CO2 Solutions Announces Fiscal 2017 Third Quarter Results

CO2 Solutions Announces Fiscal 2017 Third Quarter Results

Canada NewsWire

TSX-V: CST

Provides Update on projects and operations

QUEBEC CITY, May 24, 2017 /CNW Telbec/ - CO2 Solutions Inc. (the “Corporation”) (TSXV: CST) announced today the filing of its financial results for the third quarter ended March 31, 2017. The Corporation’s detailed financial statements and management report can be found on www.sedar.com.

Third quarter and subsequent highlights:

  • Corporation receives confirmation of $15 million grant from government of Quebec for its
    Valorisation Carbone Québec (VCQ) project, forms project scientific committee and commences it operations
  • Collaboration agreement with
    global consulting and engineering firm,
    Hatch Ltd.
  • BBA selected as lead engineering firm for Saint-Félicien project

In February 2017, CO2 Solutions Inc. launched the Valorisation Carbone Québec (VCQ) project. The objective of the project is to promote the development and demonstration of tangible commercial solutions to capture and reuse CO2 in added-value applications at large scale.  Through the VCQ project, CO2 Solutions will promote the deployment of commercial CO2 capture and reuse plants alongside industries that emit carbon, while, more importantly, contributing to the growth of a new economic sector based on generating a value from carbon reuse.  The VCQ project will demonstrate the most promising CO2 conversion technologies, from around the world, selected after thorough evaluation from an exhaustive list. The project will be realized in an industrial environment where CO2 Solutions technology is used for CO2 capture from flue gas. On April 24, 2017, Quebec’s Minister of Sustainable Development, the Environment and Climate Change, Mr. David Heurtel, confirmed during a press conference held at the CO2 Solutions offices, a $15 million Québec government grant to the Corporation to support the VCQ project.  On May 16, 2017, the Corporation announced the formation of the VCQ project’s scientific committee and on May 18th, the Corporation released an update on the VCQ project activities. The Corporation was able to assemble an exceptional group of reputable scientists from both the university and private sectors, with complimentary experience and skill sets to help drive the project. As the VCQ project proceeds it is expected that the selected technologies will be deployed in commercial projects in Québec and around the world.

On March 21, 2017, the Corporation and Hatch Ltd., a global consulting and engineering firm specialized in the design and realization of major industrial engineering projects and services throughout the world, jointly announced a collaborative agreement between the two companies.  Under the terms of the agreement, CO2 Solutions and Hatch will collaborate on delivering carbon capture systems integrating CO2 Solutions’ low-cost, environmentally benign, enzymatic technology in large industrial environments. Within these projects, CO2 Solutions will license its proprietary technology and Hatch will provide its engineering and project delivery expertise. In conjunction with this agreement, the Corporation announced that Hatch will be the provider of engineering services to the VCQ project. This collaboration with Hatch will be central to the success of the VCQ project and instrumental in building the Corporation’s commercial pipeline of opportunities on a global scale.  The Corporation believes that by combining the CO2 Solutions technology with Hatch’s expertise, it will be able to accelerate business development and deliver projects to the satisfaction of a broad and diverse customer base.

On January 12, 2017, the Corporation announced that it had appointed BBA, an independent Canadian engineering consulting firm, as lead engineers in support of the Saint-Félicien pulp mill and greenhouse carbon capture project. BBA is a first-class engineering firm, and the Corporation believes BBA is the right partner to provide the support for the construction of CO2 Solutions’ first commercial project, as well as lay the blueprint for future commercial projects. Additionally, this collaboration will enable BBA to present CO2 Solutions’ carbon capture process to the BBA customer base, thus creating an interesting market opportunity for the Corporation’s technology. 

Summary of financial results for the three-month and nine-month periods ended March 31, 2017

Revenues

The Corporation recorded revenues for the three-month period and the nine-month period ended March 31, 2017 of $0.05 million related to the sale of carbonic anhydrase enzyme (“CA”) to a third party for use in CO2 capture for enhancing the growth of algae for economical, sustainable production of protein and biofuel products. The Corporation recorded no revenue for the three-month period or the nine-month period ended March 31, 2016. Funds received from subsidy or grant agreements signed with federal or provincial government agencies are not treated as revenue. Rather these amounts are accounted for as a deduction from research and development expenses in the period the contribution is claimed and accrued.  

Research and Development Expenses

Research and development expenses, before tax credits and government assistance, increased by $0.25 million, to $0.69 million for the three-month period ended March 31, 2017, compared with $0.44 million for the same period in 2016. Increases in the three-month period from that of the prior year reflect the work associated with the start-up of the Saint-Félicien pulp mill and greenhouse carbon capture project and Valorisation Carbone Québec project.  These expenses will vary based upon ongoing projects undertaken by the Corporation.

For the nine-month period ended March 31, 2017, research and development expenditures, before tax credits and government assistance, decreased by $0.40 million to $1.76 million. This decrease reflects the wind down of the research and development activities associated with the ecoEnergy project which was completed by December 2016, offset, in part, by expenses associated with the start-up of the Saint-Félicien pulp mill and greenhouse carbon capture project and Valorisation Carbone Québec project.

Quebec provincial research and development credits accrued during the quarter were $0.13 million.

Business Development Expenses

Business development expenses were $0.12 million for the three-month period ended March 31, 2017, compared with $0.31 million for the same period in 2016, representing a decrease of $0.19 million. The net decrease is predominantly related to a decrease in professional fees for the period of $0.20 million related mostly to a decrease in patent litigation related expenses. Business development expenses for the nine-month period ended March 31, 2017 were $0.52 million compared to $0.72 million for the same nine-month period in 2016, a net decrease of $0.20 million. The net decrease is predominantly due to a decrease in professional fees for the period of $0.39 million associated with various business development initiatives and a decrease in patent litigation related expenses.

General and Administrative Expenses

General and administrative expenses totalled $0.55 million for the three-month period ended March 31, 2017, compared with $0.51 million for the same period in 2016, representing an increase of $0.03 million. This net increase is predominantly related to an increase in compensation related expenses (cash based salaries and benefits and non-cash based stock compensation) of $0.02 million, offset by a non-cash increase in patent amortization expense relative to the write-down in value of certain patents of $0.04 million and a decrease of $0.04 million professional fees primarily related to legal and professional fees associated with public relations, investor relations and communications and general administration. General and administrative expenses totalled $1.75 million for the nine-month period ended March 31, 2017, compared with $1.57 million for the same period in 2016. This $0.18 million increase is predominantly related to a net increase in compensation related expenses (cash based salaries and benefits and non-cash based stock compensation) of $0.14 million and an increase in patent amortization expense relative to the write-down in value of certain patents of $0.14 million offset by a decrease of $0.11 million in professional fees primarily related to legal and professional fees associated with public relations, investor relations and communications and general administration.

Loss and Comprehensive Loss for the Quarter

The Corporation recorded a loss of $0.90 million or $0.01 per share, for the three-month period ended March 31, 2017, an increase of $0.25 million from the loss of $0.66 million, or $0.00 per share, for the same period in 2016. No significant factors, other than those described above, contributed to the change in the loss for the periods. For the nine-month period ended March 31, 2017, the Corporation recorded a loss of $3.65 million or $0.03 per share, a small increase of $0.02 million from the loss of $3.64 million, or $0.03 per share, for the same period in 2016. No significant factors, other than those described above, contributed to the change in the loss for the three-month or the nine-month periods.

Liquidity and Financial Position

As at March 31, 2017, the Corporation had cash and short-term investment of $2.61 million, accounts receivable (predominantly from commodity taxes) of $0.08 million and tax credits receivable of $0.16 million for a total of $2.85 million. The Corporation had short-term financial obligations from accounts payable and accrued liabilities of $1.45 million and debt in the form of term loans, convertible debentures and refundable contribution due within the next 12 months, of $1.20 million.

The unaudited condensed interim consolidated financial statements for the nine-month period ended March 31, 2017 and 2016, and related notes included therein and the Management’s Discussion and Analysis for the period ended March 31, 2017, and additional information regarding the Corporation, are available on SEDAR at www.sedar.com.

About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions’ technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.

CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions’ future economic performance and reflect the current assumptions and expectations of management. Certain unknown factors may affect the events, economic performance and results of operation described herein. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.


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 or accuracy of this release.

 

SOURCE CO2 Solutions Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2017/24/c7765.html

The Great Lakes Water Utility Energy Challenge Announces Its Six Finalist Utilities

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The Great Lakes Water Utility Energy Challenge Announces Its Six Finalist Utilities

PR Newswire

WASHINGTON, May 24, 2017 /PRNewswire/ — The Great Lakes Protection Fund and American Water Works Association are pleased to announce the finalists in the Water Utility Energy Challenge (WUEC), an innovative program which engages water operators in a competition to reduce the emissions sourced in their energy generation. The inaugural 2017-2018 competition, focused on the Great Lakes Basin, is aimed at connecting the utilities with new innovative software while fostering an awareness of the associated emissions, particularly mercury.

The six finalist water utilities are:


Canada


United States

“We’re really excited with the breadth of the WUEC finalists. They were chosen from a broad field of applicants and these six utility leaders represent a wide range of communities, from Bayfield, Wisconsin, which serves fewer than 1,000 residents, to the Great Lakes Water Authority, which serves more than 4 million residents in 125 communities across southeast Michigan. The fact that there were both U.S. and Canadian finalists also illustrates that regardless of the operation’s scale or location, utilities can use the cleanest energy to deliver clean, safe drinking water to their customers,” said David LaFrance, AWWA CEO.

“These finalists characterize the next generation of water utility who will reduce emissions while improving the financial health of their systems. We’re excited to see the geographic range of utilities across the entire Great Lakes Basin as well as a mix of water and combined water/wastewater systems. The competition is another step toward protecting and restoring the health of our shared Great Lakes waters,” said David Rankin, Vice President of Programs, GLPF.

The competition will run through April 2018, with award and cash prizes presented later in the spring. More information on the challenge can be found by visiting www.AWWA.org/competition.

About the Water Utility Energy Challenge

The Water Utility Energy Challenge (WUEC) is a technology competition focused on water utilities in the Great Lakes Basin. Offering two top cash prizes of $20,000 and $10,000, the Water Utility Energy Challenge is supported by the Great Lakes Protection Fund. It is a collaborative effort of the American Water Works Association, CDM Smith, E2I, Great Lakes and St. Lawrence Cities Initiative, Growth Capital Network, and Wayne State University.  For more information, visit www.AWWA.org/competition

Follow WUEC on Twitter                       Like WUEC on Facebook

About the Great Lakes Protection Fund

The Great Lakes Protection Fund (GLPF) is a private, nonprofit corporation formed in 1989 by the governors of the Great Lakes states. It is a permanent environmental endowment that supports collaborative actions to improve the health of the Great Lakes ecosystem. To date, the Fund has made 269 grants and program-related investments representing over $78 million to support the creative work of collaborative teams that test new ideas, take risks, and share what they learn.


www.glpf.org

About the American Water Works Association

Established in 1881, the American Water Works Association is the largest nonprofit, scientific and educational association dedicated to managing and treating water, the world’s most important resource. With approximately 50,000 members, AWWA provides solutions to improve public health, protect the environment, strengthen the economy and enhance our quality of life.

Related Links

LEEM technology information and downloads

WUEC Finalist Utilities

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-great-lakes-water-utility-energy-challenge-announces-its-six-finalist-utilities-300463483.html

SOURCE American Water Works Association, Great Lakes Protection Fund

2017 Sacramento Fiduciary Summit Gathers Employers and Industry Experts to Discuss 401(k) and 403(b) Best Practices

Sacramento, CA (PRWEB) May 24, 2017

Xponential Growth Solutions is pleased to announce the 2017 Sacramento Fiduciary Summit. The summit is part of the national Retirement Plan Road Show, a series of educational workshops that will bring together both local and national expertise to interact with employers made up of Finance, Human Resources and Benefits executives, as well as Business Owners, Fiduciaries, and Plan Sponsors. Speakers will provide insights to help employers reduce fiduciary risk, identify plan upgrades, and make better decisions that positively impact participants.

The summit is hosted by Tony Franchimone of Retirement Benefits Group (RBG) who emphasizes, "RBG is pleased to host the upcoming 2017 Sacramento Fiduciary Summit. This event is geared toward understanding how to navigate the upcoming changes to the retirement plan landscape. We are weeks away from the Department of Labor’s new fiduciary regulations taking effect. Come join us along with various industry experts to get a head start on preparing for the changes."

Local Guest Speakers:

Larry Deatherage, PRP®, AIF®, PPC, Principal – Retirement Benefits Group (RBG)

Andy Wass, CFO – Nicholas Pension Consultants

David Boyce & Nate Boyce, Audit Partners – BFBA

David Donaldson, Former Senior DOL Investigator, President & CEO – ERISA Smart

Michelle Giangrande, VP – T. Rowe Price

Special Guest Speaker:

Scott Harvey, Owner – Scott Harvey Wines, Napa Valley & Amador County

Topics of Discussion:

What Every Fiduciary Needs to Know

Ask the Experts – Local & National Professional Panel

Key Industry Trends Panel

Maximizing Participant Outcomes

RFP Best Practices

DOL Fiduciary Rule Update – How Does It Affect You as a Plan Sponsor?

Through The Eyes of a Former Senior DOL Investigator

Financial Wellness – Next Generation Solutions

What Does Fine Wine Craftsmanship Have in Common with Retirement Plans?

And more!

The 2017 Sacrmaneto Fiduciary Summit is a stop on the 2017 Retirement Plan Road Show and will be held on Wednesday, June 7, 2017 at Arden Hills Resort & Spa from 11:00 AM to 3:00 PM (lunch will be served). The 2017 Sacramento Fiduciary Summit is approved for 3 hours of CPE/CPA credits, HRCI/SPHR general credits, SHRM Professional Development Credits (PDCs), and is CEBS eligible. Seating is limited and local plan sponsors will receive priority registration. Additional details and registration information can be found on the registration page:

http://xgrowthsolutions.com/events/2017-sacramento-fiduciary-summit/

About Retirement Benefits Group (RBG)

Retirement Benefits Group is led by seven Principals, many of whom have over 20 individual years of experience in the retirement plan consulting industry. The firm was founded on the premise of offering independent retirement plan support and advice, and our specialists have been in business for decades. With affiliate offices throughout the country, RBG continues to spread those values nationwide. Our mandate, the very foundation on which we are built, is simple. People always come first. More than just a philosophy, our people-first approach drives everything we do. For us, it's about knowing your organization inside and out and making a commitment to your success. It means empowering–and motivating–your employees to reach their retirement goals. And it means doing business with the highest personal integrity.

About Xponential Growth Solutions:

Xponential Growth Solutions (XGS) unites 401(k), 403(b) and retirement plan sponsors with elite resources and exclusive connections. Through research, fiduciary summits, and industry expertise, they help the nation’s retirement plan sponsors, fiduciaries, and trustees evaluate their plan and navigate the retirement plan industry.Working to help America reach their retirement goals one retirement plan at a time, XGS also founded the Retirement Plan Roadshow – a national series of fiduciary educational summits dedicated to human resources, finance and business professionals in charge of America's 401(k), 403(b), and retirement plans.

Read the full story at http://www.prweb.com/releases/2017/05/prweb14357879.htm