Nasdaq GlobeNewswire

SEMAFO: Cash Flow from Operations of $34.9 Million in Third Quarter 2017

Del

Construction of Boungou Mine 63% Complete

MONTREAL, Nov. 08, 2017 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF)(OMX:SMF) today reported its financial and operational results for the three-month period ended September 30, 2017.  All amounts are in US dollars unless otherwise stated.

Third Quarter 2017 - in Review

  • Zone 9 back on track with good reconciliation to reserves
  • Gold production of 53,900 ounces compared to 62,500 ounces for the same period in 2016
  • Gold sales of $69.8 million compared to $80.2 million for the same period in 2016
  • Total cash cost1 of $557 per ounce sold and all-in sustaining cost1 of $841 per ounce sold compared to $574 and $751, respectively, for the same period in 2016
  • Net operating income of $11.8 million compared to $23.0 million for the same period in 2016
  • Adjusted operating income1 of $12.9 million compared to $21.5 million for the same period in 2016
  • Net income of $13.8 million compared to $19.6 million for the same period in 2016
  • Adjusted net income attributable to equity shareholders1 of $8.4 million or $0.03 per share1 compared to $14.9 million or $0.05 per share1 for the same period in 2016
  • Cash flows from operating activities2 of $34.9 million or $0.11 per share1 compared to $39.3 million or $0.12 per share1 for the same period in 2016

Boungou Mine

  • Development on schedule with $113 million spent out of $231 million
  • Construction 63% complete
  • Relocation of Boungou residents to newly constructed village
  • Completion of over 70% of the total concrete pour
  • Installation of the vertimill and completion of the foundations for the SAG mill
  • Erection of the leach tanks complete and water tanks halfway complete
  • 2.5 million man-hours have been worked without lost-time injury
  • Extraction of 5.3 million tonnes of pre-stripping material to date
  • Signing of a three-year collective agreement with Boungou employees

The Corporation expects to attain the upper end of its 2017 production outlook of between 190,000 and 205,000 ounces of gold, and to meet its all-in sustaining cost outlook of between $920 and $960 per ounce.

1 Total cash cost, all-in sustaining cost, adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 18.
2 Cash flows from operating activities exclude changes in non-cash working capital items.

 

         
Mana, Burkina Faso        
         
Mining Operations        
         
    Three-month period
ended September 30,
    Nine-month period
ended September 30,
 
         
    2017   2016   Variation     2017   2016   Variation  
Operating Data                
Ore mined (tonnes)   516,700   555,200   (7 %)   1,499,300   1,620,000   (7 %)
Ore processed (tonnes)   679,100   751,700   (10 %)   2,086,400   2,039,100   2 %
Waste mined (tonnes)   3,629,200   3,155,800   15 %   12,215,200   11,424,900   7 %
Operational stripping ratio   7.0   5.7   23 %   8.1   7.1   14 %
Head grade (g/t)   2.55   2.71   (6 %)   2.47   3.01   (18 %)
Recovery (%)   97   95   2 %   95   94   1 %
Gold ounces produced   53,900   62,500   (14 %)   156,900   185,100   (15 %)
Gold ounces sold   54,500   60,000   (9 %)   156,100   183,500   (15 %)
                 
Statistics (in dollars)                
Average realized selling price (per ounce)   1,282   1,337   (4 %)   1,256   1,261   -  
Cash operating cost (per tonne processed)¹   42   41   2 %   46   44   5 %
Total cash cost (per ounce sold)¹   557   574   (3 %)   651   542   20 %
All-in sustaining cost (per ounce sold)¹   841   751   12 %   929   730   27 %
Depreciation (per ounce sold)²   401   330   22 %   459   312   47 %

 

1 Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 18. 
2 Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

2017 Third Quarter Results

During the third quarter of 2017, the ore processed decreased by 10% compared to the same period in 2016 due to the mine plan. The ore processed in the quarter was 679,100 tonnes at an average grade of 2.55 g/t Au, including 216,500 tonnes of low-grade material not included in our reserves.  The latter results from a decision to take advantage of higher gold prices and available milling capacity in order to generate additional cash flow. The lower head grade in the third quarter is a direct result of this decision, without which the head grade would have been 3.42 g/t Au. This includes 240,000 tonnes of ore from Zone 9 at an average grade of 5.0 g/t Au, showing good reconciliation with our reserves.

The Corporation's third quarter gold sales decreased relative to 2016 due to lower gold ounces produced and sold, and results from the mine plan sequence. The 2017 increase in depreciation of property, plant and equipment mainly reflects a higher capitalized stripping ratio from Siou at depth compared to the same period in 2016. Third quarter operating income decreased compared to the same period in 2016, mainly as a result of lower gold sales, higher depreciation and higher share-based compensation expense. The higher share-based compensation expense during the third quarter compared to the same period in 2016 is a result of an increase in our share price.

In the third quarter of 2017, the total cash cost and all-in sustaining cost reached $557 and $841 per ounce sold, respectively, compared to $574 and $751 per ounce sold, respectively, for the same period in 2016. The 2017 all-in sustaining cost increase is due to a higher stripping ratio.

Boungou Mine

Construction of the Boungou Mine continues to advance on time and on budget. As at September 30, 2017, the following achievements had been made:

  • Development on schedule, with $113 million spent
  • Construction 63% complete
  • Relocation of Boungou residents to newly constructed village
  • Completion of over 70% of the total concrete pour 
  • Installation of the vertimill and completion of the foundations for the SAG mill
  • Erection of the leach tanks complete with erection of water tanks halfway complete
  • Delivery of most major long-lead items on site: the primary crusher, SAG mill shell and power plant gensets
  • Erection of structural steel ongoing in the pebble crusher, reagent storage, reclaim, grinding, workshop and pipe rack areas
  • Final elevation of water storage facility embankment
  • Commencement of earthworks on the tailings storage facility
  • Pre-stripping continues at the Boungou deposit with 5.3 million of the projected 18 million tonnes extracted
  • 1,695 personnel including contractors were employed on site, 90% of which are Burkinabe
  • 2.5 million man-hours have been worked without lost-time injury
    Signing of a three-year collective agreement with Boungou employees

Exploration

Mana Project, Burkina Faso

The Siou at depth program was completed in July prior to the rainy season with 15 core holes (4,400 meters), including three geotechnical drill holes, which also completed the geotechnical study for the program.

Compilation and resource estimation is in progress with the aim of delivering a pre-feasibility study for Siou at depth in the first quarter of 2018.

Also in the quarter, 427 auger holes (6,850 meters) were drilled on the Bara permit along the Siou Shear Zone, some 20 kilometers north of the Siou deposit and 20 kilometers from the Mana processing plant.

Tapoa (Boungou Mine)

West and East Flank Sectors

Data compilation and resource estimation of the West and East Flanks is underway to support the pre-feasibility study that is scheduled for completion in the first quarter of 2018.

Regional Exploration

In the third quarter, a total of 600 meters was drilled in 4 reverse-circulation (RC) holes on the Boungou permit in order to test an auger anomaly located in the southwest part of the 045 Trend. Drilling subsequently slowed down due to the rainy season, and an exploration RC drilling program resumed in October, testing auger targets. A total of 15,000 meters of RC drilling will be carried out in the second half of the year, 5,000 meters of which on the Dangou permit, 4,000 meters on the Boungou permit and 3,000 meters on the Pambourou permit.

During the rainy season, the exploration team completed a soil sampling program (680 samples) covering the southern part of the property along the 045 Trend.

Korhogo Ouest (Côte d'Ivoire)

Following an initial soil sampling and airborne magnetic survey covering the northern part of the property in late 2016 and early 2017, trenching and RC drill programs were initiated. Trenching was completed in the second quarter of 2017, while the RC program commenced in July. The program was designed to provide a preliminary test of some soil sample anomalies. At the end of the third quarter of 2017, a total of 116 RC holes (over 12,200 meters) had been drilled.

Trenching Program

Of the 11 trenches completed, seven returned anomalous gold values. Among these, KOTR17-0003 returned a grade of 8.84 g/t Au (11.46 g/t Au uncut) over 14 meters, including 19.55 g/t Au (25.68 g/t Au uncut) over 6 meters along the south wall of the trench. The north wall of the two-meter wide trench was immediately resampled in order to confirm results and returned 9.19 g/t Au (9.52 g/t Au uncut) over 13 meters. The mineralized zone (dubbed Chigata) is hosted in a moderately east-dipping sheared and sericitized granodiorite containing quartz veining. In addition, KOTR17-006 returned 0.63 g/t Au over 11 meters, KOTR17-0007 returned 0.75 g/t Au over 7 meters, and KOTR17-0011 returned 2.47 g/t Au over 8 meters. These four trenches are spread over an area of 7 kilometers by 5 kilometers, and each tested separate soil sample anomalies.

RC Drill Program

RC drilling was carried out to provide a first indication of the potential of these zones. At Chigata, three sections were completed over KOTR17-0003 and 100 meters on each side of the trench. Significant gold values were obtained from four holes (Table 1), two under the trench, one 100 meters north of the trench and one 250 meters south of the trench. Anomalous values were obtained in all 12 holes that crossed the altered and sheared zone.

Table 1

Hole No. From (m) To (m) Length (m)1 Au (g/t)2
KORC17-0001 15 24 9.0 5.96
KORC17-0002 57 60 3.0 5.23
KORC17-0010 101 109 8.0 4.36
KORC17-0104 21 28 7.0 2.22

All lengths are along the hole axis, and the true thickness has yet to be established.
2 All assay results are below the cutting grade of 30 g/t Au

SEMAFO's Management's Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the "Investor Relations" section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.

Third Quarter Conference Call

A conference call will be held today, November 8, 2017, at 10:00 EST to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the conference:

Tel. local & overseas:  +1 (647) 788 4922   
Tel. North America: 1 (877) 223 4471 
Webcast: www.semafo.com
Replay number: 1 (800) 585 8367 or +1 (416) 621 4642  
Replay pass code: 2369407
Replay expiration: November 29, 2017

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 Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the third quarter of 2018.  SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "promising", "on schedule", "expects", "outlook", "on time and on budget", "projected", "aim", "scheduled", "will", "significant", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to complete the development of the Boungou Mine on time and on budget, the ability to attain the upper end of our 2017 production outlook of between 190,000 and 205,000 ounces of gold and to meet our all-in sustaining cost outlook of between $920 and $960 per ounce, the ability to deliver a pre-feasibility study for Siou at-depth in the first quarter of 2018, the ability to complete a pre-feasibility study for West and East Flanks of the Boungou deposit in the first quarter of 2018,  the ability to execute on our strategic focus, fluctuation in the price of currencies, gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2016 Annual MD&A, as updated in SEMAFO's 2017 First Quarter MD&A, 2017 Second Quarter MD&A, 2017 Third Quarter MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on November 8, 2017 at 7:00 a.m., Eastern Standard Time.

Consolidated Results and Mining Operations        
         
Financial and Operating Highlights        
    Three-month period
ended September 30,
    Nine-month period
ended September 30,
 
         
    2017   2016   Variation     2017   2016   Variation  
                 
Gold ounces produced   53,900   62,500 (14 %)   156,900   185,100 (15 %)
Gold ounces sold   54,500   60,000 (9 %)   156,100   183,500 (15 %)
                 
(in thousands of dollars, except amounts per share)                
Revenues - Gold sales   69,832   80,200   (13 %)   196,033   231,346 (15 %)
                 
Mining operation expenses   27,329   30,410   (10 %)   93,467   89,203   5 %
Government royalties   3,011   4,028   (25 %)   8,092   10,185   (21 %)
Depreciation of property, plant and equipment   21,921   19,880   10 %   71,984   57,384   25 %
Share-based compensation   1,997   (576 ) -     2,121   8,229   (74 %)
Other   3,755   3,442   9 %   11,090   11,065   -  
                 
Operating income   11,819   23,016   (49 %)   9,279   55,280   (83 %)
                 
Finance income   (952 ) (519 ) 83 %   (2,488 ) (1,465 ) 70 %
Finance costs   336   314   7 %   981   1,678   (42 %)
Foreign exchange gain   (2,779 ) (191 ) (1,355 %)   (9,711 ) (2,386 ) 307 %
Income tax expense (recovery)   1,407   3,853   (63 %)   (274 ) 12,125   -  
                 
Net income for the period   13,807   19,559   (29 %)   20,771   45,328   (54 %)
                 
Attributable to equity shareholders                
Net income   12,224   17,680   (31 %)   18,387   39,168   (53 %)
 Basic earnings per share   0.04   0.05   (20 %)   0.06   0.13   (54 %)
 Diluted earnings per share   0.04   0.05   (20 %)   0.06   0.13   (54 %)
                 
Adjusted amounts                
Adjusted operating income¹   12,897   21,451   (40 %)   8,254   60,435   (86 %)
Adjusted net income attributable to equity shareholders¹   8,446   14,855   (43 %)   1,179   40,210   (97 %)
 Per share¹   0.03   0.05   (40 %)   -   0.13   (100 %)
                 
Cash flows                
Cash flows from operating activities²   34,853   39,266 (11 %)   81,614   111,860   (27 %)
 Per share¹   0.11   0.12 (8 %)   0.25   0.36   (31 %)
                           

 

1  Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" section of the Corporation's MD&A, note 18.
Cash flows from operating activities exclude changes in non-cash working capital items.

 

Interim Consolidated Statement of Financial Position      
(Expressed in thousands of US dollars - unaudited)      
       
    As at As at
    September 30, December 31,
    2017 2016
    $ $
Assets      
       
Current assets      
Cash and cash equivalents   256,761 273,772
Trade and other receivables   19,385 16,945
Income tax receivable   229 -
Inventories   53,601 51,391
Other current assets   4,575 2,513
    334,551 344,621
Non-current assets      
Advance receivable   2,981 3,060
Restricted cash   21,182 5,689
Property, plant and equipment   656,135 536,237
Intangible asset   1,427 1,595
Other non-current assets   1,494 4,074
    683,219 550,655
Total assets   1,017,770 895,276
       
Liabilities      
       
Current liabilities      
Trade payables and accrued liabilities   66,711 41,964
Current portion of long-term debt   310 310
Current portion of finance lease   4,622 -
Share unit plans liabilities   5,879 6,635
Provisions   3,238 3,271
Income tax payable   - 5,422
    80,760 57,602
Non-current liabilities      
Long-term debt   114,745 56,726
Finance Lease   20,214 -
Share unit plans liabilities   2,558 4,899
Provisions   11,127 8,137
Deferred income tax liabilities   31,502 32,329
    180,146 102,091
Total liabilities   260,906 159,693
       
Equity      
       
Equity Shareholders      
Share capital   622,065 621,902
Contributed surplus   7,305 7,357
Accumulated other comprehensive income   1,494 1,095
Retained earnings   96,061 77,674
    726,925 708,028
Non-controlling interest   29,939 27,555
       
Total equity   756,864 735,583
Total liabilities and equity    1,017,770 895,276
       

 

Interim Consolidated Statement of Income      
(Expressed in thousands of US dollars, except per share amounts - unaudited)      
       
  Three-month period
ended September 30,
    Nine-month period
ended September 30,
 
       
  2017   2016     2017   2016  
  $   $     $   $  
                   
Revenue - Gold sales 69,832   80,200     196,033   231,346  
           
Costs of operations          
Mining operation expenses 30,340   34,438     101,559   99,388  
Depreciation of property, plant and equipment 21,921   19,880     71,984   57,384  
General and administrative 3,453   3,195     10,324   10,503  
Corporate social responsibility expenses 302   247     766   562  
Share-based compensation 1,997   (576 )   2,121   8,229  
           
Operating income 11,819   23,016     9,279   55,280  
           
Other expenses (income)          
Finance income (952 ) (519 )   (2,488 ) (1,465 )
Finance costs 336   314     981   1,678  
Foreign exchange gain (2,779 ) (191 )   (9,711 ) (2,386 )
           
Income before income taxes 15,214   23,412     20,497   57,453  
           
Income tax expense (recovery)          
Current 1,331   3,521     3,566   14,086  
Deferred 76   332     (3,840 ) (1,961 )
  1,407   3,853     (274 ) 12,125  
           
Net income for the period 13,807   19,559     20,771   45,328  
           
Attributable to:          
Equity shareholders 12,224   17,680     18,387   39,168  
Non-controlling interests 1,583   1,879     2,384   6,160  
  13,807   19,559     20,771   45,328  
           
Earnings per share          
Basic 0.04   0.05     0.06   0.13  
Diluted 0.04   0.05     0.06   0.13  

 

Interim Consolidated Statement of Comprehensive Income        
(Expressed in thousands of US dollars - unaudited)        
    Three-month period
ended September 30,
    Nine-month period
ended September 30,
 
         
    2017   2016     2017   2016  
    $   $     $   $  
                     
Net income for the period   13,807   19,559     20,771   45,328  
             
             
Other comprehensive income            
 Item that may be classified to net income            
 Change in fair value of the investment in GoviEx (net of tax of nil)   60   1,046     399   1,046  
Total comprehensive income for the period, net of tax   13,867   20,605     21,170   46,374  
Attributable to:            
Equity shareholders   12,284   18,726     18,786   40,214  
Non-controlling interest   1,583   1,879     2,384   6,160  
    13,867   20,605     21,170   46,374  

 

Interim Consolidated Statement of Cash Flows        
(Expressed in thousands of US dollars - unaudited)        
         
    Three-month period
ended September 30,
    Nine-month period
ended September 30,
 
         
    2017   2016     2017   2016  
    $   $     $   $  
             
Cash flows from (used in):            
             
Operating activities            
Net income for the period   13,807   19,559     20,771   45,328  
Adjustments for:            
Depreciation of property, plant and equipment   21,921   19,880     71,984   57,384  
Share-based compensation   1,997   (576 )   2,121   8,229  
Unrealized foreign exchange loss (gain)   (2,879 ) 172     (9,218 ) (2,756 )
Deferred income tax expense (recovery)   76   332     (3,840 ) (1,961 )
Adjustment for withholding taxes   -   -     -   5,827  
Other   (69 ) (101 )   (204 ) (191 )
    34,853   39,266     81,614   111,860  
Changes in non-cash working capital items   (3,096 ) 8,052     (11,690 ) 11,239  
Net cash provided by operating activities   31,757   47,318     69,924   123,099  
             
Financing activities            
Drawdown (Repayment) of long-term debt   (76 ) (52 )   59,769   (30,052 )
Payments of finance lease   (4,003 ) -     (4,003 ) -  
Long-term debt transaction costs   -   -     -   (259 )
Proceeds on issuance of share capital, net of expenses   50   3,374     111   92,017  
Dividend paid by a subsidiary to non-controlling interest   -   -     -   (10,359 )
             
Net cash provided by (used in) financing activities   (4,029 ) 3,322     55,877   51,347  
             
Investing activities            
Acquisitions of property, plant and equipment   (58,020 ) (22,840 )   (139,116 ) (62,780 )
Decrease (increase) in restricted cash   223   210     (14,854 ) 210  
             
Net cash used in investing activities   (57,797 ) (22,630 )   (153,970 ) (62,570 )
             
Effect of exchange rate changes on cash and cash equivalents   3,533   159     11,158   3,197  
Change in cash and cash equivalents during the period   (26,536 ) 28,169     (17,011 ) 115,073  
Cash and cash equivalents - beginning of period   283,297   254,070     273,772   167,166  
Cash and cash equivalents - end of period   256,761   282,239     256,761   282,239  
Interest paid   1,739   1,065     3,519   3,557  
Interest received   770   419     1,902   1,273  
Income tax paid   3,208   2,237     8,875   8,410  
For more information, contact

Robert LaVallière
Vice-President, Corporate Affairs & Investor Relations
Email: Robert.Lavalliere@semafo.com
Cell: +1 (514) 240 2780

Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com

Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.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: SEMAFO Inc. via Globenewswire

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MONTREAL, Nov. 23, 2017 (GLOBE NEWSWIRE) -- SEMAFO (TSX:SMF) (OMX:SMF) announces with sadness the passing of Mr. Jean Lamarre, Chairman of the Board of Directors of the Corporation, on November 22, 2017 following a short illness. Mr. Lamarre joined the Corporation's Board of Directors in 1997 and was appointed Chairman of the Board in 2000, a position he held until his demise. "Jean made an indelible mark on SEMAFO, both in terms of his corporate governance expertise and his 45 years of experience in Africa," said President and CEO Benoit Desormeaux. "Over his 20-year tenure with SEMAFO, he brought unique insight, business acumen and leadership to the Corporation as it transitioned from an exploration company to a junior gold producer. He did this, always without compromising his values: the integrity of the Corporation, his deep love for Africa and its people, and his priority to SEMAFO's long-term sustainability. On behalf of SEMAFO's Board of Directors, management and employe

Premier to join industry leaders at BDA London forum23.11.2017 21:39Pressemelding

HAMILTON, Bermuda, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Premier David Burt will join more than two-dozen Bermuda executives in a multi-industry forum being held in London next week to showcase the breadth of expertise and advantages offered by the island's global business market. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/78c5ac53-07f7-4dd8-83e0-753ea5b4c80b Organised by the Bermuda Business Development Agency (BDA), the one-day event Tuesday, November 28 at ME London has attracted over 200 registrants. It will feature top regulatory and industry leaders in moderated discussion panels covering re/insurance, captive insurance, insurance-linked securities, asset management, family offices, and trust and private-client business. A networking reception will wrap the event in the evening. "The government supports the Bermuda Business Development Agency in this awareness-raising event that offers such gre

Crown Bioscience and Data Sciences International (DSI) Partner to Advance Metabolic Disease Research Using an Implanted Telemetry Device for Long-Term Blood Glucose Monitoring23.11.2017 14:00Pressemelding

SANTA CLARA, Calif., Nov. 23, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE: ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation cardiovascular and metabolic disease research, announces the successful development of an enhanced method for preclinical obesity and type 2 diabetes studies in partnership with Data Sciences International (DSI). Crown Bioscience's clinically relevant models and DSI's HD-XG implantable glucose device combine to create a superior approach to preclinical metabolic disease research. Recently published work in the Journal of Endocrinological Investigation and Nature's Scientific Reports demonstrates the advantages of a new method using DSI's HD-XG implantable glucose device and Crown Bioscience's models of spontaneous and diet-induced diabetes. The HD-XG device allows for continuous, long-term measurement

Euroloan Opens New Market in Spain23.11.2017 11:10Pressemelding

Helsinki, Finland, 2017-11-23 11:10 CET (GLOBE NEWSWIRE) -- According to James Hickson, CEO of Euroloan Group, initiating services in the Spanish market is a key step in the expansion strategy of the Fintech group. “We have seen a growing demand for easy payment solutions in several markets, and the Spanish market in particular offers a massive opportunity for growth with Euroloan’s advanced payment and credit solutions. Merchants and Consumers appreciate our simple, fast and efficient services. It’s all about making their life easier. Consistent with our strategy, we have identified a number of partners to accelerate our market entry approach and expect to be providing our lending and merchant solutions by the end of the 1Q 2018” The Group is now present in five countries in Europe, including Finland, Sweden, Poland, Luxembourg and Spain. “Euroloan aims to open up several additional new markets”, says Tommi Lindfors, Chairman of the Board of Euroloan Group. “Spain is an importan

BDA partners with government to attract cryptocurrency23.11.2017 06:25Pressemelding

HAMILTON, Bermuda, Nov. 23, 2017 (GLOBE NEWSWIRE) -- The Bermuda Business Development Agency (BDA) will take a lead role in an initiative launched by the Bermuda government today to accelerate the establishment and growth of digital currency business on the island. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/457f43b9-d7bb-48f1-83e2-b856b33ebacc At a press conference held by Premier the Hon David Burt and National Security Minister the Hon Wayne Caines, the government announced the formation of a task force comprising two teams to advance Bermuda's regulatory environment as a destination for utility tokens, tokenised securities, cryptocurrencies, and coin offerings. BDA Consultant for Emerging Technologies John Narraway was named as chair of the Blockchain Business Development Working Group, while BDA Board member Lydia Dickens will chair the Blockchain Legal and Regulatory Working Group, of which

VistaJet Partners With Christie's for the Global Tour of The Collection of Peggy and David Rockefeller22.11.2017 11:39Pressemelding

The sale will be the most significant philanthropic auction ever presented LONDON, Nov. 22, 2017 (GLOBE NEWSWIRE) -- VistaJet, the first and only global private aviation company, announces today its worldwide sponsorship of the exhibition and tour of The Collection of Peggy and David Rockefeller, the most significant auction entirely dedicated to raising funds for philanthropic causes.  The sale, consisting of numerous categories, will be conducted by Christie's, the world's leading art business, and will include a highlights exhibition tour in Hong Kong, London, Los Angeles and New York. Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c78fdce7-7651-42a8-a621-14088da2cc86 http://www.globenewswire.com/NewsRoom/AttachmentNg/33af2489-a9a8-4bbe-b5f7-78e4c1f29ca2 http://www.globenewswire.com/NewsRoom/AttachmentNg/a16c2

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