With Cummins Inc.

9/9/2019

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MISSISSAUGA, Ontario, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ: HYGS; TSX: HYG) (the “Company”) is pleased to announce that it completed today the previously-announced plan of arrangement pursuant to which Atlantis Acquisitionco Canada Corporation (the “Purchaser”), a subsidiary of Cummins Inc. (“Cummins”) acquired all of the outstanding common shares of the Company (the “Shares”) by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the “Transaction”).



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Hydrogenics Corporation Receives Court Approval for Proposed Transaction With Cummins Inc.

9/3/2019

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MISSISSAUGA, Ontario, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Hydrogenics Corporation  (NASDAQ: HYGS; TSX: HYG) (the “Company” or “Hydrogenics”) announced today that it has obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the previously-announced plan of arrangement pursuant to which Atlantis AcquisitionCo Canada Corporation (the “Purchaser”), a subsidiary of Cummins Inc., will, among other things, acquire all of the outstanding common shares of the Company (the “Shares”) other than the Shares owned by The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide S.A., for US$15.00 in cash per Share (the “Transaction”). The Hydrogen Company has agreed to contribute its Shares for common shares of the Purchaser on a one for one basis, pursuant to the Transaction in lieu of receiving the cash consideration from the Purchaser for its Shares. Receipt of the final order follows the Company’s special meeting of shareholders held on August 29, 2019.



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MD&A-Q2-2019

9/3/2019

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The post MD&A-Q2-2019 appeared first on PyroGenesis Canada Inc..



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