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Forterra Announces First Quarter 2018 Results

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First Quarter Highlights

  • Higher Income from operations, EBITDA and Adjusted EBITDA1 in the Drainage segment due to higher selling prices and mitigation of inflationary cost pressures
  • Lower Corporate costs as a result of reduced consulting spend and continued cost savings initiatives
  • Completed the Bessemer ductile iron pipe facility upgrade to lower input costs and increase plant efficiency
  • Net loss of $19.9 million and Adjusted EBITDA of $15.1 million, above the top-end of the guidance range

IRVING, Texas, May 08, 2018 (GLOBE NEWSWIRE) -- Forterra, Inc. ("Forterra" or "the Company") (NASDAQ:FRTA), a leading manufacturer of water and drainage infrastructure pipe and products in the United States and Eastern Canada, today announced results for the quarter ended March 31, 2018.1

CEO Commentary
Forterra CEO Jeff Bradley commented, "Our results for the quarter exceeded our guidance range due to better than expected results in our Drainage segment and lower Corporate costs.  Our Drainage results reflect the benefit of our procurement and operations initiatives and strategic transactions focused on mitigating the impact of inflationary cost pressures and driving growth in favorable markets.  This improvement offset softer results in our Water segment that were impacted by planned downtime at Bessemer, unfavorable weather and higher scrap costs that have not yet been offset by higher selling prices."

Bradley continued, "We are focused on delivering continued improvement in our results including driving higher selling prices in Water through an increasingly disciplined approach to pricing in the face of continued industry wide inflationary cost pressures.  The successful completion of the Bessemer project positions the Water segment for increased efficiency and lower input costs for the balance of 2018 and beyond."

First Quarter 2018 Consolidated Results
First quarter 2018 net sales declined to $290.0 million, compared to $338.3 million in the prior year quarter, due mainly to the impact of previously disclosed asset sales and divestitures, downtime at the Bessemer, Alabama ductile iron pipe facility and the impact of weather.  Net loss for the quarter was $19.9 million, or a loss of $0.31 per share, compared to a net loss of $22.5 million, or a loss of $0.35 per share, in the prior year quarter.  Adjusted EBITDA for the first quarter was $15.1 million, compared to $11.9 million in the prior year quarter, due to the benefit of improved results in Drainage and lower costs at Corporate, partially offset by lower results in Water.

Drainage Pipe & Products ("Drainage") - First Quarter 2018 Results
Drainage net sales decreased to $155.6 million, compared to $160.4 million in the prior year quarter.  Net sales excluding the impact of acquisitions and divestitures grew by approximately 4% due to growth in shipments and average selling prices for pipe and precast products as well as growth in sales in both structural products and Bio Clean.  The organic growth in shipments reflects stronger demand in a number of key regions, partially offset by weather-driven sales declines in regions including North Texas, that experienced record levels of rainfall in February, and our Midwest and northern regions that were impacted by significant late season winter weather.  

Drainage gross profit was $26.4 million, compared to $17.4 million in the prior year quarter, reflecting the benefit of higher average selling prices and the mitigation of labor, freight and raw materials cost inflation through the 2017 procurement and cost efficiency initiatives.  Drainage EBITDA and Adjusted EBITDA were $21.2 million and $22.4 million, respectively, compared to $11.4 million and $12.8 million, respectively, in the prior year quarter.  The improvements in EBITDA and Adjusted EBITDA reflect the benefit of higher gross profit and lower selling, general and administrative expenses ("SG&A"). 

Water Pipe & Products ("Water") - First Quarter 2018 Results
Water net sales decreased to $134.3 million, compared to $177.8 million in the prior year quarter.  Excluding the impact of the divestiture of the U.S. concrete and steel pressure pipe business, net sales declined by 11%, due primarily to lower ductile iron pipe sales as a result of the impact of the Bessemer project on production levels in January and February and the impact of late season snow and cold weather in the North, Mid-Atlantic and Midwest regions. 

Water gross profit in the first quarter was $8.1 million compared to $22.2 million in the prior year quarter.  First quarter 2018 Water EBITDA and Adjusted EBITDA of $6.9 million and $7.7 million, respectively, compared to $17.1 million and $17.8 million, respectively, in the prior year quarter.  The divested U.S. concrete and steel pressure pipe business contributed EBITDA and Adjusted EBITDA losses of $5.3 million and $5.5 million, respectively, in the first quarter of 2017.  The decline in EBITDA and Adjusted EBITDA, excluding the impact of the divestiture, was due primarily to the approximately $10 million impact of the Bessemer project and the impact of higher scrap costs for ductile iron pipe products that were not yet offset by an increase in average selling prices.

Corporate and Other ("Corporate") - First Quarter 2018 Results
Corporate EBITDA and Adjusted EBITDA loss of $10.9 million and $15.0 million, respectively, in the first quarter of 2018 compared to EBITDA and Adjusted EBITDA loss of $21.1 million and $18.7 million, respectively, in the prior year quarter.  The year over year improvement is due primarily to lower external consulting fees and continued cost savings initiatives.

Balance Sheet and Liquidity
On March 31, 2018, the Company had cash of $53.4 million, outstanding debt on its senior term loan of $1.2 billion and no outstanding balance on the Company's $300.0 million asset based revolving credit facility.  The decline in cash, compared to the fourth quarter 2017, was consistent with expectations relative to the full-year 2018 key cash out-flow items guidance range previously provided by the Company.  Net cash used in operating activities of $43.1 million improved significantly as compared to $77.8 million in the prior year quarter due to reduced working capital requirements.

Financial Outlook
For the second quarter of 2018, the Company expects that net income will range from $0 million to $6 million and Adjusted EBITDA will range from $50 million to $58 million.  The second quarter guidance range incorporates the following key assumptions:

  • Continued gradual year over year improvement in Drainage, including expected net sales growth on the benefit of higher shipments and higher average selling prices mitigating the impact of continued cost inflation
  • Lower expected EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin in Water, as compared to the same quarter last year, as a result of a significant increase in scrap costs not yet fully offset by higher average selling prices
  • Corporate costs of $15 to $16 million, consistent with the first quarter of 2018

The Company continues to expect full year 2018 net income, including the benefits of U.S. tax reform, Adjusted EBITDA and Adjusted EBITDA margin to improve as compared to 2017, reflecting the benefit of initiatives put in place to mitigate the impact of inflationary cost pressures, higher average selling prices and lower Corporate expenses.  Corporate costs for the balance of 2018 are expected to be in the range of $15 to $16 million per quarter, lowered from the previous guidance range of $16 to $17 million on the benefit of cost-savings initiatives.

1 A reconciliation of non-GAAP financial measures, including EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin, to comparable GAAP financial measures is provided in the Reconciliation of Non-GAAP Measures section of this press release.

Drainage - Key Financial Statistics:

($ in millions)   First Quarter  
               
        Q1 2018   Q1 2017  
               
Net Sales   $ 155.6     $ 160.4    
Gross Profit   26.4     17.4    
EBITDA   21.2     11.4    
Adjusted EBITDA   $ 22.4     $ 12.8    
Gross Profit Margin 17.0 %   10.8 %  
Adjusted EBITDA Margin 14.4 %   8.0 %  
 

Water - Key Financial Statistics:

($ in millions)   First Quarter  
               
        Q1 2018   Q1 2017  
               
Net Sales   $ 134.3     $ 177.8    
Gross Profit   8.1     22.2    
EBITDA   6.9     17.1    
Adjusted EBITDA   $ 7.7     $ 17.8    
Gross Profit Margin 6.0 %   12.5 %  
Adjusted EBITDA Margin 5.7 %   10.0 %  
 

Conference Call and Webcast Information
Forterra will host a conference call to review first quarter 2018 results on May 8, 2018 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The dial-in number for the call is 574-990-1396 or toll free 844-498-0572. The participant passcode is 6398379. Please dial in at least five minutes prior to the call to register. The call may also be accessed via a webcast which is available on the Investors section of the Company's website at http://forterrabp.com.  A replay of the conference call and archive of the webcast will be available for 30 days under the Investor section of the Company's website.

About Forterra
Forterra is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution, drainage and stormwater management. Based in Irving, Texas, Forterra's product breadth and significant scale help make it a one-stop shop for water related pipe and products, and a preferred supplier to a wide variety of customers, including contractors, distributors and municipalities. For more information on Forterra, visit http://forterrabp.com. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

    Three months ended
    March 31,
    2018 2017
    (unaudited)
Net sales   $ 289,960   $ 338,302  
Cost of goods sold   255,595   299,335  
Gross profit   34,365   38,967  
Selling, general & administrative expenses   (51,862 ) (65,301 )
Impairment and exit charges   (1,445 ) (435 )
Earnings from equity method investee   1,849   3,171  
Other operating income, net   790   1,233  
    (50,668 ) (61,332 )
Loss from operations   (16,303 ) (22,365 )
       
Other income (expense)      
Interest expense   (13,308 ) (13,542 )
Other income, net   6,016   -  
Loss before income taxes   (23,595 ) (35,907 )
Income tax benefit   3,685   13,364  
Net loss   $ (19,910 ) $ (22,543 )
       
Basic and Diluted loss per share:      
Net loss   $ (0.31 ) $ (0.35 )
Weighted average common shares outstanding:      
Basic and Diluted   63,838   63,789  
           

Condensed Consolidated Balance Sheets
(in thousands, except per share data)

  March 31,
 2018
  December 31,
 2017
ASSETS (unaudited)    
Current assets      
Cash and cash equivalents $ 53,355     $ 104,534  
Receivables, net 196,313     192,654  
Inventories 268,659     236,655  
Prepaid expenses 6,583     5,381  
Other current assets 23,083     27,059  
Current assets held for sale -     12,242  
Total current assets 547,993     578,525  
Non-current assets      
Property, plant and equipment, net 414,266     412,572  
Goodwill 505,063     496,141  
Intangible assets, net 220,267     225,304  
Investment in equity method investee 56,294     54,445  
Other long-term assets 22,757     18,866  
Non-current assets held for sale -     25,385  
Total assets $ 1,766,640     $ 1,811,238  
       
LIABILITIES AND EQUITY      
Current liabilities      
Trade payables $ 127,906     $ 108,560  
Accrued liabilities 39,729     72,782  
Deferred revenue 11,240     9,029  
Current portion of long-term debt 12,510     12,510  
Current portion of tax receivable agreement 34,601     34,601  
Current liabilities held for sale -     4,615  
Total current liabilities 225,986     242,097  
Non-current liabilities      
Senior term loan 1,179,963     1,181,277  
Deferred tax liabilities 59,161     67,481  
Deferred gain on sale-leaseback 74,921     75,743  
Other long-term liabilities 30,556     29,187  
Long-term tax receivable agreement 82,962     82,962  
Total liabilities 1,653,549     1,678,747  
Equity      
Common stock, $0.001 par value, 190,000 shares authorized; 64,227 and 64,231 shares issued and outstanding 18     18  
Additional paid-in-capital 231,120     230,023  
Accumulated other comprehensive loss (6,515 )   (5,098 )
Retained deficit (111,532 )   (92,452 )
Total shareholders' equity 113,091     132,491  
Total liabilities and shareholders' equity $ 1,766,640     $ 1,811,238  
 

Condensed Consolidated Statements of Cash Flows
(in thousands)

    Three months ended
    March 31,
    2018   2017
                 
CASH FLOWS FROM OPERATING ACTIVITIES   (unaudited)
Net loss   $ (19,910 )   $ (22,543 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation & amortization expense   27,412     29,804  
Gain on business divestiture   (6,016 )   -  
Loss on disposal of property, plant and equipment   53     774  
Amortization of debt discount and issuance costs   2,017     1,976  
Stock-based compensation expense   1,154     -  
Earnings from equity method investee   (1,849 )   (3,171 )
Distributions from equity method investee   -     2,250  
Unrealized gain on derivative instruments, net   (3,349 )   -  
Unrealized foreign currency gains, net   (187 )   (2,008 )
Provision (recoveries) for doubtful accounts   (614 )   1,677  
Deferred taxes   (8,644 )   (4,514 )
Deferred rent   585     589  
Other non-cash items   457     458  
Change in assets and liabilities:        
Receivables, net   (3 )   (42,066 )
Inventories   (30,772 )   (38,305 )
Related party receivables   140     (5,972 )
Other assets   2,730     (1,354 )
Accounts payable and accrued liabilities   (7,980 )   2,408  
Other assets & liabilities   1,435     2,214  
NET CASH USED IN OPERATING ACTIVITIES   (43,341 )   (77,783 )
         
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of property, plant and equipment   (9,273 )   (17,077 )
Settlement of net investment hedges   (4,990 )   -  
Assets and liabilities acquired, business combinations, net   10,055     (35,346 )
NET CASH USED IN INVESTING ACTIVITIES   (4,208 )   (52,423 )
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Payments on term loans   (3,128 )   (2,625 )
Proceeds from revolver   -     134,000  
Payments on revolver   -     (14,000 )
Other financing activities   (136 )   (7 )
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES   (3,264 )   117,368  
Effect of exchange rate changes on cash   (366 )   354  
Net change in cash and cash equivalents   (51,179 )   (12,484 )
Cash and cash equivalents, beginning of period   104,534     40,024  
Cash and cash equivalents, end of period   $ 53,355     $ 27,540  
         
SUPPLEMENTAL DISCLOSURES:
Cash interest paid   14,096     12,738  
Income taxes paid   899     925  
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING DISCLOSURES:
Assets and liabilities acquired in non-cash exchange   18,140     -  
             

Additional Statistics (unaudited)

Reconciliation of Non-GAAP Measures

In addition to our results calculated under generally accepted accounting principles in the United States ("GAAP"), in this earnings release we also present adjusted EBITDA and adjusted EBITDA margin. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures and have been presented in this earnings release as supplemental measures of financial performance that are not required by, or presented in accordance with GAAP. We calculate Adjusted EBITDA as net (loss), interest expense, depreciation and amortization, income tax benefit and before (gains)/losses on the sale of property, plant and equipment, impairment and exit charges and certain other non-recurring income and expenses, such as transaction costs, inventory step-up impacting margin and non-cash compensation expense.  Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.

Adjusted EBITDA and adjusted EBITDA margin are presented in this earnings release because they are important metrics used by management as one of the means by which it assesses our financial performance. Adjusted EBITDA and adjusted EBITDA margin are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use Adjusted EBITDA and adjusted EBITDA margin as supplements to GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, to allocate resources and to compare our performance relative to our peers.  Adjusted EBITDA and adjusted EBITDA margin are also important measures for assessing our operating results and evaluating each operating segment's performance on a consistent basis, by excluding the impacts of depreciation, amortization, income tax expense, interest expense and other items not indicative of ongoing operating performance. Additionally, these measures, when used in conjunction with related GAAP financial measures, provide investors with additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations.

Adjusted EBITDA and adjusted EBITDA margin have certain limitations. Adjusted EBITDA should not be considered as an alternative to consolidated net income (loss), and in the case of our segment results, Adjusted EBITDA should not be considered an alternative to EBITDA, which the chief operating decision maker reviews for purposes of evaluating segment profit, or in the case of any of the non-GAAP measures, as a substitute for any other measure of financial performance calculated in accordance with GAAP.  Similarly, adjusted EBITDA margin should not be considered as an alternative to gross margin or any other margin calculated in accordance with GAAP.  These measures also should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items for which these non-GAAP measures make adjustments. Additionally, adjusted EBITDA and adjusted EBITDA margin are not intended to be liquidity measures because of certain limitations such as: (i) they do not reflect our cash outlays for capital expenditures or future contractual commitments; (ii) they do not reflect changes in, or cash requirements for, working capital; (iii) they do not reflect interest expense, or the cash requirements necessary to service interest, or principal payments, on indebtedness; (iv) they do not reflect income tax expense or the cash necessary to pay income taxes; and (v) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and these non-GAAP measures do not reflect cash requirements for such replacements.

Other companies, including other companies in our industry, may not use such measures or may calculate one or more of the measures differently than as presented in this earnings release, limiting their usefulness as a comparative measure. In evaluating adjusted EBITDA and adjusted EBITDA margin, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments made in the calculations below and the presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to mean that our future results will be unaffected by such adjustments. Management compensates for these limitations by using adjusted EBITDA and adjusted EBITDA margin as supplemental financial metrics and in conjunction with results prepared in accordance with GAAP.

Reconciliation of net (loss) to Adjusted EBITDA
(in thousands)

  Three months ended March 31,
  2018   2017
  (unaudited)   (unaudited)
Net loss $ (19,910 )   $ (22,543 )
Interest expense 13,308     13,542  
Depreciation and amortization 27,412     29,804  
Income tax benefit (3,685 )   (13,364 )
EBITDA1 17,125     7,439  
(Gain) loss on sale of property, plant & equipment, net2 53     774  
Impairment and exit charges3 1,445     435  
Transaction costs4 1,161     2,059  
Inventory step-up impacting margin5 173     1,419  
Non-cash compensation6 1,154     357  
Other (gains) losses7 (5,976 )   (538 )
Adjusted EBITDA $ 15,135     $ 11,945  
Adjusted EBITDA margin 5.2 %   3.5 %
Gross profit 34,365     38,967  
Gross profit margin 11.9 %   11.5 %

For purposes of evaluating segment profit, the Company's chief operating decision maker reviews EBITDA as a basis for making the decisions to allocate resources and assess performance.
(Gain) loss on sale of property, plant and equipment, primarily related to the disposition of manufacturing equipment.
Impairment or abandonment of long-lived assets and other exit charges.
Legal, valuation, accounting, advisory and other costs related to business combinations and other transactions.
Effect of the purchase accounting step-up in the value of inventory to fair value recognized in cost of goods sold as a result of business combinations.
Non-cash equity compensation expense.
7 Other (gains) or losses, including the non-cash gain on a divestiture transaction completed in January 2018 and gains on insurance proceeds related to the destruction of property.

 

Reconciliation of segment EBITDA to segment Adjusted EBITDA
(in thousands)

Three months ended March 31, 2018 Drainage Pipe & Products   Water Pipe & Products   Corporate and Other   Total
EBITDA1 $ 21,159     $ 6,909     $ (10,943 )   $ 17,125  
               
(Gain) loss on sale of property, plant & equipment, net2 (325 )   378     -     53  
Impairment and exit charges3 1,161     292     (8 )   1,445  
Transaction costs4 -     -     1,161     1,161  
Inventory step-up impacting margin5 173     -     -     173  
Non-cash compensation6 240     164     750     1,154  
Other (gains) losses7 (16 )   -     (5,960 )   (5,976 )
Adjusted EBITDA $ 22,392     $ 7,743     $ (15,000 )   $ 15,135  
               
Net sales $ 155,645     $ 134,313     $ 2     $ 289,960  
Gross Profit $ 26,416     $ 8,083     $ (134 )   $ 34,365  

 

Three months ended March 31, 2017 Drainage Pipe & Products   Water Pipe & Products   Corporate and Other   Total
EBITDA1 $ 11,411     $ 17,112     $ (21,084 )   $ 7,439  
               
(Gain) loss on sale of property, plant & equipment, net2 (6 )   780     -     774  
Impairment and exit charges3 -     435     -     435  
Transaction costs4 -     -     2,059     2,059  
Inventory step-up impacting margin5 1,419     -     -     1,419  
Non-cash compensation6 21     19     317     357  
Other (gains) losses7 -     (538 )   -     (538 )
Adjusted EBITDA $ 12,845     $ 17,808     $ (18,708 )   $ 11,945  
               
Net sales $ 160,448     $ 177,849     $ 5     $ 338,302  
Gross Profit $ 17,377     $ 22,155     $ (565 )   $ 38,967  

For purposes of evaluating segment profit, the Company's chief operating decision maker reviews EBITDA as a basis for making the decisions to allocate resources and assess performance.
(Gain) loss on sale of property, plant and equipment, primarily related to the disposition of manufacturing equipment.
Impairment or abandonment of long-lived assets and other exit charges.
Legal, valuation, accounting, advisory and other costs related to business combinations and other transactions.
Effect of the purchase accounting step-up in the value of inventory to fair value recognized in cost of goods sold as a result of business combinations.
Non-cash equity compensation expense.
Other (gains) or losses, including the non-cash gain on a divestiture transaction completed in January 2018 and gains on insurance proceeds related to the destruction of property.

 

Reconciliation of Net Income to Adjusted EBITDA Guidance for Q2 2018
(in millions)

    Q2 2018 Guidance
    Low   High
Net income   $ -     $ 6  
Interest expense   17     17  
Income tax expense   4     6  
Depreciation and amortization   29     29  
Adjusted EBITDA   $ 50     $ 58  
 

Source: Forterra, Inc.

Company Contact Information:
David J. Lawrence
Vice President of Treasury and Investor Relations
469-299-9113
IR@forterrabp.com 




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Forterra, Inc. via Globenewswire

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-Card controls counter threat of FBI’s warning on unlimited ATM cash out crime - Santa Clara, Calif., Aug. 17, 2018 (GLOBE NEWSWIRE) -- US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals. Ondot, the global leader in mobile payments services, provides consumers a simple protection with mobile-based card controls that can restrict ATM transactions without completely shutting off the card for legitimate needs. Ondot’s mobile controls can give consumers the ability to restrict transactions specifically for ATMs while leaving their cards active for in-person purchases, eCommerce, and other purchases. By locking the account’s use at an ATM, consumers can work with their financial institution to ensure other security best practices are in place while knowing that even a spoofed card will be unable to withdraw cash. If emergency cash is need

SEMAFO: Armed Incident in Bobo Area17.8.2018 15:48Pressemelding

MONTREAL, Aug. 17, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) regrets to report that a bus transporting employees from the town of Bobo-Dioulasso to the Mana Mine in Burkina Faso was shot at by armed bandits this morning. In the exchange of fire between the policemen and bandits, one SEMAFO national employee and one sub-contractor employee lost their lives. Operations at the Mana Mine, located 80 kilometers from the incident, are not affected. Early analysis suggests that this incident and the armed incident that occurred in the Est region six days ago are unrelated. However, the Corporation will be increasing its security measures at Mana and take appropriate steps to ensure the safety of the mine and of its employees. The Corporation would like to express its sincere sympathy to families of the victims. About SEMAFO SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina

ThalesNano Energy Introduces H-Genie™: Revolutionary Compact, High Pressure Hydrogen Gas Generation Platform for Chemists17.8.2018 11:00Pressemelding

Improves safety, expands chemistry, saves lives. BUDAPEST, Hungary and BOSTON, Aug. 17, 2018 (GLOBE NEWSWIRE) -- ThalesNano Energy LLC today announced, at the 256th ACS conference (booth: 1615), the launch of the first in the series of revolutionary new gas generators, the H-Genie™. The H-Genie™ is a compact high pressure hydrogen generator designed to be used in any laboratory as a safer and simpler alternative to hydrogen cylinders. Capable of generating hydrogen at up to 1 NL/min and 100 bar (1450 psi), the system can help expand chemists’ limited hydrogenation chemistry capability by providing high purity hydrogen gas, on demand from water, to batch and flow reactors. Neal Langerman, Principal Scientist at Advanced Chemical Safety, comments: “The presence of cylinders of hydrogen raises the risk level of a lab. While the explosion or fire hazard can be mitigated with a gas cylinder cabinet, this takes precious floor space and does not eliminate the 1300 liters of flammable gas from

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