BC Ferries Releases Second Quarter Results

BC Ferries Releases Second Quarter Results

Canada NewsWire

VICTORIA, Nov. 24, 2017 /CNW/ – British Columbia Ferry Services Inc. (BC Ferries) saw the highest passenger traffic levels in the second quarter that the company has experienced in over 20 years. Vehicle traffic levels were the highest BC Ferries has ever experienced in both the second quarter and year-to-date. During this quarter, passenger and vehicle traffic increased 5.2 per cent compared to the same quarter in the previous year, resulting in higher revenue and contributing favourably to net earnings. BC Ferries offered a range of deeply discounted fares for travel on off-peak sailings, as a way to improve affordability for travellers and to increase availability on the popular sailings.

“Our focus will continue to be on our customers and the communities we serve,” said Mark Collins, BC Ferries’ President and CEO. “We understand reliable, efficient and affordable service, combined with strong environmental stewardship, is important to our customers and coastal communities.”

In the three months ended Sept. 30, 2017, revenues increased by 3.5 per cent (3.3 per cent year-to-date) compared to the same period in the previous fiscal year, due to the increased traffic volumes, partially offset by a lower average vehicle tariff. The average tariff per vehicle decreased across the system mainly as a result of the many promotional discounted fares offered during this period.  The average tariff per passenger did not increase over the previous year because there has been no passenger fare increase since April 1, 2016.

“BC Ferries thanks our many customers for travelling with us this summer,” said Collins.
“Having you travel with us and having these positive results reduces future pressure on fares and enables continued investment in new vessels and terminal improvements.”

With record high traffic levels over the summer season, and conscious of the impact this can have on ferry customers, BC Ferries provided an extra 460 round-trips over and above its regular summer schedule, with some vessels providing shuttle service on the inter-island routes. Over the past six months, BC Ferries also introduced three new vessels into service.

“We continued to engage with coastal communities to ensure our services meet their needs,” said Collins. “In this quarter, we increased scheduled service on three routes – to Powell River, Gabriola Island and Denman Island – in consultation with these communities.”

BC Ferries’ net earnings in the three months ended Sept. 30, 2017 were $98.4 million, $3.2 million higher than in the three months ended Sept. 30, 2016.  Year-to-date, net earnings were $115.7 million, $6.5 million lower than in the same period in the prior year due to additional service and new vessels.  Due to the seasonality of ferry travel, net earnings in the first and second quarters are typically reduced by net losses in the last two quarters of the fiscal year when routine vessel maintenance is scheduled.

“During the busy peak season, BC Ferries generates higher net earnings that are offset by lower earnings when traffic decreases in the off-peak seasons,” said Collins. “Net earnings fund service improvements such as new vessels, upgrades of terminals and fare reductions like the ones offered this past summer to provide customers with more fare choice.”

“Record traffic points to the need to increase capacity and that means adding new vessels and upgrading infrastructure,” said Collins. “During this quarter, BC Ferries spent over $52 million for new vessels, terminal improvements and communications, which is part of our continuous rebuilding of the ferry network.”

Capital expenditures in the three and six months ended Sept. 30, 2017 totalled $52.3 million and $143.5 million respectively. Significant investments were made to complete the Salish Class vessel project, begin a mid-life upgrade on the Spirit of British Columbia, acquire the new northern vessel, Northern Sea Wolf, as well as improve customer facing technology.

Operating costs increased in the quarter by 3.4 per cent (6.0 per cent year-to-date) compared to the same period in the previous fiscal year.  Increases in fuel consumption, labour and training related costs arose from increased service levels to communities, higher traffic volumes, additional sailings provided and the introduction of new ships.

BC Ferries’ financial statements, including notes and Management’s Discussion and Analysis are filed on SEDAR and will be available at www.sedar.com

FORWARD LOOKING STATEMENTS

This release contains certain “forward looking statements”. These statements relate to future events or future performance and reflect management’s expectations regarding our growth, results of operations, performance, business prospects and opportunities and industry performance and trends. They reflect management’s current internal projections, expectations or beliefs and are based on information currently available to management. Some of the market conditions and factors that have been considered in formulating the assumptions upon which forward looking statements are based include traffic, the Canadian Dollar relative to the U.S. Dollar, fuel costs, construction costs, the state of the local economy, fluctuating financial markets, demographics, tax changes, and the requirements of the Coastal Ferry Services Contract.

Forward looking statements included in this release include statements with respect to: the Spirit of British Columbia mid-life upgrade, the Northern Sea Wolf and the direct ferry service between Port Hardy and Bella Coola, and the Provincial government initiatives. In some cases, forward looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, prospective investors should specifically consider various factors including, but not limited to, the risks and uncertainties associated with: vendor non-performance; capital market access; interest rate, foreign currency, fuel price, and traffic volume fluctuations; the implementation of major capital projects; security, safety, and environmental incidents; confidential or sensitive information breaches; changes in laws; vessel repair facility limitations; economic regulatory environment changes; tax changes; and First Nations claims.

Actual results may differ materially from any forward looking statement. Although management believes that the forward looking statements contained in this release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this release, and British Columbia Ferry Services Inc. assumes no obligation to update or revise them to reflect new events or circumstances except as may be required by applicable law.

NON-IFRS MEASURES
In addition to providing measures prepared in accordance with International Financial Reporting Standards (IFRS), we present certain financial measures that do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. These include, but are not limited to, average tariff revenue per vehicle and per passenger. These supplemental financial measures are provided to assist readers in determining our ability to generate cash from operations and improve the comparability of our results from one period to another. We believe these measures are useful in assessing operating performance of our ongoing business on an overall basis.

Significant events during or subsequent to the second quarter of fiscal 2018 include the following:

Vessels

  • On August 3, 2017, BC Ferries’ third Salish Class vessel, the Salish Raven, commenced regularly scheduled service in the Southern Gulf Islands which enabled the retirement of the 53-year old Queen of Nanaimo.

  • On August 30, 2017, BC Ferries took delivery of a 75-metre vessel, built in 2000, which will accommodate approximately 35 vehicles and 150 passenger and crew on a new route providing direct service between Port Hardy and Bella Coola. The vessel, named Northern Sea Wolf following an engagement process with community members and local First Nations, departed Greece for Canada in early November. Once in B.C., the Northern Sea Wolf will undergo extensive upgrades in preparation for regular service on the mid-coast in the summer of 2018.
  • On September 6, 2017, the Spirit of British Columbia, commenced its mid-life upgrade. The mid-life upgrade includes the conversion to dual-fuel so it can operate on liquefied natural gas or ultra-low sulphur marine diesel.  The vessel is expected to return to service by the summer of 2018, prepared for a further 25 years of service.

General

  • On September 6, 2017, BC Ferries was awarded the DuPont Global Safety Award which recognized BC Ferries’ achievements and commitment to safety excellence through the SailSafe program, a joint initiative of the company and the B.C. Ferry and Marine Workers’ Union. The DuPont Safety and Sustainability Awards recognize outstanding initiatives across all industries worldwide aimed at enhancing workplace safety, sustainability and operational effectiveness.
  • On October 16, 2017, Corrine E. Storey assumed the role of Vice President and Chief Operating Officer. Ms. Storey was previously Vice President of Customer Services and has been with BC Ferries for 13 years.
  • In November 2017, British Columbia Ferries Commissioner (the “Commissioner”) released a review of BC Ferries’ Annual Customer Satisfaction Tracking Survey dated October 17, 2017 prepared by MNP LLP.  The report makes several recommendations to revise and augment the survey including adopting other measurement tools, addressing all routes and customer segments, and enhancing reporting.  These recommendations will be addressed as BC Ferries explores, defines and implements new data collection methodologies, analysis and reporting.  The Commissioner’s reports are available on the Commissioner’s website at www.bcferrycommission.ca.
  • In November 2017, the Commissioner released a Comparative Fare Analysis prepared by PricewaterhouseCoopers LLP, updating an earlier review conducted in 2012. The report indicates that fares at BC Ferries are generally comparable with similar ferry operators worldwide, and that BC Ferries’ cost per nautical mile rankings with other ferry operators have not changed significantly since 2012.  The Commissioner’s reports are available on the Commissioner’s website at www.bcferrycommission.ca.  
  • During the quarter, the Provincial government announced initiatives that include allowing B.C. seniors to travel free during the week, reducing fares by 15 per cent on some routes and freezing fares on three of the major routes while conducting an operational review of
    BC Ferries. BC Ferries is working with the Province, within the regulatory framework, to accomplish these objectives.

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in thousands of Canadian dollars)
(Unaudited)

September 30,
2017

March 31,
2017


Assets


Current assets:

Cash and cash equivalents

$

97,158

$

72,032

Restricted short-term investments

32,586

32,426

Other short-term investments

150,998

115,582

Trade and other receivables

22,700

15,319

Prepaid expenses

11,861

7,454

Inventories

29,113

28,257

Derivative assets

3,119

1,604

347,535

272,674


Non-current assets:

Loan receivable

24,515

24,515

Land lease

30,000

30,230

Property, plant and equipment

1,685,073

1,621,802

Intangible assets

99,048

97,673

1,838,636

1,774,220


Total assets

$

2,186,171

$

2,046,894


Liabilities


Current liabilities:

Accounts payable and accrued liabilities

$

34,475

$

55,173

Interest payable on long-term debt

18,645

18,458

Deferred revenue

33,744

20,705

Derivative liabilities

61

1,048

Current portion of long-term debt

34,511

30,939

Current portion of accrued employee future benefits

1,400

1,400

Current portion of obligations under finance lease

1,617

1,582

Provisions

57,443

55,711

181,896

185,016


Non-current liabilities:

Accrued employee future benefits

22,054

20,913

Long-term debt

1,296,955

1,273,860

Obligations under finance lease

39,605

40,423

Other liabilities

7,750

5,250

1,366,364

1,340,446


Total liabilities

1,548,260

1,525,462


Equity

Share capital

75,478

75,478

Contributed surplus

25,000

25,000

Retained earnings

539,771

424,020


Total equity before reserves

640,249

524,498

Reserves

(2,338)

(3,066)


Total equity including reserves

637,911

521,432


Total liabilities and equity

$

2,186,171

$

2,046,894

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Comprehensive Income
(Expressed in thousands of Canadian dollars)
(Unaudited)

Three months ended

September 30

Six months ended
September 30

2017

2016

2017

2016


Revenue:

Vehicle and passenger fares

$

225,307

$

217,013

$

388,426

$

375,377

Ferry service fees

58,595

57,887

101,494

100,043

Net retail

21,880

20,006

36,803

33,717

Federal-Provincial Subsidy Agreement

7,446

7,290

14,891

14,579

Fuel rebates

(6,746)

(6,278)

(11,614)

(10,977)

Other income

3,128

2,995

5,498

5,373


Total revenue

309,610

298,913

535,498

518,112


Expenses:

Operations

133,980

131,061

258,901

243,773

Maintenance

13,697

14,170

34,566

35,243

Administration

9,265

8,757

19,223

16,784

Depreciation and amortization

40,008

36,373

78,648

73,213


Total operating expenses

196,950

190,361

391,338

369,013


Operating profit

112,660

108,552

144,160

149,099


Net finance and other expenses:

Finance income

1,365

1,148

2,428

2,183

Finance expenses

(15,420)

(14,533)

(30,588)

(28,945)

Net finance expense

(14,055)

(13,385)

(28,160)

(26,762)

(Loss) gain on disposal and revaluation of property, plant and equipment, intangible assets and inventory

(206)

32

(249)

(153)


Net finance and other expenses

(14,261)

(13,353)

(28,409)

(26,915)


NET EARNINGS


98,399


95,199


115,751


122,184


Other comprehensive income (loss):

Items not to be reclassified to net earnings

(1,943)

(1,240)

(1,943)

(1,240)

Items to be reclassified to net earnings

6,526

208

810

10,536


Total other comprehensive income (loss)

4,583

(1,032)

(1,133)

9,296


Total comprehensive income

$

102,982

$

94,167

$

114,618

$

131,480

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in thousands of Canadian dollars)
(Unaudited)

Six months ended September 30

2017

2016


Cash flows from operating activities

Net earnings

$

115,751

$

122,184

Items not affecting cash

Net finance expense

28,160

26,762

Depreciation and amortization

78,648

73,213

Loss on disposal and revaluation of property, plant and equipment, intangible assets and inventory

249

153

Other non-cash changes to property, plant and equipment

37

(931)

Changes in

Accrued employee future benefits

(802)

161

Derivative liabilities (assets) recognized in net earnings

45

(20)

Provisions

1,732

1,672

Long-term land lease

230

229

Accrued financing costs

59

360

Total non-cash items

108,358

101,599

Movements in operating working capital

Trade and other receivables

(7,381)

(501)

Prepaid expenses

(4,407)

(3,614)

Inventories

(856)

(2,366)

Accounts payable and accrued liabilities

(20,698)

(5,998)

Deferred revenue

13,039

(1,890)

Change in non-cash working capital

(20,303)

(14,369)

Change attributable to capital asset acquisitions

12,418

1,565

Change in non-cash operating working capital

(7,885)

(12,804)

Cash generated from operating activities

216,224

210,979

Interest received

2,200

1,797

Interest paid

(32,776)

(32,281)

Net cash generated by operating activities

185,648

180,495


Cash flows from financing activities

Proceeds from long-term debt

45,264

Repayment of long-term debt

(17,641)

(12,000)

Repayment of finance lease obligations

(783)

(748)

Deferred financing costs incurred

(1,470)

Net cash generated by (used in) financing activities

25,370

(12,748)


Cash flows from investing activities

Proceeds from disposal of property, plant and equipment

34

101

Purchase of property, plant and equipment and intangible assets

(150,350)

(67,241)

Changes in debt service reserve

(160)

250

Net purchase of short-term investments

(35,416)

(48,050)

Net cash used in investing activities

(185,892)

(114,940)

Net increase in cash and cash equivalents

25,126

52,807

Cash and cash equivalents, beginning of period

72,032

79,113


Cash and cash equivalents, end of period

$

97,158

$

131,920

 

BRITISH COLUMBIA FERRY SERVICES INC.
Condensed Interim Consolidated Statements of Changes in Equity
Six months ended September 30, 2017 and 2016
(Expressed in thousands of Canadian dollars)
(Unaudited)

Share
capital

Contributed
surplus

Retained
earnings

Total equity
before
reserves

Reserves

Total equity
including
reserves

Balance as at March 31, 2016

$

75,478

25,000

352,692

453,170

(24,223)

428,947

Net earnings

122,184

122,184

122,184

Other comprehensive income

9,296

9,296

Realized hedge losses recognized in fuel swaps

5,135

5,135

Hedge losses on interest rate forward contract reclassified to net earnings

124

124


Balance as at September 30, 2016

$

75,478

25,000

474,876

575,354

(9,668)

565,686

Balance as at March 31, 2017

$

75,478

25,000

424,020

524,498

(3,066)

521,432

Net earnings

115,751

115,751

115,751

Other comprehensive loss

(1,133)

(1,133)

Realized hedge losses recognized in fuel swaps

1,737

1,737

Hedge losses on interest rate forward contract reclassified to net earnings

124

124


Balance as at September 30, 2017

$

75,478

25,000

539,771

640,249

(2,338)

637,911

 

SOURCE British Columbia Ferry Services Inc.

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Fountain Asset Corp. Announces its Financial Results for the Third Quarter 2017

Fountain Asset Corp. Announces its Financial Results for the Third Quarter 2017

Canada NewsWire

TORONTO, Nov. 24, 2017 /CNW/ - Fountain Asset Corp. (“Fountain Asset”) (TSX Venture Exchange “FA”) announces its financial results for the third quarter ending September 30, 2017.

Highlights

  • Nine-month revenue of $1,438,757;
  • Net comprehensive income of $3,501,387 ($0.06 per share) in the first nine months of 2017;
  • Increase of adjusted book value per share to $0.38 from $0.31 at the end of December 31, 2016.

Management’s Third Quarter Comments

For the nine months ending September 30, 2017, the Company reported total revenue of $1,438,757 compared to $1,925,907 in the prior year’s first nine months.  Net comprehensive income for the first nine months was $3,501,387 compared to $1,196,037 in the prior year’s first nine months.  As at September 30, 2017, the Company’s adjusted net asset per share was at $0.38 compared to $0.31 at the end of December 31, 2016.

A full set of unaudited financial statements and related notes have been filed on SEDAR.

About Fountain Asset Corp.

Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology.

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

SOURCE Fountain Asset Corp.

View original content: http://www.newswire.ca/en/releases/archive/November2017/24/c1690.html

3tl Technologies Corp. Announces 2017 Third Quarter Financial Results

3tl Technologies Corp. Announces 2017 Third Quarter Financial Results

Canada NewsWire

VANCOUVER, Nov. 24, 2017 /CNW/ - 3tl Technologies Corp.  (TSXV: TTM)(OTCQB: TTMZF) (the “Company” or “3tl”) announced its financial results for the third quarter ended September 30, 2017.  The financial statements and management discussion and analysis for the quarter ended September 30, 2017 are available on SEDAR.

The Company’s performance highlights for the three months and nine months ended September 30, 2017:

  • Revenue increased by 51% to $921,774 compared to the nine months ended September 30, 2016.
  • Gross margin as a percentage of revenue for the three and nine months ended September 30, 2017 was 70% and 68%, respectively, compared to 55% and 70% for the three and nine months ended September 30, 2016.
  • Increased the average value of license agreements including the signing of multiple long-term (1 and 2 years) agreements.
  • Launched version 3.0 of PLATFORM3 which leverages Machine Learning and Artificial Intelligence (AI) to retarget consumers based on purchase habits and frequency. AI capabilities have been integrated into two new modules of PLATFORM3 3.0 – Targeted Couponing and Shopper Messaging and Retargeting. These developments were the result of experience and feedback aggregated from working with some of the largest CPG companies in the world and millions of consumers.

Subsequent to the third quarter, on November 20, 2017 the Company completed a private placement of 11,211,834 units for gross proceeds of $1,177,243

In 2017 year-to-date, 3tl has 34 agreements that will generate approximately $1,500,000 in total revenues with approximately 70% of those revenues to be recognized in 2017, compared with revenues of $665,728 for the year ended December 31, 2016:

“In 2017 our team has grown revenues driven by repeat business and longer term agreements with leading U.S. based brands.  The recently closed financing will enable us to accelerate sales growth by hiring some key sales people, who have relationships and expertise with major consumer goods brands,” said Rob Craig, CEO of 3tl Technologies Corp. “This has been done while continuing to invest in R&D which has resulted in the release of our first artificial intelligence (AI) based modules. These modules enable CPG brands to automatically retarget consumers base on purchase behaviour.. This powerful new technology has extended our value proposition allowing us to gain further traction in the U.S. market as evidenced by new and repeat business from leading brands and ad agencies and longer term Software-as-a-Service (SaaS) license agreements.”

RESULTS OF OPERATIONS

Revenue for the three months ended September 30, 2017 increased by 35% to $362,518, and revenue for the nine months ended September 30, 2017 increased by 51% to $921,774, compared with the same periods in 2016. The PLATFORM3 product is an integrated suite of digital marketing applications sold as SaaS for short-term promotions or on an annual subscriptions basis with recurring revenues. Revenue in the year reflected recognition of revenue from previous year contracts and new sales of the PLATFORM3 product offering.

Gross margin as a percentage of revenue for the three and nine months ended September 30, 2017 was 70% and 68%, respectively, compared to 55% and 70% for the three and nine months ended September 30, 2016. Gross margin as a percentage of revenue depends on the product mix for the reporting period.  Revenues are comprised of higher margin sales of PLATFORM3, the Company’s proprietary Software as a Service product combined with some lower margin third party services.  In 2017, 3tl launched an API connection to third party digital rewards platforms. This service enables 3tl clients to offer digital rewards such as gift cards, movie tickets and virtual visas to incentivize purchase and purchase frequency. 3tl will purchase these rewards on behalf of the Company’s clients and charge a 15% transaction fee for the total amount of rewards purchased. Cost of sales also includes the cost of servers to host PLATFORM3, and project management and customer support staff.

General and administrative expenses for the three and nine months ended September 30, 2017 increased by 23% and 29% to $227,817 and $889,592, respectively, compared to $184,527 and $691,805 for the three and nine months ended September 30, 2016. The increase was due to general office and other expenses including investor relations.

Sales and marketing expenses for the three and nine months ended September 30, 2017 increased by 0% and 19% to $207,826 and $644,053, respectively, compared to $207,233 and $539,111 for the three and nine months ended September 30, 2016. The increase was mainly due to increased salaries and wages, and consulting fees paid in connection with sales and marketing activities.

Research and development expenditure for the three and nine months ended September 30, 2017 decreased by 1% and increased by 21% to $89,618 and $304,094, respectively, compared to $90,909 and $250,358 for the three and nine months ended September 30, 2016. Research and development expenses increased for the nine months ended September, 2017 compared to the nine months ended September 30, 2016 as improvements were made to improve PLATFORM3. The costs recorded in 2016 relate to improvements to PLATFORM3. Research and development expenses may increase in the future as the Company seeks to evolve and improve PLATFORM3, as well as to invest in creating new technology and products that will enhance the Company’s value proposition to customers and provide additional revenues. Research and development expenses include wages and salaries and consulting fees.

Share-based compensation for the three and nine months ended September 30, 2017 was $48,666 and $66,165, respectively compared to $62,271 and $211,704 for the three and nine months ended September 30, 2016. The share-based compensation expense is a result of stock options that vested during the period for stock options granted to employees, directors and consultants in the current and prior periods.

Net and comprehensive loss for the three and nine months ended September 30, 2017 decreased by 18% and 0% to $315,166 and $1,259,803, respectively, compared to $395,264 and $1,263,017 for the three and nine months ended September 30, 2016. This increase was mainly due to the increase of operating expenses.

As a result of the 10 for 1 consolidation of the Company’s common shares effective in May, 2017, on November 23, 2017 the Company’s board of directors, subject to shareholder and TSX Venture Exchange (“TSXV“) approval, approved the re-pricing of a total aggregate of 564,000 options granted to certain Insiders and non Insiders of the Company to purchase common shares of the Company (“Options“), to an amended exercise price of i) the higher of $0.17  and ii) the closing market price of the Company’s Common Shares at the date Shareholder approval, is obtained (the “Re-Pricing“).  The closing price of the Company’s common shares on the TSXV on the date of Board approval to the Re-Pricing, was $0.165

Pursuant to the policies of the TSXV, the re-pricing of options held by Insiders is subject to disinterested approval.  Shareholder approval will be sought at the Company’s upcoming Annual General Meeting (“AGM“) to be held on December 22, 2017 to the re-pricing of a total of 510,000 Options issued to Insiders of the Company.  The Re-Pricing of the Options held by Insiders is subject to the approval of a simple majority approval of the Company’s shareholders excluding votes attached to shares beneficially owned by Insiders to whom options may be granted under the Company’s stock option plan or associates of such persons.  If such approval is obtained the Re-Pricing remains at the discretion of the board of directors.

The Re-Pricing of the Options will be submitted for TSXV approval shortly after the Company’s AGM.   Prior to the Company’s receipt of TSXV and shareholder approval, none of the Options may be exercised at the revised price.

Subsequent to September 30, 2017, the Company released the remaining 1,147,300 shares held in escrow on November 7, 2017. Subsequent to that date, there are no escrow shares outstanding.

On November 20, 2017 the Company completed a private placement of 11,211,834 units for gross proceeds of $1,177,243.  Each unit consists of one common share in the capital of the Company and one-half of a share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the Company at a price of $0.20 per Warrant Share for a period of two years from the closing of the offering. The Company is entitled to accelerate the expiry date of the warrants to the date that is 30 days following the date a news release is issued announcing the accelerated expiry date in the event that the volume weighted average price of the Shares has been greater than $0.40 for any ten consecutive trading days after four months and one day after closing of the Offering.

About 3tl Technologies Corp.
PLATFORM³ is a Software as a Service (SaaS) consumer marketing platform. It enables Consumer Packaged Goods (CPG) companies and consumer brands to engage shoppers through their mobile device and influence their purchasing decisions. PLATFORM³ encompasses proprietary consumer engagement strategies and technology modules including optical character recognition (purchase receipt scanning), digital promotions, purchase data mining, loyalty and rewards.  CPG companies and major retail brands use PLATFORM³ to influence and incentivize shoppers to interact with their brand and make purchases in-store and online.  

For more information, visit 3tltechcorp.com.

For additional information about the company please visit www.sedar.com.  The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.  Neither 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 or accuracy of this release.  This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com).  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

SOURCE 3tl Technologies Corp.

View original content: http://www.newswire.ca/en/releases/archive/November2017/24/c7216.html