SOLON, Ohio, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED retrofit technologies, announced today that it has entered into a $5 million revolving Credit Facility with Austin Financial Services.Borrowings under the Credit Facility are limited to a borrowing base requirement based on 85% of eligible receivables, plus available inventory (to a maximum $500 thousand for the inventory portion). The Credit Facility is a three-year agreement, secured by a lien on domestic assets, expiring on December 31, 2021, unless terminated sooner. More details regarding the Credit Facility are available in the Company’s Form 8-K filed today.

“Our new Credit Facility provides us with greater financial flexibility to fund our operations and to support our turnaround objectives,” said Jerry Turin, Chief Financial Officer, Energy Focus, Inc.

*About Energy Focus*

Energy Focus is an industry-leading innovator of energy-efficient LED lighting technology. As the creator of the first UL-verified flicker-free LED products, Energy Focus’ products provide extensive energy and maintenance savings, as well as safety, health and productivity benefits over conventional lighting.  Our customers serve the commercial, industrial, healthcare, education and military markets.

Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com. 

*About Austin Financial Services*

Headquartered in Los Angeles, California and with a nationwide lending focus, Austin Financial Services (AFS) is a privately held middle-market lender who has been providing alternative funding in the form of fast and flexible lines of credit to small- and medium-sized businesses for over 37 years. AFS specializes in asset based lending solutions which include revolving lines of credit and term loans secured by accounts receivable, inventory, and equipment for businesses in a growth or turnaround mode with revenues from $5 million to $120 million and borrowing needs up to $12 million.

*Forward Looking Statements:*

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, these statements can be identified by the use of words such as “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts and include statements regarding our current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) our history of operating losses and our ability to effectively implement cost-cutting measures and generate sufficient cash from operations or receive sufficient financing, on acceptable terms, to continue our operations; (ii) our reliance on a limited number of customers, in particular our historical sales of products for the U.S. Navy, for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (iii) the entrance of new competitors in our target markets; (iv) general economic conditions in the United States and in other markets in which we sell our products; (v) our ability to implement and manage our growth plans to diversify our customer base, increase sales, and control expenses; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders and significant expenses, and fluctuations between demand and capacity, as we invest in growth opportunities; (viii) our dependence on military maritime customers and on the levels of government funding available to such customers, as well as funding resources of our other customers in the public sector and commercial markets; (ix) market acceptance of LED lighting technology; (x) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xi) any delays we may encounter in making new products available or fulfilling customer specifications; (xii) our ability to compete effectively against companies with greater resources, lower cost structures, or more rapid development efforts; (xiii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xiv) the impact of any type of legal inquiry, claim, or dispute; (xv) our reliance on a limited number of third-party suppliers, our ability to obtain critical components and finished products from such suppliers on acceptable terms, and the impact of our fluctuating demand on the stability of such suppliers; (xvi) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xvii) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xviii) any flaws or defects in our products or in the manner in which they are used or installed; (xix) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xx) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements, currency fluctuations and potential tariffs and other barriers to international trade; (xxi) our ability to attract and retain qualified personnel, and to do so in a timely manner; and (xxii) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company and under Nasdaq listing standards.

*Investor Contact:*

Jim Fanucchi
Darrow Associates, Inc.
(408) 404-5400
ir@energyfocus.com  Reported by GlobeNewswire 12 hours ago.

So cool Reported by Daily Caller 7 hours ago.

Wednesday 12 December, 2018An Aberdeen-based marine and naval architectural
consultancy, Tymor Marine, is supporting international aid organisation, Mercy
Ships, to deliver free, vital medical care to some of the
poorest countries in the world via their ‘floating hospital’ missions.

Tymor
is currently providing
structural design and analysis for the replacement of two of the
original lifeboats onboard the ‘Africa Mercy’ ship, to modern enclosed lifeboats
and davits. The challenge for Tymor is to plan for the installation of these boats,
which have a much larger footprint, into the structure of the vessel, in
compliance with international maritime regulations. The safe and efficient
deployment of the boats must be ensured for the safety of the crew, without
hindering the critical deck space required for essential onboard operations.

Tymor has been donating time and
technical resources to Mercy Ships for over two years. Two of the team, managing
director Kevin Moran and technical director Prof Colin MacFarlane, travelled to
ASTICAN shipyard in Las Palmas to carry out a deadweight audit in the summer of
2017, while Tymor’s business development manager, Matthew Heyman, will be
returning for his 3rd stint as a volunteer for two weeks next summer,
to assist in preparing the ship for its next mission.

Matthew outlined the reasons
behind Tymor’s support of this charity: “As the Christmas season approaches,
our thoughts often turn to those less fortunate than ourselves. With our
combined expertise in the marine sector, the Tymor team are able to provide
valuable assistance for this worthy cause and I’m personally looking forward to
seeing the work that this organisation does first-hand, next summer.”

Since 1978, Mercy Ships, an international development organisation, has
worked in more than 55 countries, providing services worth more than £1 billion,
that have helped more than 2.5 million people. Their hospital vessel is
currently serving the people of Guinea.

* For more information regarding media usage, ownership and rights please contact Dash Communications.

Distributed by http://www.pressat.co.uk/ Reported by Pressat 3 hours ago.

Reported by The Register 2 hours ago.

Reported by The Register 2 hours ago.

PLC UUTECHNIC GROUP OYJ: CORRECTION TO THE HALF YEAR REPORT 1 JANUARY-30 JUNE 2018, December 12, 2018 at: 14:45

Plc Uutechnic Group Oyj corrects its Half Year report published on July 28, 2018. In the review, the order backlog for continuing operations on June 30, 2018 was incorrectly reported 12,0 thousand euros. The correct figure is 10,6 thousand euros.
Below is the corrected Half Year report in its entirety.

*PLC UUTECHNIC GROUP OYJ: HALF YEAR REPORT 1 JANUARY-30 JUNE 2018*

Uutechnic Group's turnover from continuing operations for 1 January-30 June 2018 was EUR 10.0 million (8.5 million), and its operating profit was EUR 0.7 million (0.2 million). The order book of Uutechnic Group's continuing operations stood at EUR 10,6 million (7.8 million) on 30 June 2018. The earnings per share from continuing operations was EUR 0.01 (0.00).

On 4 June 2018, Plc Uutechnic Group Oyj announced that it had signed a binding agreement according to which it will sell 81% of Japrotek Oy Ab's shares to the company's management. With this transaction, Uutechnic Group will increasingly focus on developing its Mixing Technology business in accordance with its strategy. The implementation of the transaction is conditional on the final decisions of the financiers and the finalisation of the required financial arrangements. The financing decisions are expected to be made by the end of September 2018. In the consolidated half year report, Japrotek Oy Ab has been classified as assets held for sale.

 

*Key figures, '000 eur* *2018
1-6* *2017
1-6* *2017
1-12*
Turnover, continuing operations 10 020 8 489 19 077
       
Operating profit/loss, continuing operations 747 208 1 196
  % of turnover 7,5 2,5 6,3
Profit/loss for the period, continuing operations 517 141 574
Profit/loss for the period, discontinued operations -1 950 -967 -1 140
Profit/loss for the period -1 433 -825 -566
       
Earnings per share (EPS), euros, continuing operations 0,01 0,00 0,01
       
Order backlog, continuing operations 10 635 7 769 8 049

The result for the discontinued operations include impairment losses of EUR 1.6 million recognised in conjunction with the classification.

 

*OUTLOOK*

The Group strives to be a globally known and preferred cooperation partner, with a good financial standing, in selected product and market segments. The Group pursues growth organically while considering opportunities for growth through acquisitions. Moreover, the aim is to grow the mixing technology business by developing and harmonising the sales and delivery process and expanding into new markets.

* *

*BUSINESS REPORTING*

Uutechnic Group focuses on improving the competitiveness of its customers by providing advanced process technology and a unique service concept worldwide. The product range of the continuing operations includes agitators as well as various types of long welded and machined axially symmetrical parts, such as rolls, cylinders, pipes and cones.

The Group's main industries are hydrometallurgy and the mining, pulp, paper and food industries as well as the fertiliser industry and other chemical industries, and environmental technology.

Plc Uutechnic Group Oyj, the parent company of Uutechnic Group, is listed on Nasdaq Helsinki. The Group's subsidiaries are wholly owned by the parent company. The parent company is responsible for the Group's management, strategic planning, financial administration, IT, financing and HR management. The continuing operations are carried out by the subsidiaries AP-Tela Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH. Japrotek Oy Ab has been classified as assets held for sale.  

All of the Group's continuing business operations are reported under one segment.

* *

*Mixing technology business*

Strong demand has continued across all industries. The order intake for the first half of the year increased year-on-year. Moreover, the orders received have been larger than the previous year on average. In addition, new markets and customer accounts have been secured through projects. The order book at the beginning of the second half of the year is at a record-high level. The high order book necessitates a rapid increase in production capacity, which is partly reflected on the profitability of projects.

The mixing technology business is expected to remain on the growth track as planned this year.

 

*Roll and pipe business*

During the first half of the year, the demand for rolls was very stable in the forest and energy industries. The order book was at a good level at the end of the first half of the year. Turnover increased significantly and profitability improved year-on-year.

With decreasing paper production, the demand for paper machine rolls also decreased during the first half of the year. On the other hand, the increase in the demand for pulp and packaging board was seen as a clear increase in the demand for rolls and cylinders for packaging board and pulp drying machines. The demand for special pipes and structures manufactured for marine and offshore customers continued to be very low during the first half of the year.

 

*Vessel business*

On 4 June 2018, Uutechnic Group signed a binding agreement according to which it will sell 81% of Japrotek Oy Ab's shares to the company's management and announced that it will increasingly focus on developing its mixing technology business in accordance with its strategy. The implementation of the transaction is conditional on the final decisions of the financiers and the finalisation of the required financial arrangements The financing decisions are expected to be made by the end of September 2018.

Japrotek Oy Ab was classified as assets held for sale on 30 June 2018.

* *

*NEW ORDERS AND ORDER BOOK  *

The new orders of Uutechnic Group's continuing operations amounted to EUR 14.0 million (11.8 million) during the period under review. The order intake has grown in both the mixing technology business and the roll and pipe business. 

The order book of the Group's continuing operations stood at EUR 10,6 million (7.8 million). The order book extends to 2019. The order book of the mixing technology business is at a record-high level and the order book of the roll and pipe business is at a good level.

*TURNOVER *

The turnover of Uutechnic Group's continuing operations for the period under review amounted to 10.0 million (8.5 million). Finland accounted for 34.5% of turnover. Rest of Europe accounted for 60.8%, Asia for 3.5%, South America for 0.3% and North America for 0.9%.

* *

*RESULT AND PROFITABILITY*

The operating profit of the Group's continuing operations was EUR 0.5 million (0.1 million) for 1 January-30 June 2018. Japrotek Oy Ab was classified as a discontinued operation, and its effect on the result is presented on one line in the income statement, separately from continuing operations. The discontinued operations include impairment losses of EUR 1.4 million from goodwill and intangible assets allocated to Japrotek and EUR 0.2 million from deferred tax assets, recognised in connection with the classification.    

* *

*FINANCIAL STANDING AND LIQUIDITY*

At the end of the review period, Uutechnic Group's balance sheet total stood at EUR 21.3 million (20.3 million). The interest-bearing liabilities of the Group's continuing operations totalled EUR 4.8 million (3.7 million), including EUR 1 million in subordinated loans. The Group's cash flow from operations for the period under review year was EUR -1.1 million (-3 million).

At the end of the review period, the Group's equity ratio was 59% (59.6%) and net gearing was 51.6% (66%). Return on investment and return on equity for the review period and comparison period were negative. Non-cash impairment charges relating to discontinued operations had a significant effect on the indicators.

Non-current assets on the balance sheet of Uutechnic Group's continuing operations totalled EUR 9.2 million (10.6 million).

* *

*EQUITY *

The Group's equity stood at EUR 8.6 million (9.9 million) at the end of the period under review.

The company has unsecured subordinated loans granted by two shareholders, totalling EUR 1 million. These loans are subordinated loans in accordance with chapter 12 of the Limited Liability Companies Act, and their capital repayments and interest payments must meet the conditions provided in the Act. The annual interest rate on the outstanding loan capital is 4%. In accordance with the loan terms, the loans will be repaid as a one-off payment on 31 December 2019. However, the company is entitled to repay early.

* *

*RESEARCH, PRODUCT DEVELOPMENT AND INVESTMENTS*

The Group's investments in fixed assets totalled EUR 0.2 million (0.1 million). The investments were primarily minor purchases of equipment.

The commercialisation and production digitalisation project aiming to increase the efficiency of operations in the mixing technology business advanced to the deployment phase. The first components of the new systems will increase operational efficiency already during the second half of the year.

A development project aiming at a new product advanced to an industrial-scale pilot phase carried out in cooperation with the customer.

* *

*PERSONNEL*

At the end of the review period, Uutechnic Group's continuing operations had 130 (132) employees, of who 59 (59) were white collar and 71 (73) were blue collar. Of the employees, 66 worked in Finland and 64 in Germany.

* *

*SHARES AND SHAREHOLDERS*

The total number of shares and votes in Plc Uutechnic Group Oyj is 56,501,730. On 30 June 2018, the Group had 1,483 registered shareholders. There were in total 4,473,856 nominee-registered shares.

The total number of shares owned directly or through controlled companies by the Board of Directors, CEO and Group Management Team was 11,103,800 shares, or 20.0% of all shares.

Board members, CEO, Deputy CEO or other members of the Group Management Team have no holdings or special rights based on the company's share-based incentive systems.

Shares in Plc Uutechnic Group Oyj are listed on Nasdaq Helsinki. Their trading code is UUTEC, and their ISIN code is FI0009900708.

Plc Uutechnic Group Oyj did not pay dividends during the review period.

* *

*AUTHORISATION TO ISSUE SHARES*

In accordance with the proposal of the Board of Directors, the Annual General Meeting of 12 April 2018 authorised the Board of Directors to resolve on the issue of at most 10,000,000 new shares or special rights entitling to shares. The authorisation entitled the Board to decide on all terms and conditions for the issuance of shares and special rights, including any deviations from the shareholders' pre-emptive right.

* *

*BOARD OF DIRECTORS AND CEO *

On 12 April 2018, the Annual General Meeting re-elected Sami Alatalo, Hannu Kottonen, Kristiina Lagerstedt and Jouko Peräaho as Board members. Hannu Kottonen and Kristiina Lagerstedt are independent of the company and its major shareholders. Sami Alatalo was re-elected as the Chairman of the Board.

Jouko Peräaho has served as the CEO since 9 March 2017.

The Company adheres to the Finnish Corporate Governance Code 2015 for companies listed on Nasdaq Helsinki.

* *

*REMARKABLE RISKS AND UNCERTAINTY FACTORS AND THEIR MANAGEMENT*

The demand for Uutechnic Group's products is dependent on trends and developments in the global economy and the Group's customer industries, which poses a general external risk to its operations. The Group seeks to mitigate the risks arising from changes in demand by targeting its sales operations in line with current trends in various market areas and customer industries.

According to the Board of Directors of the Group's parent company, other significant risks and uncertainty factors to which the Group is exposed are related to at least the following aspects:

 

· The sale of Japrotek Oy Ab, classified as assets held for sale, will not take place as planned.
 
· The Group will continue to implement consolidation processes and pursue identified synergies to improve profitability. It is possible that not all of the identified synergies will be achieved, or that processes will fail.    
 
· The Group aims to grow organically as well as through acquisitions. There is no certainty that the Group will be able to find suitable candidates for acquisition, obtain the financing required for acquisitions or acquire businesses on satisfactory terms.    
 
· The acquisition prices paid in the context of business combinations in 2015 and the goodwill generated by them also involve risks. The Group's calculations to test goodwill are based on financial forecasts and assumptions prepared by the management.
 
· Part of the Group's business operations consist of major or large project deliveries. Extensive and complicated projects involve the risk that the future costs and any other risks related to the delivery cannot be estimated sufficiently accurately in the bidding phase. In such cases, the result of the project may prove weaker than expected. In contracts for extensive projects, the claims for compensation for delayed delivery or deficient performance may be significant.
 
· Unfavorable changes in the financial markets may have an effect on the Group's results and the availability of equity and debt financing on competitive terms. Uncertainty in the international economy may lead to payment delays and an increased risk of credit losses.

 

The Group seeks to protect itself against risks using all measures that can reasonably be implemented. These include, among other things, measures aimed at improving profitability and productivity, training for employees, guidelines and instructions, insurance policies, critical examination of the terms and conditions of commercial agreements and the systematic monitoring and development of operations.

* *

*STOCK EXCHANGE RELEASES PUBLISHED DURING THE REVIEW PERIOD*

28.02.2018  Review of the financial statements for 1 January - 31 December 2017

09.03.2018  Financial statements, corporate governance statement and remuneration statement for 2017 published

19.0.32018  Invitation to the annual general meeting of Plc Uutechnic Group Oyj

23.03.2018  Uutechnic Group received a remarkable order for complete delivery to Norway

12.4.2018  The resolutions of the annual general meeting of Plc Uutechnic Group Oyj and the decisions of the board of directors

27.04.2018  Uutechic Group's business review from January to March 2018

04.06.2018  Uutechnic Group to sell 81% of Japrotek Oy Ab's shares to the company's management. The implementation of this transaction is conditional on the final decisions of the financiers.

29.06.2018  Finalization for selling majority of Japrotek Oy Ab's shares is postponed, financial negotiations will continue.

* *

* *

* *

*ACCOUNTING PRINCIPLES*

This half year financial report was prepared in accordance with the IAS 34 standard. It does not include all of the notes or other information to be presented with financial statements. For this reason, the interim report should be read together with the financial statements for 2017.

The half year financial report was prepared in line with the accounting principles presented in the financial statements for 2017.

The information included in this half year financial report has not been audited. The figures are presented in thousands of euros (EUR 1,000), unless otherwise mentioned.

Japrotek Oy Ab is classified as a discontinued/held-for-sale operation in the half year financial report for 2018. The comparison figures for the previous year have been adjusted accordingly.

* *

*KEY FIGURES OF UUTECHNIC GROUP'S HALF YEAR REPORT*

The figures are presented in thousands of euros (EUR 1,000), unless otherwise mentioned. The figures are unaudited.

*CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS  * * * * *
*1 000 EUR* *1.1.-30.6.2018* *1.1.-30.6.2017* *1.1.-31.12.2017*
* * * * * * * *
*CONTINUING OPERATIONS* *6 months* *6 months* *12 months*
  * * * * * *
*NET TURNOVER* *10 020* *8 489* *19 077*
Change in finished goods and work in progress 434 487 591
Production for own use 28 38 48
Other operating income 2 9 259
Material and services -3 959 -3 233 -7 889
Employee benefit expenses -4 058 -3 964 -7 671
Depreciations -215 -231 -451
Other operating expenses -1 506 -1 386 -2 768
*OPERATING PROFIT OR LOSS* *747* *208* *1 196*
* * * * * * * *
Depreciation, amortiztion and impairment loss of acqisition -46 -46 -92
Financing income 2 2 -9
Financing expenses -71 -89 -421
*PROFIT OR LOSS BEFORE TAXES* *632* *75* *674*
* * * * * * * *
Tax on income from operations -115 66 -100
*PROFIT OR LOSS FOR THE FISCAL YEAR FROM THE CONTINUING OPERATIONS* *517* *141* *574*
       
*DISCONTINUING OPERATIONS* * * * * * *
Profit of loss for the fiscal year from the discontinuing operations -1 950 -967 -1 140
       
*PROFIT OR LOSS FOR THE FISCAL YEAR* *-1 433* *-826* *-566*
       
       
*TOTAL COMPREHENSIVE INCOME  * *-1 433* *-826* *-566*
       
       
NET PROFIT OR LOSS ATTRIBUTABLE:      
Equity holders of the parent 517 141 574
*TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE:*      
Equity holders of the parent -1 433 -826 -566
       
       
*Earnings per share calculated on profit attributable to equity holders of the parent:  * * * * * * *
EPS undiluted, euros/share, continuing operations 0,01 0,00 0,01
EPS diluted, euros/share, continuing operations 0,01 0,00 0,01
EPS undiluted, euros/share, cdisontinuing operations -0,03 -0,02 -0,02
EPS diluted, euros/share, discontinuing operations -0,03 -0,02 -0,02
EPS undiluted, euros/share -0,03 -0,01 -0,01
EPS diluted, euros/share -0,03 -0,01 -0,01
       
*Average number of shares*      
-undiluted 56 501 730 56 504 050 56 148 248
-diluted 56 501 730 56 504 050 56 148 248

 

 

IFRS 15 Revenue from Contracts with Customers took effect on 1 January 2018. With regard to Uutechnic's products and services, performance obligations satisfied over time in accordance with IFRS 15 primarily include project deliveries and modernisations dimensioned and customised according to the customer's needs, treated as long-term projects and recognised as revenue based on the degree of completion. There is no alternative use for these performance obligations as referred to in IFRS 15, and they comprise a single performance obligation.

The company applies the same principle to performance obligations satisfied over time as to revenue recognition based on the degree of completion (share of costs incurred of the estimated costs of the project). An exception to this main rule are individual long-term projects previously recognised as revenue based on the degree of completion in which the customer has not undertaken to compensate for the costs incurred and a sufficient margin in situations in which the customer unilaterally discontinues the fulfilment of the contract or the customer fails to fulfil their contractual obligations. In future, these individual projects will be treated as performance obligations fulfilled at a point in time. According to the current estimates, the volume of such projects is minor.

The reliefs allowed by the retrospective model have been applied in the adoption of IFRS 15 so that the effect accumulated due to the application of the standard, totalling EUR 0.1 million, has been recognised as an adjustment to the retained earnings at the time of application, and the comparison figures have not been adjusted. The change in the revenue recognition principles increased the turnover of the Group's continuing operations by EUR 1.3 million and operating profit by EUR 0.5 million.

 

 

 

*CONSOLIDATED BALANCE SHEET,  IFRS*    
     
*1 000 EUR* *30.6.2018* *31.12.2017*
  * * * *
*ASSETS*    
     
*NON-CURRENT ASSETS*    
Intangible assets 1 050 1 969
Goodwill 3 070 3 534
Tangible assets 4 627 4 654
Deferred tax assets 432 431
*NON-CURRENT ASSETS* *9 179* *10 588*
     
*CURRENT ASSETS* * * * *
Inventories 3 275 2 829
Trade receivables and other receivables 2 997 2 420
Tax receivable, income tax 64
Cash and bank 348 373
*CURRENT ASSETS* *6 684* *5 621*
     
*NON-CURRENT ASSETS HELD FOR SALE* *5 394* *4 138*
     
*ASSETS* *21 257* *20 347*
     
*SHAREHOLDERS' EQUITY*    
     
*SHAREHOLDERS' EQUITY* * * * *
Share capital 2 872 2 872
Share premium account 6 6
Fair value reserve and other reserves 6 376 6 376
Retained earnings -680 655
*SHAREHOLDERS' EQUITY* *8 574* *9 909*
     
*NON-CURRENT LIABILITIES* * * * *
Deferred tax liability 535 381
Subordinated loans 1 000 2 000
Long-term liabilities, interest-bearing 922 2 000
Non-current provisions 250 254
*NON-CURRENT LIABILITIES* *2 707* *2 803*
     
*CURRENT LIABILITIES* * * * *
Short-term liabilities, interest-bearing 2 911 1 552
Trade payables and other liabilities 4 056 3 991
Tax liability, income tax 132
*CURRENT LIABILITIES* *6 968* *5 675*
     
*LIABILITIES OF DISPOSAL GROUP HELD FOR SALE* * * * *
Interest-free liabilities held for sale 3 009 1 960
*LIABILITIES OF DISPOSAL GROUP HELD FOR SALE* *3 009* *1 960*
     
*EQUITY AND LIABILITIES* *21 257* *20 347*
     

 

*CONSOLIDATED FLOW OF FUNDS STATEMENT, IFRS*    
       
*1 000 EUR* *1.1.-30.6.2018* *1.1.-30.6.2017* *1.1.-31.12.2017*
*FLOW OF FUNDS FROM OPERATIONS:*      
Profit/loss for the period -1 433 -826 -566
Adjustments:      
Depreciations 265 283 543
Depreciation, amortiztion and impairment loss of acqisition 46 46 92
Impairment losses from discontinued operations 1 577
Gains and losses from non current assets    
Other income and expenses, no payment related 150 12 -8
Financing income and expenses 80 102 436
Taxes 113 -68 97
*Flow of funds from operations before the change in working capital* *799* *-451* *575*
Change in working capital:      
Change in short-term receivables -2 215 -1 374 2 654
Change in inventories -541 -867 -1 001
Change in short-term non-interest-bearing depts 1 115 -271 -1 607
*Flow of funds from operations before financial items and taxes* *-843* *-2 963* *621*
Interests and other financial expenses from operations paid -102 -59 -213
Dividends received 2 2
Interests and other financial income received 3 1 3
Income taxes paid -132 -98
*FLOW OF FUNDS FROM OPERATIONS* *-1 073* *-3 018* *316*
* *    
*FLOW OF FUNDS FROM INVESTMENTS:*      
Investments in tangible and intangible assets -242 -113 -277
Income from sale of tangible and intangible assets 1 60
Income on sale from other investments      
*FLOW OF FUNDS FROM INVESTMENTS* *-242* *-112* *-193*
* *      
*FLOW OF FUNDS FROM FINANCIAL ITEMS:*      
Withdrawals of short-term loans 2 508 2 508 16
Repayments of short-term loans -739
Repayments of long-term loans -246 -441
Repayments of subordinated loand -1 000
*FLOW OF FUNDS FROM FINANCIAL ITEMS* *2 263* *1 769* *-1 425*
* *      
*Change of liquid funds* *-201* *-1 361* *-1 301*
Liquid assets at the beginning of the fiscal year 608 1 909 1 909
Liquid assets at the end of the fiscal year 407 548 608
*Change in liquid assets according to the balance sheet* *-201* *-1 361* *-1 301*

 

 

 

*CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, IFRS*      
* *            
*1 000 EUR*            
*Change in shareholders' equity 1.1.-30.6.2018* *Share capital* *Share premium account* *Unrestricted equity reserve* *Translation differences* *Retained earnings* *Total*
*Shareholders' equity at the beginning of the fiscal period* *2 872* *6* *6 376* ** *655* *9 909*
Impact of the introduction of new standards * * * * * * * * 98 *98*
* * * * * * * * * * * * * *
*Comprehensive income:*            
Profit or loss for the period         -1 433 *-1 433*
*Total comprehensive income* ** ** ** ** *-1 433* *-1 433*
*Transactions with owners:* * * * * * * * * * * * *
*Transactions with owners total* ** ** ** ** ** **
             
*Shareholders' equity at the end of the fiscal period* *2 872* *6* *6 376* ** *-680,06* *8 574*
* * * * * * * * * * * * * *
*Change in shareholders' equity 1.1.-30.6.2017* *Share capital* *Share premium account* *Unrestricted equity reserve* *Translation differences* *Retained earnings* *Total*
*Shareholders' equity at the beginning of the fiscal period* *2 872* *6* *6 376* *33* *1 188* *10 475*
*Comprehensive income:*            
Profit or loss for the period         -826 *-826*
Translation differences         **
*Total comprehensive income* ** ** ** ** *-826* *-826*
*Transactions with owners:* * * * * * * * * * * **
Dividend distribution * * * *       **
*Transactions with owners total* ** ** ** ** ** **
*Shareholders' equity at the end of the fiscal period* *2 872* *6* *6 376* *33* *361* *9 649*
             
             
*Change in shareholders' equity 1.1.-31.12.2017* *Share capital* *Share premium account* *Unrestricted equity reserve* *Translation differences* *Retained earnings* *Total*
*Shareholders' equity at the beginning of the fiscal period* *2 872* *6* *6 376* *33* *1 188* *10 475*
* * * * * * * * *-33* *33* * *
*Adjusted equity* *2 872* *6* *6 376* ** *1 221* *10 475*
*Comprehensive income:* * * * * * * * * * * * *
Profit or loss for the period         -566 *-566*
*Total comprehensive income* ** ** ** ** *-566* *-566*
*Transactions with owners:* * * * *   * * * * * *
*Transactions with owners total* ** ** ** ** ** **
           
*Shareholders' equity at the end of the fiscal period* *2 872* *6* *6 376* ** *655* *9 909*

 

*DISCONTINUED OPERATIONS*    
* *    
*1 000 EUR* *1.1.-30.6.2018* *1.1.-31.12.2017*
  * * * *
*Profit or loss of the discontinued operations*    
     
Turnover   12 999
Other income
Expenses -6 894 -14 003
Financing income/ expenses    
Amortizations, Sales gains and losses -1 387
Depreciations -50 -105
*Profit or loss before taxes* *-1 762* *-1 143*
Taxes -188 4
*Profit or loss from the discontinued operations* *-1 950* *-1 140*
     
*Flow of funds from the discontinued operations* * * * *
Flow of funds from operations -173 -1 441
Flow of funds from investments -4 -4
Flow of funds from financial items 1 000
*Flow of funds total* *-176* *-445*
     
*Non-current assets held for sale of discontinued operations* *30.6.2018* *31.12.2017*
     
Intangible and tangible assets 430 590
Inventories and receivables 4 906 3 427
Cash and bank 59 235
*Assets total* *5 394* *4 251*
     
     
*Liabilities of disposal group held for sale of discontinued operations* *30.6.2018* *31.12.2017*
     
Current liabilities held for sale, interest-bearing
Current liabilities held for sale, interest-free 3 009 1 960
*Liabilities total* *3 009* *1 960*

 

 

 

*KEY FIGURES* * *    
* * * *    
*The business indicators* * * * * * *
* * *Half year report* *Half year report* *Annual Report*
* * *1.1.-30.6.18* *1.1.-30.6.17* *1.1.-31.12.17*
*1 000 EUR* *6 months* *6 months* *12 months*
  * * * * * *
Turnover, continuing operations 10 020 8 489 19 077
Operating profit/loss, continuing operations 747 208 1 196
% of turnover 7,5 2,4 6,3
Profit/Loss before taxes, continuing operations 632 75 674
% of turnover 6,3 0,9 3,5
Profit or loss for the period 517 141 574
% of turnover 5,2 1,7 3,0
Profit/loss of the period, discontinuing operations -1 950 -967 -1 140
Earnings per share on profit to equity holders of the parent -1 433 -826 -566
% of turnover -8,6 -3,8 -3,0
       
Return on equity (ROE), % neg neg neg
Return on investment (ROI), % neg neg neg
Equity ratio, % 59,0 59,6 68,4
Current ratio 1,5 1,2 1,2
Net gearing 51,6 66,0 31,4
Gross investments in fixed assets 242 113 1 011
% of turnover 2,4 0,7 5,3
Order backlog, continuing operations 10 635 7 769 8 049
Consolidated balance sheet total 21 257 24 401 23 705
Total number of personnel at the end of the period, continuing operations 130 132 128

 

 

*Indicator calculation formulas*    
     
Return on equity % (ROE) = Profit or loss before taxes - income taxes x 100
  Shareholders' equity + minority interest (average)  
     
Return on investments % (ROI) = Profit or loss before taxes +
interest expenses and other financial expenses x 100
  Total assets - non-interest bearing debts (average)  
     
Equity ratio = Shareholders' equity + minority interest x 100
  Total assets - advances received  
     
Current ratio = Current assets  
  Short-term liabilities  
     
Gearing = Interest bearing debts - cash and bank deposits and other securities x 100
  Shareholders' equity + minority interest  
*SECURITIES AND RESPONSIBILITIES*    
       
*Securities and Responsibilities*      
* *      
*EUR*      
* * *30.6.2018* *31.12.2017*  
*Granted securities*      
* *      
*Dept secured by real estate and corporate mortgages*  
Loans from financial institutions and 1 294 1 529  
Credit limits in use 2 420 1 061  
*Total* *3 714* *2 590*  
* *      
Loans from financial institutions are secured by real estate and corporate mortgages and share pledges. Share pledges are the share capitals of Plc Uutechnic Group Oyj's subsidiaries.      
* *      
*Mortgages granted to secure loans and bank guarantees*      
Real estate mortgages 4 743 4 743  
Corporate mortgages 22 238 22 238  
*Total* *26 981* *26 981*  
* *      
*Other granted secirities for own behalf*      
Deposits 9 9  
*Total* *9* *9*  
* *      
*Other granted securities*      
* *      
Plc Uutechnic Group Oyj has granted as securities share capitals of its subsidiaries  AP-Tela Oy, Japrotek Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH.      
* *      
*Contingent Liabilities and Other Liabilities*      
* *      
*Bank quarantees*      
Bank guarantee limits total 11 500 11 500  
Bank guarantee limits in use 7 455 4 813  
* *      
*Operating lease agreements*      
Within a year 31 28  
More than one year but no more than 5 years 72 23  
*Total* *103* *51*  
       
*Other rent agreements*      
The Group has rented production and office buildings for its use with various types of terminable rental agreements.      
       
*Rent liabilities*      
Within a year 565 572  
Moren than one year but no more than 5 years 1 970 2 244  
Later 2 244 2 244  
*Total* *4 778* *5 060*  
* * * * * *  
Rent liabilities include EUR 4 772 thousand to related parties.   * *  
* *      
*Other contingent liabilities*      
Granted guarantees to customers and creditors 498 784  
Guarantees granted to secure bank guarantee limit 11 500 11 500  
Guarantees granted to secure bank loans 3 714 2 590  
Guarantees granted to secure rent guarantees 165 165  
*Total* *15 877* *15 039*  

 

 

In Uusikaupunki July 27, 2018

*
**PLC UUTECHNIC GROUP OYJ*Board of Directors

Further information:

Jouko Peräaho, CEO Plc Uutechnic Group Oyj, +358 500 740 808

www.uutechnicgroup.fi

 

 

Uutechnic Group is focused on improving the competitiveness of its customers by providing them advanced equipment technology and unique service concept worldwide. The product range includes agitators and different types of long welded and machined axially symmetrical parts as rolls, cylinders, tubes and cones.

The main industries are hydrometallurgy, mining-, pulp and paper-, food-, fertilizer-, other chemical industries and environmental technology.

   Reported by GlobeNewswire 15 hours ago.

PLC UUTECHNIC GROUP OYJ STOCK EXCHANGE RELEASE, December 12, 2018 at 14:48

PLC UUTECHNIC GROUP OYJ: CORRECTION TO THE BUSINESS REVIEW FROM JANUARY-SEPTEMBER 2018

Plc Uutechnic Group Oyj corrects its Business review from January - September 2018, published on October 29, 2018. In the review, the order backlog reference figure of 30.6.2018 (1-6 2018, 6 months) was incorrectly 9 365 thousand euros. The correct figure is 10 635 thousand euros. Below the corrected review in its entirety.PLC UUTECHNIC GROUP OYJ BUSINESS REVIEW, JANUARY-SEPTEMBER 2018

This business review presents the key figures of Uutechnic Group's continuing operations, main events in January-September 2018 and comparison figures for the previous year. The figures are unaudited.

Uutechnic Group's turnover from continuing operations for 1 January-30 September 2018 was EUR 16.5 million (12.8 million), and its operating profit was EUR 1.7 million (0.5 million). The order book of Uutechnic Group's continuing operations stood at EUR 9.4 million (8.6 million) on 30 September 2018. The comparable order book of the Group's continuing operations, disregarding revenue recognition in accordance with IFRS 15, stood at EUR 11.5 million.

On 28 September 2018, Plc Uutechnic Group Oyj announced that the sale of 81% of Japrotek Oy Ab's shares to the company's management was completed mainly as announced on 4 June 2018. In the Group's financial reporting, Japrotek Oy Ab is classified under discontinued operations and it is included in the Group's consolidated statement of income until 28 September 2018. The result of discontinued operations for the financial year stood at approximately EUR -1.2 million on 30 September 2018. The transaction sees Uutechnic Group focus increasingly on developing its mixing technology business in accordance with its strategy.

 

*Key Figures, T EUR* *1-9 2018
9 months* *1-9 2017
9 months* *7-9 2018
3 months* *7-9 2017
3 months* *1-6 2018
6 months* *1-6 2017
6 months* * 1 - 12 2017
12 months*
Turnover, continuing operations 16 538 12 782 6 517 4 293 10 020 8 489 19 077
Operating profit/loss, continuing operations 1 688 514 941 306 747 208 1 196
Operation profit/loss continuing operations % 10 % 4 % 14 % 7 % 7 % 2 % 6 %
               
Order backlog at the end of the period, continuing operations 9 355 8 555 9 355 8 555 10 635 7 769 8 049

Uutechnic Group has implemented IFRS15 -standard Revenue from Contracts with Customers as accounting policy in the consolidated financial statement from 1.1.2018. In the implementation the reliefs allowed in the retrospective application has been applied so that the effect of applying IFRS15 is recognized as an adjustment to the opening balance of equity as at the date of initial application and the comparison figures have not been adjusted. The change in the revenue recognition principles increased the turnover of the Group's continuing operations by EUR 2.2 million and operating profit by EUR 0.6 million.

* *

*Mixing technology business*

As planned, the order book has developed better than in the previous year. The record-high order book has been successfully converted into turnover and delays in deliveries have been avoided thanks to an increase in production capacity. 

Production will be at full capacity in the fourth quarter and the order book for next year is larger than it was at the corresponding time last year. The recent difficulties experienced by component suppliers may be seen as a temporary decline in delivery reliability.

The efficiency improvement programme launched this year has progressed according to plan.

 

*Roll and pipe business*

In the third quarter, the demand for rolls was very stable in the forest and energy industries.

The demand for paper machine rolls was on a par with the first half of the year. However, the increase in the demand for pulp and packaging board was seen as a substantial increase in the demand for rolls and cylinders for packaging board and pulp drying machines.

The demand for special pipes and structures manufactured for marine and offshore customers remained very low.

New orders have been received at a steady rate throughout the year in the roll and pipe business, and production capacity has been fully utilised. The order book is at a good level, extending to the first quarter of 2019.

All of Uutechnic Group's continuing business operations are reported under one segment.

* *

* *

*STOCK EXCHANGE RELEASES PUBLISHED DURING THE REVIEW PERIOD*

28.02.2018  Review of the financial statements for 1 January - 31 December 2017

09.03.2018  Financial statements, corporate governance statement and remuneration statement for 2017 published

19.0.32018  Invitation to the annual general meeting of Plc Uutechnic Group Oyj

23.03.2018  Uutechnic Group received a remarkable order for complete delivery to Norway

12.4.2018  The resolutions of the annual general meeting of Plc Uutechnic Group Oyj and the decisions of the board of directors

27.04.2018  Uutechic Group's business review from January to March 2018

04.06.2018  Uutechnic Group to sell 81% of Japrotek Oy Ab's shares to the company's management. The implementation of this transaction is conditional on the final decisions of the financiers.

29.06.2018  Finalization for selling majority of Japrotek Oy Ab's shares is postponed, financial negotiations will continue.

27.07.2018  Half Year Report 1 January - 30 June 2018

17.09.2018  FIN-FSA impose penalty payment of EUR 50.000 on previous Vaahto Group Olc Oyj for violation of disclosure obligation

28.09.2018  The sale of 81% Japrotek Oy Ab*s shares to the company's management, announced on June 4^th 2018, is completed

*Stock exchange releases published after the review period*

25.10.2018  Changes in Plc Uutechnic Group Oyj's management team

 

In Uusikaupunki December 12, 2018

*
**PLC UUTECHNIC GROUP OYJ*Board of Directors

Further information:

Jouko Peräaho, CEO Plc Uutechnic Group Oyj, +358 500 740 808

www.uutechnicgroup.fi

 

 

Uutechnic Group is focused on improving the competitiveness of its customers by providing them advanced equipment technology and unique service concept worldwide. The product range includes agitators, different types of pressure vessels, process- and storage tanks, reactors and heat exchangers. Additionally, different types of long welded and machined axially symmetrical parts as rolls, cylinders, tubes and cones.

The main industries are hydrometallurgy, mining-, pulp and paper-, food-, fertilizer-, other chemical industries and environmental technology.

Plc Uutechnic Group's subsidiaries are AP-Tela Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH. Reported by GlobeNewswire 15 hours ago.

The US Navy announced the award of Seaport NxG (N00178-18-R-7000) to INCATech on December 4th.

Reston VA (PRWEB) December 12, 2018

The US Navy announced the award of Seaport NxG (N00178-18-R-7000) to INCATech on December 4th. This award marks the second DOD Multi-Award contract for INCATech this year following the Army ITES-3S (INCATech is a subcontractor to DSA) award received in September. These two awards along with our current Defense and Intel contract allow for INCATech’s further expansion beyond Civilian agencies into the Department of Defense.

INCATech will be marketing services to Navy customers across almost all of the 23 functional areas of the contract. In working with INCATech, Seaport NxG customer will not only receive great performance but also small business credits in both the 8(a) and WOSB socioeconomic categories. There is high demand within the Navy and Marine Corps for INCATech’s core solution offerings of: Geospatial Information Systems (GIS); Enterprise Content Management (ECM); User Centered Design; and Cloud/DevOps.

The U.S. Navy Seaport NxG contract has a period of performance of 10 years with an expected value of $5 Billion in annual sales. While INCATech has already provided the Navy with SharePoint solutions to Fleet Forces, we see a wide range of GIS and ECM requirements across the commands that are addressable under Seaport NxG. Our solutions will provide advanced analytics, situational awareness, and real time decision support information to the war fighter.

“SeaPort” is the electronic procurement tool by which all Navy and Marine Corps contracting offices can obtain services through competitive and efficient means. Task Order requirements are developed, solicited, awarded and administered all within the SeaPort Portal. “SeaPort NxG” is the follow on to Seaport-e, but unlike its predecessors it has a streamlined structure. There is no longer a requirement to have a presence in the regional place of performance to be selected.

INCATech is an SBA 8(a) certified 100% Woman Owned Small Business and that has provided innovative technology to U.S. government and commercial customers for nearly a decade. Our expert teams apply Agile methodologies and use state-of-the-art products to achieve your mission goals and deliver breakthrough results. https://incatech-corp.com.

CONTACT at INCATech LLC:
Bruce Freedman
1900 Campus Commons Drive, Suite 410
Reston VA 20191
703-997-2081
Bruce.Freedman@incatech-corp.com Reported by PRWeb 15 hours ago.

According to the report, the global recreational vehicles market was valued at around USD 38.48 billion in 2017 and is expected to reach approximately USD 64.25 billion by 2024, with a CAGR of 7.6 % between 2017 and 2024.

New York, NY, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled *“Recreational Vehicle Market by Motorized RVs (Type A, Type B, and Type C), by Towable RVs (Travel Trailer, Fifth Wheel Trailer, Folding Camping Trailers, Truck Campers, and Park Model), and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’*. According to the report, the global recreational vehicles market was valued at around USD 38.48 billion in 2017 and is expected to reach approximately USD 64.25 billion by 2024, with a CAGR of 7.6 % between 2017 and 2024.

Recreational vehicles are transportable living spaces to avail maximum luxury and comfort while traveling. They are also called motorized homes. They have excellent fuel efficiency and storage capability. New trends and ongoing innovations have transformed the conventional recreational vehicle market, as they are available in various lengths and sizes depending on per their storage capacity.

*Browse through 81 Tables & 29 Figures spread over 155 Pages and in-depth TOC on “Global Recreational Vehicles Market Size & Share 2017: Industry Growth, Trends, Manufacturers, Analysis and Forecast, 2024”.*

*Request Free Sample Report of Global Recreational Vehicles Market Report @ *https://www.zionmarketresearch.com/sample/recreational-vehicles-market

Rising preferences for private mode of transportation with reference to mass transit coupled with continuously growing entertainment and comfort options in motorhomes is the major factor propelling the recreational vehicle market. Alternatively, government regulations for the use of RVs (recreational vehicles) in various regions are a serious factor that might limit the market. Nonetheless, advanced gadgets and innovative features can spur this market in the future.

The global recreational vehicle market is classified into motorized RVs, towable RVs, and application. The motorized RVs segment is divided into type A, type B, and type C. The demand for motorized RV is growing at the highest rate, owing to a high degree of comfort and high fuel efficiency. Type A motorized RVs are the most expensive as they offer high comfort and luxury, whereas type Cs are less expensive motorized RVs combined with all the type A amenities. Type B dominates the motorized RV segment, due to their frequent use for camping. Travel trailer, fifth wheel trailer, folding camping trailers, truck campers, and park model comprise the towable RVs segment of the recreational vehicle market. The demand for travel trailers is expected to grow in the estimated time period, due to their wide applications and their use for long-term living. By application, the market is divided into industrial, commercial, and residential sectors.

*Download Free Report PDF Brochure: *https://www.zionmarketresearch.com/requestbrochure/recreational-vehicles-market

Geographically, the recreational vehicle market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held nearly half the market share in 2017 and is expected to continue its dominance in the upcoming years. The U.S. is dominating the North America recreational vehicle market. Additionally, Canada is the largest emerging market for recreational vehicles. According to the International Trade Administration (ITA) report, the U.S. export of RVs to Canada totaled USD 1.1 billion in 2015 that accounted nearly 90% of the U.S. global RV exports in that year. ITA has also projected the U.S. exports to Canada for RVs are likely to increase with a CAGR of 5% in the estimated period. Towable RVs are the largest RV category exported to Canada.

Europe was the second largest contributor in the global recreational vehicle market in 2017. Western Europe holds huge potential for recreational vehicles as the region reported a year-on-year growth of 10% in the registration of recreational vehicles in 2016. As of 2013, the total RVs used in Europe were 5,500 units. Germany dominates the European recreational vehicle market followed by France, Great Britain, the Netherlands, Spain, Sweden, and Italy. The growth in the RV registration is mainly attributed to a large number of campsites and campgrounds available in France, Northern Europe, UK, and Germany. Government regulations related to RV standards, such as safety ventilation, weight, and width of the vehicle and electrical installation inside the vehicles are some major factors that might curtail this market in Europe. However, no additional requirements for a license to drive the RV and low-cost caravanning are major factors fuelling the recreational vehicle market in Europe.

*Request for Discount: *https://www.zionmarketresearch.com/requestdiscount/recreational-vehicles-market

The Asia Pacific is the most opportunistic recreational vehicles market. The initial phase of RV development in the region and the growing trend of camping have fuelled this market. In addition, recreational vehicles are also used as temporary homes for natural calamity survivors. Australia, China, Japan, and Korea are the major markets for RVs. Australia is the fastest growing region for the RV market as compared to other Asian regions. Towable RVs are dominating the recreational vehicle market over motorhomes and campervans. A weak currency and cost-effective services offered by the key market players in Asia can affect the market. Initiatives taken by India, Japan, etc. to develop their tourism industry are likely to offer impetus to the growth of the recreational vehicle market. Government regulations regarding campground development are expected to further augment this market. Heavy import taxes on recreational vehicles are restricting the imports of RV in the region; however, in turn, it is likely to help the local manufacturers to gain traction in the market.

Latin America and the Middle East and Africa are lucrative markets for recreational vehicles. UAE is a small market with a large demand for high-end products. The trend of RV has not yet affected the regional market growth. The thriving recreational marine sector in the region might uplift the region’s demand for recreational vehicles.

Browse the full *"Recreational Vehicle Market by Motorized RVs (Type A, Type B, and Type C), by Towable RVs (Travel Trailer, Fifth Wheel Trailer, Folding Camping Trailers, Truck Campers, and Park Model), and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024"* Report At https://www.zionmarketresearch.com/report/recreational-vehicles-market

Significant players of the global recreational vehicle market are Thor Industries, Inc., Gulf Stream Coach, Inc., Eclipse Recreational Vehicles, Inc., Coachmen Recreational Vehicle Company, Heartland Recreational Vehicles, LLC, Starcraft RV, Inc., Skyline Corporation, Monaco RV LLC, Jayco Inc., Fleetwood RV, Inc., Forest River, Inc., and Universal Trailer Corporation, among others.

*Inquire more about this report before purchase @ *https://www.zionmarketresearch.com/inquiry/recreational-vehicles-market

*This report segments the global recreational vehicle market as follows:*

*Global Recreational Vehicle Market: Motorized RVs Segment Analysis*

· Type A
· Type B
· Type C

*Global Recreational Vehicle Market: Towable RVs Segment Analysis*

· Travel Trailer
· Fifth Wheel Trailer
· Folding Camping Trailers
· Truck Campers
· Park Model

*Global Recreational Vehicle Market: Application Segment Analysis*

· Industrial
· Commercial
· Residential

*Global Recreational Vehicle Market: Regional Segment Analysis*

· North America

· The U.S.

· Europe

· UK
· France
· Germany

· Asia Pacific

· China
· Japan
· India

· Latin America

· Brazil

· The Middle East and Africa

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· *Automotive Electronics Market: *https://www.zionmarketresearch.com/report/automotive-electronics-market
· *Small Electric Vehicle Market:* https://www.zionmarketresearch.com/report/small-electric-vehicle-market
· *Alternative Fuel Vehicle Market:* https://www.zionmarketresearch.com/report/alternative-fuel-vehicle-market                                      

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* Blog:* http://zmrblog.com Reported by GlobeNewswire 14 hours ago.

New research shows that phytoplankton iron storage strategies may determine which species thrive in changing oceans and impact marine food webs, according to a recent article. The research examined two primary methods of iron storage and found that one makes species more resilient against shortages of the rare and essential element. Reported by Science Daily 11 hours ago.

Flags will be lowered for Staff Sgt. Maximo A. Flores from sunrise to sunset Wednesday.

 
 
 
 
 
 
 
  Reported by azcentral.com 13 hours ago.

Collaboration increases awareness of the importance of engine cut off devices among recreational boaters

JOHNS CREEK, Ga. (PRWEB) December 12, 2018

The National Safe Boating Council (NSBC) and Autotether partner with the goal of increasing awareness about engine cut-off device safety among recreational boaters.

Commonly known as a “kill switch,” an engine cut-off device is an important area of boating safety education, and, if used properly, can save lives. In 2017, there were 31 deaths and 172 accidents in which at least one person was struck by a propeller. As a time-proven safety device, both the NSBC and Autotether encourage use of an engine cut-off device to ensure the safety of boat operators and passengers.

To increase boater awareness of wireless technology available today, which can facilitate broader engine cut-off device usage, the NSBC will continue to promote engine cut-off devices through the Get Connected Campaign. Autotether plans to promote the NSBC boating education programs to its customers and through its marketing channels. As part of this collaboration, Autotether’s wireless engine cut-off system will be available to NSBC members at special discounted rates, with a percentage of proceeds from these sales going back to the NSBC to help promote boating safety.

“We’re delighted to work with the NSBC to help promote broader use of engine cut-off devices among recreational boaters,” says Ed Sztuka, Autotether. “We’re passionate about boating safety and know our partnership with the NSBC will allow us to better educate our customers on crucial boating safety topics and provide them with resources to keep them safe on the water.”

“Engine cut-off device safety is an important area of education for the NSBC. It is our hope to shift the cultural perspective on engine cut-off devices and make it an essential part of every boater’s gear,” says Peg Phillips, NSBC Executive Director. “Working with Autotether to distribute boating safety messages and product discounts is a key step in making this shift.”

About the National Safe Boating Council
The National Safe Boating Council (NSBC) is a catalyst for recreational boating safety dedicated to advancing and promoting a safer recreational boating experience through education, outreach and training. Visit http://www.safeboatingcouncil.org to learn more about the NSBC’s training, outreach, and education efforts across the nation.

About Autotether
The Autotether product is produced by Canduit Marine Products, LLC. Canduit Marine, aka Autotether is passionate about boating safety and believes in making recreational and commercial boating as safe as possible. Canduit Marine delivers high quality wireless engine cutoff and man overboard alert systems, enhancing the boating experience with safety, convenience and pleasure in mind. Canduit Marine partners with leading boating safety organizations to increase awareness about boating safety, especially engine cut-off devices and over board alert systems. To learn more about Autotether go to http://www.autotether.com Reported by PRWeb 12 hours ago.

KEMP, Texas, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Larson Electronics, a Texas-based company with over 40 years of experience spearheading the industrial lighting sector, announced the release of a portable explosion proof LED tank light with a wheelbarrow cart from the QC series, which is a quick disconnect mounting system offering compatibility with other mounting solutions. This unit is Class I, Divisions 1 and 2, and Class II, Divisions 1 and 2 rated for hazardous work locations where flammable or combustible gases, vapors, dusts, fibers, or flyings may exist.The EPL-QC-16C-3FT-2X150LED-RT-X24V-C1D1-12.3-100-EPP portable explosion proof LED tank light produces 35,000 lumens of light with a color temperature of 5000K and color rendering index of 75, with 3000K warm white or 4500K natural white lamps as additional options. This unit can produce enough light to cover a work area of 20,000 square feet with LED lamps that have a 60,000-hour lifespan and 80% lumen retention.

This copper-free aluminum alloy body unit is powder coated for durability and IP67 rated for use in paint booths. This dust-proof unit is protected against high-pressure jets and temporary submersion featuring a cast aluminum body that resists vibrations and impacts. This LED light tank is mounted on a wheelbarrow style cart with a quick-change mount offering flexibility and versatility. This unit features an adjustable and removable LED light head mounted on top of a solid rubber-wheeled cart with a three-foot extension pole made of non-sparking aluminum.

Larson Electronics’ portable lighting fixture features several beam configurations, including a 60˚ beam providing an intense beam for narrow spaces and suitable for tank cleanings. The 125˚ beam offers a more diffused light with a lower intensity brightness suitable for general work areas or outdoor lighting needs. The 140˚ beam offers a wide light pattern suitable for situations where a wider area needs illumination at a shorter distance making it suitable for work in paint booths.

This unit is rated specifically for Class I, Divisions 1 and 2, Groups C and D; Class II, Divisions 1 and 2, Groups E, F and G; and Class III, Divisions 1 and 2 hazardous locations. The explosion proof step-down transformer in this unit can operate on current ranging from 90 to 305V AC or 127 to 431 V DC without modifications. This unit is equipped with 100 feet of 12/3 chemical and abrasion resistant SOOW cord fitted with an explosion proof cord cap and an additional five feet of 12/3 SOOW cord between the transformer and cord cap.

*About Larson Electronics LLC: *Larson Electronics LLC is a manufacturer of industrial lighting equipment and accessories. The company offers an extensive catalog of industry-grade lighting and power distribution products for the following sectors: manufacturing, construction, food processing, oil and gas, military, marine and automobile. Customers can benefit from the company’s hands-on, customized approach to lighting solutions. Larson Electronics provides expedited service for quotes, customer support and shipments.

*For further information, please contact:
*Rob Bresnahan, President and CEO
Toll-free: 1-888-351-2363
Int’l: 214-616-6180
Fax: 903-498-3364
E-mail: sales@larsonelectronics.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fba34454-2f1f-43bb-8bda-51bff898810f. Reported by GlobeNewswire 12 hours ago.

BBC Local News: Tyne and Wear -- The marine mammal was found "lounging" in the sun next to plant pots. Reported by BBC Local News 12 hours ago.

Tods Defence announced today they will provide the Norwegian Defence Material Agency (NDMA) with upgraded sonar domes for the Nansen Class Frigate in service with the Royal Norwegian Navy.

PORTLAND, United Kingdom (PRWEB) December 12, 2018

Tods Defence, a Unitech Aerospace company and world leading manufacturer of advanced composite structures for the marine defence industry, announced today they will provide the Norwegian Defence Material Agency (NDMA) with upgraded sonar domes for the Nansen Class Frigate in service with the Royal Norwegian Navy.

“Tods Defence is proud to continue their long association with the Nansen Class Frigate. We had the honour of desiging and building the original five sonar domes with the first of class being delivered in 2004,” said Peter Eckersall, Vice President and Managing Director for Tods Defence. “This award reinforces Tods’ standing as the leading supplier of sonar domes with experience in supporting the world’s most prestigious programmes including the DDG1000 (USA), P28 (India) and Type 26 (BAE Systems).”

Tods Defence is creating a Lean Sonar Dome manufacturing facility at its site in Portland, UK. Work is currently underway and the facility will be operational in early 2019.

The five Nansen Class anti-submarine warfare frigates were built by Navantia (Spain) for the Norwegian Navy. The first of class entered service in 2006. The five ships, all named after famous Norwegian explorers, include the HNoMS Fridtjof Nansen (F 310), Roald Amundsen (F 311), Otto Sverdrup (F 312), Helge Ingstad (F 313) and Thor Heyerdahl (F 314).

About Tods Defence
Tods Defence is a world leading manufacturer of advanced composite structures for the marine defence industry. With a very strong design capability and using innovative manufacturing techniques Tods has for over 60 years been producing sonar domes, acoustic windows and complex structures for surface warships and submarines. Tods Defence holds a wide range of customer and regulatory approvals, including AS9100 and is a Unitech Aerospace company.

About Unitech Aerospace
Unitech Aerospace provides the aerospace, marine, medical, defense, nuclear and rail industries with composite and metallic structures and components that meet demanding and complex requirements. The company’s growing global footprint is currently comprised of strategically located sites providing local and immediate support to customers. Integrated solutions range from early stage design, rate production, to full-term sustainment making Unitech Aerospace the industry’s trusted lifecycle partner. Reported by PRWeb 11 hours ago.

Reported by RIA Nov. 9 hours ago.

PORTLAND, Ore. (AP) — Congress has agreed to make it easier to kill sea lions threatening fragile runs of salmon in the Northwest.Oregon Public Broadcasting reports that a bill approved by the House Tuesday changes the Marine Mammal... Reported by New Zealand Herald 8 hours ago.

Essential Dental System once again participated in the Toys For Tots Christmas campaign.

SOUTH HACKENSACK, N.J. (PRWEB) December 12, 2018

During the past few years Essential Dental Systems has been a part of the annual toy drive sponsored by the United States Marine Corp. Toys For Tots. The holiday season for young children is a magical, joyful, hopeful time of year where they can believe anything can happen. The feeling of waking up Christmas morning is not only about seeing the toys under the tree that Santa has brought but a feeling of someone cares enough to make this day special. Toys are only one part of Christmas but a part that the United States Marine Corps. takes pride in helping with every year.

Essential Dental Systems has once again donated an abundance of toys that will be distributed to local families who can not afford toys for Christmas. Toys for Tots has been a campaign that the United States Marine Corps for many years with a mission to, through the gift of a new toy, help bring the joy of Christmas and send a message of hope to America's less fortunate children. Essential Dental Systems is proud to be a part of upholding that mission year after year. Every donation no matter big or small with brighten that light of joy in a child's eyes and heart for Christmas. Reported by PRWeb 8 hours ago.

 Transaction Expected to Close During Q1 2019;
Expands and Strengthens SPX’s Position in Engineered Lighting Solutions;
Anticipated to be Modestly Accretive to 2019 Adjusted EPS

CHARLOTTE, N.C., Dec. 12, 2018 (GLOBE NEWSWIRE) -- SPX Corporation (“SPX”) (NYSE: SPXC) today announced that it has entered into a definitive agreement to purchase the marine and obstruction lighting business of Carmanah Technologies Corporation (“Carmanah”) for cash consideration of approximately $77 million.  Following completion of the transaction, the results of the purchased business will be reported with SPX’s Communication Technologies businesses within its Detection & Measurement segment.  

Under the agreement, SPX will purchase the stock of Carmanah’s Sabik subsidiaries (located in Europe and Singapore) as well as certain operating and intellectual property assets of Carmanah’s businesses in Canada and the United States.  The transaction is expected to close during Q1 2019 and is contingent upon obtaining approval of Carmanah’s shareholders, as well as other customary closing conditions.  

“We are excited to welcome Sabik to the SPX team,” said Gene Lowe, President and CEO of SPX. “This transaction expands and further strengthens SPX’s position in aids-to-navigation specialty lighting solutions by adding highly-engineered technology and products for the marine and obstruction lighting markets. We believe the combination of these industry-leading applications with SPX’s portfolio of communication technologies solutions is a strong strategic fit that will provide significant value creation for our shareholders.”

John Simmons, Chief Executive Officer of Carmanah, commented “We are very pleased with this transaction, which creates numerous opportunities for employees and customers alike. Combining Carmanah’s high-quality lighting products with SPX’s extensive infrastructure and broad distribution network is a great opportunity to further advance product development and extend the reach of these solutions to a broader customer base.”

The acquired business has current annual revenue of approximately $27 million and a similar margin profile to SPX’s Detection & Measurement segment.  The acquisition is expected to be modestly accretive to SPX’s 2019 Adjusted EPS, after taking into account a partial year of results and costs to finance the acquisition.  SPX plans to provide detailed guidance for 2019 on its call to discuss Q4 2018 results in mid-February 2019.  SPX anticipates excluding the effect of one-time costs, purchase accounting items and amortization associated with acquisitions when reporting adjusted results.

*About SPX Corporation: * SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately $1.4 billion in annual revenue in 2017 and more than 5,000 employees in about 14 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.”  For more information, please visit www.spx.com.

*About Carmanah Technology Corporation: * Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, the company has earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments. For more information, please visit www.carmanah.com.

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these statements in conjunction with the SPX’s documents filed with the Securities and Exchange Commission, including the SPX’s annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the risk that SPX may fail to successfully complete or integrate acquisitions. Actual results may differ materially from these statements. The words “believe,” “expect,” “anticipate,” “project” and similar expressions identify forward-looking statements. Although SPX believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on SPX’s current complement of businesses, which is subject to change.

Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.

SOURCE SPX Corporation.

*Investor and Media Contacts:*
Paul Clegg, VP, Investor Relations and Communications
Phone:  980-474-3806
E-mail: spx.investor@spx.com

Pat Uotila, Manager, Investor Relations
Phone:  980-474-3806
E-mail: spx.investor@spx.com Reported by GlobeNewswire 6 hours ago.

VICTORIA, British Columbia, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Carmanah Technologies Corporation (TSX:CMH) (the “*Company*” or “*Carmanah*”), announced today that it has entered into a purchase agreement (the “*Agreement*”) regarding the sale of a significant portion of the assets of the Company to SPX Corporation (“*SPX*”) for USD $77.0 million.  The assets being sold include all of the issued and outstanding equity interests of each of Sabik Oy, Sabik Oü, Sabik PTE Ltd., and Sabik Ltd., and their respective assets (collectively, “*Carmanah’s Marine business*”), the business and assets the Company’s Airfield Ground Lighting business, its Aviation Obstruction Lighting business as well as some miscellaneous business assets that support the businesses to be sold (the “*Transaction*”). “We are very pleased with this transaction”, said John Simmons, Chief Executive Officer of Carmanah. “Not only is it fairly valued but also creates numerous opportunities for employees and customers alike. Combining Carmanah’s Marine, Aviation and Airfield Ground Lighting products with SPX’s extensive infrastructure and broad distribution network is a great opportunity to further advance product development and extend the reach of these solutions to a broader customer base.”

The Transaction is anticipated to close in January 2019, subject to the satisfaction of certain customary commercial conditions, including but not limited to the Company obtaining the applicable regulatory approvals and approval by the Company’s shareholders of the sale of all or substantially all of the assets of the Company.  Shareholders of Carmanah representing approximately 33% of the voting shares of the Company, including all directors, have entered into voting and support agreements with SPX, pursuant to which they will agree to support and vote their shares in favour of the Transaction. 

The Transaction has been approved unanimously by the Company’s board of directors (the “*Board*”), which has determined that the Transaction is in the best interests of the Company and its shareholders. Capital West Partners, an independent financial advisor to Board, has provided an opinion that, subject to the assumptions and limitations upon which the opinion is based, the consideration to be received by the Company is fair from a financial point of view. The Board recommends that shareholders vote in favor of approving the Transaction at a special meeting of shareholders, which is expected to be scheduled as soon as possible in early 2019 (the “*Meeting*”).

As the Transaction would constitute the sale of all or substantially all the assets as defined under the Business Corporations Act (British Columbia), the Transaction will require shareholder approval of at least 66^2/3% of shares voted in person or by proxy at the Meeting. In addition, if the Agreement is terminated by either party in certain circumstances, a break fee or expense reimbursement fee of USD $3.0 million or USD $2.0 million, will be payable by Carmanah to SPX.

The Company is preparing a management information circular (the “*Circular*”) for shareholders in respect of the Meeting that will further explain the terms and conditions of the Transaction.  The Company anticipates mailing the Circular as soon as possible.  Copies of the Agreement and the Circular will be filed with Canadian securities regulators and will be available on the SEDAR profile of Carmanah at www.sedar.com

The net cash proceeds of the Transaction after transaction costs and taxes is estimated to be approximately USD $73.5 million that, together with Company projected cash balances approximately USD $15.0 million, will result in total cash reserves of approximately USD $88.5 million.  Company management and the Board have yet to fully consider how the Company will use the proceeds from the Transaction.  Alternatives under consideration will include investments to grow the residual businesses of the Company by way of acquisitions or research and development spending, acquisitions of other businesses in new market spaces or returning cash to the shareholders by way of dividends or share buy-backs.  

After the effect of the transaction, the Company will retain 4 operating divisions: (i) Carmanah Traffic, which develops and sells traffic signaling devices including crosswalk and school zone warning systems, LED enhanced traffic signs, radar speed signs and miscellaneous traffic warning products; (ii) Sol, Inc., which develops and sells solar powered outdoor lighting for streets, parking lots and pathways; (iii) Carmanah Telematics, which designed, built and supplies solar powered, satellite connected asset tracking devices to its customer, a satellite operating company; and (iv) Sabik Offshore GmbH, which provides completely integrated safety and marking solutions from aids to navigation to aviation obstruction lighting for offshore wind farms (collectively the “*Residual Businesses*”). The Residual Businesses generated revenues in excess of USD $30.0 million in the trailing 12 months and are expected to generate similar revenues and positive Adjusted EBITDA in 2019.

*About Carmanah Technologies Corporation *

Carmanah designs, develops, and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.  Since 1996, we have earned a global reputation for delivering durable, dependable, efficient, and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments.  We manage our business within two reportable segments: Signals and Illumination.  The Signals segment serves the Airfield Ground Lighting, Aviation Obstruction, Offshore Wind, Marine, Traffic, and Telematics markets.  The Illumination segment provides solar-powered LED outdoor lights for municipal and commercial customers.

*About SPX Corporation*

SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately $1.4 billion in annual revenue in 2017 and more than 5,000 employees in about 14 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.”  For more information, please visit www.spx.com.

*Contacts *
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
investors@carmanah.comThis release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation.  All information contained herein that is not historical in nature may constitute forward-looking information.  Often, but not always, forward-looking statements can be identified by the use of words such as “expects”, “estimates”, “could”, “will”, or variations of such words and phrases.  Forward-looking statements herein include, but are not limited to, statements regarding the sale of substantially all of Carmanah’s assets, the consideration to be paid under the Agreement, the closing of the Transaction, calling a special meeting of shareholders, the contents and expected timing of mailing the Circular, the expected date of the special meeting of shareholders, the anticipated closing date of the Transaction, the satisfaction of closing conditions, including obtaining the requisite regulatory and shareholder approvals, use of proceeds from the Transaction, estimated revenues for the Residual Businesses in the trailing 12-months, value and opportunities for Carmanah customers and employees, product development and reach for Marine, Aviation and Airfield Ground Lighting Products, and are based on management’s current expectations and assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties, and contingencies which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law. Risk factors include, among others: risks related to certain conditions contemplated by the Agreement.

For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (“AIF”) and Annual MD&A (“MD&A”), which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com.  The risk factors identified in the AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements.  Carmanah does not assume any obligation to update the forward-looking information contained in this press release, unless required by law. Reported by GlobeNewswire 6 hours ago.