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Water Ways Reports Q3 2019 Financial Results
Financial Highlights for the third quarter ended September 30, 20191
The following are financial highlights of Water Ways’ operating results for the three months ended September 30, 2019, compared to the three months ended September 30, 2018:
- Revenue was C$4.11 million as compared to C$3.86 million.
- The recognized revenues from service projects amounted to C$1.82 million for the three months ended September 30, 2019 as compared to C$2.09 million for the three months ended September 30, 2018. The decrease was mainly due to the shift in revenue recognition of a number of projects from H1 2019 to the subsequent quarters in 2019 and the first quarters of 2020. In addition, the Company is currently in the process of finalization a number of irrigation projects in China, Colombia, Israel and other countries. The Company estimates that the total value of the irrigation projects will exceed C$5.5 million. With the development of operations and opening a subsidiary in China, the Company is generating more projects and expects additional projects to be received in H1 of 2020.
- The revenues from sales of products amounted to C$2.23 million for the three months ended September 30, 2019, compared with C$1.77 million for the three months ended September 30, 2018. The 25% increase in product sales was mainly due to the increase in sales orders from Peru, Philippine and other countries in Eastern Europe through the Company’s distributer in Israel.
- Revenue changes by geographic segments:
- Major customers over 10% of the Company’s revenues:
- Cost of revenue was C$3.62 million as compared to C$3.37 million.
- Cost of revenues in service projects decreased to $C1.59 million for the 3 months period ended September 30, 2019 from $C1.81 million for the 3 months period ended September 30, 2018. The decrease was due to the associated decreased revenues of service projects over the period.
- Cost of revenues in the product sales increased to $C2.03 million for the 3 months period ended September 30, 2019 from $C1.55 million for the 3 months period ended September 30, 2018. The increase was due to the associated increased revenue of products over the period.
- Gross Profit was C$0.49 million as compared to C$0.5 million.
- Gross profit in service projects decreased to $C0.23 million for the 3 months period ended September 30, 2019 from $C0.28 million for the 3 months period ended September 30, 2018. The change in the gross profit margin is due to low profit service projects.
- Gross profit in the product sales segment increased to $C0.26 million for the 3 months period ended September 30, 2019 from $C0.21 million for the 3 months period ended September 30, 2018.The increase was mainly due to an increase in revenue.
- Selling, general and administrative expenses was C$0.84 million as compared to C$0.34 million.
The increase in selling, general and administrative expenses in 2019 was mainly as a result of increase in wages during 2019, legal expenses, fees paid in relation to stock exchange announcement and participation in cannabis trade shows.
- Listing expenses
The Company allocated the incremental costs that were directly attributable to issuing new shares to equity (net of any income tax benefit) and the costs that were related to the stock market listing or are otherwise not incremental and directly attributable to issuing new shares, were recorded as an expense in the statement of comprehensive income. Costs that were related to both share issuance and listing were allocated between those shares based on the number of shares.
The following is a summary of key balance sheet items as of September 30, 2019, compared to December 31, 2018:
Cash and cash equivalents were C$0.74 million as compared to C$0.32 million;
- Current assets of C$9.90 million as compared to C$7.80 million;
- Total assets of C$11.23 million as compared to C$8.36 million;
- Current liabilities of C$7.58 million as compared to C$4.47 million;
- Non-current liabilities of C$0.3 million as compared to C$0.38 million.
Business Highlights for the third quarter ended September 30, 2019 and Subsequent events:
a) Cannabis Sectors Expansion
Launch of CANNAWAYS
In July 2019, the Company announced the launch of CANNAWAYS, an Internet of Things controlled irrigation and fertilization system for cannabis cultivators and growers, which is one of the first systems in the world that is designed specifically for cannabis growers and cultivators. The CANNAWAYS system was developed in Israel and had been successfully tested on one cannabis cultivation site.
The company is pleased to report that it had delivered one system to a major project involving a Canadian Licensed Producer (“LP”) in Israel and has received two additional orders for the system from Israeli LP’s to new medical Cannabis cultivating facilities in Israel. The total value of the two orders is C$ 0.58 million and the Company expects delivery in H1 of 2020.
Canada
Following the successful implementation of a Cannabis project in Israel, the Company has put a substantial amount of effort to penetrate the Canadian cannabis and hemp cultivation markets. Through its recent established subsidiary, Heartnut Grove WWT Inc.(“Heartnut”), the Company intends to penetrate the market by establishing ongoing distribution relationships with buyers of irrigation and cultivation equipment throughout the country. Heartnut sales in the three month ended September 30, 2019, were $C0.279 million.
Europe and Latin America
The Company is currently in negotiations to deliver turnkey irrigation solutions to cannabis and hemp cultivators in several European and Latin American countries and in Israel. The Company has entered an understanding with a veteran of the cannabis growing business and a former Chief Executive Officer of one of the first LP’s in South America to singlesource commercial cannabis and CBD Hemp cultivation solutions including dehumidification, lighting technologies, irrigation, fertigation and benching.
The Company has signed Memorandum of Understanding (the “MOU”) with a Colombian company, Emerald Bud Corp. (“Emerald”), to assist in the development, supply, installation, and technical support in connection with a project of approximately 43,580 square meters (approximately 10.6 Acres) of greenhouse area, for the production of medical Cannabis in the municipality of San Gil, department of Santander, Colombia. The MOU is subject to certain conditions including: Emerald obtaining the licenses and permits required for the development of the Project; Emerald obtaining the required financing to complete the Project; and Emerald and the Company entering into a definitive agreement confirming the economic terms of the Project. The Company expects the definitive agreement to be signed by the parties by the end of Q2 of 2020 resulting in a material effect on its 2020 and 2021 results.
Israel – Medical Cannabis
The Company gained experience through its delivery of an irrigation, fertigation and Internet of Things control system to an Israeli subsidiary of Cronos Group Inc., which is a greenhouse cultivation project located at Kibbutz Gan Shmuel, approximately 50km north of Tel Aviv. The Company has received two orders for delivering Irrigation and fertigation systems that includes the CANNAWAYS system to two Israeli LP’s. The company expects to deliver the systems in Q1 of 2020. The projects are valued at C$0.59 million.
b) Business Development
China
The Company is in the process of establishing a new distribution subsidiary for the growing Chinese irrigation market together with its former Chinese agent. The entity under construction is already in the process of receiving a new C$3.05 million irrigation project.
Central Asia – Uzbekistan
In July 2019, the Company completed its first irrigation project in Uzbekistan, which valued approximately C$0.48 million and was recognized in the second quarter of 2019. The project irrigates via drip irrigation technology servicing a field of 160 hectares of cotton and includes a 20 km reservoir for sedimentation. The irrigation solution has been fully delivered to the client after a completion of the quality assurance inspection, and the operation of the system will start in the third quarter of 2019 with agronomic and technical assistance from the Company. Water Ways believes that drip irrigation for cotton will be part of the Uzbekistan government’s national plan for water and soil conservation.
The Company has received a second order of its second irrigation project which valued approximately C$0.48 million. The company expects to deliver the systems in Q1 of 2020.
East Africa – Ethiopia
On July 25, 2019, the Company announced that it has signed two new irrigation projects in the Federal Democratic Republic of Ethiopia. The first project consists of the installation of advanced irrigation technology assembled at a 3,000 hectare sugar cane field and the supply of various components, such as valves and fittings for sprinkler systems. The value of this project is approximately $C0.56 million. The Company is currently delayed until the customer will be able to open a letter of credit to secure the project.
The second project consists of the upgrade of an existing 25-hectare herb greenhouse, valued at approximately $C0.18 which will focus on redesigning and remaking the farm’s head control system, including pumps, filters, controllers, fertigation units, valves, pipes, fittings and accessories. The project was finalized during the third quarter and revenue recognized was $C0.18 million.
South America
On August 22, 2019, the Company that it has received a purchase order, from one of South America’s leading flower growers, to deliver more than 30 high tech water treatment solutions. The purchase order is valued at approximately $C1.3 million. First systems are expected to be delivered in Q4 of 2019 and the balance over the course of a few months. The water treatment systems are comprised of high-tech filtration systems based on self-cleaning filters and physical separation technologies to eliminate the existence of unique worms (Plant Parasite Nematodes) in irrigation water that originates from rivers. The WWT water treatment systems replace the need for chlorine, which was previously used by the flower grower to exterminate the worms, allowing the flower grower to use a clean and chemical free process reducing the cost and potential pollution to the soil. The system was tested by the client for over a year in field tests and once fully accepted WWT received the full order for over 30 systems. During the third quarter the company recognized revenue of $C0.06 million.
- Appointment of Market Maker: On October 11, 2019, the Company engaged the services of Questrade, a member of the Investment Industry Regulatory Organization of Canada (“IIROC”) and the Canadian Investor Protection Fund (“CIPF”), to provide services as a market maker for an initial term of three months.
- Engagement of Investor Relations Firm: Effective October 21, 2019, the Company engaged the services of Boardmarker Group (“Boardmarker”), an investor relations and consulting firm based out of Calgary, Alberta, Canada. Boardmarker Group is owned and operated by Mr. Dean Stuart, and has provided investor relations and consulting services to public and private entities since 1999. Boardmarker will be assisted by Mr. S. Mark Francis, a Calgary based individual with over 25 years capital markets experience and is currently employed on a part-time basis with the Canadian Securities Exchange. Under the terms of this engagement Boardmarker is subject to a three-month probation period and will be compensated $3,500 per month. The engagement of Boardmarker is subject to TSX Venture Exchange approval.
Water Ways Technologies Financial Results Summary
The following tables set forth consolidated statements of financial information of Irri-Al-Tal Ltd. (“Irri-Al-Tal”) and Heartnut Grove WWT Inc., wholly owned subsidiaries of the Company, since the reverse-takeover transaction between Irri-Al-Tal and the Company has occurred during the first quarter ended March 31, 2019.
A comprehensive discussion of Water Ways’ financial position and results of operations is provided in the Company’s Management Discussion & Analysis (“MD&A”) for the three and nine months ended September 30, 2019 filed on SEDAR and can be found at www.sedar.com.
About Water Ways Technologies
Water Ways is the parent company of Irri-Al-Tal Ltd. (“IAT”) which is an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, IAT’s main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.
For more information, please contact
Dean Stuart
Boardmarker Group
T: 403 617 7609
E: dean@boardmarker.net
Ronnie Jaegermann
Director
T: +972-54-4202054
E: ronnie@waterwt.com
https://www.water-ways-technologies.com/
Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to Water Ways. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Water Ways’ current views and intentions with respect to future events, and current information available to Water Ways, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Water Ways in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Water Ways does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Water Ways undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Water Ways’ results and forward-looking information and calculations may be affected by fluctuations in exchange rates. All figures are in Canadian dollars unless otherwise indicated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 Israeli New Shekel is Water Ways’ functional and reporting currencies. USD and CAD equivalent figures hereto are presented using ILS/USD and ILS/CAD quarterly exchange rates of 2019 of 3.5886 and 2.7 respectively and of 2018 of 3.5583 and 2.7638 respectively for income statement items, where applicable; and the September 30, 2019 ILS/USD and ILS/CAD exchange rates of 3.482 and 2.6267 respectively, and December 31, 2018 ILS/USD and ILS/CAD exchange rates of 3.748 and 2.7517 respectively for balance sheet items, where applicable.
Click here to connect with Water Ways Technologies (TSXV:WWT) for an Investor Presentation.
Frontier Shortlists Preferred Banks as Waroona Debt Financing Process Moves into Phase Two
HIGHLIGHTS
- Frontier has commenced Phase Two of the debt financing process, shortlisting preferred banks ahead of additional due diligence to enable submission of binding, credit approved terms
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- Phase One of the Debt Financing Process generated strong interest from Australian and international banks, confirming:
- Interest in providing senior debt financing which aligns with the Definitive Feasibility Study (DFS) assumptions1
- Acceptance of the selected original equipment manufacturers
- Key due diligence requirements and the proposed third-party service providers to undertake the work to meet those requirements
- Ability of potential financiers to meet the proposed timetable
- The DFS set out the maximum debt carrying capacity and included assumptions regarding amortisation periods and interest rates
- Targeted maximum debt carrying capacity in the DFS was between 65% to 70%, which equates to a debt facility of $200 million to $225 million
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
CEO Adam Kiley commented: “Key to the initial phase of the debt financing process was confirmation of our major funding assumptions, which assumed gearing levels of between 65% to 70%, equating to between $200 million and $225 million, equipment selection, due diligence requirements and the funding timetable.
Confirmation of these key assumptions in such a short time frame is testament to the key attributes of the Waroona Project being well understood by financiers, predominately due to its simplicity and its executability as well the strong returns it delivers.
We have now moved into the second phase of the debt financing process and will be working closely with shortlisted banks towards credit approved terms and complete due diligence requirements in a timely manner.”
Shortlisting banks for debt financing
Following the release of the DFS for Stage One of the Waroona Project in late February, the Company commenced the Debt Financing Process to assist in meeting the funding required for development at the Waroona Project. Image 1 below provides an outline of the key outcomes and indicative timing for each phase of the process.
Image 1: Waroona Project – Debt Financing Process and indicative timing
As highlighted above, Phase One of the Debt Financing Process involved the Company’s debt advisor, Leeuwin Capital Partners, seeking expressions of interest from financial institutions to participate in the Debt Process.
Click here for the full ASX Release
This article includes content from Frontier 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.
NEO Battery Materials
Overview
NEO Battery Materials Ltd. (TSXV:NBM; OTCQB: NBMFF) is a Canada-based battery technology company focused on developing silicon anode material for lithium-ion batteries used in electric vehicles (EV), electronics and energy storage systems.The company’s patented silicon anode technology, called NBMSiDE®, utilizes an energy-efficient, one-step nano coating process to i) enable ultra-fast charging, ii) increase EV driving range by greater than 20 percent, and iii) manufacture more than 70 percent cheaper compared to competitors. NBMSiDE® coats strong, durable nanomaterials on the surface of the silicon particles to effectively resolve silicon’s volume expansion problem, enabling reliability and high performance in EV lithium-ion batteries.
Why Silicon and Global Market Growth
EV batteries are composed of four major parts – cathode, anode, separator and electrolyte. Highly discussed battery metals like lithium, cobalt, nickel and manganese are synthesized to form the cathode material. On the anode side, graphite has long been the go-to material since the commercialization of lithium-ion batteries, but major issues, especially with respect to low capacity and slow charging, are impeding the growth of EV adoption globally.
Silicon is recognized as the solely available material to resolve graphite’s deficiencies, offering the allure of high capacity and faster charging times. Given the urgency to integrate silicon as a critical component in EV batteries, the global silicon anode market is expected to grow rapidly from around US$0.4 billion in 2022 to US$28.7 billion in 2032, representing a compound annual growth rate of 54 percent. However, for all its advantages, silicon has its own set of challenges.
During the charge and discharge cycle, silicon tends to expand more than 300 percent in volume, and stabilizing the material has been a significant challenge to the industry. Conventional approaches to mitigate the volume expansion problem of silicon anodes are expensive and unscalable due to energy-intensive processes and high-cost input feedstocks. Most of the companies using silicon anode rely on costly manufacturing processes to circumvent the issue, resulting in a price point that is approximately eight times (US$80 per kilogram) more expensive than graphite anode (US$10 per kg).
Company Highlights
- NEO Battery Materials is a Canada-based battery materials technology company focused on developing silicon anode materials for lithium-ion batteries in electric vehicles (EV), electronics and energy storage systems.
- The company’s patented technology, called NBMSiDE®, offers cost-effective, longer-running and ultra-fast-charging batteries compared to existing state-of-the-art graphite anode materials. NBM is aiming to achieve the 1,000-mile battery for EVs using its silicon anode materials.
- NBM is positioning itself as a low-cost, high-performance silicon anode material supplier for EV lithium-ion batteries. NBM’s ability to manufacture silicon anode materials economically and efficiently is a vital point of differentiation from existing competitors.
- NEO Battery Materials has signed more than 60 NDAs with global-tier companies, including battery cell manufacturers, EV automakers, electronics manufacturers and high-profile battery supply chain companies. With these parties, NBM is conducting more than 20 active material evaluations to strike milestone joint development, collaboration and offtake agreements.
- The company is planning to construct commercial plants both in Canada and South Korea to manufacture NBMSiDE®. Further, NBM is aiming to build additional plants in the U.S. and Europe to establish itself as a global top 10 silicon anode supplier in the EV battery industry.
Key Technology: NBMSiDE®
NBM claims its patented silicon anode technology, called NBMSiDE®, could manage and resolve the volume expansion problem by coating the silicon particles with mechanically durable nanomaterials such as elastic polymers and carbon nanotubes. There are currently eight patents issued and pending for this technology across various jurisdictions.
NBM’s proprietary one-step process enables substantially lower production costs than other silicon anode materials. NBM simultaneously mixes and nanocoats the silicon precursor, additives and nano coating materials to manufacture the final product. Unlike competitors that manufacture in multi-steps at high temperatures of >1,500 degrees Celsius and/or in vacuum systems, NBMSiDE® is produced at room temperature and pressure, realizing significant energy savings and reducing carbon emissions. NBM’s ability to economically manufacture silicon anode materials is a vital point of differentiation from existing companies.
NEO Battery Materials’ innovative NBMSiDE® places the company in an ideal position to leverage this exponential market growth, led by a management team with a proven track record in the global battery industry.
NBMSiDE® is paving the way for cost-effective, longer-running and ultra-fast-charging batteries, which can drive down the EV costs and ultimately increase EV adoption. The company aims to achieve the 1,000-mile battery for EVs using its silicon anode materials.
NBM has further optimized its one-step process to achieve consistent, uniform nano coating capabilities – a key factor for high performance and quality control. Uniform nano coating layers reinforced silicon’s structural durability, demonstrating over a 70 percent increase in battery cycle life improvement. NBMSiDE® also retains more than 70 percent higher initial battery capacity (measured in mAh/g) compared to competitors and has realized 5-minute ultra-fast charging in tests.
Successful development and key benefits of NBMSiDE® has caught the interest of downstream users. Having signed more than 60 non-disclosure agreements, which include global battery cell manufacturers and EV automakers, NBM is prioritizing to ink multiple milestone agreements such as joint developments, collaborations and offtakes. To date, the company is conducting more than 20 active material evaluations with global NDA parties to attain such value-creating milestones.
Due to technological breakthroughs, downstream customers’ demand for NBMSiDE® has experienced an uptick. To alleviate bottlenecks and order backlogs, NBM is relocating to an expansion facility with larger manufacturing and testing equipment. The company plans to hire additional research engineers to increase the overall R&D productivity for commercialization.
Commercialization will be achieved through constructing mass production plants in Canada and South Korea. With an initial capacity of 240 tons per year, the final plant capacity is estimated to reach 5,000 tons per year. Subsequently, NBM aims to extend its global presence by establishing additional commercial plants in the U.S. and Europe through joint ventures.
With the initial capacity, NBM anticipates an initial revenue of US$12 million representing a supply capacity for 80,000 to 160,000 EVs. At full capacity, revenue generation could increase to US$250 million. NBM plans to build at least three commercial plants by 2030, giving it a capacity of 15,000 tons per year to position itself as a global top 10 silicon anode supplier.
Management Team
Spencer Huh – Director, President and CEO
Spencer Huh has more than 25 years of financial and operational experience in Canada and Korea, with expertise in financial operations, strategy, performance management, and business planning. In the early part of his career, he worked as an investment advisor with large companies such as Hanwha Securities, TD Canada Trust, and BMO Nesbitt Burns. Since 2012, Huh has worked with numerous private and publicly listed companies in Korea and Canada, including mining, medical device, and high-tech companies. He has played an integral role in the establishment, acquisition, and financing for these companies.
S. R. Hwang – Director, Chief Operating Officer and SVP
S. R. Hwang has over 30 years of experience working for Samsung SDI (sixth largest global battery manufacturer), serving as the executive director, chief of purchasing and advisor until 2018. His responsibilities included managing the supply chain, procurement planning and advanced business development. During his time with Samsung SDI, Hwang accumulated a vast network and information pipeline within the lithium-ion battery industry. He has a deep understanding of business development and trade capabilities, as well as specialized knowledge in raw materials, such as cobalt, nickel, and aluminum.
Dr. S. G. Kim – Chief Technology Officer
Dr. S. G. Kim served as the executive vice-president and head of R&D of Hanwha Solutions’ Advanced Materials Division, a multibillion-dollar South Korean conglomerate. Kim led Hanwha Solutions to nearly double new product sales and expand the core technology portfolio by leading several value-added projects for global automotive, aerospace and electronics companies. Prior to joining Hanwha Solutions, Kim held tenure as the global R&D leader at Momentive Performance Materials, the second-largest global manufacturer of silicon-based products. Kim received his Ph.D. in chemical engineering and applied chemistry from the University of Toronto, Canada. He has published high-impact journals in the field of polymers and nanocomposites, and retains 15 patents related to polymers, coatings and silicon-based materials.
Dr. J. H. Woo – Chief Science Officer
Dr. J. H. Woo has worked as a scientific research engineer at General Motors Global R&D Centre, researching nanostructured silicon anode materials with artificial solid electrolyte interphase (SEI), lithium-ion battery performance optimization, and electrode material synthesis. His research expertise focuses on the synthesis of silicon anode materials for high-energy batteries in long-range EVs and on interfacial engineering for sulfide-based all-solid-state batteries (ASSB). Receiving his Ph.D. in mechanical engineering at the University of Colorado Boulder, Woo has published influential literature in international journals, such as in Advanced Materials, that advanced the field of silicon anodes and ASSBs. His high-impact research has led to a major battery materials NASDAQ-listed company licensing Woo’s patent related to ASSBs.
Dr. Dongmok Whang – Director
Dr. Dongmok Whang is a distinguished scholar specializing in various advanced functional nanomaterials with wide-ranging applications, including high-energy-density electrode materials and solid-state electrolytes for secondary rechargeable batteries. With a prolific academic portfolio, he has published around 200 scholarly papers and over 80 patents. His influential research has garnered over 15,000 citations, underscoring the significant impact of his work on the field. He is a professor at the School of Advanced Materials Science & Engineering and Advanced Institute of Nanotechnology at Sungkyunkwan University. Wang's research expertise lies in the field of fabrication and manufacturing of low-dimensional nanomaterials, especially graphene, semiconductor nanowires, and porous nanostructures for applications in EV lithium-ion batteries, fuel cells and various energy storage applications. Whang owns more than 50 patents of which two-thirds are co-owned with Samsung Electronics. He received his Ph.D. in chemistry from Pohang University of Science and Technology (POSTECH) in 1997, and prior to joining SKKU, he was a senior research fellow at Harvard University.
This article was written in collaboration with Couloir Capital Ltd.