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Share Name | Share Symbol | Market | Type |
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CO2 Solutions Inc | TSXV:CST | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.04 | 0.005 | 0.005 | 0 | 01:00:00 |
TSXV: CST
QUEBEC CITY, Oct. 18, 2018 /CNW Telbec/ - CO2 Solutions Inc. (the "Corporation" or "CO2 Solutions") (TSXV: CST) today announced its financial results for the fourth quarter and financial year ended June 30, 2018. The Corporation's detailed financial statements and management's discussion and analysis ("MD&A") will be filed and available on www.sedar.com.
Fourth Quarter and Subsequent Operational Highlights
Management Commentary
"CO2 Solutions continues its expansion as a major carbon tech company through its leadership of the VCQ project and the upcoming launch of its commercial capture unit. By early 2019, the Corporation will have two capture units permanently operating on industrial sites, which is more than any other second-generation capture technology. These units enable CO2 Solutions to showcase the tangible economic and environmental benefits of the enzymatic technology to prospective clients and to maintain its competitive lead by accelerating the continued development of the Corporation's technology," stated Evan Price, President and Chief Executive officer of CO2 Solutions "CO2 Solutions' large and growing pipeline of commercial opportunities is highly interested in the Corporation's operating units and management looks forward to convert this interest into additional commercial transactions going forward."
Summary of Financial Results
Revenues and net loss
Revenues of $0.65 million were recorded for the financial year ended June 30, 2018, relating to the winnings from the NRG COSIA Carbon XPRIZE and a service contract. $0.05 million was recorded for the same period in the prior year. The net loss for the financial year ended June 30, 2018, decreased by $2.7 million to $1.9 million, reflecting the increased activities of the Saint-Félicien and VCQ projects, a gain in the determination of the carrying value of a reimbursable contribution, and decreases in costs associated with business development and general and administrative expenses.
Research and Development Expenses
Research and development expenditures, before tax credits and government assistance, increased by $6.9 million to $10.6 million for the financial year ended June 30, 2018, compared with $3.6 million for the prior year. The change reflects an increase in research and development activities related to the VCQ and Saint-Félicien projects.
Government assistance for the financial year ended June 30, 2018 was $9.56 million, a $7.54 million increase from the prior financial year. This government assistance comes in the form of subsidies granted to the Corporation mainly by the Quebec government for the VCQ project, as well as Sustainable Development Technology Canada, and Technoclimat (Transition Énergétique Québec) for the Saint-Félicien project.
Business Development Expenses
Business development expenses were $0.43 million for the financial year ended June 30, 2018, compared to $0.65 million for 2017.
General and Administrative Expenses
General and administrative expenses totaled $2.16 million for the financial year ended June 30, 2018, in line with the amount of $2.22 million for the prior financial year.
Liquidity and Financial Position
As at June 30, 2018, the Corporation held approximately $7.0 million in cash and cash equivalents, consisting mainly in advances received from the Quebec government earmarked for the VCQ project, $1.4 million in subsidies receivable and $0.2 million in provincial tax credits receivable in the short-term, amounting in total to liquid assets of approximately $8.6 million ($3.4 million as at June 30, 2017).
With the anticipated receipt of the proceeds from government assistance related to the Saint-Félicien and VCQ projects, the potential for additional loans secured by provincial R&D tax credits and other financing options currently under evaluation and negotiation, along with the close monitoring of operating expenses, management believes the Corporation should have sufficient funds to meet its working capital requirements for at least the next 12 months.
A more comprehensive discussion of the Corporation's operations, financing activities, as well as CO2 Solutions' audited consolidated financial statements will be available on the Corporation's website at www.co2solutions.com and in the Corporation's filings at www.sedar.com.
Grant of Deferred Share Units (DSU's)
On October 18, 2018, in accordance with the terms of the respective DSU plan that was approved in November 2015, the Corporation's Board of Directors granted 2,086,875 DSU's to the non-executive Directors of the Corporation. In accordance with the terms of the plan, these DSU's were valued at a weighted average unit price of $0.09 per share.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Utilization and Sequestration (CCUS), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events such as CO2 Solutions' future economic performance, and reflect the current assumptions and expectations of management. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, general business and economic uncertainties, third party events and adverse market conditions as well as those risks set out in the Corporation's public documents filed on SEDAR. Readers are cautioned not to place undue reliance on such forward-looking statements. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
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.
SOURCE CO2 Solutions Inc.
Copyright 2018 Canada NewsWire
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