|By Marketwired .||
|April 1, 2014 06:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/01/14 -- STT Enviro Corp. ("STT" or the "Company") (TSX VENTURE: STT) is pleased to announce the positive results from the maturity on April 1, 2014 of $2.3 million in convertible debentures (the "Debentures") which resulted in new equity for the Company of $1.2 million. The conversion of some of the Debentures and subsequent exercise of warrants will result in the issue of 8,808,210 common shares today. This means the Company was able to reduce its debt, net of an anticipated additional draw of an existing loan facility to assist with the retirement of the remaining debentures, from approximately $3.9 million to $2.8 million.
David Deacon, Chief Executive Officer, commented, "I am happy to announce that as of April 1st, 2014 we removed the potential overhang of 26.7 million shares from the Company. A manageable 8,808,210 shares are being issued today. Following their issue, the gross number of issued common shares will be 35,337,154."
He continued, "Removing the cloud of potential dilution means that we are now able to move forward with a clear understanding of the Company's outstanding share balance and investors will now be able to come to a valuation based on our results over the past couple of years:
-- Annual revenue up 115% since 2010 to $28.4 million in 2013; -- Increased EBITDA to $2.6 million in 2013, up from a negative $1.5 million in 2010; -- Expected 53% reduction of term debt from $6.0 million at March 31, 2011 to $2.8 million by the end of April 2014; -- Launch of STT Solutions, a high margin new aftermarket and service business; and -- Expansion of STT Tanks, almost doubling year-over-year 2011 sales."
The Company has received instructions from the holders of the final $169,722 of Debentures maturing April 25, 2014 which would result in a further 853,369 shares being issued, representing $119,472 of new equity, for a total of 9,661,579 new common shares and $1,352,621 of new equity. Please see the chart below for full details.
After April 25, 2014 the total expected number of common shares issued by the Company is 36,190,523.
Summary of the Convertible Debenture Maturity:
# of Per Shares Share -------------------- Total amount matured April 1, 2014 $ 2,328,120.00 Amount held by STT through subsidiary retired at maturity $ 937,520.00 ---------------- Net amount outstanding $ 1,390,600.00 ================ Amount converted to common shares $ 874,766.34 6,248,331 $ 0.14 Amount retained at investor's request and used to exercise warrants $ 233,333.24 1,666,666 $ 0.14 Amount repaid $ 282,500.42 --------------------------- $ 1,390,600.00 7,914,997 =========================== Other warrants exercised $ 125,049.82 893,213 $ 0.14 =========================== Summary: Amount converted from debt to common shares $ 874,766.34 6,248,331 Proceeds from exercise of warrants $ 358,383.06 2,559,879 --------------------------- Total increase in shareholders' equity $ 1,233,149.40 8,808,210 =========================== Expected Result for Final Tranche Maturing April 25, 2014: Total amount maturing April 25, 2014 $ 169,722.00 Amount expected to be repaid $ 66,500.28 ---------------- Amount expected to convert from debt to common shares $ 103,221.72 737,298 Proceeds expected from exercise of warrants $ 16,249.94 116,071 --------------------------- Total expected increase in shareholders' equity $ 119,471.66 853,369 =========================== Total for Both Tranches Increase in shareholders' equity $ 1,352,621.06 New common shares issued 9,661,579
The Debentures were issued by the Company as part of the private placement financing announced on April 15th, 2011 (click here to view press release).
About STT Enviro Corp.
STT Enviro Corp. (TSX VENTURE: STT) is an international supplier of industrial processes and environmental solutions. We work with the biggest and most respected names in the mining, oil & gas and utility sectors by assisting them in reducing their environmental footprint and improving their operational efficiency.
Our three primary areas of business are in providing engineering, project management and installation of bulk material/chemical handling systems for the neutralization of pollutants; supplying bolted steel tanks and glass fused to steel tanks for liquid storage projects; and sales of parts and aftermarket services to our customers to help them in maintaining their systems and increasing overall efficiency.
The Company is focused on becoming a leading supplier of environmental solutions by continuing to grow its business organically and, longer term, to make strategic acquisitions at prices that are financially accretive.
For more information, please visit our website at www.sttenvirocorp.com.
Caution Regarding Forward-Looking Information and Non-IFRS Measures
This news release contains certain forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions regarding the growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and expectations and are based on information currently available to management of the Company. In particular, statements regarding the future operating results and economic performance are forward-looking statements. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward- looking statements, including risks outlined under "Risk Factors" in our Annual Information Form, which is posted at www.sedar.com. In evaluating these statements, investors should specifically consider various factors, including such risks as Investment Risk; Business Valuations; Condition of Capital Markets; Dependence on Key Personnel; General Economic Factors; Interest Rate Risk; Competition; and Reliance on Key Suppliers. One or more of these "Risk Factors" could cause actual events or results to differ materially from any forward-looking statement. These factors should not be considered exhaustive. Although the forward-looking statements contained in this press release are based on what management of the Company considers to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with these forward -looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and none of STT nor its directors assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking statements.
The term "EBITDA" is a financial measure used in this document which is not a standard measure under International Financial Reporting Standards ("IFRS"). The Company's method of calculating EBITDA may differ from the methods used by other issuers. Therefore, STT's measure of EBITDA, as presented in this press release, may not be comparable to similar measures presented by other issuers. EBITDA refers to net earnings determined in accordance with IFRS before depreciation, amortization of intangible assets, gain or loss on disposal of property and equipment, interest expense, accretion expense, special charges and recoveries, stock compensation expense and income tax expense. Management believes that EBITDA is a useful supplemental measure of cash available for debt service, working capital, capital expenditures, income taxes, and distribution. Investors are cautioned that EBITDA, as a non -IFRS measure, is not an alternative to measures under IFRS and should not, on its own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return.
The term "backlog" is a financial measure used in this document which is not a standard measure under IFRS. The Company's method of calculating backlog may differ from the methods used by other issuers. Therefore, STT's measure of backlog, as presented in this press release, may not be comparable to similar measures presented by other issuers. Backlog is the value of revenue remaining to be earned from purchase orders received from customers. The projects represented in backlog are executed according to a schedule agreed with each customer, which could range in duration from one month to eighteen months. Revenues are earned on a percentage of completion basis. Management uses this measure to i) monitor the Company's success in securing new orders, and ii) gauge the likelihood of meeting revenue objectives in future periods.
Investors are cautioned that backlog, as a non-IFRS measure, is not an alternative to measures under IFRS and should not, on its own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return.
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 of this release.
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