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Eco Wave Power: Q3 sees a significant net loss decrease, with new orders increasing Q4 revenues. Progress in Israel, U.S., and Portugal’s commercial installation

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STOCKHOLM, Nov. 30, 2023 /PRNewswire/ — Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”) (Nasdaq: WAVE), a leading, publicly traded onshore wave energy technology company that has developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity, is pleased to report its financial results as of and for the three and nine months ended September 30, 2023 and provide a corporate update.

Management Commentary

During the third quarter of 2023, we achieved several key milestones:

·     In Israel, we successfully connected the EWP EDF One Project in the Port of Jaffa to the national electrical grid. We have also performed an initial grid connection test, which effectively supplied electricity extracted from the power of the waves to the Israeli national electric grid for the very first time. Currently, our focus is on upgrading the power plants’ automation system to enable optimal electricity production and supply to the grid. Additionally, we were awarded a GREENinMED grant from the European Union as part of the ENI CBC Mediterranean Sea Basin Programme. This grant is intended to enhance Eco Wave Power’s energy station by integrating educational features. This funding will support the creation and installation of unique educational experiences, transforming the EDF-EWP One wave energy power station into a distinctive tourist attraction and showcasing Israeli innovation.

·       Moreover, on September 22nd, 2023, Eco Wave Power was notified that a consortium of which we are a part won a UK grant in the total amount of GBP 1,499,644 (approximately $1.83 million), out of which Eco Wave Power share will be GBP 456,500 (approximately $558 thousand). The grant amount Eco Wave Power will be eligible for is GBP 319,550 (approximately $390,905).

·     At the Port of Los Angeles, we are proceeding with the licensing for the installation of our first U.S.-based project. Recently, a local engineering firm examined the integrity of the jetty and approved our construction design and assembly plans for the floaters to be installed on the jetty. With this approval, we submitted our comprehensive project plan to the port authorities and made a request for the final necessary licenses from the Port of Los Angeles and the Army Corps of Engineers. In addition, in the beginning of October 2023, California Governor Gavin Newsom signed California Senate Bill 605 (“SB 605”) into law – a historic moment for wave energy in America. The legislation directs the California Energy Commission to evaluate the feasibility of wave and tidal energy in California, including the costs and benefits of implementing the technology along the state’s coastline. This legislative initiative aligns with California’s goal of achieving a carbon-free energy grid by 2045. SB 605 recognizes the potential of wave and tidal energy to provide economic and environmental benefits and is expected to assist in our project’s progress and advance other potential projects in the U.S.
           

·     In Portugal, we received the last approval necessary for the commencement of the works of our first megawatt (MW) in the city of Porto (TURH license). The next steps include finalizing detailed construction plans for the first 1 MW power plan to be followed by commencing actual construction, which is expected to take up to 24 months. The Portuguese project is expected to be Eco Wave Power’s first MW scale project, which will position Eco Wave Power as a leading wave energy developer and serve as a significant milestone towards the commercialization of wave energy globally.

·     With respect to our new collaborations, as previously announced in Q2 report, we would like to update that our collaboration with Lian Tat Company (LTC) in Taiwan is progressing as planned. In October, the president of Taiwan visited LTC’s exhibition of Eco Wave Power’s technology in the Taipei Nangang International Exhibition Center and announced that the Taiwanese government will actively promote the development of forward-looking renewable energy, such as wave power.  Eco Wave Power and LTC are currently working towards EWP’s official visit to Taiwan and towards finding a first location for their planned joint wave energy pilot.

·     With the potential project in the port of Heraklion, Greece, Eco Wave Power has finalized the feasibility studies for the implementation of our technology in the port, in collaboration with Rogan Associates. The parties are currently working towards applying for a grant from the European Union to fund the execution of a 2MW wave energy project. In parallel, we have finalized feasibility studies for the implementation of Eco Wave Power’s technology on a breakwater in Morocco and on Chevron Corp’s offshore gas drilling platform in Israel. We have also commenced a new feasibility study, funded by a large-scale U.S. energy company, for wave energy potential in the U.S. and around strategic locations around the globe.

·     At the same time, the Company has shown a significant decrease in its Net Financial Loss for the 9 months of 2023, where Net loss was $1,052,000, compared to a net loss of $2,011,000, in the same period last year. , while announcing new orders, which will be recognized as revenues in the fourth quarter of 2023.

“Although in these challenging times Eco Wave Power has prioritized the well-being of our employees in Israel, we have also stayed extremely focused on the continuity of our business growth and goals. We are proud to share that during the third quarter of 2023, we have made significant progress with all our existing projects while adding new projects and collaborations to our pipeline,

In the third quarter of 2023, Eco Wave Power officially commenced the test-run operation of our power station in the Port of Jaffa, Israel and is finalizing a civil engineering design that is getting us closer to the deployment of our first project in the Port of Los Angeles.  In addition, by securing the final requisite license for our first MW scale project in Portugal, we are striding with confidence towards our first commercial scale project in Porto, Portugal.

In parallel, we have also finalized feasibility studies for an installation of EWP’s innovative technology in a port in Morocco, on a gas drilling platform in Israel, and a feasibility study for a first of its kind 2MW project in the Port of Heraklion in Greece. We have also commenced a new feasibility study, ordered by a large scale US energy company, to examine wave energy potential in the U.S. and around the globe.

Now, more than ever, we remain strong, resilient, and deeply committed to advancing our wave energy projects.

First Nine Months 2023 Financial Overview

·     For the nine months ended September 30, 2023, revenues were $27,000 compared to $26,000 in the same period last year.

·     Operating expenses were $1.9 million, down by 33% from the same period last year.                

· Research and development (“R&D”) expenses were $383,000 compared to $755,000 in the same period last year. R&D costs decreased mainly due to a one off non-recurring loss of $278,000 pertaining to the disposal of the floater mechanisms of the Gibraltar wave energy array in 2022 and due to the relocation of the Gibraltar conversion unit to the Port of Los Angeles. Although our R&D expenses have significantly decreased during the last nine months, we expect our R&D expenses to materially increase due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.      

· Sales and marketing expenses were $262,000 compared to $435,000 in the same period last year. Although our expenses have significantly decreased during the first nine months period, we expect that our sales and marketing expenses will materially increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.       

· General and administrative expenses were $1,217,000 compared to $1,610,000 in the same period last year. Although our general and administrative expenses have significantly decreased during the first nine months period, we expect that our general and administrative expenses will materially increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the finalization of the EWP-EDF One project, the planned implementation of our first U.S. project in the Port of Los Angeles, and the implementation of our first commercial scale project in Portugal.           

· Other income of $14,000 was generated mainly from management fees in a joint venture.          

· Share of net loss of the EWP EDF One Project accounted for using the equity method for the nine months ended September 30, 2023 was $14,000.

·     Operating loss was $1.9 million compared to $2.8 million in the same period last year.

·     Net financial income was $802,000, compared to $783,000 in the same period last year.

·     Net loss was $1,052,000, or $0.02 per basic and diluted share, compared to a net loss of $2,011,000, or $0.05 per basic and diluted share in the same period last year.

·     The Company ended the period with $3.7 million in cash and cash equivalents and $5.1 million in short term bank deposits, compared to $5.3 million and $5 million, respectively, as of December 31, 2022.

Conference Call and Webcast Information

The Chief Executive Officer of Eco Wave Power, Inna Braverman will host a conference call to discuss the financial results and outlook on Tuesday, December 5, 2023, at 5 p.m. Eastern time.

• The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011 (international).
   If requested, please provide participant access code: 802479

• The event will be webcast live, available at: at: https://www.webcaster4.com/Webcast/Page/2922/49564

A replay will be available by telephone approximately four hours after the call’s completion until Tuesday, December 19, 2023. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 49564. The archived webcast will also be available on the investor relations section of the Company’s website.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.

The Company completed construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.” The EWP-EDF One station project marks the first grid-connected wave energy system in Israeli history.

Eco Wave Power will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles and its first MW scale wave energy power station in Portugal, Europe.

The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 404.7 MW.

Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.

Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market.

Read more about Eco Wave Power at www.ecowavepower.com

Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact:

Inna Braverman, CEO
[email protected]
+97235094017

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the prospective use of the UK grant, that SB 605 is expected to assist the progress of its projects and advance other potential projects in the U.S, the next steps in the Portugal project and the expected timing thereof, the potential project in Morocco, that the LTC project is expected to create several economic benefits, the impending application for a grant to facilitate the project in Heraklion, Greece, the expected recognition of new orders as revenues in the fourth quarter of 2023, and the Company’s expectation that its research and development, sales and marketing and general and administrative expenses to materially increase, and the Company’s planned conference call to discuss these financial results. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”, or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC on April 27, 2023, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

Eco Wave Power Global AB (publ)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)

 

 

                                   

                                   

September 30 2023

                                   

                                   

                                   

 

       December 31 2022                 

                                               

                                   

                                   

In USD thousands

                                   

                                   

                                   

                                   

Assets

                                   

                                   

                                   

CURRENT ASSETS:

                                   

                                   

                                   

Cash and cash equivalents

                                   

 

 

3,674

 

 

 

 

5 295

 

                                   

                                   

Short Term Bank Deposits

                                   

 

 

5,108

 

 

 

 

5 000

 

                                   

                                   

Restricted short-term bank deposits

                                   

 

 

59

 

 

 

 

63

 

                                   

                                   

Other receivables and prepaid expenses

                                   

 

 

211

 

 

 

 

161

 

                                   

                                   

TOTAL CURRENT ASSETS

                                   

 

 

9,052

 

 

 

 

10 519

 

                                   

                                   

NON-CURRENT ASSETS:

                                   

                                   

                                   

Property and equipment, net

                                   

 

 

642

 

 

 

 

722

 

                                   

                                   

Right-of-use assets, net

                                   

 

 

105

 

 

 

 

166

 

                                   

                                   

Investments in a joint venture accounted for using the equity method

                                   

 

 

496

 

 

 

 

510

 

                                   

                                   

TOTAL NON-CURRENT ASSETS

                                   

 

 

1,243

 

 

 

 

1398

 

                                   

                                   

TOTAL ASSETS

                                   

 

 

10,295

 

 

 

 

11 917

 

                                   

                                   

Liabilities and equity

                                   

                                   

                                   

CURRENT LIABILITIES:

                                   

                                   

                                   

Current maturities of long-term loans from related party

                                   

 

 

966

 

 

 

 

941

 

                                   

                                   

Current maturities of other long-term loan

                                   

 

 

65

 

 

 

 

32

 

                                   

                                   

Accounts payable and accruals:

                                   

                                   

                                   

Trade

                                   

 

 

87

 

 

 

 

75

 

                                   

                                   

Other

                                   

 

 

879

 

 

 

 

733

 

                                   

                                   

Current maturities of lease liabilities

                                   

 

 

90

 

 

 

 

78

 

                                   

                                   

TOTAL CURRENT LIABILITIES

                                   

 

 

2,087

 

 

 

 

1 859

 

                                   

                                   

NON-CURRENT LIABILITIES:

                                   

                                   

                                   

Other long-term loan

                                   

Lease liabilities, net of current maturities

                                   

                                   

                                   

67

                                   

15

                                   

                                   

                                   

96

                                   

88

                                 

                                               

                                   

                                   

TOTAL NON-CURRENT LIABILITIES

                                   

 

 

82

 

 

 

 

184

 

                                   

                                   

TOTAL LIABILITIES

                                   

 

 

2,169

 

 

 

 

2 043

 

                                   

                                   

EQUITY:

                                   

                                   

                                   

Common shares

                                   

 

 

98

 

 

 

 

98

 

                                   

                                   

Share premium

                                   

 

 

23,121

 

 

 

 

23 121

 

                                   

                                   

Foreign currency translation reserve

                                   

 

 

(2,754)

 

 

 

 

(2 061)

 

                                   

                                   

Accumulated deficit

                                   

 

 

(12,338)

 

 

 

 

(11 284)

 

                                   

                                   

TOTAL EQUITY

                                   

 

 

8,126

 

 

 

 

9 874

 

                                   

                                   

TOTAL LIABILITIES AND EQUITY

                                   

 

 

10,295

 

 

 

 

11 917

 

 

 

 

Eco Wave Power Global AB (publ)

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)

 

 

                                   

                                   

Three months ended

                                   

                                   

Nine months ended

                                   

                                   

                                   

September 30

                                   

                                   

September 30

                                   

 

 

2023

 

 

 

2022

 

 

2023

 

 

2022

 

 

                                   

                                   

In USD thousands

                                   

                                   

In USD thousands

                                   

                                   

                                   

REVENUES

                                   

 

 

27

 

 

 

 

 

27

 

 

26

 

 

                                   

                                   

COST OF REVENUES

                                   

 

 

19

 

 

 

 

 

19

 

 

(22)

 

 

                                   

                                   

GROSS PROFIT

                                   

 

 

8

 

 

 

 

 

8

 

 

4

 

 

                                   

                                   

OPERATING EXPENSES

                                   

                                   

                                   

Research and development expenses

                                   

 

 

(60)

 

 

 

(120)

 

 

(383)

 

 

(755)

 

 

                                   

                                   

Sales and marketing expenses

                                   

 

 

(69)

 

 

 

(135)

 

 

(262)

 

 

(435)

 

 

                                   

                                   

General and administrative expenses

                                   

 

 

(363)

 

 

 

(424)

 

 

(1,217)

 

 

(1,610)

 

 

                                   

                                   

Other income

                                   

 

 

5

 

 

 

3

 

 

14

 

 

18

 

 

                                   

                                   

Share of net loss of a joint venture

                                   

                                   

                                   

accounted for using the equity method

                                   

 

 

(4)

 

 

 

(6)

 

 

(14)

 

 

(16)

 

 

                                   

                                   

TOTAL OPERATING EXPENSES

                                   

 

 

(491)

 

 

 

(682)

 

 

(1,862)

 

 

(2,798)

 

 

                                   

                                   

OPERATING LOSS

                                   

 

 

(483)

 

 

 

(682)

 

 

(1,854)

 

 

(2,794)

 

 

                                   

                                   

Financial expenses

                                   

 

 

(15)

 

 

 

(11)

 

 

(41)

 

 

(42)

 

 

                                   

                                   

Financial income

                                   

 

 

305

 

 

 

113

 

 

843

 

 

825

 

 

                                   

                                   

FINANCIAL INCOME (EXPENSES) – NET

                                   

 

 

290

 

 

 

102

 

 

802

 

 

783

 

 

                                   

                                   

NET LOSS

                                   

 

 

(193)

 

 

 

(580)

 

 

(1,052)

 

 

(2,011)

 

 

                                   

                                   

ATTRIBUTABLE TO:

                                   

                                   

                                   

The parent company shareholders

                                   

 

 

(193)

 

 

 

(580)

 

 

(1,052)

 

 

(2,011)

 

 

 

 

(193)

 

 

 

(580)

 

 

(1,052)

 

 

(2,011)

 

 

                                   

In USD

                                   

                                   

 

                                   

LOSS PER COMMON SHARE – BASIC AND DILUTED

                                   

 

 

 

(0.004)

 

 

 

 

(0.01)

 

 

(0.02)

 

 

 

(0.05)

 

                                   

                                   

WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS

                                   

                                   

                                   

      PER COMMON SHARE

                                   

 

44,394,844

 

 

44,394,844

 

 

44,394,844

 

 

 

44,394,844

 

 

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Invitation to presentation of EQT AB’s Q1 Announcement 2024

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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826

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https://mb.cision.com/Main/87/3956826/2712771.pdf

Invitation to presentation of EQT AB’s Q1 Announcement 2024

https://news.cision.com/eqt/i/eqt-ab-group,c3285895

EQT AB Group

 

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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

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  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

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Cision View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html

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