Cleantech

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG") is pleased to announce that, further to its news release dated August 15, 2022, GMG has completed the acquisition of the manufacturing intellectual property and brand rights of OzKem Pty Ltd.'s ("OzKem") THERMAL-XR® coating products. OzKem developed the THERMAL-XR® coating system products using GMG graphene together with OzKem's base HVAC (Heating Venting and Air Conditioning) coating. GMG is an international distributor of THERMAL-XR® products with a number of global commercial demonstrations underway or initial sales completed. GMG now owns the THERMAL-XR® brand, will buy the base coatings product from OzKem, and will manufacture the THERMAL-XR® products containing GMG graphene.

As described in GMG's August 15, 2022, news release, GMG paid OzKem an initial AU$1 million cash and issued 125,207 ordinary shares of GMG ("Shares") to OzKem upon the receipt of certain deliverables and equipment from OzKem on September 8, 2022 and 22 September respectively GMG will issue an additional 125,206 Shares (the "Additional Shares") to OzKem, conditional on a successful commercial batch blend of the THERMAL XR® product being completed by GMG.

RSU Grants

The Company is also pleased to announce that following a number of recent key recruitments and completion of an external remuneration review, its Board of Directors has approved the grant of an aggregate of 179,694 restricted share units ("RSUs") to certain officers and directors of the Company pursuant to its restricted share unit and performance share unit plan. The RSUs will vest in accordance with the following schedules. This decision is in line with last year's Annual General Meeting resolution supporting the introduction of a restricted share units ("RSUs") scheme.

 Number of RSUsVesting Terms 
  
 73,957 RSUs36,979 on July 25, 2023
36,978 on July 25, 2024
 
      
 179,694 RSUs59,898 on September 20, 2023
59,898 on September 20, 2024
59,898 on September 20, 2025
 

 

When vested, each RSU entitles the holder thereof to receive one Share or the equivalent cash value thereof.

About OzKem Pty Ltd

OzKem is a world leading coating technology company focused on the protection of heat exchange coils. OzKem formulates, develops and supplies world leading coating technology for the protection and maintenance of heat exchange coils. OzKem's main goal is to provide long term corrosion and biofouling protection which will deliver long term energy efficiency. The corner stone of the OzKem business philosophy is technical support. Helping customers not only with their specific issues related to corrosion protection but also more broadly with heat exchange manufacturing processes and system efficiency.

About GMG

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e., methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries").

For further information, please contact:

  • Craig Nicol, Chief Executive Officer and Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
  • Leo Karabelas at Focus Communications, info@fcir.ca , +1 647 689 6041

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the impact, effects and capabilities of GMG and its products; the issuance of the Additional Shares; GMG's plans and business strategies; and the successful completion of a commercial batch blend of the THERMAL XR® product by GMG.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks: relating to changes to regional and global market trends; that the Company will be unable to develop and produce certain products and technologies; that commercial progress, technical characteristics and benefits of the Company's products will not be consistent with management's expectations; and that GMG will not be able to successfully complete a batch blend of the THERMAL XR® products In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions relating to the Company's ability to complete a successful commercial batch of THERMAL XR®; the Company's ability to research, develop and test its products, including THERMAL XR®, within anticipated timelines; and market demand for the Company's products.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138656

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NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES

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REGISTER NOW AT : https://bit.ly/3H26Z7H

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Nanalysis Reports Third Quarter 2022 Results

Nanalysis Scientific Corp. ("the Company") (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1), a leader in portable NMR machines and MRI technology for healthcare and industrial applications, releases its second quarter results ending September 30, 2022. Chief Executive Officer, Sean Krakiwsky and Interim Chief Financial Officer, Randall McRae will host a conference call at 5 P.M. Eastern Time today to discuss the results. A second call will be held for European investors at 8:30am ET on Wednesday, November 30 th . All interested parties are invited to join these calls.

Nanalysis Scientific Corp. (CNW Group/Nanalysis Scientific Corp.)

"I am pleased to report we have returned to our strong growth trajectory in the third quarter," said Sean Krakiwsky, Founder and CEO of Nanalysis. "We continue to focus on growing all segments of our organization and executing on our operational strategy. In the third quarter we laid significant groundwork on our previously announced multi-year airport security contract with the Canadian Air Transportation Security Authority and have now begun operations on that project in the fourth quarter. We believe we have also resolved the issues that slowed our growth in our benchtop NMR sales organization in the second quarter, returning to strong benchtop NMR sales figures. We expect to see continued strength in our business in the fourth quarter, which has historically been a strong quarter for our business."

Financial highlights (unaudited) for the three months ended September 30, 2022:

  • For the three months ended September 30, 2022 , the Company reported consolidated revenue of $6,878K , an increase of $3,542K or 106% from the comparative period in 2021. This includes $6,145K in product sales and $733K of service revenue related to airport security services.
  • Gross margin on total sales was 43% for the three months ended September 30, 2022 . This was the result of increased training costs of personnel for the CATSA airport security project, increased personnel and training in Nanalysis' manufacturing group to increase manufacturing capacity, an increase in costs due to worldwide supply chain constraints and inflation, as well as a specific medical imaging project in our RS2D subsidiary that had lower than normal gross margins. Management expects margins to improve as continued investments in manufacturing improvements continue, sales levels increase, and the CATSA airport security project continues to phase-in to full capacity.
  • (Loss) Income before other items for the three months ended September 30, 2022, was $( 618K ) versus $12K compared to the same period last year.
  • Net loss for the three months ended was $(2,599K), as compared to the three-month loss for September 30, 2021, of $(857K).
  • The Company had cash on hand of $7,925K, an undrawn credit facility of $6,734K, working capital of $9,658K and an undrawn government contribution funding of $4,985K as of September 30, 2022.

Recent strategic and operational highlights during and subsequent to the second quarter of 2022 include:

  • Funding received from Prairies Economic Development Canada: Subsequent to September 30, 2022 , the Company received its first $1.5 million in funding from the Business Scale-up Program. This program will provide Nanalysis up to $4,985K of funding in the form of an unsecured interest free loan. The program is designed to help fast growing tech firms scale-up and enter new markets.
  • Consolidation of credit facility: On November 18, 2022 , the Company closed a credit line with a major Canadian bank, consolidating its existing operating facilities into a $9 million operating line.  The line bears interest at a rate of prime plus 0.65% and will allow the Company to execute on its growth and expansion plans.
  • Security Service : In November 2022 , the Company began providing services under the CATSA airport security contract and continues to execute successfully on its phase-in plan for the entire project.
  • Manufacturing : In addition to Nanalysis investing in a state of the art five axis machining centre and wire electrical discharge machine in the second quarter of 2022, Nanalysis has also invested in growing out the manufacturing team allowing the Company to meet expected growth in demand as it heads into 2023.
  • Quad Systems : The company has seen continued development with Quad System's full high-field NMR product. Module sales have continued to increase in the third quarter and the Company expects material revenue from the acquisition in 2023.
Operating Results

For the nine months ended September 30, 2022 , the Company reported consolidated revenue of $17,618K , an increase of $6,664K or 61% from the comparative period in 2021. The increase from Q3 2021 can be attributed to continued increases in shipments of the 100MHz benchtop NMR unit, coupled with revenue from the recent acquisition, K'Prime, offset by lower RS2D revenue than in Q3 2021.

Gross profit for the nine months ended September 30, 2022 , was $9,504K (a margin of 54%) compared to gross profit of $7,152K (a margin of 65%) for the nine months ended September 30, 2021 . Margins for the nine months ended September 30, 2022 , decreased over the nine months ended September 30, 2021 , as a result of increased component costs because of world-wide supply chain challenges, low margins on a specific Q3 project in RS2D, training costs included in cost of services related to the CATSA airport security project phase in, and investments made in the Company's manufacturing workforce beginning in the second quarter.

The Company's net loss for the nine months ended was $(6,623K) , as compared to the nine-month loss for the period ended September 30, 2021 , of $(1,127K) . The increased loss was due to higher sales and marketing expenses, increased general and administration expenses and increased research and development expenses, both in the Nanalysis segment and from the new acquisitions. In addition, there were business acquisition costs from the two transactions completed, increased depreciation and amortization expense, and increased finance expenses partially offset by no RS2D earnout in the quarter and increased revenues.

Outlook

"Our main objective continues to be focusing on executing our business plan, including ramping up sales of our 100 MHz product, completing the roll out of the CATSA airport service contract, and capitalizing on business opportunities brought by our recent acquisitions. We have successfully restructured and refocused our benchtop NMR salesforce and expect growing demand in 2023 for benchtop products, and we continue to work towards the launch of a full multi-module high-field NMR product via Quad Systems," said Sean Krakiwsky .

"With a slower second quarter well behind us, we have returned to our high growth trajectory and continue to have confidence that Nanalysis is well positioned for solid growth in 2023 and the years to come. Operational excellence remains our mantra, as we will continue to leverage existing customer relationships, our innovative technologies, and a motivated and professional team to fuel growth. We are confident that we will deliver the value we've created by our recent acquisitions to our shareholders through the remainder of 2022 and into the new year," concluded Mr. Krakiwsky.

Conference Call

Investors interested in participating on the live call can dial 1-888-664-6392 or 416-764-8659 from abroad. Investors can also access the call online through a listen-only webcast here:
https://app.webinar.net/JoLVkw4jEmX or on the investor relations section of the Company's website HERE . The webcast will be archived on the Company's investor relations webpage for at least 90 days and a telephonic playback will be available for seven days after the conference call by calling 1-888-390-0541 or 416-764-8677, conference ID # 833132.

Additionally, the Company will be hosting a Q&A session for it's European investors tomorrow, Wednesday, November 30 th at 8:30am ET which can be accessed by the following link: : Click here to join the meeting , or call in (audio only) +1 437-703-4522, Phone Conference ID: 295 204 525#.

About Nanalysis Scientific Corp. (TSXV: NSCI, OTCQX: NSCIF, FRA:1N1)

Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI', OTC and the Frankfurt exchange under the ticker symbol '1N1'. The company's business is what we term "MRI and NMR for industry". The company develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first full-feature portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens. The Company has followed up that initial offering with new products and continues to have a strong innovation pipeline. Nanalysis began selling a 100MHz device in 2020. The Company's new device is the most powerful and most advanced compact NMR device ever brought to market.  Nanalysis devices are used in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, law enforcement, and more) as well as numerous government and university research labs around the world. The Company continues to exploit new global market opportunities independently and with partners.

With the recent acquisition of K'Prime, the Company maintains a North American sales and service company of over 40 individuals who cover scientific instrumentation for pharma, food, chemical and oil & gas customers, as well as imaging systems and services for security applications.  Additionally, the Company has a 43% ownership in Quad Systems AG ("Quad Systems"), with an option to purchase the remaining shares.  Quad Systems is a Zurich-based Nuclear Magnetic Resonance ("NMR") company focused on high-field NMR for pharmaceutical and other vertical markets.

Notice regarding Forward Looking Statements and Legal Disclaimer

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nanalysis-reports-third-quarter-2022-results-301689459.html

SOURCE Nanalysis Scientific Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/29/c7594.html

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Avricore Health Reports Third-Quarter 2022 Results

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The Company's objective to create the world's first cloud-connected point-of-care network in community pharmacy is on track to becoming a reality, bringing powerful health screening and data management tools to community pharmacies and ensuring better outcomes for patients.

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