|By Marketwired .||
|April 28, 2014 06:46 PM EDT||
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.
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.
PhosCan Chemical Corp.
President & CEO
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...
Aug. 23, 2016 09:15 PM EDT Reads: 1,626
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Aug. 23, 2016 09:00 PM EDT Reads: 2,955
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 23, 2016 09:00 PM EDT Reads: 2,744
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.
Aug. 23, 2016 08:45 PM EDT Reads: 3,729
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 23, 2016 08:15 PM EDT Reads: 1,379
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...
Aug. 23, 2016 08:15 PM EDT Reads: 1,617
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 23, 2016 07:45 PM EDT Reads: 1,223
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 23, 2016 07:00 PM EDT Reads: 3,781
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 23, 2016 06:30 PM EDT Reads: 270
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 23, 2016 05:00 PM EDT Reads: 2,874
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 23, 2016 04:45 PM EDT Reads: 1,761
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 23, 2016 04:15 PM EDT Reads: 346
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 23, 2016 04:00 PM EDT Reads: 3,475
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 23, 2016 03:30 PM EDT Reads: 352
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 23, 2016 02:15 PM EDT Reads: 345