Titanium Corporation Reports Fiscal 2014 Second Quarter Results and Operational Update
23 4월 2014 - 9:56PM
Marketwired
Titanium Corporation Reports Fiscal 2014 Second Quarter Results and
Operational Update
CALGARY, ALBERTA--(Marketwired - Apr 23, 2014) - Titanium
Corporation Inc. (the "Company" or "Titanium") (TSX-VENTURE:TIC)
today released its results for the second quarter ended February
28, 2014.
"We continued our
focus in the second quarter on building relationships and awareness
of Titanium's made-in-Canada oil sands tailings solution,"
commented Scott Nelson, Titanium's President and Chief Executive
Officer. "Federal government funding from SDTC together with
support by industry has been instrumental in enabling development
of our technology, which will provide sustainable economic,
environmental and social benefits while creating a new minerals
export industry for Canada."
CEO Scott Nelson was
recently interviewed on BNN television about Titanium's technology
and prospects. The interview is available for viewing on the
Company's website, at www.titaniumcorporation.com.
The following are
other highlights of the Company's progress towards
commercialization:
- Titanium continued its engagement with oil sands producers, and
has revised proposals based on feedback which are now under review
and discussion with operators. The Company has offered flexible
business models that provide robust economics, whereby oil sands
operators license the Company's technology and build and operate
tailings processing/recovery facilities on their sites.
Alternatively, third parties, including the Company, could build
and operate the facilities for the oil sands operators.
- The Company participated in industry and government conferences
and forums, including the 13th Annual Oil Sands Summit in Calgary
and Globe 2014 in Vancouver. At Globe, the Company's technology was
highlighted in keynote remarks as a leading sustainable solution
for the oil sands industry, by Jim Balsillie, former CEO of
Research in Motion (Blackberry) and the Chairman of SDTC.
Titanium's participation at Globe was reported widely in national
media.
- An active public and government relations program during the
quarter included participation in Energy Week in Ottawa and
meetings with the Federal Ministries of Natural Resources and
Environment. In Edmonton, the Company briefed recently appointed
Alberta Ministers of Environment and Sustainable Resources, Energy
and the Deputy Premier on the Company's technology and
commercialization plans.
- International research and testing has confirmed the value of
the heavy minerals recovered by Titanium technology from oil sands
tailings streams. The recent larger volume minerals testing program
confirms an efficient commercial flow sheet specific to processing
heavy minerals recovered from the Athabasca oil sands. Zircon
product samples from the program are now being prepared for testing
by the ceramic tile industry in China.
- The Company continued its focus on conserving cash by reducing
costs and implementing new share ownership programs. Management and
the Board received shares in lieu of a portion of cash
compensation. The Company completed final reporting to Sustainable
Development Technology Canada ("SDTC") and on April 9, 2014
received payment of $629,194. This is the final payment of SDTC
grants totaling $6.3 million which funded a significant portion of
the Company's pre-commercial demonstration piloting. With the
recent SDTC grant payment, the Company's cash position was $3.4
million.
FINANCIAL
OVERVIEW
As a research and
development company, Titanium is focused on achieving long-term
financial success by taking its innovative technologies into
commercial production. Until commercial investment is made and a
plant is built and operating, the Company expects to incur losses.
However, with pilot testing completed, R&D investment in future
quarters will be substantially reduced as the Company focuses its
resources on commercialization.
Net Loss - Net loss
of $1.0 million for the three month period ended February 28, 2014
decreased by $0.1 million from $1.1 million in the comparative
three month period ended February 28, 2013. With the completion of
pilot testing and as a development stage company, Titanium's net
loss for the period is in line with expectations.
Research &
Development ("R&D") - For the three month period ended February
28 2014, R&D spending was $0.3 million as compared to $0.6
million for the three month period ended February 28, 2013. R&D
expenditures in the current quarter were significantly reduced as
labour and operating costs related to demonstration piloting were
eliminated with the completion of R&D piloting in May of 2013.
The final stage of minerals development is substantially complete
and with the focus on commercialization of the CVW™ technology,
R&D expenses in the future quarters will be substantially
reduced.
General &
Administrative ("G&A") - G&A expense was higher by $0.1
million in the current quarter at $0.7 million compared to the
three month period ended February 28, 2013 as a result of
recognition of non-cash stock-based compensation expense related to
vesting of stock options previously granted. Overall cash G&A
costs have been reduced and with uncertainty related to timing of
commercial projects and to preserve cash, the Company initiated
stock-based incentive compensation plans in lieu of cash
compensation for management and directors. This program reduced
cash compensation for the three month period ended February 28,
2014 by $0.1 million and $0.2 million for the six month period
ended February 28, 2014.
Cash Position - The
Company had $2.9 million in cash at February 28, 2014 compared to
$4.1 million at August 31, 2013; the reduction in cash due to
ongoing operational expenses in the quarter. With the receipt of
the $629,194 SDTC grant on April 9, 2014, the Company has
sufficient cash to fund its R&D and G&A costs for a period
in excess of 12 months. As the Company focuses on commercialization
of its technology, any discretionary R&D and engineering
projects would be pursued in conjunction with grant funding or
partner support.
To view the
Company's management discussion and analysis and unaudited
condensed interim financial statements for the three and six month
periods ended February 28, 2014, please visit our website at
www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation
Inc.
Titanium
Corporation's "Creating Value from Waste™" technology provides
sustainable solutions to reduce the environmental footprint of the
oil sands industry. Our technology reduces the environmental impact
of oil sands tailings while economically recovering valuable
products that would otherwise be lost. CVW™ recovers bitumen,
solvents and minerals from tailings, preventing these commodities
from entering tailings ponds and the atmosphere: VOC and GHG
emissions are materially reduced; tailings water is improved in
quality for recycling; and residual tailings can be thickened more
readily. A new minerals industry will be created commencing with
the production and export of zircon, an essential ingredient in
ceramics. The Company's shares trade on the TSX-V under the symbol
"TIC". For more information please visit the Company's website at
www.titaniumcorporation.com.
Disclosure regarding forward-looking
statements
Certain
statements contained herein regarding the Company and its plans
constitute "forward-looking statements" within the meaning of
Canadian securities laws. By their nature, forward-looking
statements require the Company to make assumptions and are subject
to inherent risks and uncertainties. There is a significant risk
that predictions, forecasts, conclusions, projections, and other
forward-looking statements will not prove to be accurate. We direct
you to our statement of risks and uncertainties more particularly
described and updated in the Company's management discussion and
analysis filed for the period ended February 28, 2014 and annual
information form for the year ended August 31, 2013 each filed on
SEDAR (www.sedar.com). Most notably these risks include, but are
not limited to risks associated with the commercialization of the
CVW™ project on the timetable anticipated or at all; access to
capital on acceptable terms to fund our commercialization plan,
operational or technical difficulties in connection with building
and operating the CVW™ project and research activities; uncertainty
related to the cost to build and operate CVW™ facilities; reliance
on a small number of people, access to and cost of oil sands
tailings necessary to carry out the CVW™ project, competition and
intellectual property protection and changes to environmental laws
and regulation.
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.
Titanium Corporation Inc.Scott NelsonPresident & CEO(403)
561-0439snelson@titaniumcorporation.comTitanium Corporation
Inc.Andreas CurkovicInvestor Relations(416)
577-9927acurkovic@titaniumcorporation.com
Titanium (TSXV:TIC)
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