|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
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Sep. 2, 2015 03:30 AM EDT Reads: 595
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Sep. 2, 2015 03:00 AM EDT Reads: 519
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Sep. 2, 2015 02:30 AM EDT Reads: 444
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Sep. 2, 2015 02:00 AM EDT Reads: 694
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Sep. 2, 2015 01:45 AM EDT Reads: 480
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Sep. 1, 2015 11:45 PM EDT Reads: 396
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Sep. 1, 2015 11:45 PM EDT Reads: 541
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Sep. 1, 2015 11:00 PM EDT Reads: 510
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Sep. 1, 2015 08:15 PM EDT Reads: 421
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Sep. 1, 2015 07:00 PM EDT Reads: 273
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Sep. 1, 2015 04:30 PM EDT Reads: 391
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Sep. 1, 2015 04:00 PM EDT Reads: 198
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Sep. 1, 2015 04:00 PM EDT Reads: 215
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Sep. 1, 2015 03:00 PM EDT Reads: 444
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Sep. 1, 2015 02:45 PM EDT Reads: 169