Welcome!

News Feed Item

PhosCan Chemical Announces Results for Year Ended January 31, 2014 and Adopts Amendment to By-Laws Requiring Advance Notice of Nomination of Directors

TORONTO, ONTARIO -- (Marketwired) -- 04/28/14 -- (Expressed in Canadian dollars unless otherwise indicated)

PhosCan Chemical Corp. (TSX: FOS) today released its results for the year ended January 31, 2014.

PhosCan reported a net loss of $371 thousand for the year ended January 31, 2014 compared to a net loss of $223 thousand for the previous fiscal year. The increase in net loss of $148 thousand was primarily due to an increase in professional and legal fees, which in the current year included $109 thousand for advanced-stage due diligence of an investment opportunity and $80 thousand for corporate activity arising from the Company's 2013 annual general meeting. Partially offsetting the contributions to the increase in net loss, the Company recorded an increase in other income of $78 thousand arising primarily from the Company's trading in U.S. dollars and common equity securities of publicly-traded companies.

For the three months ended January 31, 2014, net loss was $128 thousand versus $259 thousand for the same period of the previous year. The decrease in net loss of $131 thousand was primarily due to a $119 thousand decrease in share-based payment expenses, which were the result of large share-based payment expenses in the fourth quarter of the previous year following the grant of 4.4 million stock options at $0.40 per common share in that quarter. A decrease in professional and legal fees of $21 thousand also contributed to the decrease in net loss as the Company maintained its focus on minimizing administration expenses.

Cash, short-term investments and marketable securities were $56.2 million at January 31, 2014 versus $60.1 million at January 31, 2013 and working capital was $57.1 million versus $60.0 million. The decreases were primarily due to $2.5 million of repurchases of the Company's common shares under the normal course issuer bid.

Capitalized expenditures on the Martison Project were $95.9 million at January 31, 2014 as compared to $95.8 million at January 31, 2013. The increase was primarily due to the expense of maintaining the project in good standing with all stakeholders in order to enable the Company to resume the feasibility study on the project when it believes it can secure suitable financing to develop the project to commercial production. Further exploration and evaluation work on the Martison Project will occur as part of the feasibility study.

In the year ended January 31, 2013 and the prior years, a portion (or all) of PhosCan's interest income was offset to the Martison Project. The Company has discontinued this practice and as a result, all interest income is now presented on the Company's income statement. Accordingly, a retrospective restatement has been made to the comparative numbers for the year ended January 31, 2013 and at the beginning of this comparative year. A summary of the main effects for the year ended January 31, 2013 are as follows: on the balance sheet, an increase in Martison Phosphate Project by $2.0 million from $93.8 million to $95.8 million and an increase in Shareholders' Equity by $2.0 million from $137.8 million to $139.7 million. A summary of the main effects at the beginning of the year ended January 31, 2013 are as follows: on the balance sheet, an increase in Martison Phosphate Project by $1.9 million from $91.1 million to $93.0 million and an increase in Shareholders' Equity by $1.9 million from $138.7 million to $140.5 million. The above restatement has no impact on the Company's cash, short-term investments and marketable securities of $55.9 million or its business activities.

During the year, PhosCan continued to originate and evaluate opportunities to acquire and/or invest in assets and businesses with the goal of deploying its cash on hand to create shareholder value. The Company also renewed its normal course issuer bid. PhosCan has repurchased for cancellation 15,816,895 common shares pursuant to the issuer bid, representing at the date of the original start of the issuer bid approximately 12% of the public float of the Company. The shares were purchased at a weighted-average price of approximately $0.28 per share, representing a discount to the pro forma sum of cash, short- term investments and marketable securities per share of 24%. The issuer bid will remain open until October 20, 2014 or any such earlier date as the Company may complete its purchases or otherwise terminate the bid. Purchases pursuant to the renewed bid are being conducted through RBC Dominion Securities Inc.'s institutional equity trading desk.

For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the year ended January 31, 2014 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.

PhosCan also announces today that it has adopted an amendment to its by-laws requiring advance notice to the Company for nominations of directors by shareholders other than through a requisitioned meeting or shareholder proposal pursuant to applicable corporate laws.

The by-law amendment is intended to facilitate orderly and efficient meetings at which directors are to be elected and to permit shareholders to exercise their voting rights in an informed manner by allowing them to receive sufficient information with respect to all director nominees and reasonable time for appropriate consideration.

The by-law amendment will provide shareholders, directors and management of PhosCan with a clear framework for nominating directors in a fair and orderly manner. The by-law amendment fixes a deadline by which shareholders of PhosCan must submit director nominations to the Company prior to any annual or special meeting of shareholders. The by-law amendment also sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form in order for any director nominee to be eligible for election at any annual or special meeting of shareholders.

The by-law amendment is effective from April 28, 2014 and will be presented for confirmation by shareholders at the Corporation's next annual shareholders meeting to be held on July 23, 2014. A copy of the by-law amendment has been filed and is available under the Company's profile on SEDAR at www.sedar.com.

About PhosCan

PhosCan owns a 100% interest in the Martison Project and currently has cash, short term investments and marketable securities of approximately $55.9 million. The Company continues to monitor economic conditions for attractively priced acquisitions and investment opportunities that would be accretive to shareholder value.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of PhosCan, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on development projects, results of future metallurgical testing, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Contacts:
PhosCan Chemical Corp.
Stephen Case
President & CEO
(416) 972-9222
www.phoscan.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
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...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...