|By Marketwired .||
|November 20, 2012 07:02 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- CANADIAN PHOENIX RESOURCES CORP. (TSX VENTURE:CXP) ("Canadian Phoenix" or the "Corporation"), a junior oil and gas company, announces the results for the third quarter of its 2012 fiscal year and the release of a Management Information Circular.
2012 THIRD QUARTER HIGHLIGHTS
-- The Corporation held $78.1 million in cash and cash equivalents and maintained a working capital surplus of $78.0 million as at September 30, 2012. -- Net and comprehensive loss was $73 thousand, or $nil per share, and included a $90 thousand non-cash write-down of capitalized office leasehold costs. -- The Corporation earned $290 thousand in interest income during the quarter. -- The Corporation repurchased 422,400 of its common shares during the quarter at a volume-weighted average price of $1.14 per share by way of a Normal Course Issuer Bid, reducing the number of common shares issued and outstanding to 56,964,818 as at September 30, 2012.
The Corporation's unaudited condensed consolidated interim financial statements and related MD&A for the three and six months ended September 30, 2012 can be found at www.sedar.com and on the Corporation's website at www.canadian-phoenix.com.
SPECIAL MEETING OF SHAREHOLDERS
In connection with its previously announced plan of arrangement (the "Arrangement") with Renegade Petroleum Ltd ("Renegade"), Canadian Phoenix has scheduled a special meeting of its shareholders to be held on December 13, 2012 (the "Meeting"). The Notice of Meeting, Management Information Circular (the "Circular"), Form of Proxy and Letter of Transmittal were mailed on November 19, 2012 to the shareholders of record on November 9, 2012, and are available on the Corporation's website www.canadian-phoenix.com and on SEDAR at www.sedar.com.
At the Meeting, Canadian Phoenix Shareholders will be asked to consider and vote upon the Arrangement, which, through a series of steps outlined in the Circular, will result in:
1. Canadian Phoenix providing $75 million of its cash and cash equivalents to Renegade to support its acquisition of oil-weighted oil assets in Saskatchewan and to transform to a dividend paying company; 2. Canadian Phoenix shareholders receiving 0.5985 Renegade common shares for each Canadian Phoenix common share, while retaining a common share in the post-Arrangement Canadian Phoenix; and 3. The completion of a $114.3 million private placement of subscription receipts (the "Private Placement") in Canadian Phoenix Acquisition Corp. ("AcquisitionCo), a newly created, wholly-owned subsidiary of Canadian Phoenix. Proceeds from the Private Placement were received in escrow on November 16, 2012. Upon approval and completion of the Arrangement, the Private Placement proceeds will be released from escrow, the subscription receipts will ultimately be converted to common shares of Renegade, and Renegade will take control of AcquisitionCo.
Canadian Phoenix is very pleased to be entering into this transaction with the team at Renegade. This transaction meets all the criteria for which the Canadian Phoenix Board of Directors has been searching over the past two and a half years:
-- Strong management team; -- Good valuation metrics; -- Excellent asset base; and -- Sustainable and defined business plan.
Michael Atkinson, Canadian Phoenix's president and CEO states, "We look forward to supporting Renegade's strong management team as they transform into a dividend paying corporation within the Canadian oil and gas industry. We are very pleased about the valuation metrics of Canadian Phoenix's investment and the solid business model that Renegade is deploying."
In addition to the Arrangement, at the Meeting, the Canadian Phoenix shareholders will also be asked to consider and vote upon the following items concerning the Corporation's post-Arrangement structure:
1. A special resolution authorizing the change of name of Canadian Phoenix to "Knol Resources Corp.", or such other name as the directors of Canadian Phoenix determine is appropriate and which name change will not be implemented unless the Arrangement becomes effective 2. A special resolution approving an amendment to the articles of incorporation of Canadian Phoenix to consolidate the issued and outstanding new common shares of Canadian Phoenix issued in connection with the Arrangement (the "Canadian Phoenix New Common Shares") on the basis of one (1) post-consolidation Canadian Phoenix New Common Share for up to every 10 pre-consolidation Canadian Phoenix New Common Shares and which consolidation will not be conducted unless the Arrangement becomes effective; and 3. Subject to the Arrangement being completed, an ordinary resolution approving a post-Arrangement private placement of Canadian Phoenix New Common Shares and which private placement will not be conducted unless the Arrangement becomes effective.
About Canadian Phoenix
Canadian Phoenix Resources Corp. is a publicly-traded junior oil and gas company seeking investment opportunities in Western Canada. Canadian Phoenix's shares trade on the TSX Venture Exchange under the symbol "CXP".
FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information. All statements and information other than statements of historical fact are forward-looking information. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of Canadian Phoenix, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Canadian Phoenix will derive there from. The forward-looking statements and information contained in this news release are made as of the date hereof and Canadian Phoenix undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
Canadian Phoenix Resources Corp.
President & CEO
Canadian Phoenix Resources Corp.
Interim Chief Financial Officer
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 03:30 AM EST Reads: 613
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 03:30 AM EST Reads: 918
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 5, 2016 01:30 AM EST Reads: 725
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection. In his session at 18th Cloud Expo, Bradley Holt, a Developer Advocate with IBM Cloud Data Services, discussed...
Dec. 5, 2016 01:00 AM EST Reads: 3,324
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 5, 2016 12:45 AM EST Reads: 1,804
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 5, 2016 12:45 AM EST Reads: 1,566
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Dec. 5, 2016 12:30 AM EST Reads: 6,079
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 5, 2016 12:15 AM EST Reads: 3,814
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 5, 2016 12:15 AM EST Reads: 1,156
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 11:45 PM EST Reads: 917
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Dec. 4, 2016 10:45 PM EST Reads: 1,670
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 10:45 PM EST Reads: 1,000
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 4, 2016 08:30 PM EST Reads: 1,805
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Dec. 4, 2016 07:00 PM EST Reads: 4,918
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 4, 2016 06:30 PM EST Reads: 2,175