~Company delivers record revenue, solid bottom line, and consistent gross margins~
Greenlane Renewables Inc. (" Greenlane '' or the " Company ") (TSX: GRN) (FSE: 52G) (OTC: GRNWF) today announced its financial results for the third quarter ended September 30, 2022 . For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed under the Company's profile on SEDAR at www.sedar.com . All amounts reported are in Canadian dollars and in accordance with International Financial Reporting Standards (" IFRS ") unless otherwise stated.
Third Quarter Highlights
Three Months Ended Sep 30
Nine Months Ended Sep 30
(in millions, except as noted)
2022
2021
% Change
2022
2021
% Change
Revenue
$19.9
$13.4
48 %
$54.3
$38.2
42 %
Gross Margin 1
$4.9
$3.4
47 %
$13.5
$9.9
37 %
Gross Margin as % of revenue
25 %
25 %
25 %
26 %
Gross Profit
$4.3
$3.1
40 %
$11.9
$8.9
33 %
Adjusted EBITDA 2
$0.4
$0.1
400 %
$0.02
$0.8
(98 %)
Net Income (Loss)
$0.6
$0.05
982 %
($3.7)
($1.3)
192 %
Sales Order Backlog 3
$36.7
$47.1
(22 %)
Sales Pipeline 4
$900
$850
6 %
Cash & Cash Equivalents
$21.3
$35.6
(40 %)
"We've delivered record quarterly revenue and a solid bottom line, and we maintain our excitement about the growth of the RNG industry and our role in its success," said Brad Douville , CEO of Greenlane. "We remain driven to grow our business and balance this growth's impact on our bottom line."
"With increasing global focus on impactful solutions to decarbonize our planet, the RNG industry has experienced significant consolidation this year together with new supportive regulations and funding, pointing to the scale up of the number of RNG projects. The acquisition by bp of US-based Archaea is particularly noteworthy as several of the energy super majors have announced decarbonization efforts and have both the capital and capacity to amalgamate existing RNG development platforms into their business models. It was never a matter of 'if', it was always a matter of 'when'. We anticipate further consolidation in the sector, which together with supportive regulations and policies such as the Inflation Reduction Act and REPowerEU plan, are expected to provide additional capital to help expedite the RNG industry's growth. We expect this will have a positive effect on the pace of development for RNG project developers and owners, increasing market strength, project financing and new sales opportunities for Greenlane."
"We appreciate that macroeconomic events have dominated market headlines in recent months. However, even with this uncertainty, we have maintained a balanced and analytical approach to our business. Our balance sheet is strong and we will continue to be opportunistic as the market for RNG further develops. Looking ahead, we're excited about what 2023 can bring."
Greenlane continually updates its pipeline of active system sales opportunities (" Sales Pipeline "), which at September 30, 2022 was approximately $900 million , representing a net increase of $50 million in new opportunities since year-end 2021, and a 6% increase year-over-year versus $850 million at the end of Q3 2021. The Sales Pipeline represents visibility to a significant number of opportunities for which the Company provides a quote, and those opportunities that successfully convert into contract wins move into our sales order backlog (" Sales Order Backlog "). The Company's Sales Order Backlog of $36.7 million as at September 30, 2022 is a snapshot in time which varies from quarter-to-quarter. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue. System sales of $18.5 million in the quarter largely reflects revenue from 18 customer upgrader contracts, recognized in accordance with the stage of completion of projects. A typical system sales contract (excluding Airdep product sales) has six stages of completion and a duration of nine to 18 months, and therefore quarterly operating results will fluctuate as a result of the timing of contract related work.
The Market Outlook
The RNG industry has experienced significant consolidation this year as well as new supportive regulations and funding, pointing to the scale up of RNG projects and production. bp's recently announced acquisition of US-based RNG producer Archaea Energy for US$4.1 billion marks the largest ever RNG transaction, with bp announcing plans to increase Archaea's current RNG production five-fold by 2030. Global energy supermajor Shell is one of several companies involved in a second bidding round to acquire one of Europe's largest biomethane producers, Danish-based Nature Energy, in a transaction that could be worth US$2 billion .
Real estate and infrastructure project investor CIM Group announced that it has acquired 100% of the RNG project development platform of MAS Energy LLC, a developer, owner and operator of landfill gas-based RNG in the US and Canada . US renewable energy developer NextEra Energy recently revealed the acquisition of a portfolio of approximately 30 operating landfill gas-to-electric facilities in a US$1.1 billion deal, with plans to spend about US$400 million to convert the portfolio to RNG. Global infrastructure investment firm Macquarie announced that its Green Investment Group has acquired German biogas platform BayWa r.e. Bioenergy.
During the third quarter, the US Inflation Reduction Act was signed into law, which will provide US$369 billion over the next ten years on spending and tax policies to reduce greenhouse gas emissions and spur the expanded production and use of domestic clean energy. This legislation also contains provisions for biogas property, which includes biogas upgrading equipment, as qualifying equipment for purposes of the Section 48 energy investment tax credit which can reach 40%.
In Canada , revised legislation in Quebec centered on minimum RNG volumes in the natural gas grid now requires gas distributors like Énergir to deliver five per cent RNG volumes by 2025 and 10 percent by 2030, with Énergir subsequently openly asking RNG producers across North America for information about long-term commitments for RNG volumes. In Italy , the European Commission announced that it had approved plans put forward by the Italian government to help increase domestic production of biomethane in the country backed by funding of €4.5 billion. The approval will support ambitions set forth in the REPowerEU plan, under which the EU aims to increase production of biomethane to a share of over 12% of anticipated gas demand by 2030. €1.7 billion is in the form of an investment grant covering up to 40% of eligible project costs to be paid at the end of the construction phase, and €2.8 billion is the estimated budget for incentive tariffs to be paid during the operational phase of the projects, for a 15-year period, covering the difference between the incentive tariffs and the evolving gas prices.
The whiskey industry in the US is also looking to RNG as an important tool to help decarbonize operations, as both Jack Daniels and Jim Beam have announced recent projects involving significant capital. Jack Daniels has partnered with Canada -based TC Energy to invest US$29 million in a new RNG production facility at the Jack Daniel distillery in Tennessee that will convert waste products from the distillation process into pipeline-quality RNG that will be injected into the local gas grid. And the owners of bourbon producer Jim Beam announced an investment of US$400 million in renewable energy systems and increased bourbon production at its largest Kentucky distillery, with RNG ultimately fueling 65% of the distillery's operations.
Conference Call
The public is invited to listen to the conference call by telephone at 2 pm PT ( 5 pm ET ) today, November 8 th . To access the conference call by telephone, please dial: 1-800-319-4610 ( Canada & USA toll-free) or 1-604-638-5340. Callers should dial in 10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.
Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.
SPECIFIED FINANCIAL MEASURES
Management evaluates the Company's performance using a variety of measures, including "Gross Margin", "Adjusted EBITDA", "Sales Pipeline" and "Sales Order Backlog". The specified financial measures, including non-IFRS measures and supplementary financial measures should not be considered as an alternative to or more meaningful than revenue, gross profit or net income. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these specified financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these specified financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.
Note 1 – Gross Margin is a non-IFRS measure and is defined by the Company as gross profit before amortization of intangible assets.
Note 2 – Adjusted EBITDA is a non-IFRS measure and is defined by the Company as earnings before interest, taxes, foreign exchange, depreciation and amortization, as well as adjustments for other income (expense), value assigned to options and RSU's granted, and strategic initiatives.
Reconciliation of net income (loss) and comprehensive income (loss) to Adjusted EBITDA:
(in $000s)
Three months ended Sep 30
Nine months ended Sep 30
2022
2021
2022
2021
Net income (loss)
176
11
(4,572)
(1,273)
Add (deduct):
Exchange difference on translating
foreign operations
387
41
904
18
Current income tax expense
152
–
152
–
Foreign exchange (gain) loss
(1,515)
(669)
(1,314)
164
Other income
–
–
–
(209)
Finance income
(46)
–
(80)
–
Finance expense
24
9
69
78
Share-based compensation
368
295
1,556
754
Strategic initiatives
71
–
1,174
–
Professional fees for Prospectus
–
–
–
101
Amortization of property and equipment
146
83
446
238
Amortization of intangible assets
652
313
1,681
936
Adjusted EBITDA
415
83
16
807
Note 3 – Sales Order Backlog is a supplementary financial measure that refers to the balance of unrecognized revenue from contracted biogas upgrading system supply projects. The Sales Order Backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue (by reference to the stage of completion of each contract).
Note 4 – Greenlane maintains a Sales Pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. The Sales Pipeline is a supplementary financial measure. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the Sales Pipeline come from situations where the Company provides a quote on a prospective project and reductions to the Sales Pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the Sales Pipeline is converted to Greenlane's Sales Order Backlog.
About Greenlane Renewables
Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (" RNG ") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 biogas desulfurization units shipped, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com .
Forward Looking Information Advisory – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "could", "plan", "expects" or "is expected to", "is used to", "potential", "proposed", "estimate", "believe", "continues to", "remains" or "continually" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen or that current events or conditions will continue or be repeated. The forward-looking information contained in this press release, includes, but is not limited to: that management expects to see further consolidation in the RNG industry, that supportive regulations and policies are expected to provide additional capital to help expedite the RNG industry's growth, that such consolidations and growth will have a positive effect on the pace of RNG project development, market strength, project financing and new sales opportunities for Greenlane; management's belief that the sales pipeline represents visibility to a significant number of opportunities that will, through the sales process, convert opportunities into signed contracts and move into the sales order backlog, which will be drawn down and the Company advances and completes projects to realize revenue; that quarterly operating results will fluctuate; that consolidation in the RNG industry as well as new supportive regulations and funding points to the scale up of RNG projects and production; that the potential transaction to acquire Nature Energy could be worth US$2billion management's expectations and beliefs regarding its ability to maintaining its competitive position going forward. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believes to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, the state of competition in the RNG industry and competitors' capabilities, that consolidation and favourable legislative initiatives will have a positive impact on the pace of growth and the availability of financing in the RNG industry and will generate sales opportunities for Greenlane, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond Greenlane's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the effects of industry consolidation and the ability of legislation to affect the pace of growth and availability of financing in the RNG industry; the plans, estimates and intentions of third parties in respect of intended transactions and activities to transition to clean energy; risks relating to Greenlane's financial performance in 2022, Greenlane may not be able to convert sales opportunities into contracts as expected, Greenlane may face impediments in delivering and advancing projects to be able to timely realize revenue reducing the sales backlog; RNG initiatives and projects of natural gas utilities being changed, delayed or canceled, the state of competition in the RNG industry, Greenlane's position as a leading biogas upgrading and project development solutions provider. Additional risk factors can also be found in the Company's Management Discussion and Analysis, its Annual Information Form and in its base shelf prospectus dated June 24, 2021 , all of which have been filed under the Company's SEDAR profile at www.sedar.com . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
FINANCIAL OUTLOOK INFORMATION – This news release contains "financial outlook information" regarding Greenlane's prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company's revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some contracts contain termination provisions that allow the customer to terminate with no penalty or with minimum prescribed threshold payments based on the length of time since the contract was entered into. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company's revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.
SOURCE Greenlane Renewables Inc.
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Greenlane Renewables (TSX:GRN) is a leading global provider of biogas-upgrading systems that are capable of contributing to decarbonizing the natural gas grid and transportation network. The company’s systems produce clean, low-carbon, renewable natural gas (RNG) from organic waste sources such as landfills, wastewater treatment plants, farms and food waste facilities. The RNG is then used as fuel for vehicles, such as those adopted by UPS (NYSE:UPS), or for injection into the natural gas grid.
In response to end-user demands for a lower carbon footprint and renewable fuels, Greenlane Renewables is the only RNG pure play that offers the three main biogas upgrading technologies. These technologies remove impurities and separate biomethane in raw biogas to create clean RNG for pipeline injection, liquefaction or direct use as a vehicle fuel. The company works with customers from around the globe to find the right solutions for the type and scope of the project.
Focused on providing turnkey solutions for its clients, Greenlane Renewables offers three technologically advanced solutions to its clients, beginning with its patented water-wash system, pressure swing adsorption (PSA) and membrane separation, all three of which are designed to meet project specifications without breaking the budget. More than that, Greenlane Renewables brings core competency and outright expertise built on decades of experience to get the job done. Units are priced from $2 million to $12 million depending on the size and scope of the project, generating more than $55 million in revenue for the company in 2021.
Greenlane Renewables has installed over 135 units in 19 countries across the globe. The company has installed one of the largest RNG operations in both Europe (Germany) and Canada (Quebec). Greenlane Renewables has also completed a project in California that upgrades and injects RNG into the SoCalGas (OTCMKTS:SOCGP) (part of the Sempra group of utilities) natural gas pipeline network.
Greenlane Renewables announced in August 2022 that it signed new contracts with a combined value of $13.5 million for the supply of its biogas upgrading technology for two landfill RNG projects in South America. Greenlane will supply two water wash upgrading systems capable of processing enough landfill gas to produce up to approximately 850,000 MMBTU. The company also secured a contract for CAD$8.7 million for dairy manure to RNG project in the United States and an $11.4 million contract with a single customer for the supply of its pressure swing adsorption biogas upgrading systems for new food waste-to-RNG projects across three US states.
In an effort to accelerate the development of renewable natural gas projects, Greenlane Renewables announced two development capital deployments in 2022, with a combined total of up to US$1.4 million. The two capital deployments — one for a company developing RNG projects based on a dairy cluster model in California, and the other for a company developing landfill gas-to-RNG projects in the US midwest — support Greenlane Renewables’ effort to accelerate RNG projects to ready-for-construction phase.
With over 30 years of industry experience, patented technology and over 135 biogas units installed in 19 countries, Greenlane Renewables is committed to help eliminate waste and provide a greener future for generations to come.
Greenlane Renewables is also one of the founding members of the Integrated Biogas Alliance (IBA), an organization designed to help provide the global biogas industry with unique and fully-integrated organic waste to renewable energy solutions.
According to a report by McKinsey & Company, demand for natural gas is expected to reach 20 billion cubic feet per day by the year 2030. The market is expected to significantly impact the North American gas landscape in particular, as coal loses popularity as an energy solution and renewable energy take a more dominant role in the market. McKinsey & Company notes the North American gas market’s dependence on the global market as roughly 60 percent of natural gas will come from the US and Canadian exports.
To present a viable solution for renewable energy requirements, Greenlane Renewables utilizes three innovative technologies that are capable of producing biogas. Biogas is produced from decomposing organic material without the presence of oxygen and is primarily comprised of methane and carbon dioxide. Biogas started as a cheap heating fuel but was adopted in the late 1980s for combined heat and power applications. Applications for biogas have recently expanded to include high-value and high-tech upgrading processes to make it available for pipeline injection (utilities) and vehicle use.
Greenlane Renewables has built a team with significant technology and implementation expertise that collaborate with the company’s clients. The team works with customers to evaluate project objectives and identify solutions that work for them. Greenlane Renewables helps its clients choose the right type of technology for the project, advisory services and assists with a variety of project development activities such as financing, siting, permitting and RNG off-take.
Greenlane Renewables is one of the only companies to offer multiple core technologies for creating RNG from biogas. The company’s biogas upgrading-systems are marketed and sold through its wholly-owned subsidiary Greenlane Biogas and the Greenlane Biogas brand. Biogas upgrading systems are responsible for cleansing impurities and separating carbon dioxide from biomethane to create a clean, high-purity, low-carbon fuel, known as RNG.
Greenlane Renewables manages the entire project life cycle from design and procurement through to on-site installation, commissioning and aftercare. After the company’s technology has been installed, Greenlane Renewables provides 24/7 technical support, remote monitoring and maintenance.
Greenlane Renewables offers three technology solutions to its clients: water-wash, PSA and membrane separation. All three pieces of technology are designed to fulfill the needs of big and small projects alike. Each unit price ranges from $2 million to $12 million depending on the size and scope, which resulted in over $55 million in revenue for the company in 2021.
A simple process with no upstream treatment requirements, the water wash technology removes impurities in the feed material without using chemicals or heat. It is one of the most widely-used upgrading technologies in the world. Greenlane Renewables has developed five models for this technology that are designed to meet a range of flow-rate requirements. All technology systems contain a modular design with a compact footprint, making it easily scalable.
PSA can effectively separate specific gases from a complex mixture of different gases, like those generated at landfills. The PSA technology uses several steps to purify biogas and separate methane from carbon dioxide. It is one of the only technologies available today that can remove nitrogen; however, high nitrogen levels can reduce methane recovery rates, making it sometimes necessary to pair the technology with another solution like the water wash.
Often more suitable for small to medium-sized projects, the membrane separation technology uses permeation to filter out larger methane molecules from the smaller carbon dioxide molecules. Greenlane Renewables believes that this option is best for clients that consider initial capital expenditure as more important than long-term life cycle costs.
Every biogas upgrading project requires its own unique solution depending on the source of the raw biogas, its composition and level of impurities. The solution also changes based on the size of the project and the end-user of the RNG. To this aim, Greenlane Renewables works with its customers to find the right solution for that particular client and has established projects in a number of countries around the globe.
In 2009, Greenlane Renewables was commissioned to develop one of the largest RNG projects in Europe in Gustgrow, Germany. The plant, which has a capacity of 10,000 normal cubic meters per hour, treats biogas from crops and feeds the RNG into the local natural gas pipeline.
Greenlane Renewables has also designed one of the largest RNG processing facilities in the world in Montreal, Quebec. The facility has a capacity of 16,000 normal cubic meters per hour and treats biogas from a large landfill and feeds the RNG into the local natural gas pipeline. The project was commissioned in 2014.
Greenlane Renewables’ has been tasked with some of the toughest jobs. Their project in Perris, California, commissioned in 2018, treats biogas from municipal organic waste and feeds the Rule-30 pipeline-quality RNG into SoCalGas’ pipelines. The project has a total capacity of 2,000 normal cubic meters per hour and is credited with being the first facility to produce RNG within California. The project uses Greenlane Renewables’ Totara system in combination with PSA to produce the required end product.
Greenlane Renewables plans to expand beyond systems sales and increase recurring revenues and profits by adding exposure to lucrative RNG off-take contracts and the associated environmental attributes/carbon credits. Management intends to deploy specialized development capital where it can accelerate projects to the ready-for-construction phase, secure additional system sales and services and result in an equity and/or profits interest for Greenlane in the resulting RNG project. In June of 2022, Greenlane announced its first deployment of development capital for a dairy cluster project in California.
Brad Douville joined Greenlane in 2017 after a 25-year career in the natural gas commercial vehicle industry. He was a founding member of Westport Innovations Inc. (formed in 1995), now Westport Fuel Systems Inc., and Cummins Westport (2001). He holds an M.A.Sc. in Mechanical Engineering (University of British Columbia) and an Executive Program certificate from the Stanford School of Business.
Monty Balderston joins Greenlane with over 25 years of experience in progressively senior financial leadership positions, including the role of Chief Financial Officer, in both public and private companies spanning mechanical equipment provisioning and installation, civil construction, industrial supply, maintenance services, and diversified energy services. He is a Chartered Professional Accountant and holds a Bachelor of Commerce degree from the University of Alberta . Mr. Balderston began his career at PricewaterhouseCoopers LLP and for the last five years was the Chief Financial Officer with Mosaic Capital Corporation where he oversaw all financial reporting processes and strategic planning, including budgeting, forecasting and acquisitions.
Alex Chassels brings over 25 years of experience and a track record of executive leadership in business transformation and operations optimization in growth-oriented technology companies with innovative products and complex global supply chains. Through growing positions of responsibility and leadership with Creo, Kodak and Alpha Technologies (an Enersys Company) he has developed a clear team-based approach to delivering the highest levels of customer satisfaction. Chassels holds a BA in Philosophy (Magna Cum Laude) and Chemistry from the University of Arizona .
Jim Bornholdt has over 35 years of experience in purchasing and logistics functions for multi-million-dollar projects across a broad range of industries, including manufacturing, aerospace, civil construction and the Olympic Games.
Marco Mazafarro has over 15 years of experience in renewable energy project sales and development. He holds a degree in Business Administration from the Pontifícia Universidade Católica de São Paulo in Brazil and a M.Sc. in Sustainable Energy Development (University of Calgary).
Sandra Keyton is a growth-oriented human resources executive with 30 years of global HR experience in the technology, automotive and energy sectors. Prior to Greenlane, she was with Westport Fuel Systems Inc. She holds her CHRP designation and is a graduate of the British Columbia Institute of Technology Human Resources Management Program.
Wade Nesmith founded Primero Mining Corp. in 2008, acting as CEO until 2010 and chairman until 2018. He was a founding board member of Westport Innovations Inc. and Silver Wheaton Corp., and was previously superintendent of brokers for the Province of British Columbia (1989 to 1992), and senior partner, specializing in securities law with Lang Michener LLP (now McMillan LLP) from 1993 to 1998. He obtained his LLB from Osgoode Hall Law School.
David Demers was a founding member of Westport Innovations, serving as CEO and a director from 1995 to 2016. He was a director of Primero Mining Corp. from 2008 to 2018. Previously with IBM, Demers currently sits on the boards of TIMIA Capital Corp. and Augurex Life Sciences Corp. He has a B.Sc. in Physics and a D.Juris, both from the University of Saskatchewan.
David Blaiklock previously served as the chief financial officer of Primero Mining Corp., and as the corporate controller for Intrawest Corporation. He received his designation as a chartered accountant while working with the international accounting firm Deloitte Touche Tohmatsu Limited. He has a B.A. in Economics and Business Studies from the University of Sheffield in England, and holds his CPA, CA designations in British Columbia and the UK.
Patricia Fortier is a former Canadian diplomat who most recently acted as an assistant deputy minister in Global Affairs Canada. She has held several diplomatic postings, including Canadian ambassador to Peru, Bolivia and the Dominican Republic, and minister-counsellor at the Canadian Embassy in Washington, D.C. She has a master’s degree in public administration Queen’s University in Kingston, Ontario.
Candice Alderson is currently a senior vice-president, infrastructure investments for the Ledcor Group of Companies, a privately held company that is one of the most diverse conglomerates in North America. Alderson is responsible for leading the infrastructure investment group overseeing equity investments and supporting multiple Ledcor divisions in the pursuit of major infrastructure projects. She holds a BA in political science and environmental studies (Concordia University) and an LLB (University of Victoria).
Elaine Wong is currently president of Pine Street Ventures Ltd., and is a seasoned executive with over 25 years of experience in accounting, finance and operations in fast growing companies. She spent 13 years with Westport Fuel Systems, a publicly listed (Nasdaq & TSX) clean technology company with a global presence, holding various senior positions including chief financial officer and executive vice-president, strategic development, responsible for strategy and mergers and acquisitions. Prior to Westport, Wong was with ISM-BC, an information technology joint venture owned by IBM and TELUS, where she was corporate controller and then director of corporate performance responsible for financial reporting and analysis. Named one of Canada’s Top 100 Most Powerful Women in 2010, Wong earned her chartered accountant designation in 1993 while working with KPMG and is also a certified public accountant in Illinois. She holds a Bachelor of Commerce (Honours) degree from the University of British Columbia.
Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) is pleased to announce that it has received final approval for the listing of its common shares and warrants on the Toronto Stock Exchange (" TSX ").
Greenlane's common shares and warrants will commence trading on the TSX effective as of market open tomorrow, February 17, 2021, under the current trading symbols of "GRN" and "GRN.WT", respectively. In connection with the TSX listing, Greenlane's common shares and warrants will be concurrently delisted from the TSX Venture Exchange (" TSXV ").
"Graduating to the senior board, after having commenced trading on the TSXV only 20 months ago, marks an important and exciting achievement for our company," said Brad Douville, President and CEO of Greenlane. "We've accomplished a great deal of business success on our mission to decarbonize transportation and the natural gas distribution network with renewable natural gas produced from our biogas upgrading systems. I wish to thank our employees, whose hard work and dedication made it possible to rapidly build, grow and finance Greenlane, thus meeting the stringent TSX listing requirements in such a short amount of time."
"From a capital markets perspective, trading on the TSX provides us with a greater platform from which to expand our global investor base and allows us to match our governance, growth and environmental and sustainability efforts with ESG-focused investors and individual investors seeking a greater reporting standard. I wish to acknowledge and thank the TSXV for being so helpful and supportive during our first phase as a public company."
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005267/en/
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: [email protected]
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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) is pleased to announce that it has closed its previously announced upsized bought deal offering (the "Offering") of 12,190,000 common shares ("Shares"), which included 1,590,000 additional shares issued pursuant to the underwriters' full exercise of their over-allotment option, at a price of $2.17 per share for total gross proceeds of approximately $26.5 million.
TD Securities Inc. acted as lead underwriter and sole bookrunner on behalf of itself and a syndicate of underwriters including Raymond James Ltd., Haywood Securities Inc., Canaccord Genuity Corp., Beacon Securities Limited, and Paradigm Capital Inc. in connection with the Offering.
The Company will use the net proceeds of the Offering for development of and investments in new renewable natural gas projects, for strategic growth initiatives, and for general corporate purposes (including the Company's ongoing business initiatives) and working capital.
The Shares were issued pursuant to a prospectus supplement that has been filed with the securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario under the Company's base shelf prospectus dated July 31, 2019 and may also be offered by way of private placement into the United States pursuant to Rule 144A. No securities regulatory authority has either approved or disapproved of the contents of this news release.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com .
FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release includes statements regarding the use of proceeds of the Offering for which readers are referred to the Company's prospectus supplement for a full description of the uses of proceeds and associated risk factors. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks identified in the Company's annual information form, base shelf prospectus and prospectus supplement, which have been filed under the Company's SEDAR profile at www.sedar.com . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005511/en/
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: [email protected]
News Provided by Business Wire via QuoteMedia
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) is pleased to announce that, in connection with its previously announced upsized bought deal offering of 10,600,000 common shares of the Company ("Shares") at a price of $2.17 per Share, for gross proceeds of approximately $23 million (the "Offering"), the underwriters have determined to exercise their over-allotment option to purchase an additional 1,590,000 common shares at the offering price of $2.17 per share ("Additional Shares"). Exercise of the over-allotment option will bring the total gross proceeds of the Offering to approximately $26.5 million.
TD Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of itself and a syndicate of underwriters in connection with the Offering.
Closing of the Offering, which will include issuance of the Additional Shares, is anticipated to occur on January 27, 2021 and remains subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Company will use the net proceeds of the Offering for development of and investments in new renewable natural gas projects, for strategic growth initiatives, and for general corporate purposes (including the Company's ongoing business initiatives) and working capital.
The Shares will be issued pursuant to a prospectus supplement that has been filed with the securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario under the Company's base shelf prospectus dated July 31, 2019 and may also be offered by way of private placement into the United States pursuant to Rule 144A. No securities regulatory authority has either approved or disapproved of the contents of this news release.
The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com .
FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward looking information contained in this press release includes expectations about the likelihood of completing the Offering, the amount of funds to be raised, the use of proceeds of the Offering and the ability of the Company to secure required regulatory acceptances. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, the risk of failure to satisfy customary closing conditions of the Offering. Additional risk factors can also be found in the Company's annual information form and prospectuses, which have been filed under the Company's SEDAR profile at www.sedar.com . Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210125005930/en/
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: [email protected]
News Provided by Business Wire via QuoteMedia
Not for Distribution to United States Newswire Services or Dissemination in the United States
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
Greenlane Renewables Inc. (TSXV: GRN) ("Greenlane" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 9,220,000 common shares of the Company (the "Shares") at a price of $2.17 per Share, for gross proceeds of approximately $20 million (the "Offering"). The Company will also grant to the Underwriters an over-allotment option (the "OverAllotment Option") to increase the size of the Offering by up to an additional 15%, such option being exercisable in whole or in part at any time prior to 30 days after the closing of the Offering.
The Company will use the net proceeds of the Offering for development of and investments in new renewable natural gas projects, for strategic growth initiatives, and for general corporate purposes (including the Company's ongoing business initiatives) and working capital.
The Offering is expected to close on or about January 27, 2021, subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The Shares will be issued pursuant to a prospectus supplement that will be filed with the securities regulatory authorities in each of the provinces of British Columbia, Alberta, Manitoba and Ontario under the Company's base shelf prospectus dated July 31, 2019 and may also be offered by way of private placement into the United States pursuant to Rule 144A. No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
About Greenlane Renewables Inc.
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com..
Contacts
Incite Capital Markets
Eric Negraeff/Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables Inc.
Email: [email protected]
FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release includes expectations about the likelihood of completing the Offering, the amount of funds to be raised, the use of proceeds of the Offering and the ability of the Company to secure required regulatory acceptances. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, the risk of failure to satisfy customary closing conditions of the Offering. Additional risk factors can also be found in the Company's filing statement and prospectuses, which have been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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 or has in any way approved or disapproved of the contents of this press release. 
News Provided by GlobeNewswire via QuoteMedia
Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) a leading global provider of biogas upgrading systems, is pleased to announce that Brad Douville, Chief Executive Officer, will present at the 13th Annual LD Micro Main Event Conference on December 15th, 2020 at 2:30 p.m. (Eastern Time).
Interested parties can register to attend at the following link: https://ve.mysequire.com/
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com .
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 or has in any way approved or disapproved of the contents of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201209005999/en/
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: [email protected]
News Provided by Business Wire via QuoteMedia
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES
Graphene Manufacturing Group Ltd. (TSX-V: GMG) (" GMG " or the " Company "), is pleased to announce that it has entered into an agreement pursuant to which Eight Capital as lead underwriter and sole bookrunner, together with a syndicate of underwriters (collectively, the " Underwriters "), will purchase 1,819,000 units of the Company (the " Units "), on a "bought deal" basis pursuant to the filing of a short form prospectus, subject to all required regulatory approvals, at a price per Unit of $2.75 (the " Issue Price ") for gross proceeds of $5,002,250 (the " Offering ").
Each Unit shall be comprised of one ordinary share in the capital of the Company (a " Share ") and one ordinary share purchase warrant (a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one Share at an exercise price of $3.35 for a period of 48 months following the closing date of the Offering.
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price, and/or the components thereof, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering.
The Company intends to use the net proceeds of the Offering for growth initiatives, working capital and general corporate purposes.
The closing date of the Offering is scheduled to be on or about November 29, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the " TSXV ") and the applicable securities regulatory authorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933 , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933 , as amended, and applicable state securities laws.
Graphene Manufacturing Group LTD.
Per: "Craig Nicol"
Craig Nicol
Chief Executive Officer and Managing Director
About GMG
GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, low cost, scalable, 'tuneable' and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.
For further information, please contact:
– Craig Nicol, Chief Executive Officer, and Managing Director of GMG
[email protected]
+61 415 445 223
– Leo Karabelas at Focus Communications Investor Relations (FCIR)
[email protected]
+1 647 689 6041
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.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. In particular, this news release contains forward-looking information pertaining to the following: the likelihood of completion of the Offering, the use of proceeds from the Offering, the anticipated closing date of the Offering and the ability to obtain the necessary regulatory authority and approvals in connection with the Offering.
In making the forward-looking information in this release, GMG has applied certain factors and assumptions that are based on GMG's current beliefs as well as assumptions made by and information currently available to GMG. Although GMG considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such factors include, among others: the inability to obtain the necessary regulatory approvals from the applicable securities regulators or obtain the approval of the TSXV in connection with the Offering, the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the inability of the Company to apply the use of proceeds from the Offering as anticipated; the ability of the Company to achieve its corporate objectives or otherwise advance the progress of GMG; an inability to predict and counteract the effects of COVID-19 on the business of the Company; general market and industry conditions; and those risks set out in the Company's public documents filed on SEDAR.
Readers are cautioned not to place undue reliance on forward-looking information. GMG does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
News Provided by GlobeNewswire via QuoteMedia
Via NewMediaWire Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), Southeast Asia's ("SEA") leading data-driven fintech and e-commerce ecosystem, today announces the establishment of a strategic crypto currency payment partnership with Canada-based CoinSmart Financial Inc ("CoinSmart") (NEO: SMRT) (FSE: IIR), a leading Toronto-headquartered crypto asset trading platform.
Under this paradigm shifting collaboration, SmartPay by CoinSmart provides transaction settlement services in crypto currency for consumers and merchants on SoPa's ecosystem. Leveraging CoinSmart's advanced technological solutions spanning crypto payments, invoicing, trading, auto-sell wallets and crypto withdrawals, SoPa now offers more diversified and cost-saving payment options. In particular, merchants on SoPa's loyalty platform are now enabled to enjoy new growth in customer base, low processing costs and quicker settlement processes.
Backed by the ever-increasing number of users worldwide, crypto has become the world's fastest-growing payment method. According to Allied Market Research , the global crypto currency market size was valued at US$1.03 billion in 2022 and is projected to reach US$4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. Along with the continuous expansion of the global market, according to a new survey by Deloitte , nearly 75% of retailers plan to accept crypto payments in the next 24 months.
CoinSmart's user-friendly platform features instant verification, enterprise-grade security, cold wallet storage and reporting tools for tax and audit purposes in the meantime. Currently, CoinSmart supports popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Stellar, etc. as well as fiat currencies including CAD, USD, EUR and AUD.
Dennis Nguyen, Founder, Chairman and Chief Executive Officer of Society Pass , explained, "According to a report by White Star Capital , SEA is a hotbed for crypto adoption with over 23.5 million crypto owners alone or a 3.56% crypto ownership rate. In fact, Singapore has a higher percentage of crypto ownership than the United States. As a result, we see huge market potential and demand in crypto payments in the region and, combined with the synergistic effect created from the payment partnership with CoinSmart, SoPa's data-driven fintech and e-commerce ecosystem will drive crypto payment adoption in SEA even higher."
"We are beyond excited to extend our partnership landscape to Canada and to welcome CoinSmart to the SoPa family as it perfectly aligns with our expansion and partnership strategy. After incorporating CoinSmart's blockchain capabilities, our ecosystem is expected to see an increase in the number of customers, user viscosity and revenue growth," added Mr. Nguyen.
Started in 2018, CoinSmart has been a secure and intuitive platform for trading digital assets. As a FINTRAC restricted dealer and marketplace through the Canadian Securities Association (CSA), CoinSmart breaks down the barriers of complex cryptocurrency transactions with an emphasis on educating the crypto curious. CoinSmart, in addition, offers simple solutions, learning tools for all levels, and 24/7 omni-channel client support.
Justin Hartzman, CEO of CoinSmart , commented "The vision of CoinSmart is to build a democratised crypto trading platform where consumers can easily access payments via email, user's business website and in-person at a click of a button. As crypto is the fastest-growing payment method across the globe, our SmartPay services eliminate chargebacks and significantly reduce costs of processing fees compared to other processing options. By joining forces with SoPa's extensive ecosystem and large user base in SEA, we are thrilled about the combined marketing capabilities we now bring collectively to our partners and customers."
Society Pass has been leveraging cutting edge technology to tailor an unprecedented purchase experience for the next generation customers with an aim to ultimately transform the entire retail value chain in SEA. SoPa makes continuous efforts in diversifying the Company's ecosystem and capturing growing opportunities in the market under new meta economy, by means of strategic acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: loyalty, lifestyle, food & beverage delivery, telecoms, digital marketing, and travel.
About Society Pass Inc
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated ( Nasdaq: SOPA ) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behavior. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group , a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip , a leading Indonesia-based Online Travel Agency; Gorilla Networks , a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com , Vietnam's leading lifestyle e-commerce platform; Pushkart.ph , a popular grocery delivery company in Philippines; Handycart.vn , a leading online restaurant delivery service based in Vietnam; and Mangan , a leading local restaurant delivery service in Philippines.
For more information on Society Pass, please check out:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/ .
About CoinSmart
CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way for buying and selling digital assets, like Bitcoin and Ethereum. CoinSmart is one of the few crypto asset trading platforms in Canada to be registered as a securities dealer and marketplace with the Ontario Securities Commission. CoinSmart is also one of the first Canadian headquartered trading platforms to have an international presence, accepting customers across 40+ countries at a time when the digital asset industry continues to rapidly expand. CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency knowledge and unparalleled 24/7 omni-channel customer support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information, please visit www.coinsmart.com or smartpay.coinsmart.com .
Cautionary Note Concerning Forward-Looking Statements
This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media Contacts:
PRecious Communications
[email protected] 
News Provided by GlobeNewswire via QuoteMedia
dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) (" dynaCERT " or the "Company") is pleased to announce that its successful pilot programme with Alectra Utilities Corporation ("Alectra") has resulted in the purchase of an additional seventy-three (73) dynaCERT flagship HydraGEN TM Technology Units. Alectra has now purchased a total of eighty-eight (88) HydraGEN™ Technology Units designed to reduce carbon emissions, reduce maintenance and reduce fuel costs on its fleet vehicles. See Press Release dated September 30, 2022.
Jim Payne, President and CEO of dynaCERT , stated, "As global diesel prices soar, dynaCERT is very pleased to serve the private and public sector in Canada and internationally, including utilities, communities and governments as well as private sector users of internal combustion engines. Our products are designed for future Carbon Credits while users achieve sustainability and reduce global Greenhouse Gas Emissions."
dynaCERT has received the Smart Sustainable Company Rating Seal after a rigorous analysis of Triple-A Analytics GmbH of Austria. This honourable distinction of dynaCERT and its HydraGEN™ Technology as it applies to the United Nations Sustainable Development Goals and United Nations Global Compact Principles, has been evaluated as "high", the highest global ranking in its category.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www. dynaCERT .com .
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, information relating to Alectra Incorporated and Alectra Utilities Corporation cannot be independently verified. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com . Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006053/en/
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
+1 (416) 766-9691 x 2
[email protected] dynaCERT .com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
[email protected] dynaCERT .com
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Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is providing details of its upcoming Annual Meeting of shareholders ("AGM") to be held virtually on Friday, November 25, 2022, at 8:00 a.m. Brisbane Australian Eastern Standard Time (being Thursday, November 24, 2022 at 2:00 p.m. (Canadian Pacific Standard Time).
TO VOTE AHEAD OF THE VIRTUAL AGM
The AGM will be held in a virtual format, allowing shareholders to have an equal opportunity to participate at the AGM online regardless of their geographic location.
The meeting materials, consisting of the notice of meeting, management information circular and related materials (collectively the "Meeting Materials") were mailed on or about October 26, 2022. If you have not received your copy of the Meeting Materials by November 10, 2022, please contact your broker if you are a non-registered shareholder, or contact Computershare if you are a registered shareholder. The Meeting Materials outline in detail how to participate at the AGM.
Where a shareholder has previously consented to electronic delivery, the Meeting Materials will be sent to the shareholder electronically.
Non-registered shareholders are encouraged to contact their brokers to register for electronic delivery of GMG's Meeting Materials.
The Meeting Materials are available at GMG's profile on SEDAR at www.sedar.com as well as in the Investors Section of GMG's website at https://graphenemg.com/agm-materials/.
As in prior years, shareholders have multiple options to cast their vote ahead of the AGM, which include on-line, via telephone or via mail. Details on using each method are included in the Circular and the form of proxy. Shareholders who are planning to vote ahead of the AGM must submit their proxy voting instructions to Computershare (via online at www.investorvote.com, telephone (1-866-732-8683) or mail) no later than 8:00 a.m. Brisbane Australian Eastern Standard Time on Wednesday, November 23, 2022, being 2:00 pm (Canadian Pacific Standard Time) on Tuesday, November 22, 2022 (the "Cut-Off Time").
ATTENDING THE VIRTUAL AGM
All shareholders will be able to attend the AGM virtually. To do so, login online at http://web.lumiagm.com/445493549, Meeting ID: 445-493-549, Password: graphene2022 (case sensitive).
All securityholders MUST register any third party appointments at www.computershare.com/graphene in advance of the AGM. Failure to do so will result in the appointee not receiving login credentials.
Registered Holders will be asked to enter the 15 digit control number provided on your form of proxy provided by Computershare.
Appointed Proxyholders will be asked to enter the user name provided by Computershare via email, provided your appointment has been registered.
Attendees who do not enter the 15 digit control number or the user name provided by Computershare will only be allowed to register for the AGM as a "Guest".
It is recommended that attendees log in 15 minutes prior to the start time of the AGM.
The Lumi Virtual Meeting Guide, can be found at https://graphenemg.com/agm-materials/, the Meeting Guide provides details for attending and voting at the AGM.
TO VOTE OR ASK QUESTIONS AT THE VIRTUAL AGM
For registered shareholders and duly appointed proxyholders to vote their proxies and/or ask questions at the AGM, please follow the instructions set out in the Meeting Materials.
All shareholders wishing to have a question addressed at the virtual AGM can avoid the registration requirements set out in the Meeting Materials by submitting them in advance to [email protected]. Questions will be collected, organized by theme and posed to management at the AGM. It is asked that all written questions be submitted no later than the Cut-Off Time. GMG is committed to addressing all appropriate questions submitted by shareholders either live during the AGM or in advance, as timing and circumstances permit.
Shareholders who have questions on how to vote their proxy in advance of the AGM, or on how to register to vote at the AGM, can contact [email protected].
Attendees who have registered for the AGM as a "Guest" will not have the ability to vote at the AGM or ask questions.
TECHNICAL DIFFICULTIES
Technical difficulties may arise during the course of the AGM which may impact shareholders and proxyholders participating in the AGM through the Lumi AGM online platform. The Chair has discretion as to whether and how the AGM should proceed in the event that a technical difficulty arises. In exercising this discretion, the Chair will have regard to the number of shareholders impacted and the extent to which participation in the business of the AGM is affected. Where the Chair considers it appropriate, the Chair may continue to hold the AGM and transact business, including conducting a poll and voting in accordance with valid proxy instructions.
For this reason, shareholders are encouraged to submit their voting instructions prior to the Cut-Off Time via www.investorvote.com.
Please ensure that your browser for whichever device you are using is compatible. You will need the latest version of Chrome, Safari, Edge or Firefox. Internet Explorer is not supported.
NEED HELP
If you experience difficulty logging into the AGM using the Lumi AGM online platform, please contact Lumi at [email protected].
If you cannot locate your Control Number, please call Computershare at 1-800-564-6253. Please note for security reasons Computershare is not able to provide you with your Control Number over the telephone.
About GMG
GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, low cost, scalable, 'tuneable' and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.
For further information, please contact:
– Craig Nicol, Chief Executive Officer, and Managing Director of GMG
[email protected]
+61 415 445 223
– Leo Karabelas at Focus Communications Investor Relations (FCIR)
[email protected]
+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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142871
News Provided by Newsfile via QuoteMedia
Greenlane Renewables Inc. (" Greenlane ") (TSX: GRN) (FSE: 52G) will announce its 2022 third quarter financial results on Tuesday, November 8 th 2022 after markets close, followed by a conference call at 5:00 PM ET ( 2:00 PM PT ). Representing management will be Brad Douville President and Chief Executive Officer and Monty Balderston Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management.
The public is invited to listen to the conference call in real time by telephone. To access the conference call by telephone, please dial: 1-800-319-4610 ( Canada & USA toll-free) or 1-604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.
Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable audio file.
Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (" RNG ") industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 biogas desulfurization units shipped, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com .
SOURCE Greenlane Renewables Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/01/c2497.html
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TSXV: JK OTCQB: JKHCF FRA: 68Z
The Company has also Hired Foodpanda's Former Head of Kitchens & Concepts, Ryan Ching , to be the Managing Director of its Business in the Region
Just Kitchen Holdings Corp. ("JustKitchen" or the "Company") (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z) a technology focused and enabled operator of ghost kitchens specializing in the development of delivery-only food brands, announces the opening of multiple new ghost kitchen locations in Hong Kong (the " New Locations "). The New Locations include two stalls in the 10-stall Yuen Long shared commercial kitchen facility (the " Facility ") and a site within an office tower in Kwun Tong. JustKitchen has also hired Ryan Ching the former Head of Kitchens & Concepts at Foodpanda, to be the Managing Director of its business in Hong Kong .
Each stall at the Facility is initially offering three food brands: one stall is focused on the Body Fit, Formosa Chang, and BIT Beef Noodle menus, while the other is offering Mr. Beast, Little Mario's Pizza and Inluck Taiwanese cuisine. Allocating certain brands and menus to certain stalls enables JustKitchen to be operate more efficiently and in a specialized manner.
Situated in the North-Western part of New Territories Hong Kong, Yuen Long is one of the fastest growing areas of the country, with a current population of over 500,000 people. 1 Yuen Long is commonly recognized within the top five delivery zones by order volumes on demand-side delivery platforms in Hong Kong .
JustKitchen also opened an additional location in the Kwun Tong area within the Citi Tower building in mid-July. This ghost kitchen has a high proportion of pick-up business and is strategically located to serve the growing office catchment area as part of the Hong Kong government's CBD 2.0 Plan. The Company is also excited to add a newly licensed brand to its portfolio – the local Vietnamese favourite, Bánh Mì Kitchen (" BMK "). The Kwun Tong location offers BMK alongside established consumer favourites, Bodyfit and MrBeast
In addition to the New Locations, JustKitchen has secured a lease and a license for delivery for a fully equipped commercial kitchen (" Hub ") in Chai Wan in Hong Kong . At approximately 3,000 square feet, the Hub will be able to support existing and future ghost kitchen locations and also serve as a spoke for the Company in Hong Kong moving forward. The first line of in-house production commenced in late May with all product lines completing this transaction in August. The Hub has been able to achieve food cost reductions to under 30% of net sales and is on track to reach 25% by the end of the calendar year. A spoke situated within the Hub is expected to become operational in early October.
In mid-August, the Company also commenced operations of a pop-up kitchen in Quarry Bay situated within Swire Properties' Taikoo Place office precinct. The commitment of the pop-up kitchen extends up to the end of 2022 with an option to lease in 2023. Bodyfit, MrBeast and BMK are the brands currently offered with plans to rotate and promote new brands on a regular basis.
To assist with all the growth in Hong Kong , the Company recently hired Ryan Ching as its Managing Director for the region. He is an experienced product and operations leader with a passion for the integration and collaboration of technology; product and design; strategy development; business model innovation; and customer-centric promotion in a diverse global marketplace.
Mr. Ching has 15 years of experience and is also skilled in customer experience design, digital transformation, business planning as well as product optimization across digital, physical and financial products around the world. Mr. Ching has a Bachelor of Commerce and Accounting from the University of Melbourne and an MBA from Melbourne Business School. JustKitchen's management team welcomes Mr. Ching to the Company.
"We are excited to be expanding our footprint with more ghost kitchens in Hong Kong . It is a growing market for JustKitchen and we have learned a tremendous amount from our existing locations about the region and the consumers there," said Jason Chen , Co-Founder and Chief Executive Officer of JustKitchen.
"Adding Ryan to the JustKitchen team is also exciting as his knowledge and experience in the app-driven foodservice sector in Hong Kong is expected to be quite valuable. We are looking forward to working with him to continue growing the Company and offering our customers innovative food experiences," added Mr. Chen.
Just Kitchen Holdings Corp. (the " Company " or " Just Kitchen ") is primarily an operator of ghost kitchens specializing in the development and marketing of proprietary and franchised delivery-only food brands for customers and businesses. The Company currently operates in Taiwan , Hong Kong , the Philippines and Malaysia . It has also signed an agreement that will allow JustKitchen to sell several of its proprietary food brands in Japan and it has also signed a brand swap agreement in India . Where appropriate, JustKitchen utilizes a hub-and-spoke operating model, which features advanced food preparation taking place at larger hub kitchens and final meal preparation taking place at smaller spoke kitchens located in areas with higher population densities. The Company combines this operating model with online and mobile application-based food ordering via its proprietary mobile food ordering app and other third-party ordering apps. Delivery is fulfilled by third-party companies, to minimize capital investments and operating expenses and reach more customers in underserved markets. The Company's other business, JustMarket, is an e-commerce grocery delivery platform that allows customers to purchase groceries for delivery or add select grocery items to meals ordered through JustKitchen.
For more information about the Company, please visit investors.JustKitchen.com. JustKitchen's final prospectus, financial statements and management's discussion and analysis, among other documents, are all available on the Company's profile page on SEDAR at www.sedar.com .
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
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 including but not limited to the Company's comments regarding each of the New Locations being planned to initially offer multiple food brands; that allocating certain brands and menus to certain stalls will enable JustKitchen to be operate more efficiently and in a specialized manner; JustKitchen being part of bringing innovative food brands for delivery to Hong Kong's forward-thinking consumers; the new kitchen being able to support existing and future ghost kitchen locations and also serve as a spoke for the Company in Hong Kong moving forward; and Ryan Ching's experience in the app-driven foodservice sector in Hong Kong being expected to be quite valuable. 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, including those risk factors identified in the Company's prospectus dated March 26, 2021 , 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.
Endnotes:
SOURCE Just Kitchen Holdings Corp.
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