Wednesday, 16 April 2014

Byron on FLYHT: Expect Accelerated Adoption Driven by Regulation Change


This morning Byron Capital Markets Analyst, Dev Bhangui issued an update on FLYHT to clients. In the report Mr. Bhangui reiterates his STRONG BUY recommendation and target price of $1.25 per share.

Click here to view the report. 

Shares Issued: 142.5 million
Fully Diluted: 182.1 million

Tuesday, 15 April 2014

FLYHT Conference Call & First Air News


After market close today, FLYHT hosted its year end conference call. The call came after the company released its year end numbers which was highlighted by its revenue growing by 23% to over $8 million. Also of significance was a decrease in cash used in operating activities by over 36%.

Bill Tempany, CEO of FLYHT handled the call and provided a high level overview of the company’s achievements based on its objectives over the past year. Here’s how the company did:

Drive a substantially higher valuation through accelerated revenue growth and profitability
  • Successfully increased revenues by 23.7% over the previous year.

Major Airbus operator for fleet retrofit 2013 and begin shipping from Airbus factory by late 2013
  • Began shipping units in December 2013 and January 2014.

Build on strategic relationships to accelerate growth
  • China: Continued to ship units to airlines in the country. Partnered to provide products to AVIC and COMAC. Agreement established to install AFIRS on the ARJ21 fleet.
  • NetJets Transportes Aereos SA (“NetJets”): Installations on 10 aircraft complete in Q2 2013. Continue to work with NetJets to advance the program.
  • Nigeria: Continued flight tracking and safety management system dashboard Nigerian Civil Aviation Authority (“NCAA”) Director General being replaced before program will resume in high gear.

Protect our markets by providing superior technology and service
  • Expanded our STC list.
  • Launched the Dragon.

Become cash flow positive in 2013
  • Did not achieve cash flow positive by the end of 2013; however according to Mr. Tempany’s comments on the conference call, “This was a result of not receiving expected payment from Chinese orders by the end of the year. Some payments were however received in the first quarter.”

 Other key points from the conference call:
  • FLYHT is sending a team over to China to discuss data streaming and status of roll out of mandated Satellite Communication program, which specifies every commercial aircraft in China is to be equipped with a Sat Com solution by the end of 2017.
  • Three clients applied and received a discount from insurance providers because of having AFIRS™ installed on the airlines’ aircraft.
  • Currently talking to 50 – 70 airlines about installing AFIRS on their fleet.
  • FLYHT also announced earlier today that First Air is the first airline to proactively add FLYHT’s FLYHTStream™ capability to its entire fleet. FLYHTStream is a service provided by the AFIRS technology that automatically triggers, real-time and live black box streaming in an emergency situation. In the news release the VP of Flight Operations at First Air stated, “Financially, AFIRS has paid for itself by saving First Air tens of thousands of dollars in flight management expenses, and FLYHTStream is only an incremental cost that is incurred when triggered, making the solution very cost effective." Click here to view the First Air news release.

 To listen to an archived version of the conference call, please click here.

Shares Issued: 142.5 million
Fully Diluted: 182.1 million

Thursday, 10 April 2014

YANGAROO Achieves Record Year & Fourth Quarter


It was a positive conclusion to the end of 2013 as YANGAROO today announced its yearend and fourth quarter (Dec. 31) results.  

The fourth quarter represented two major milestones for the company:

  • Sales exceeded $1 million for the first time.
  • The normalized quarterly cash flow was positive for the first time.

Other key highlights include the following:

  • Revenue for the fiscal year 2013 was $3,494,490, 30% higher than in fiscal 2012. 
  • Revenue for the fourth quarter was $1,059,481, 39% higher than the revenue for the same period in 2012 and 27% higher than the previous quarter. 
  • The increase in revenue is primarily a result of greater use of YANGAROO Advertising by new and existing customers, to deliver SD and HD ads to television broadcasters.

  • Total operating expenses for the year were $560,547 higher than the previous year, primarily relating to the financing, restructuring and issuance of stock options. 
  • Total operating expenses for the fourth quarter of 2013 were 25% higher than the same period in fiscal 2012, primarily due to stock options costs. 

To view today’s new release please click here

Shares Outstanding:  ~ 40M
Shares Fully Diluted:  ~ 56M 

Wednesday, 9 April 2014

YANGAROO - The Howard Group's Perspective

The Little Technology Company That Could!

Recently restructured, revenues are rising, brand-named clients, strong management team with a track record - all the pieces are aligned for this TSX Venture traded technology company.

The Howard Group has published its “Perspective” on YANGAROO, see below to review.


Shares Outstanding:  ~ 40M
Shares Fully Diluted:  ~ 56M 

Tuesday, 8 April 2014

Cantor Fitzgerald Says Argex Is White Hot – BUY With A $3.10 Target


This morning, New York based Cantor Fitzgerald, initiated coverage on Argex Titanium, making it the first full research report from a major U.S. firm that also has a large international presence.

The report is titled “White Hot” and in it, Research Analyst Asa Bridle gives Argex a BUY rating and lays out the case for an initial price target of $3.10 CDN.

Under a section entitled “BUY Now”, the analyst is clear why he believes Argex has a major competitive advantage. “RGX is a titanium dioxide (“TiO2”) pigment production business that has developed a low cost, proprietary process capable of treating ores beyond the scope of current techniques. Due to its low cost profile, RGX’s project has positive economics at TiO2 prices down to 37% below current levels.”

Key points from the report include the following:

  • A Feasibility Study last year on RGX’s first, 50kt/year plant showed highly favourable economics.
  • The company’s process, which is based on well established techniques and off-the-shelf technology, has already attracted interest from several potential customers including one of the world’s leading paint manufacturers.
  • The company has already begun the process of securing the US$300m of finance required to build the plant and, assuming its efforts are successful, first production is targeted for 2016.
  • Following commercialisation, RGX will be able to replicate its production unit elsewhere, which offers the company a strong degree of scalability.
  • Our analysis shows that existing TiO2 producers had average production costs of around $3,053-3,350/t in 2012 and 2013 respectively. At full capacity, we forecast RGX’s production costs to be US$1,529/t in 2018, a saving of 55% against its peer group 2013 average.
  • We have valued RGX based on the Net Present Value of its first production unit and financial multiples drawn from its peer group of established TiO2 producers. This exercise produces a valuation range from $2.58-C$4.06/share, from which we take the average of C$3.10 as our initial TP. This level equates to 0.7xNPV based on our own TiO2 price forecasts over the next five years. To unlock this valuation, which represents 252% upside, successful execution of the financing is crucial in our view.

At the time of this writing, we have not received permission to post the report online.

Shares Issued: 132.0 Million
Shares Diluted: 153.8 Million

Wednesday, 2 April 2014

YANGAROO Announces European Partnership Deal with Federation X Group


Today YANGAROO opened the door to Europe with its announcement on partnering up with  Swedish based Federation X Holdings.

Federation X, headquartered in Malmo, Sweden, and its affiliate Music2Be, based in the U.K. will  provide YANGAROO's industry leading digital delivery service to record labels, independent artists and promoters to deliver broadcast quality music audio and music video files to radio and television broadcasters and other destinations throughout the European Union, as well as Norway and Switzerland.

The terms of the deal were not disclosed; however, according to management, a “substantial advance payment was received and annual revenue targets are required in order for Federation X to retain the European rights over the initial three year term of the contract.” Management estimates that the European market, including Norway and Switzerland, should be comparable in size to the North American market.

To view today’s news release, please click here. 

Shares Outstanding:  ~ 40M
Shares Fully Diluted:  ~ 56M 

Friday, 28 March 2014

The Howard Group “Betting” On Las Vegas From Home


At first blush, one could be excused for thinking that the name, Las Vegas From Entertainment indicates this is a company pegging its growth on a single gaming platform in the hopes of attracting online players in a highly competitive, but lucrative, environment.

In reality, LVH is something quite different. It is, in fact, a company that has developed a proprietary software technology platform that can and is being licensed through partnerships with locally licensed operators in multiple jurisdictions. Importantly, the technology allows licensed operators to offer their products on the web, desktop and mobile.

But, it does much more, and that is to manage and control the “back-end”. As noted in its investor presentation, “All gaming activities and financial transactions are recorded on the LVFH Gaming Platforms, which provides operators with a transparent audit trail to meet the strict protocols of licensed jurisdictions. This also enables LVFH to offer sophisticated data analytics to test and release new features on an ongoing basis, to measure user engagements and to design effective marketing campaigns.”

The business model is based on a licensing fee and/or share of revenues.

By way of disclosure, LVH was first introduced to The Howard Group in mid-2013. We appreciated the potential of the technology licensing model and through the Insight Limited Partnership II, which is associated with The Howard Group, the first investment was made in the company. Subsequent market purchases and investments have resulted in The Howard Group, members of HG and The Insight II Limited Partnership holding 1.6 million shares and one million warrants of LVH.

In short, our interest was first piqued based on potential, and now our formal engagement to assist management with broadening its market following is in large part driven by timing, as events may unfold quickly and consistently for the company.

There are two events slated for Q2 that should draw increased attention to LVH.

The first is that the company, which holds a license, is planning on launching a multi-media marketing program in Mexico, in conjunction with a Mexican-based casino group, to promote an online wagering site. As noted in the investor presentation, “This license covers a variety of games including bingo, poker, casino and sports betting, and also allows marketing of the site throughout Mexico on all mainstream media.”

The second deals with a name that is well known to the global community and it is “Carnival”, as in cruise lines. LVH has, “a software licensing agreement with PokerTek to offer LVFH’s mobile gaming platform to its customers, which includes land based casinos and the world’s leading cruise line, Carnival Corporation & plc.”

The company issued a news release on December 13th of last year that was key to the next step with Carnival, “LVFH ENTERS INTO MOBILE GAMING SOFTWARE LICENSING AGREEMENT WITH POKERTEK”. Click here to read the news release.

The big question is, what could one expect in the way of revenue growth from these agreements over the coming months and perhaps others that may be in the wings? We anticipate there will be some clarity provided to the marketplace on that question in the not too distant future as the programs roll-out and management is able to assess if the revenue streams are in keeping with its expectations.

As of this writing, LVH is a $0.12 stock and its market cap is approximately $13 million.

Please look at the video on LVH’s home page:

To register to receive ongoing commentary on LVH, please click here.

Shares Issued: 91.5 million
Fully Diluted:  161.6 million

Wednesday, 26 March 2014

IBC Interview Provides Insight Into Beralcast


This morning, UK based (A to Z of Materials) published an interview with IBC Advanced Alloys, Director of Technical Business Development - Chris Huskamp. AZoM talked to Mr. Huskamp about cast beryllium-aluminum alloys, such as Beralcast and the benefits of using these in optical components. The interview provides insight from a technical perspective, and  explains why Beralcast would be appealing to Lockheed Martin for its F-35 Lightning II Electro-Optical Targeting System.

On February 18, 2014 IBC announced that it signed a hard tooling contract with Lockheed Martin for F-35 Lightning II Application. View news release by clicking here.

Click here to view, the AZoM interview with Chris Huskamp. 

About AzoM – 

The idea to launch originated in late 1999 from a group of materials scientists who fully appreciated the potential of Advanced Materials but who were frustrated by the lack of awareness of the end-user community. Since then, and following extensive market research it has become apparent that AZoM fills a significant market need and provides an excellent marketing and collaborative publishing vehicle for thousands of materials producers, academics and researchers working in materials science. If you are active in materials science, AZoM provides a publishing vehicle that not only exposes your work to millions of end users worldwide, but also provides you with the opportunity of direct contact with the end users who use your material and the opportunity of receiving financial rewards for you knowledge and expertise.

Shares Outstanding: 62.2 million
Shares Fully Diluted: 85.6 million

The Howard Group Welcomes Critical Elements Corporation


A sub-headline on this introductory blog could have been, “A Thrifty Approach To Fast-Tracking A Project”.

We’d like to relate a key point from a very recent conversation we had with a senior Toronto based resource analyst who told The Howard Group that, “Critical has accomplished so much, so fast and on so little money”.

The comment arose from a discussion about Canadian companies in the lithium sector and how long and how much it has cost many of them to reach a similar position to Quebec based, Critical Elements.

In just a few years and on a thrifty $6 million budget, Critical Elements discovered, drilled, initiated environmental work, signed a pre-development agreement with the Cree community of Eastmain, completed metallurgy work and a Preliminary Economic Assessment (PEA).

The reader should look at peer companies in the sector and not be surprised to see expenditures in the $30 million range to reach the same stage as CRE.    

Below are key project highlights for the Rose Lithium-Tantalum Deposit, which is owned 100% by Critical.

  • Average net operating income of $81.4MM/year over 17 years,
  • High purity battery grade lithium material at 99.9%,
  • Life of mine of 17 years,
  • Infrastructure is in place with a nearby airport, 100 ton capacity road, rail, power and ample labour in the area,
  • Pre-Tax NPV 8 of $488MM
  • Pre-Tax IRR of 33%

The above points are the foundation for what the company is looking to ultimately achieve in the second half of 2016, which is the target for going into production:
  • Annual output of 26,600 tons of lithium carbonate and 206,000 pound of tantalum pentoxide, 
  • Positions CRE to be a 1st tier low cost producer with a cost per ton expected to be in the range of $2650, which is $1000 below the industry average for 99.9% purity (battery grade) and the first new industrial scale tantalum producer.

In management’s view, the metrics will make the Rose Project the largest economic lithium-tantalum deposit in the world in current development. 

The tantalum is what will give Critical an additional edge over its peers.  Tantalum is a critical element and is in large part supplied by African countries that have less than stellar human rights records.

In a news release last September, CRE reported on an “optimization metallurgical program underway at SGS Canada” that saw tantalum recoveries up to 84% with an average of 77.6%. Click here to read the news release.

Also that month, the company reported that metallurgical tests confirmed lithium recovery rates slightly greater than 90%. It would be advantageous for the reader to look at these recovery rates compared to companies within the peer group. Click here to read the news release.

With the recent results from the metallurgical optimization program, management anticipates a reduction in the cost of producing a ton of Lithium Carbonate and also an increase in the amount of tantalum that can be produced. The metallurgical testing proved a recovery rate that was 50% greater than originally stipulated in the PEA.

Tantalum is an element found in our everyday lives. We are surrounded with the mineral in our smart phones, tablets, and computers. About half of the world’s production of the rare element is used in capacitors that can be found in each of these products.  There are only a handful of very large companies that build the millions of these capacitors and finding a reliable, economic source for the needed element would be a competitive advantage.

It is all well and good to keep one’s eye on the prize but the big question remains, how do you pay for an estimated $250 million production facility and not be awash in new shares, presuming that the market would give you that much in equity?

It’s little wonder that the market is taking a wait and see attitude to the company. The stock is currently in the $0.18 to $0.20 range with a market cap of $20 million. It is almost impossible to calculate a per share value if one does not know how many more shares over and above the current 120 million shares may be issued to realize on the goal of obtaining production.

While the company’s presentation materials indicate an annual after tax profit figure in excess of $81 million as contained in the PEA report, how projects at this stage find the capital needed to get into production is what separates the next potential up and comer from many of the others.

In our discussions with management it has been made abundantly clear that it wants to eliminate or minimize further dilution by securing the necessary funds through a “strategic alliance”.

It has been in active negotiations for over six months with leading industry end-users with the objective of securing a “strategic alliance”. Should the company be successful,  many questions would be answered about not only future working capital requirements but how much of the capital cost of the project would be covered up to the point of production.

We stress that the negotiations could result in an agreement, next month, next quarter or maybe never. What isn’t in doubt is should management be successful, CRE’s status will move up many levels in the public market.

Within several months, the company plans to provide lithium samples to end-users following completion of a large scale pilot plant. It has a price tag of $1.5 to $2 million. This is an important step in the quest to reach off-take agreements, and complete the bankable feasibility study.

The ability to fund the plant, which might be tied to a successful alliance, is the second item that the market should keep an eye on as it would be a major positive step for Critical.

It has become abundantly evident that management is the key to a successful company. We like to keep an eye on the management of junior resource companies that continue to rack up large G & A but provide little in the way of progress. One measure is to look at G & A and Professional & Consultant expenses, which is what we did in the case of seven companies. Capital expenditures were excluded. Of seven companies, Critical had the second lowest operating expenses of the seven companies for 2012 and the last three month reported period of 2013.

Currently, Critical is spending about $250 thousand a quarter on G & A. This figure does not include professional and consultant fees that will be incurred from time to time for studies, reports, testing etc.  We looked at the G & A of five other companies for their last reported quarter and the numbers ranged from $438 thousand to $1.8 million. The lowest G & A was $83 thousand and that company has a market cap of $6 million.

We’d also like to point out that management and the board is very much aligned with the interests of shareholders. President & CEO, Jean-Sebastien Lavallee and his family own 12 million shares or 10% of the company. Vice-President, Jean-Francois Meilleur owns 2 million shares and directors another 2 million.

For the sake of brevity, we will not get into a long discussion about lithium at this time. Suffice to say that there are many variables to consider in the world of lithium and batteries but a read of Elon Musk’s plans for Tesla and a new super battery facility to accommodate production of 500 thousand vehicles a year says much about where the market is heading.

Also, not all lithium is created equal and that is a point for another day.

By way of disclosure, the Insight LP II, which is associated with The Howard Group, recently purchased 300 thousand shares of Critical Elements.

To register to receive ongoing information about Critical Elements, please email:

Shares Issued: 120.7 million
Fully Diluted:    127 million

Tuesday, 25 March 2014

Chris Berry on Argex – “The Devil Is In The Details”


Late last week, House Mountain Partners founder Chris Berry published a report on Argex Titanium titled “A Disruptive Technology Positions Argex For Success.” The note provides a good overview of the company and outlines what steps it has taken on its path to become a serious player in the Titanium Dioxide (TiO2) space.

Key highlights from the report include the following:

  • Proprietary technique known as CTL which produces high quality TiO2 from ilmenite ore through a solvent extraction process.
  • The company plans to produce up to 50,000 tonnes of TiO2 from its plant located in Valleyfield, Quebec beginning in late 2015, with the potential to produce 100,000 tpy in the future.
  • One of the benefits here is the scalability of the process and RGX’s ability to “start small” and scale up as market demand increases.
  • As the company ultimately achieves a run rate of 50,000 tpy of production, revenues of up to US $95,000,000 per year are not out of the question.
  • Writers note: I need to address one point in the report, it says that “Finalizing an off take agreement (with PPG) would most certainly smooth the way for successful project financing”. On June 27, 2013 Argex signed a significant and long term purchase agreement with PPG. The price and quantity were not disclosed publically; however management has stated that the gross value of the deal is worth hundreds of millions of dollars to Argex. 
  • Last year RGX announced the signing of a LOI with one of the largest chemical distribution companies in the world based in Europe to purchase up to 25,000 tpy of TiO2 produced by RGX.
  • As always, the “devil is in the details”, so we don’t know prices or final amounts, but this, coupled with the PPG agreement, are substantial votes of confidence in the future potential of RGX.

To view the full report, please click here.

About Chris Berry

With a life-long interest in geopolitics and the financial issues that emerge from these relationships, Chris founded House Mountain Partners LLC in 2010. House Mountain firmly believes that the emerging Quality of Life Cycle emanating from Asia is a "game changer" which will affect every one of us throughout the world for decades. With that in mind, the firm focuses on the intersection of three topics: the evolving geopolitical relationship between emerging and developed economies, the commodity space, and junior mining and resource stocks positioned to benefit from this phenomenon. Chris spent 13 years working across various roles in sales and brokerage on Wall Street before founding House Mountain Partners. He also co-authors a newsletter with his father Dr. Michael Berry, "Morning Notes by Dr. Michael Berry". He holds an MBA in Finance with an international focus from Fordham University, and a BA in International Studies from The Virginia Military Institute.

To check out House Mountain partners, click here.

Shares Issued: 132.0 Million
Shares Diluted: 153.8 Million

Monday, 24 March 2014

FLYHT In The News – Garners Global Attention


This morning FLYHT issued a news release acknowledging the unprecedented requests by the media for interviews about FLYHT and its AFIRS(TM) technology.

The FLYHT team has done an effective job, communicating that real-time satellite communication does exist for aircraft. In fact, it not only exists but it is affordable (about $100,000 installed) and currently active on over 350 aircraft around the world. 

As so much attention has been focused on the emergency feature of AFIRs, a number of key facts have been missed in relation to the cost saving benefits that the technology provides. Independent verification notes that the annual savings per aircraft equate to the initial capital cost. As stated in a FLYHT presentation:

  • Customer evaluations show savings of $100,000 per plane per year.
  • Airlines save money with better and more timely information.
  • Reduce turn-around time.
  • Reduce fuel consumption.
  • Have the right people in the right place at the right time.
  • Reduce repair costs by having better information to make decisions.

Another interesting point is that AFIRS is independent of those systems such as the transponder that can be turned off from the cockpit. AFIRS will continue to work as long as the aircraft is able to fly and there is power. If there is no power, the system does have a back-up battery.

To view an up to date archive of media coverage, please click here. 

To view today's news release, please click here.

Shares Issued: 142.5 million
Fully Diluted: 182.1 million

Friday, 21 March 2014

Carfinco Tallies Year End


Carfinco announced its year end results late yesterday, along with a summary of key accomplishments that took place over 2013 including:

  • Introducing new finance programs in Canada offering a wider range of products.
  • Entry into the United States through the acquisition of Persian Acceptance Corp.
  • Earnings per share of 78 cents.
  • Distributions to shareholders of 48 cents per share or $12.5 million.
  • Return on shareholders’ equity of 36%.
  • Record loan originations of $171.6 million.
  • Record principal balance of finance receivables of $271.2 million.
  • 31+ day delinquent accounts of 4%.
  • Net earnings of $5.1 million for the fourth quarter of 2013, an increase of 17.9% from the $4.3 million for the third quarter of 2013 and an increase of 1.7% from the $5.0 million for the fourth quarter of 2012.
A conference call will be held today, Friday, March 21, 2014 at 11:00am MT (1:00pm ET) and will include a discussion by management about Carfinco‘s year end results, followed by a question and answer period.
Participants can access the conference call by phone within Canada and the U.S. by dialing the following numbers:

North America Toll-Free:            1-888-400-3310
Internationally:                         1-416-850-9144 

Callers should dial in five to ten minutes prior to the scheduled start time.  An audio webcast may be accessed through the Investor Relations page on Carfinco‘s web site at ( Audio replays will be available on the web site shortly after the conclusion of the conference call.

Full news release can be viewed by clicking here...

Shares Outstanding: 26.4 million
Shares Fully Diluted: 26.4 million

Wednesday, 19 March 2014

IBC Eyes Growth In Profitable Niche Markets


This morning, top-tier investor website - published an interview with Anthony Dutton, President & CEO of IBC Advanced Alloys. In the interview, Mr. Dutton talks about the company’s recent and successful private placement; IBC’s “tooling” contract with Lockheed Martin (NYSE:LMT) and what investors could see next; its recent MOU with Nu-Cast, an established manufacturer of specialized aluminum castings for the aerospace industry; and the company’s nuclear fuels R&D division.

To read the full interview, please click here.

Shares Outstanding: 62.2 million
Shares Fully Diluted: 85.6 million

FLYHT Video On FLYHTStream™


FLYHT Aerospace has responded to the international community this week with information about its real-time data streaming program. We wanted to bring your attention to a video that the company produced late last year on its  FLYHTStream technology.  

According to FLYHT’s website, “FLYHTStream™ is a proprietary Emergency Streaming Mode providing proactive risk management for aircraft awareness and incident analysis.  FLYHTStream automatically transmits four-dimensional GPS-based position and flight data recorder information when automatically triggered by an airborne event, initiated in the air by the pilot or on the ground by the airline. The real-time streaming of critical flight data to the ground creates a “virtual black box”, allowing the data to be analyzed immediately.”

Here is a link to the page that hosts the video on FLYHT's emergency streaming service:  

Shares Issued: 142.5 million
Fully Diluted: 182.1 million

Monday, 17 March 2014

IBC Achieves Major Breakthrough With Nuclear Fuels R&D Program


Most investors in IBC Advanced Alloys are focused on the Engineered Materials and Copper Alloys sides to its business; however let’s not forget the possible upside potential of the Nuclear Fuels R&D division.

Today, IBC announced that that its Nuclear Fuels R&D Program achieved two major developments. Firstly, the team was able to successfully achieve a “repeatable” lab-scale production of high quality UO2-BeO fuel pellets. Secondly, the team has exceeded expectations by achieving a desired power output with about one-half of the prior Beryllium Oxide content used in the fuel pellets. While not quantified, the release noted that this “improves fuel economics”.

One quote in the news release caught our attention, namely: “exceeded expectations and our research has consistently returned results with approximately twice the values for thermal conductivity of unenhanced UO2” followed by this statement in the release: “This is extremely encouraging for the nuclear industry, especially reactor operators and utility companies, who would gain significant improvements in safety margins and operating economics with IBC’s BeO enhanced accident tolerant fuel.”

According to IBC’s management the Nuclear Fuels R&D division is on track. It is a number of years away from commercial application.

IBC sponsored research focuses on the structure and composition of beryllium oxide enhanced nuclear fuel as well as new protective cladding technologies, primarily silicon carbide, to improve fuel performance including longer life, more stability and better thermal conductivity. IBC sponsors R&D at Purdue University, Texas A&M University, and has partnered with Global Nuclear Fuels to conduct multi-oxide fuel testing. IBC is also partnered with Ceramic Tubular Products, LLC and Massachusetts Institute of Technology (“MIT”) to develop and analyze a silicon carbide-based ceramic composite cladding which will complement the BeO nuclear fuel.

To view today’s news release, please click here.

Shares Outstanding: 62.2 million
Shares Fully Diluted: 85.6 million