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March 2024 Quarter (“Quarter”) Operations Report
Clean Hydrogen Technologies
On 2 August 2022 BPH announced that, following its shareholders’ meeting on 21 June 2022 at which shareholders voted unanimously to approve an investment in hydrogen technology company Clean Hydrogen Technologies Corporation (“Clean Hydrogen” or “Vendor” or “Borrower”), BPH and its investee Advent Energy Ltd (“Advent” or “Lender”), together the “Purchasers”, settled for the acquisition of a 10% interest in Clean Hydrogen for US$1,000,000 (“Cash Consideration”) (8% BPH and 2 % Advent).
The Purchasers had a first right of refusal to invest further in Clean Hydrogen to a maximum of a further US$1,000,000 for an additional 10% interest. The Purchasers loaned a further US$950,000 (“Additional Cash Consideration”) under this agreement and the Purchasers and Clean Hydrogen will execute a Loan Conversion Agreement which will enable the conversion of the US$950,000 loan into the relevant Subscription Shares Tranche 2, representing the Purchasers further 9.5% interest in Clean Hydrogen. BPH now has an interest of 15.6% and Advent has an interest of 3.9% interest in Clean Hydrogen. Clean Hydrogen have issued 760 share options to BPH and 190 share options to Advent, with an exercise price of USD$3,000 each, exercisable immediately, with the option to convert into shares in Clean Hydrogen expiring ten years from the date of issue. During the Quarter BPH exercised 42 of these options by paying Clean Hydrogen a total exercise price of US$126,000.
The parties acknowledge and agree that the Cash Consideration and Additional Cash Consideration shall be used by Clean Hydrogen to design, build, produce and test a reactor that can produce a minimum of 3.2kgs and as high as 15kgs of hydrogen per hour and to submit at least 2 new patents in an agreed geography, relevant to the production of hydrogen from proprietary technology.
On 22 February 2024 BPH announced that Clean Hydrogen had moved from proof of concept to production.
Clean Hydrogen cracks hydrocarbons from natural gas using a process called thermo-catalytic pyrolysis which combines heat, a catalyst and has no oxygen. Clean Hydrogen’s feedstock is natural gases hydro-carbons. Importantly there are no CO2 emissions from the core process since the carbon becomes a solid carbon composite product, thus rendering natural gas a clean (no CO2 emissions) source of two products, turquoise hydrogen and solid carbon composite.
Turquoise Hydrogen is the industry term used for hydrogen sourced from natural gases hydrocarbons using thermo-catalytic pyrolysis. Since there are no CO2 emissions the carbon becomes solid in the form of a fine black dust type material which in Clean Hydrogen’s case is a carbon composite made from CNTs (Carbon Nanotubes) and Alumina (ceramics). Carbon Nanotubes have unusual mechanical properties to reinforce their Alumina composite, acting as a toughening agent. CNTs have a tensile strength greater than steel, conductivity greater than copper and thermal dissipation greater than diamonds. They also resist corrosion and fatigue (ref: https://www.assemblymag.com/articles/93180-can-carbon-nanotubes-replace-copper).
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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BPH Energy
Overview
Australia is on the verge of an energy crisis. Inaction by the Australian government on gas and energy security has resulted in a gas market that is very nearly running on empty, with extreme price hikes and the possibility of significant losses in employment and capital. Against the backdrop of a global clean energy transition, natural gas represents a critical fuel for this transition. The switch to renewable energy cannot occur overnight, and natural gas offers an avenue for a gradual transition.
Natural gas represents a low-carbon, low-emission alternative to traditional energy sources, and could even be leveraged for sustainable energy.
BPH Energy (ASX:BPH) intends to do precisely that. An investment company headquartered in Western Australia, BPH has already invested in two highly promising businesses in the energy sector. The first, Advent Energy, is an unlisted oil and gas exploration and production company.The second, Clean Hydrogen Technologies, has developed a CO2-free method of processing gas into hydrogen and conductive carbon.
BPH has a diversified portfolio with an investment in medical technology company Cortical Dynamics, providing yet another avenue for potential growth.
In February 2024, BPH Energy raised a further AU$2.25 million to execute its next phase of hydrocarbon and Cortical Dynamics funding.
Company Highlights
- BPH Energy is an ASX-listed investment company based in Western Australia.
- The company recently completed a $1.9 million placement to fund further investment in Hydrogen, PEP11 and its carbon gas storage strategy.
- BPH holds a 36.1 percent interest in Advent Energy Limited, and with Advent a 19.5 percent interest in Clean Hydrogen Technologies, and a 17 percent interest in Cortical Dynamics.
- Clean Hydrogen Technology is in the process of upscaling into a much larger commercial operation.
- Cortical Dynamics has the potential to expand its technology not just into the EU marketplace, but globally thanks to a licence and cooperation agreement with Philips.
- The global hydrogen market is projected to grow from less than US$100 billion in 2021 to over US$200 billion by 2030. Demand is projected to reach up to 73 million metric tons by 2050.
- The Australian Corporation and Consumer Commission has warned that developed gas reserves in eastern and southeastern Australia may be unable to meet demand by the end of 2025.
- Due to the predicted gas supply shortfall, Advent Energy's PEP11 asset has generated significant interest among investors and displays the potential for a significant uplift in value.
- PEP11 also has the potential to fill the gap represented by the impending gas shortage.
- BPH Energy's investee company Cortical Dynamics has secured FDA 510(k) clearance in the USA for its flagship technology, the Brain Anaesthesia Response Monitor or BARM™ system version 1.
Key Investments
Advent Energy
An unlisted oil and gas exploration company based in Western Australia, Advent maintains two major assets. The offshore Petroleum Export Permit 11 (PEP11) represents its most compelling asset. Jointly owned by Advent subsidiary Asset Energy (85 percent) and Bounty Oil & Gas NL,(15 percent) the exploration area covers 4,649 square kilometers.
PEP11's estimated prospective recoverable gas resources is 5.7 trillion cubic feet. With this resource alone, BPH and Advent could potentially fulfill the energy needs of most of Victoria and New South Wales for the next several decades. Advent is in the process of applying to the National Offshore Petroleum Titles Administrator (NOPTA) to enable drilling, and recently succeeded in a Federal Court Appeal.
Advent also holds Retention Lease 1, an onshore permit in the Bonaparte Basin.
Highlights:
- Well-positioned Assets: PEP11 is situated less than 50 kilometers from the Sydney-Newcastle greater metropolitan area. In addition to this:
- The Sydney Basin is a proven hydrocarbon basin with excellent potential for further discovery of natural gas.
- It represents the closest potential carbon storage (geosequestration) area to NSW carbon sources which collectively represent 30 percent of Australia's total CO2 output.
- PEP11 may also have potential as a CCS (geosequestration) project in the Sydney Basin.
- Majority Ownership: Asset Energy holds an 85 percent stake in PEP11.
- A Proven Petroleum Basin: Ongoing hydrocarbon seeps have been confirmed in PEP11 along with geophysical indications of escaping gas. The asset's prospectivity is supported by the seismically-indicated gas features historically observed by Advent and a 2011 geochemical report.
Clean Hydrogen Technologies
Based in the United States, Clean Hydrogen Technologies (CHT) leverages its unique catalysts alongside a bespoke engineering process to generate clean hydrogen and conductive carbon from natural gas. The technology uses a process called thermo-catalytic pyrolysis, which combines heat, and a catalyst and has no oxygen. Importantly the process produces no CO2 emission. CHT is currently in the process of commercialization, announcing in February 2024 that it has moved from proof-of-concept to production.
Highlights:
- Patents: Clean Hydrogen has filed two comprehensive patents in the United States with plans to file additional patents in the coming months.
- US-focused and Funding Potential: Clean Hydrogen plans to operate primarily in the United States, allowing it to leverage the federal government's $9.5-billion hydrogen industry investment and $1.2-trillion infrastructure investment and Jobs Act.
- High Investment Potential: BPH Energy with Advent has a 19.5-percent stake in Clean Hydrogen.These investments have the capacity to substantially increase in value with the burgeoning hydrogen market.
Medical Technology Investment
Cortical Dynamics
Cortical Dynamics is an Australian neurotechnology developer and medical device manufacturer focused on developing the next generation brain function monitors by employing the latest theories and technologies in the field.
Headquartered in Perth, Western Australia, Cortical Dynamics is focused on commercializing its core product, the Brain Anaesthesia Response Monitor System (BARM), which was developed with the objective of better detecting the effect of anesthetic and analgesic agents on human brain activity. BARM aids anesthetists in keeping patients optimally anesthetized and pain-free during operations using general anesthesia.
BARM was specifically developed to solve several problems associated with anesthetic and analgesic delivery in the operating theater and negative post-operative consequences. Its proprietary algorithms are based on innovative developments in understanding how the brain's rhythmic electrical activity or EEG is produced.
Highlights:
- Physiology-based algorithm: Unlike other monitors, BARM’s algorithms are based on the individual patient’s physiological processes that produce electrical activity in the brain, providing more interpretable and personalized monitoring of their response to anesthetic agents.
- Global patents: Cortical has an extensive and growing global patent portfolio, and has secured FDA 510(k) clearance in the USA for its flagship technology, the Brain Anaesthesia Response Monitor or BARM™ system version 1.
- Regulatory Approvals: BARM version 1 is approved by regulatory bodies in Australia, the European Union and Korea. However, Cortical will be commercializing version 2, which is an enhancement of version 1 made possible through a technical partnership with the Austrian Institute of Technology in Vienna.
- Business Model: Cortical intends to sell BARM V2 devices with associated recurring sales of the disposable single-use head sensors to hospitals or day surgeries, internationally.
BARM Sensors
- World-class Team: A team of experienced researchers, biomedical engineers and corporate financiers make up Cortical Dynamics, with a global network of key opinion leaders and clinicians advising the company on the development of the BARM technology based on real challenges they face in the operating room.
- Philips Partnership: Cortical Dynamics has a non-exclusive license and cooperation partnership with global medical industry player Philips Electronics North America to interface the BARM system with Philips’ operating theater monitors.
- Artificial Intelligence App: Partially funded through a grant, the Cordyan is an AI-based app that has been developed to help clinicians, researchers and hospitals better understand the implications of using anesthetic agents on humans.
Management Team
David Breeze — Managing Director and Executive Chairman
David Breeze is a corporate finance specialist with extensive experience in the stock broking industry and capital markets. He has been a corporate consultant to Daiwa Securities, manager of corporate services for Eyres Reed McIntosh, and state manager and associate director for the stock broking firm BNZ Norths. Breeze is a fellow of the Institute of Company Directors of Australia. He has published in the Journal of Securities Institute of Australia and has also acted as independent expert under the Corporations Act. He has worked on the structuring, capital raising and public listing of more than 70 companies involving more than $300 million, covering a range of areas including oil and gas, gold, food, manufacturing and technology. Breeze is chairman of Grandbridge Limited, a public investment and advisory company and MEC Resources, a public company investing in exploration companies that target potentially large energy and mineral resources. He is also chairman of Advent Energy.
Tony Huston
Tony Huston has been involved for over 35 years in engineering and hydrocarbon industries for both on and offshore exploration/development. His early career experience commenced with Fitzroy Engineering, primarily working on the development of onshore oil fields. In 1996, Huston formed his own E&P company on re-entry of onshore wells primarily targeting shallow pay that had been passed or ignored from previous operations. This was successful and the two plays opened up 15 years ago and are still in operation. His focus over the last 10 years has been to utilize new technology for enhanced resource recovery, which has been demonstrated in various fields, including US, Mexico, Oman, Italy and Turkmenistan.
Charles Maling
Charles Maling was formerly the communications officer for the Office of the Western Australian State Government Environmental Protection Authority, advising the chairman of the EPA on media issues. Maling has worked with the Western Australian State Government Department of the Environment for 14 years and a further eight years for the EPA. His administrative roles included environmental research (including a major study on Perth Metropolitan coastal waters and Western Australian estuaries) environmental regulation and enforcement, and media management.
Dr Sunil Nagaraj - Chief Scientist (Cortical Dynamics)
Dr. Sunil Belur Nagaraj obtained his master’s degree from the University of Victoria in Canada in 2010; and doctoral degree from University College Cork, Ireland in 2015. His doctoral research centered around the development of AI-based real-time brain monitoring, utilising EEG recordings to monitor brain activity. After a role as a postdoctoral fellow at the Harvard Medical School/Massachusetts General Hospital in the USA. Nagaraj assumed the position of an assistant professor of medicine at the University Medical Centre Groningen in The Netherlands for two years. Concurrently, he dedicated three years to working as a scientist at Royal Philips, where he specialised in sleep disorders at the Innovation Forum, highlighting its potential to provide future insights into heart-brain connectivity.
Throughout his career, Nagaraj has demonstrated exceptional research acumen, with a patent and 21 high-impact journal articles to his name, amassing over 650 pioneering research papers and has been recognised through several national and international grants, enabling him to conduct cutting-edge studies that contribute significantly to the advancement of medical technology.
Crescent Point to Acquire SilverBow in US$2.1 Billion Oil and Gas Deal
Crescent Point Energy (TSX:CPG,NYSE:CPG) is set to acquire SilverBow Resources (NYSE:SBOW) in a deal valued at US$2.1 billion, positioning Crescent as the second largest operator in the Eagle Ford shale.
Under a definitive agreement announced on Thursday (May 16), SilverBow shareholders will receive 3.125 shares of Crescent Class A common stock for each share of SilverBow common stock they own, with an option to receive cash at a value of US$38 per share, subject to a cash consideration cap of US$400 million.
John Goff, chairman of the board at Crescent, said the deal will place the business in a more favorable position.
“This is a compelling transaction for shareholders of both companies, creating a premier growth through acquisition platform," he explained. “As Chairman and a major long-term shareholder, it has been exciting to watch this business execute on the strategy management laid out from the very beginning. This combination further positions Crescent as a leading growth business, and we look forward to welcoming the SilverBow team as we continue to build this company."
The move aligns with Crescent's long-term strategy of growth through acquisition, focusing on deriving a balanced portfolio of high-quality and long-life assets leading to augmented cash flow. The merger is expected to yield annual synergies of US$65 million to US$100 million through cost savings and operational efficiencies.
According to the company, these efficiencies will stem from immediate cost-of-capital savings and enhanced operating capabilities due to the complementary nature of the companies' assets.
This acquisition follows the announcement that Crescent will be selling particular non-core assets in Saskatchewan to Saturn Oil & Gas (TSX:SOIL,OTCQX:OILSF) for C$600 million. During the first quarter of the year, Crescent Point also sold its Swan Hills and Turner Valley assets for C$140 million.
The SilverBow purchase is designed to create a leading mid-cap exploration and production (E&P) company that is well positioned for sustainable value creation with the stability characteristic of larger operators.
Post-merger, Crescent’s board will expand to 11 members, incorporating two SilverBow directors. Crescent will remain headquartered in Houston, with Goff being non-executive chairman and David Rockecharlie continuing as CEO.
The acquisition is part of a broader trend of heightened M&A activity in the oil and gas industry.
In 2023, E&P companies increased their spending on mergers and acquisitions to US$234 billion, the highest in real 2023 dollars since 2012. This surge marks a return to the previous trend of consolidation among US oil and gas companies, following a decline in transactions during the significant oil market volatility of 2020 and 2022.
The M&A spending encompasses both corporate mergers and asset acquisitions. Notably, corporate M&A accounted for 82 percent of the total spending, driven by high-profile deals such as ExxonMobil’s (NYSE:XOM) acquisition of Pioneer Natural Resources for US$64.5 billion and Chevron’s (NYSE:CVX) US$60 billion acquisition of Hess.
According to the US Energy Information Administration, these deals are the largest by value since Occidental Petroleum’s (NYSE:OXY) US$55 billion acquisition of Anadarko Petroleum in 2019.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Source Rock Royalties Declares Monthly Dividend
Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on June 14, 2024 to shareholders of record on May 31, 2024.
This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalties in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
Neither the 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 of this release.
Click here to connect with Source Rock Royalties (TSXV:SRR) to receive an Investor Presentation
QEC Presentation - Project Grandis
Gas - Macro Overview
The desired energy transition is very hard
- A wide variety of challenges – physical, economic and political – to the desired energy transition
- Increasingly being recognised by various (but not all) parties
- Gas is not optional – demand will in fact grow
LNG demand forecast to rise
- Multiple industry and Government parties forecast growing LNG demand
- Asian demand particularly strong
- Australian security of supply increasingly valued
East Coast Australia gas supply crisis
- The long recognised supply crunch is nearly upon us
- Govt now recognising depth of supply problems
- Current prices of >A$12 expected to be a long term floor
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BPH Energy Ltd Raises $1 Million to Accelerate Funding of Hydrocarbon and Cortical Investments
BPH Energy Limited (ASX: BPH) (“BPH” or “Company”) is pleased to announce that it has received binding commitments to raise $1 million (before costs) (“Placement”). The Placement will comprise the issue of 50,000,000 new fully paid ordinary shares (“Placement Shares”) in the Company at an issue price of $0.02 per share.
HIGHLIGHTS
- Binding commitments received to raise $1 million through a Placement at $0.02 per share
- New sophisticated investors including high net worth, family office and dedicated resource funds confirmed as participants
- Placement participants will receive one (1) Attaching Option (BPHOB) for every two (2) New Shares subscribed for under the Placement, exercisable at $0.03 per share, expiring 30 September 2024.
- BPH funded to execute its next phase of hydrocarbon and Cortical Dynamics funding
Oakley Capital Partners Pty Limited (“Oakley Capital”) and 62 Capital Limited (“62 Capital” acted as Joint Lead Managers for the Placement. Oakley Capital and 62 Capital will be paid a cash fee of 5% on funds raised under the Placement and 12,000,000 BHPOB Broker Options (“Broker Options”) exercisable at $0.03 each with an expiry date of 30 September 2024 pro-rata to their participation in the Placement.
The Placement (including the free Attaching Options and Broker Options) will be undertaken pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 and ASX Listing Rule 7.1A.
Commenting on the capital raising, Executive Director Mr David Breeze said:
“We were pleased with the strong support in the Placement and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.
The funding allows BPH to accelerate the exploration programs to unlock the potential on our gas projects especially with the current gas supply crisis as well as assist the next phase of associate Cortical Dynamic Limited’s expansion.
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BPH Energy Ltd (ASX: BPH) – Trading Halt
Description
The securities of BPH Energy Ltd (‘BPH’) will be placed in trading halt at the request of BPH, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 14 May 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Crescent Point Deal and TMX Completion Fuel Activity in Canadian Oil Market
Crescent Point Energy (TSX:CPG,NYSE:CPG) has struck a deal with Saturn Oil & Gas (TSX:SOIL,OTCQX:OILSF) to divest certain non-core assets in Saskatchewan as part of its long-term sustainability plan.
“This transaction allows us to realize value for these non-core assets which had limited impact in the Company’s future plans while continuing to focus on our priorities of operational execution, optimizing our balance sheet and increasing our return of capital,” said Craig Bryksa, president and CEO of Crescent Point, in a company press release.
The strategic move involves the sale of assets, including Flat Lake and Battrum, for cash consideration of C$600 million.
The assets being divested are projected to contribute 13,500 barrels of oil equivalent per day (boe/d) over the next year, predominantly in oil and liquids. This divestment is part of Crescent Point's broader goal of streamlining its operations and focusing on core assets, as evidenced by the recent closure of other non-core asset sales.
During Q1, Crescent Point sold its Swan Hills and Turner Valley assets for C$140 million.
On the back of this news, the company has revised its 2024 average production guidance to a range of 191,000 to 199,000 boe/d, reflecting a reduction of 7,000 boe/d compared to its prior guidance range midpoint.
Crescent Point said proceeds from the non-core dispositions will be used to reduce its outstanding debt.
Since 2021, Crescent Point has been actively engaged in major acquisitions, particularly in the Montney and Kaybob Duvernay oil and gas regions of Northwest Alberta.
The financing for Saturn's acquisition includes a US$625 million committed debt financing from Goldman Sachs (NYSE:GS), alongside a C$150 million reserves-based loan arranged by National Bank of Canada. A C$100 million bought-deal equity financing further supports the transaction, with gross proceeds directed to fund the acquisition.
"The acquired assets are a perfect fit with Saturn’s existing Saskatchewan operations and offer meaningful synergies,” said Saturn CEO John Jeffrey on Monday (May 6). “The Acquisition is highly accretive for our shareholders and consistent with our strategy of acquiring quality assets where we can apply our strategic operating approach to enhance margins, grow Adjusted EBITDA, and increase Free Funds Flow."
Commenting on the deal, BMO analyst Jeremy McCrea emphasized the importance of identifying critical junctures in oil and gas investing, noting that when it comes to exploration and production companies this can involve new ventures or enhanced field economics, which can "ultimately result in a multiple expansion."
"As Crescent Point effectively completes its transformation with its asset sale for C$600-million (slightly more than our expectations given AROs/3rd quartile inventory), its improved balance sheet and ROC metrics for the years ahead may make CPG a ‘premium name’. In time, a premium multiple should reflect this," he said.
Shares of the company rose following the news, reaching C$12.18 early on Tuesday (May 7), before pulling back slightly.
Trans Mountain pipeline opens after a decade of delays
Canada's oil and gas industry has been in the spotlight since the start of the month, when the Trans Mountain pipeline expansion (TMX) went into commercial service after 12 years of delays.
The 1,150 kilometer pipeline, which is operated by the federal government's Trans Mountain Corporation, is linked to an existing pipeline that was constructed in 1953 and provides a connection between Alberta and BC. Collectively, the twin pipelines are anticipated to transport approximately 890,000 barrels of oil per day to the west coast.
Project delays stemmed from legal challenges due to inadequate Indigenous consultation and environmental impact assessments, and were exacerbated by natural disasters, such as flooding in BC in 2012 and COVID-19.
Ian Anderson, the now-retired CEO of Trans Mountain and the person who oversaw most of the project’s construction, said that what comes next will be crucial for the pipeline’s future. “The question will be how quickly do they want to sell it? And what kind of process do they want to run to sell it?” he told the National Post.
TMX cost over US$25 billion to build, and Canada's Liberal government was forced to buy it in 2018. As the country looks to sell the operation, experts have doubts about whether it will be able to recoup its costs.
As the government goes through its options, Ottawa plans to start collecting tolls on the barrels passing through TMX daily, estimated at C$11.46 per barrel, potentially totaling nearly C$4 billion annually.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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