TORONTO, Dec. 12, 2024 (GLOBE NEWSWIRE) — The Becker Milk Company Limited (the “Company”) (TSX-BEK.B) is pleased to report the results for the six months ended October 31, 2024. HIGHLIGHTS Total revenues for the six months ended October 31, 2024, were $1,451,462 compared to $1,488,135 for the same period in 2023; The non-GAAP financial measure… [Read More]
Financial Times Recognizes Prosegur as the Most “Inclusive and Equitable” Company in the Private Security Sector Globally
DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–#Diversity–Prosegur, a leader in the private security sector, is honored to announce its inclusion in the Financial Times’ prestigious ‘Diversity Leaders’ ranking for 2025. Achieving seventh place in the ‘Business Services and Supplies’ category, Prosegur has distinguished itself as a leader in diversity and inclusion within the private security sector, climbing from ninth place the previous year.
This recognition highlights Prosegur’s commitment to fostering an inclusive workplace and supporting a diverse workforce across its global operations, including the United States. Prosegur Security USA continues to prioritize initiatives that promote equity, innovation, and representation, aligning with the company’s global mission to reflect the communities it serves.
A Workforce That Reflects the Communities We Serve
The Financial Times ranking was determined through a survey of over 100,000 employees from various industries. Companies were evaluated based on diversity and inclusion policies, employee perceptions, and metrics such as the representation of women in leadership roles and pro-diversity initiatives.
Prosegur takes pride in its diverse workforce:
- 33% of employees are women, significantly exceeding the industry average.
- 65% of employees identify as minorities, underscoring Prosegur’s commitment to representation.
“Diversity and inclusion are core to who we are at Prosegur,” said Ty Stafford, CEO of Prosegur Security USA. “We believe that building a diverse team strengthens our ability to innovate and deliver exceptional security solutions. This recognition is a testament to the incredible contributions of our team and our commitment to fostering an equitable workplace.”
Leading the Way in the U.S. Security Sector
Prosegur Security USA drives inclusion through comprehensive career development programs, targeted recruitment efforts, and partnerships with organizations dedicated to advancing diversity within the private security industry. These initiatives support underrepresented groups and ensure that Prosegur’s workforce reflects the rich diversity of the communities it serves.
About Prosegur:
Founded in 1976, Prosegur is a global leader in security delivering cutting-edge technology and customized guarding solutions that meet the evolving needs of businesses across various industries. Prosegur provides innovative security services that integrates human expertise with advanced technology for optimal protection.
Prosegur’s innovative solutions, trusted professionals, and operational excellence has established the company as a global market leader in the security services industry. Prosegur is publicly listed on the Spanish stock exchange and generated €4.31 billion in revenue in 2023. With approximately 175,000 employees, Prosegur continues to build trusted partnerships with clients while setting new standards for security solutions across the globe.
For more information about Prosegur and its tailored security solutions for the U.S. market, please visit www.prosegur.us.
Contacts
Rya Manners, Vice President of Marketing – North America
Email: rya.manners@prosegur.com
Halmont Properties Corporation Restatement of Second Quarter MD&A
TORONTO, Dec. 11, 2024 (GLOBE NEWSWIRE) — HALMONT PROPERTIES CORPORATION (TSX-V: HMT) (“Halmont” or the “Company”) announced today a restatement of its Management’s Discussion & Analysis (“MD&A”) for the second quarter ended June 30, 2024. As a result of a review by the BC Securities Commission, we are issuing the following press release to clarify… [Read More]
Vantage Data Centers Appoints Christophe Strauven as Chief Financial Officer, North America and Rich Cosgray as Senior Vice President, Capital Markets
Dave Renner, a long-tenured executive at the company, will retire at year end
DENVER–(BUSINESS WIRE)–Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced the appointment of Christophe Strauven as chief financial officer, North America.
Strauven, formerly senior vice president, capital markets, previously oversaw the development and execution of the company’s global capital-raising strategy through debt financing and financial risk management. Now as CFO, North America, assuming the role from Dave Renner, Strauven will lead the finance, financial planning and analysis, accounting and tax functions across the United States and Canada.
Succeeding Strauven as senior vice president of capital markets is Rich Cosgray. Cosgray brings more than 16 years of TMT banking and finance experience to the Vantage team. He joins the company from Truist Securities where he most recently served as managing director and head of TMT leveraged finance. With a specialization in digital infrastructure financings across data centers, fiber networks, broadband providers and towers, Cosgray executed more than $100 billion in debt financing during his tenure at Truist. He is based at Vantage’s corporate headquarters in Denver, reporting to Sharif Metwalli, the company’s global CFO.
“Christophe’s nearly 30 years of proven experience developing and executing growth strategies and navigating complex investment opportunities makes him an ideal fit to be our next CFO of North America. I am looking forward to working alongside Christophe in his new role to continue driving value for our North America business as we enter 2025 poised for phenomenal growth,” said Metwalli. “I’m also pleased to welcome Rich to our team. He has a long track record of success and will be instrumental in leading our capital markets effort around the world.
“In addition, I’d like to express my sincere appreciation to Dave for his many contributions to the company. Since joining Vantage in 2014, Dave has been instrumental in growing our business from a regional data center operator to one of the world’s leading global providers today, serving in a variety of capacities, from CFO, North America to chief administrative officer. We thank Dave for his lasting impact, and we wish him well in his retirement.”
About Vantage Data Centers
Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands.
For more information, visit http://www.vantage-dc.com.
Contacts
Mark Freeman
Vantage Data Centers
mfreeman@vantage-dc.com
+1-202-680-4243
Robin Bectel
REQ for Vantage Data Centers
vdc@req.co
+1-202-936-6335
Mainstreet Equity Achieves Year-Over-Year and 12th Consecutive Quarter of Double-Digit Growth in FY2024
CALGARY, Alberta–(BUSINESS WIRE)–In FY 2024, Mainstreet posted double-digit, year-over-year growth across all key operating metrics, with funds from operations (“FFO”) before current income tax increasing 33%, FFO increasing 23%, net operating income (“NOI”) rising 22% and rental revenues increasing 19%. We also achieved our 12th consecutive quarter of double-digit growth in Q4, with major gains in FFO (27%), NOI (24%) and rental revenues (20%). Annual margins increased from 63% to 64%, and from 63% to 66% on a same-asset basis.
Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “Through our unique portfolio of more than 18,000 centrally-located apartment units, Mainstreet has continued to demonstrate the ability to generate non-dilutive growth and create value for shareholders. With an average rent of approximately $1,200, we remain a critical supplier of affordable, quality housing for middle-income Canadians at a time when the broader rental market is structurally undersupplied.”
Key metrics | FY 2024 Performance Highlights |
|
|
|
Rental Revenue |
|
From Operations |
Up 19% to $249.8M (vs. $210.0M in FY 2023) |
From same asset properties |
Up 12% to $224.2M (vs. $199.8M in FY 2023) |
Net Operating Income (NOI) |
|
From Operations |
Up 22% to $160.4M (vs. $131.3M in FY 2023) |
From same Asset Properties |
Up 18% to $147.8M (vs. $125.7M in FY 2023) |
Funds from Operations (FFO) 1 |
|
FFO – before current income tax |
Up 33% to $91.6M (vs. $68.7M in FY 2023) |
FFO – per basic share-before current income tax |
Up 33% to $9.83 (vs. $7.37 in FY 2023) |
FFO – after current income tax |
Up 23% to $84.7M (vs. $68.7M in FY 2023) |
FFO – per basic share-after current income tax |
Up 23% to $9.09 (vs. $7.37 in FY 2023) |
Operating Margin |
|
From Operations |
64% (vs. 63% in FY 2023) |
From same asset properties |
66% (vs. 63% in FY 2023) |
Net Profit |
|
Net Profit Per Basic Income |
$199.9M (vs. $109.4M in FY 2023) including changes in fair value of $144.9M in FY 2024 vs $69.5M in FY 2023 and future income tax expense of $31.0M in FY 2024 vs $28.5M in FY 2023 |
Total Capital Expenditure |
$31.1M (vs. $25.5M in FY 2023) |
Total Capital Expenditure (unstabilized assets) |
$3.7M (vs. $3.3M in FY 2023) |
Total Capital Expenditure (stabilized assets) |
$27.4M (vs. $22.2M in FY 2023) |
Stabilized units |
420 Properties (15,760 units) out of 478 properties (18,345 units) |
Vacancy rate |
|
From operations |
3.2% (vs. 4.5% in FY 2023) |
From same asset properties |
3.1% (vs. 4.2% in FY 2023) |
Vacancy rate as of 2nd December 2024 |
3.9% excluding unrentable units |
Total Acquisition |
|
During FY 2024 |
$178M 1,296 units (vs. $136M 1,145 units in FY 2023) |
Subsequent to FY 2024 |
68 units ($12M) in Alberta and British Columbia |
Total YTD Acquisition 2024 |
1,364 units ($190M) |
Total units |
|
As of September 30, 2024 |
18,398 units 2 |
As of December 2nd, 2024 |
18,455 units 2 |
Fair Market Value |
Up 12% to $3.41B (vs. $3.05B in 2023) |
Liquidity Position |
$400M |
Key metrics | Q4 2024 Performance Highlights |
|
|
|
Rental Revenue |
|
From Operations |
Up 20% to $66.9M (vs. $55.7M in Q4 2023) |
From same asset properties |
Up 12% to $58.4M (vs. $52.0M in Q4 2023) |
Net Operating Income (NOI) |
|
From Operations |
Up 24% to $45.7M (vs. $36.8M in Q4 2023) |
From same Asset Properties |
Up 16% to $40.6M (vs. $34.9M in Q4 2023) |
Funds from Operations (FFO) 1 |
|
FFO – before current income tax |
Up 27% to $26.8M (vs. $21.1M in Q4 2023) |
FFO – per basic share-before current income tax |
Up 27% to $2.88 (vs. $2.26 in Q4 2023) |
FFO – after current income tax |
Up 15% to $24.2M (vs. $21.1M in Q4 2023) |
FFO – per basic share-after current income tax |
Up 15% to $2.60 (vs. $2.26 in Q4 2023) |
Operating Margin |
|
From Operations |
68% (vs. 66% in Q4 2023) |
From same asset properties |
70% (vs. 67% in Q4 2023) |
Vacancy rate |
|
From operations |
3.4% (vs. 4.3% in Q4 2023) |
*1 See “Non-IFRS Measures” and Note (1) in MANAGEMENT’S DISCUSSION AND ANALYSIS to the table titled “Summary of Financial Results” for additional information regarding FFO and a reconciliation of FFO to net profit, the most directly comparable IFRS measurement. |
|
*2 Including 53 condo units acquired and held for resale. |
|
*3 Including: (i) $49 million cash-on-hand, (ii) estimated $221 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and, (iii) a $130 million line of credit. |
The Mainstreet advantage
Mainstreet’s financial achievements in FY 2024 illustrate the long-term success of our value-add business model and nimble management style, which has allowed us to generate compounding shareholder returns no matter where we are in the economic cycle. As part of our operating strategy, Mainstreet has continued to aggressively acquire apartment buildings at opportunistic cost while also leveraging low-cost, CMHC-insured mortgages to create liquidity for future organic growth. Once properties are acquired, we derive additional value by improving the life of middle-class Canadians through renovating apartment buildings to a consistent standard and then putting them back on the rental market at competitive yet highly affordable rental rates.
This emphasis on tangible assets gives Mainstreet a unique position in the real estate market, where we enjoy a geographically diverse portfolio of more than 18,000 apartment units clustered around key urban hubs in Western Canada. Since Mainstreet started trading on the TSX in 2000, we have built up an asset base of $3.4 billion without creating any significant dilution. Today, Mainstreet shares trade at more than $200, while our total number of shares outstanding total approximately 9.3 million, hardly more than the 8.9 million shares that were in circulation when we made our stock market debut.
A structurally undersupplied rental market
Adding to Mainstreet’s internal advantages, a structural supply-demand imbalance continues to persist across Canada’s rental market. In the last 10 years, Canada’s population has grown by 5.85 million, according to Statistics Canada. Over that same period, new supply of purpose-built rental apartment units totalled just 390,917, illustrating the magnitude of the rental market’s supply shortage. The vast majority of recent population growth came from permanent residents, foreign students and temporary workers, most of whom tend to be renters. As of the end of 2023, there were 2.55 million foreign students and temporary workers living in Canada, according to Government of Canada data. (By comparison, Canada’s entire rental universe is currently 2.3 million apartment units, according to CMHC data). That rapid population growth, combined with compounding lack of supply, has thus pushed rental market vacancy rates to a near-record low of 1.5%, according to CMHC data.
The federal government has recently announced plans to curb immigration, reducing the number of new permanent residents by 21% and foreign students by 10%. However, even after the federal government’s planned immigration curbs, Canada’s total number of foreign students and temporary workers is projected to remain relatively stable at 2.09 million in 2027 according to Statistics Canada, suggesting the supply gap underlying the rental space will persist for years to come. In 2025 alone, for example, the country expects to accept 395,000 new permanent residents and 437,000 foreign students after accounting for the reductions—well higher than previous averages.
Tailwinds continue in 2025
As we enter the next fiscal year, Mainstreet’s management team expects that today’s positive macroeconomic trends will carry over into 2025, amplifying Mainstreet’s inherent strategic advantages. Interest rates are expected to fall, which should provide Mainstreet with additional refinancing opportunities.
Our estimated $4001 million liquidity position will offer ample room for further acquisitions following a record year in fiscal 2024. Rental rates in Mainstreet’s core markets of Calgary, Edmonton, Vancouver/Lower Mainland, Regina and Saskatoon are projected to climb higher in 2025. Crucially, Mainstreet maintains an average rental rate of just $1,200, which puts us at a competitive advantage in Western Canada’s undersupplied rental market, and offers plenty of opportunity to further boost NOI while reinforcing Mainstreet’s position as a provider of affordable, quality housing for middle-class Canadians.
Another milestone year for Mainstreet
Overall, FY 2024 was a highly successful period for Mainstreet, as evidenced by the following achievements:
- Improved rental revenues (19%) NOI (22%) and same-store NOI (18%) and FFO before income tax (33%) and FFO (23%)
- Drove Mainstreet’s share price exceeded $200 for the first time
- Acquired a record 1,296 units for $178 million, of which around 50% were in B.C.
- Diversified into a new market: Victoria, British Columbia
- Maintained a sizable runway of $52 million for future non-dilutive growth, creating potential for substantial same-store NOI catchup
- Implemented a prudent dividend policy for expanding our potential investor basis without affecting growth
Mainstreet believes these achievements and financial performance speak to the inherent stability of the rental market space in Canada. Aided by favourable macroeconomic tailwinds, Mainstreet will continue leveraging the unique nature of our capital structure, Asian supply chain connections and competitive price point to lower costs, improve customer service and create shareholder value into 2025 and beyond.
CHALLENGES
Inflation and cost pressures
Despite an overall favourable operating environment, rising costs continue to pose a challenge to Mainstreet. Additionally, higher interest rates increase the cost of Mainstreet debt, our single-largest expense. (Mainstreet has locked in 99% of our debt into CMHC-insured mortgages at an average interest rate of 2.97%, maturing in 4.8 years, to protect against any further interest rate increases—see Outlook section below.
Inflation also increases major operating expenses like labour, utilities and materials. Carbon taxes increased to $80 per tonne this year, and are scheduled to rise to $95 per tonne in April 2025. Municipal property taxes in Vancouver/Lower Mainland, Calgary, Edmonton, Regina and Saskatoon are all set to rise sharply in coming years.
Additionally, Mainstreet is now liable for corporate taxes for one of the first times in our history due to our sustained growth and solid financial performance in recent years. We view our performance as an unmitigated success, and do not expect corporate taxes to have a material impact on Mainstreet’s overall growth and performance going forward.
Defending against higher expenses
Mainstreet works constantly and on multiple fronts to counteract rising expenses. By securing longer-term natural gas contracts, we substantially reduced energy costs across a large portion of Mainstreet buildings. We also managed to reduce our insurance costs—a sizable Mainstreet expense—by more than 14% for fiscal 2024 by obtaining improved premium rates and coverage.
Despite our best efforts to control costs where possible, inflationary pressures nonetheless introduce added financial burdens that will, in some cases, be passed onto tenants through soft rent increases over an extended period of time.
OUTLOOK
Putting the S in ESG
We believe that the tight housing market emphasizes Mainstreet’s position as an important provider of affordable housing in Canada. As a corporation dedicated to social responsibility, Mainstreet believes our highly competitive rental options are a crucial service at a time when an inflation-driven affordability crisis has priced many lower income Canadians out of the market.
Hedging our debts
Mainstreet continues to take an adaptive approach to our mortgage positions. When interest rates were lower, Mainstreet locked in its mortgages at longer-term, 10-year maturities to maximize savings. As rates increased, we shifted toward shorter-term debts. As rates once again come down, we will continue to modify our refinancing approach to align with monetary policy trends.
Strong performance across core markets
Mainstreet continues to benefit from an increasingly diversified portfolio, where each of our core markets have contributed solid results. Nearly half (48%) of Mainstreet’s acquisitions in fiscal 2024 were in British Columbia. The region, which accounts for 43% of our estimated net asset value (“NAV”) based on appraised value, is one of our primary candidates for future NOI growth. Due to government-imposed rental rate caps in the province, we have identified a large mark-to-market gap in the BC market (see Runway section below), built on vacancy rates that remain among the lowest in the province.
Alberta’s net migration, meanwhile, hit historic highs with more than 200,000 new residents entering the province in the year ended mid-2024, according to Government of Alberta. Migration into Saskatchewan and Manitoba remains solid, which we expect will keep vacancy rates low while nudging rental rates higher.
Turning intangibles to tangibles
Mainstreet’s portfolio of more than 800 low-density buildings, including buildings with subdividable residual lands, creates substantial opportunity to extract added value out of existing assets and additional lands at little cost. We view this opportunity in the context of the ongoing housing shortage, under which Canadian municipalities increasingly aim to promote density through rezoning efforts. Management has developed a three-point plan comprised of the following to improve the density of Mainstreet’s portfolio:
- Turning unused or residual space within existing buildings into new units
- Exploring zoning and density relaxations to potentially build new capacity within existing land footprints
- Subdividing residual lands for future developments.
We view this strategy as one of the major potential drivers of future growth in the longer-term, and further evidence of Mainstreet’s inherent intangible value.
Raising Mainstreet’s nominal dividend
Mainstreet started offering a nominal dividend ($0.11 per share annually) beginning Q1 2024. Given the apparent success of the nominal dividend based on early-stage performance, our management team now plans to raise the dividend by 45% (to $0.16 per common share annually, or $0.04 per common share quarterly) beginning Q1 2025. Due to Mainstreet’s solid free cash flow, we determined we were well placed to establish a nominal dividend to help widen our shareholder base, increase trading volume and elevate our market capitalization without negatively impacting liquidity for future non-dilutive growth. As always, Mainstreet will continue to derive growth in a way that is 100% organic and non-dilutive, pursuing acquisitions funded by low-cost capital.
RUNWAY ON EXISTING PORTFOLIO
- Expanding our portfolio: Using our liquidity position, estimated at $400 million, we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations.
- Closing the NOI gap: As of the end of fiscal 2024, 14% of Mainstreet’s portfolio was going through the stabilization process due largely to high levels of add-value acquisitions. Our management team believes vacancy rates, NOI and FFO will be meaningfully improved as we continue to stabilize units. In the BC market alone, we estimate that the potential upside based on mark-to-market gaps for NOI growth is approximately $30 million, based on an estimated average monthly mark-to-market gap of $650 per suite per month. Alberta and Saskatchewan markets also have substantial room for mark-to-market catch up.
- Buying back shares: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend. Management will continue to buy back shares on an opportunistic basis under the corporation’s normal course issuer bid.
- Creating value from existing footprints: While our efforts to identify opportunities for subdivisions, zoning relaxations, and improved use of residual space remains in the very early stages, Mainstreet has created a ledger detailing excess lands in our potential subdividable properties across our portfolio.
Forward-Looking Information
Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.
Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in this Annual Information Form under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of the development of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability but without limitation of labour and costs of renovations, fluctuations in vacancy rates, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, credit risks of tenants, fluctuations in interest rates and availability of capital, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) and the availability of purchase opportunities for growth in Canada. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.
Forward-looking statements are based on Management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.
Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
__________________________________
1 Including $49 million cash-on-hand, $221 million being management’s estimated funds that may be available through up-financing of maturing mortgages and financing of clear titled assets after stabilization and a $130 million line of credit.
Contacts
For further information: Bob Dhillon, Founder, President & CEO
D: +1 (403) 215-6063
Executive Assistant: +1 (403) 215-6070
100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada
TSX: MEQ
https://www.mainst.biz/
https://www.sedarplus.ca
WATT Fuel Cell Completes First Integration of its WATT REMOTE System into ClearView Asset Protection’s SmartTower Technology
MT. PLEASANT, Pa.–(BUSINESS WIRE)–WATT Fuel Cell Corp has completed a full integration of its WATT REMOTE™ solid oxide fuel cell (SOFC) product into ClearView Asset Protection’s patented SmartTower™. The SmartTower now leverages the WATT REMOTE system to maximize power reliability for ClearView across its customer applications.
ClearView Asset Protection gives users round-the-clock remote video access to locations in need of critical monitoring, no matter the time, temperature or weather. Clearview’s SmartTower technology is a durable, compact, lightweight trailer platform that can provide stand-alone power via multiple power solutions to include solar and the WATT REMOTE fuel cell system. SmartTower technology can be used for a wide variety of applications including surveillance systems, communications, radar, WIFI and more, to support operational needs in remote off-grid areas limited by a power source.
“Integrating the WATT REMOTE system into our SmartTower technology further advances our reliability to our customers,” said Lance Thomas, President of ClearView Asset Protection. “ClearView is happy to be working with WATT, another cutting-edge Pennsylvania-based company, to provide a scalable solution to enhance public safety with superior connectivity and dependability.”
WATT is a developer and manufacturer of fuel cell systems that operate on common fuels such as propane and pair with renewable power and energy storage using WATT’s innovative hybrid power management system. WATT REMOTE technology can enable off-grid solutions like the smart tower to operate for months in field without the need for refueling and maintenance.
“ClearView supports a wide variety of applications where remote monitoring and power availability are essential,” said Danielle Ramaley, WATT’s VP of Sales and Marketing. “WATT’s collaboration with ClearView is a great opportunity to pair our resilient WATT REMOTE hybrid power system with critical surveillance and communication equipment ensuring reliable, quiet and clean off-grid power when and where it’s needed most.”
This successful initial deployment will drive numerous integrated applications across Pennsylvania and other states.
About WATT Fuel Cell: WATT Fuel Cell (www.wattfuelcell.com) is a manufacturer and developer of Solid Oxide Fuel Cell (“SOFC”) stacks and systems that operate on common, readily available fuels such as propane and natural gas. WATT’s proprietary, patented additive manufacturing process (AMP) has allowed it to produce commercially viable SOFC products for small-scale and remote power applications. WATT’s Hybrid Power Management system works in tandem with renewable power sources (solar and wind) and energy storage to provide quiet, efficient, affordable, and environmentally responsible energy solutions prioritizing a return on investment for customers across the globe.
About ClearView Asset Protection
ClearView Asset Protection gives users round-the-clock remote video access to your location, no matter the time, temperature or weather. We customize systems to fit user needs. State-of-the-art features include 360-degree site coverage, auto tracking, infrared, pan-tilt-zoom, heat-seeking, facial detection, license plate readers, and more.
Contacts
Danielle Ramaley
VP, Sales & Marketing
WATT Fuel Cell
Danielle.ramaley@wattfuelcell.com I 724.882.6645
Alex Oltmanns
Senior Public Relations Strategist
Pipitone
aoltmanns@pipitone.com I 412.321.0879
Middlefield Global Real Asset Fund Completes Merger Into Real Estate Split Corp.
TORONTO, Dec. 06, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (“Real Estate Split”) (TSX: RS, TSX: RS.PR.A) is pleased to announce the successful completion of the previously announced merger with Middlefield Global Real Asset Fund (“Real Asset”) (TSX: RA.UN), resulting in Real Estate Split being the continuing fund. Each Real Asset unit has been… [Read More]
ERES Files Management Information Circular for Special Meeting of Unitholders and Encourages Unitholders to Access Meeting Materials Online
TORONTO, Dec. 06, 2024 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (“ERES” or “the REIT”) (TSX:ERE.UN) announced today that it has filed its notice-and-access notification, management information circular (the “Information Circular”), form of proxy and voting instruction form (together with the Information Circular, the “Meeting Materials”) in respect of its previously announced special… [Read More]
Top-Producing ROVI Homes Joins Real
Inc. 5000-ranked independent brokerage brings 150 agents and $2 billion in career home sales; Real now exceeds 23,000 agents
TORONTO & NEW YORK–(BUSINESS WIRE)–$REAX #therealbrokerage–The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers and sellers, today announced that ROVI Homes, led by industry veteran Steve Rovithis, has joined Real. The addition brings 150 agents, strengthening Real’s presence in New England and along Florida’s Southwest Coast. Real’s agent base now exceeds 23,000.
After seven years as a brokerage franchise owner, Rovithis founded ROVI Homes in 2015 to provide agents and their clients with an alternative to traditional franchise models. Under his leadership, the independent brokerage has grown from just three agents to 150, closing more than $2 billion in home sales. The brokerage earned a place on the Inc. 5000 list of fastest-growing privately owned businesses in 2020 and 2021.
“Since our founding, we’ve been focused on creating a culture that supports our agents and provides the technology and training they need to succeed. This will become even more important as the industry evolves, and we believe that Real is doing it all better than anyone,” Rovithis said. “Real’s culture, technology platform, comprehensive training program and commitment to ensuring that agents have long-term wealth building opportunities completely aligns with who we are and what we’ve built.”
Beyond its agent-first philosophy, ROVI Homes has earned a reputation as a pioneer in adopting innovative solutions that later become best practices across the New England real market. These include high-end property marketing and specialty agent services such as listing and the transaction coordinator roles. Underscoring its commitment to the western Massachusetts, Connecticut, Rhode Island and Sarasota, Fla., markets it serves, ROVI Homes has made a charitable donation to a local organization for each of the more than 7,500 transactions it has closed over the past decade.
“ROVI Homes represents everything we value at Real—an innovative approach, an outstanding track record and a collaborative culture. Steve and his team are exactly the kind of professionals we want on our team as we continue to grow,” said Real President Sharran Srivatsaa. “With ROVI Homes now part of Real’s innovative ecosystem, we’re set to elevate the industry standard and create unmatched opportunities for agents and clients alike.”
About Real
Real (NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence throughout the U.S. and Canada, Real supports more than 23,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses.
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, expectations regarding Real’s ability to continue to attract agents.
Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents and those risk factors discussed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Contacts
Investor inquiries, please contact:
Ravi Jani
Vice President, Investor Relations and Financial Planning & Analysis
investors@therealbrokerage.com
908.280.2515
For media inquiries, please contact:
Elisabeth Warrick
Senior Director, Marketing, Communications & Brand
elisabeth@therealbrokerage.com
201.564.4221
FirstService Declares Quarterly Cash Dividend on Common Shares
TORONTO, Dec. 05, 2024 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“FirstService“) announced today that its Board of Directors has declared a quarterly cash dividend on the outstanding Common shares of US$0.25 per Common Share. The dividend is payable on January 7, 2025 to holders of Common Shares of record at the close… [Read More]
Greenland Resources Submits Updated Environmental Impact Assessment
TORONTO–(BUSINESS WIRE)–Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it submitted to the Greenland Minerals Licenses and Safety Authority an updated version of the Environmental Impact Assessment (the “EIA”) for the Malmbjerg Molybdenum Project in east Greenland (the “Project”) authored by WSP Danmark A/S.
The updated EIA incorporates the new legal provisions set under the Mining Act that came into effect in January 1, 2024 as well as numerous current studies and empirical results highlighted below. Although the EIA is not part of the requirements to obtain an exploitation license under the new Mining Act (where the Company expects positive news soon), it remains an important regulatory and industry requirement to advance towards production.
Executive Chairman Dr. Ruben Shiffman noted, “We have invested a great deal of care in the environmental aspects of our mine design. While most of the existing mines are old and have large environmental bonds posted with regulators due to more stringent current environmental rules than in the past; offer lower quality product and are far away from the EU (the 2nd largest Mo and Mg user where EU has no extraction), our Project offers high quality product, a new mine design, no environmental liabilities, and high sustainability with lower CO2 vs existing mines in a like-minded EU associate country”.
Highlights of the updated version include:
- On environmental impacts of the Project, using an assessment risk scale of very low, low, medium and high, sixteen out of nineteen environmental impacts analyzed are assessed to be low or very low and four medium. On environmental risks due to accidents and natural disasters, all three risks analyzed which include risk of tailings disposal from the Tailings Management Facility (TMF), contamination of land and fresh water and contamination of the sea due to shipping accidents are assessed to be of low environmental risk.
- Results from an updated independent TMF feasibility study (2024) that among others, determine the dam classification risk factor under the Canadian Dam Association (CDA) guidelines. CDA guidelines rank in severity from Low, Significant, High, Very High to Extreme potential losses, including catastrophic scenarios, under four areas (population, life, environmental and cultural, infrastructure and economics). The proposed contained TMF was assigned a Low Dam Classification risk in all four areas under CDA.
- Conclusions of a six-month study on saturated columns testing and water quality predictions studies for the TMF supernatant concentrations (from the concentrator to before the discharge into the TMF, while in the TMF and in any potential dilution zone) over the life of mine to be below water quality guidelines.
- A prefeasibility study on renewable energy generation to power a significant part of the energy required in the Project using wind and solar energy. This adds to the significant decarbonization achieved with the proposed aerial conveyor that transports downhill 35,000 tonnes per day of ore from the mine to the concentrator, producing no CO2 and generating electricity through regenerative braking.
- Results from the Project’s sustainability report published in 2024 that among others estimates the Scope 1 and 2 greenhouse gas emissions of the Project ranking it 35% lower of CO2-eq/lb Mo emissions vs comparable mines under the current NI 43-101 Feasibility Study scenario and 73% lower CO2-eq/lb Mo emissions using the renewable scenario of wind and solar energy.
- Results of a technical report on a Malmbjerg dust dispersion model showing that Total Suspended Particulate concentrations for regulated metals using geostatistical methods and a 90th percentile confidence interval scaling method within a 10km project area radius, to be below the regulatory metal criteria concentrations.
- Estimations of salinities and fresh water supply in the project area; an updated closure plan; a mitigation plan for rock storage facilities a review of various alternative TMF options and locations and conclusions on the preferred TMF.
Qualified Person Statement
The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.
Greenland Resources Inc.
Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has copper and also magnesium, a market dominated 98% by China. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedarplus.com.
The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.
About Molybdenum and the European Union
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 24% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25% of the EU consumption, of environmentally friendly high-quality molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.
Forward Looking Statements
This news release contains “forward-looking information” (also referred to as “forward looking statements”), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “hopes”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans; planned capex financing and outcomes of due diligence reviews; construction and engineering initiatives for the Malmbjerg molybdenum project; statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: future planned development and other activities on the Project; favourable outcomes of due diligence reviews; planned energy requirements of the Project; obtaining the permitting on the Project in a timely manner; no adverse changes to the planned operations of the Project; continued favourable relationships with local communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum in the EU and abroad, including by companies that expressed an interest in purchasing molybdenum; our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner or at all; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the favourable results of the SIA (Social Impact Assessment) and EIA (Environmental Impact Assessment); favourable local community support for the Project’s development; the projected demand for molybdenum both in the EU and elsewhere, including by companies that expressed an interest in purchasing molybdenum; the current initiatives and programs for resource development in the EU and abroad; the projected and actual status of supply chains, labour market, currency and commodity prices interest rates and inflation; the projected and actual status of the global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the Cboe Canada Exchange nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts
For further information please contact:
Ruben Shiffman, PhD Chairman, President
Keith Minty, P.Eng, MBA Engineering and Project Management
Jim Steel, P.Geo, MBA Exploration and Mining Geology
Nauja Bianco, M.Pol.Sci. Public and Community Relations
Gary Anstey Investor Relations
Eric Grossman, CPA, CGA Chief Financial Officer
Corporate office Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5
Telephone 1-844-252-0532
Email info@greenlandresourcesinc.com
Web www.greenlandresources.ca
John Munday named CEO of Colliers UK
Industry leader to drive strategic direction LONDON, Dec. 04, 2024 (GLOBE NEWSWIRE) — Leading global diversified professional services company Colliers announced today that John Munday will be promoted to Chief Executive Officer (CEO) of Colliers UK, effective 3 March 2025. Munday will set the strategic direction of the top-tier UK transactional and advisory services business… [Read More]
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