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Business Upturn
2 days ago
- Business
- Business Upturn
Earth Science Tech, Inc. Reports 61% Asset Growth to $7.69 Million and $8.7 Million in First Quarter Revenue Following Foundational Quarter of Strategic Acquisitions
MIAMI, FL, Aug. 08, 2025 (GLOBE NEWSWIRE) — MIAMI, FL – August 8, 2025 – Earth Science Tech, Inc. (OTC: ETST) ('ETST' or the 'Company'), a strategic holding company focused on acquiring and scaling high-potential operating businesses, today announced its financial and operational results for the first fiscal quarter ended June 30, 2025. Giorgio R. Saumat, ETST's CEO, commented: 'The first quarter of fiscal 2025 was a pivotal period for Earth Science Tech. We strategically deployed capital to acquire high-potential operating businesses that are now poised to enhance our diversified product and service offerings. This was a foundational quarter, setting the stage for the future. Our focus has now firmly shifted from acquisitions to maximizing the value and profitability of our current divisions, ensuring we capitalize on these strategic investments for our shareholders throughout the remainder of the fiscal year.' First Quarter Fiscal 2025 Financial Highlights Total Assets: Increased by 61% to $7.69 million as of June 30, 2025, up from $4.77 million in the prior-year period. Increased by 61% to $7.69 million as of June 30, 2025, up from $4.77 million in the prior-year period. Revenue: Generated $8.7 million as of June 30, 2025, an increase from $8.5 million in the prior-year period. Generated $8.7 million as of June 30, 2025, an increase from $8.5 million in the prior-year period. Shareholder Value: Reduced total common shares outstanding by 4.78% to 294,297,607 as of June 30, 2025, down from 309,067,711 shares in the prior-year period. Reduced total common shares outstanding by 4.78% to 294,297,607 as of June 30, 2025, down from 309,067,711 shares in the prior-year period. Cash Position: Reported cash and cash equivalents of $0.88 million. The decrease from $1.38 million in the prior-year period is a direct result of the strategic deployment of capital to fund key acquisitions. Strategic and Operational Update During the first quarter, ETST executed its growth strategy by investing in and acquiring a portfolio of operating businesses: Healthcare Expansion: Acquired 100% of Las Villas Health Care, Inc., a Coral Gables-based wellness center, and DOConsultation, LLC, a telehealth company. Acquired 100% of Las Villas Health Care, Inc., a Coral Gables-based wellness center, and DOConsultation, LLC, a telehealth company. Direct-to-Consumer Brands: Secured 80% ownership of Magnefuse, LLC, and Alicat, LLC (the 'MagneChef Portfolio'), DTC brands with a portfolio of unique patents and intellectual property. Secured 80% ownership of Magnefuse, LLC, and Alicat, LLC (the 'MagneChef Portfolio'), DTC brands with a portfolio of unique patents and intellectual property. Operational Infrastructure: Established a new customer service center in Doral, FL, to centralize support operations across all ETST divisions. Subsequent to the quarter's end, the Company has continued to execute on its operational goals: Enhanced Compliance: Joined the OTCID Tier on the OTC Markets, providing enhanced disclosure and transparency for investors. Joined the OTCID Tier on the OTC Markets, providing enhanced disclosure and transparency for investors. Compounding Pharmacy Expansion: The Company's MisterMeds, LLC division is now fully staffed and operational, actively dispensing in Texas and securing new accounts. The Company's MisterMeds, LLC division is now fully staffed and operational, actively dispensing in Texas and securing new accounts. Real Estate Development: Avenvi, LLC, an ETST division, has broken ground on its first residential development, with the project progressing on schedule. About Earth Science Tech, Inc. Earth Science Tech, Inc. operates as a strategic holding company, focused on value creation through the acquisition, operational optimization, and management of its operating businesses. The Company's current operations include compounding pharmaceuticals, telemedicine and real estate development through its wholly owned subsidiaries: LLC, Peaks Curative, LLC, Avenvi, LLC, Mister Meds, LLC ('Mister Meds'), and Earth Science Foundation, Inc., Las Villas Health Care, Inc., DOConsultations, LLC., and an 80% interest in MagneChef. To learn more, please visit: LLC. based in Miami, Florida, is a fully licensed compounding pharmacy authorized to fulfill prescriptions in the following states and territories: Arizona, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Maine, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, Utah, Wisconsin and Puerto Rico. RxCompound is actively pursuing licensure in the remaining U.S. states. To learn more please visit: MisterMeds, LLC. Mister Meds, acquired on October 1, 2024, is in Abilene, Texas. The pharmacy received full compounding licensure in March 2025. It operates out of a 5,000 sq. ft. facility owned by Avenvi and includes advanced sterile compounding capabilities with both positive and negative pressure environments, as well as hazardous drug handling. Mister Meds is currently applying for licensure in states not yet serviced by RxCompound. To learn more please visit: Peaks Curative, LLC. Peaks is a telemedicine referral platform offering asynchronous consultations for Peaks-branded compounded medications prepared at RxCompound and Mister Meds. The platform operates in states where either pharmacy is licensed. Through the development of its own healthcare provider network, and ongoing licensure expansion for both pharmacies, Peaks aims to offer services nationwide. In addition, the company has recently expanded into the veterinary market through the acquisition of To learn more please visit: Las Villas Health Care, Inc. Las Villas is a brick-and-mortar healthcare facility dedicated to the Spanish speaking community. Our expert-led services include advanced sexual health treatments, and customized solutions to enhance physical performance. We combine compassionate, personalized care with clear, trustworthy education—empowering you to take control of your health with confidence. To learn more please visit: LLC. Doconsultation was born with a passion to modernize the availability and delivery of home therapies. DOConsultations providers tailor a medication plan around your health and wellness goals and follow up with our patients to ensure results, while our partner pharmacies conveniently ship directly to your door. To learn more please visit: Avenvi, LLC. Avenvi is a diversified real estate company engaged in development, asset management, and financing. With a growing portfolio of real estate holdings, Avenvi provides turnkey solutions from development to end-user financing. It also manages investment activities for ETST and oversees the Company's ongoing $5 million share repurchase program. To learn more please visit: MagneChef MagneChef is a direct-to-consumer retail brand. Utilizing its patents and intellectual properties, the company aims to develop new products that can be marketed and sold online. Currently, the company has developed products for cooking. MagneChef is in the process of expanding its product line for new offerings that incorporate its intellectual property. To learn more please visit: About Earth Science Foundation, Inc. Earth Science Foundation Inc. a 501(c)(3) nonprofit organization incorporated on February 11, 2019, is the charitable arm of ETST. ESF accepts grants and donations to assist individuals who need financial support for prescription costs at both RxCompound and Mister Meds. SAFE HARBOR ACT: Forward-Looking Statements. Except for historical information, the matters discussed herein may be considered 'forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including, without limitation, future-oriented statements related to cash flow, gross margins, revenues, and expenses. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts. They may include forward-looking words such as 'expect,' 'expectation,' 'believe,' 'anticipate,' 'may,' 'could,' 'intend,' 'belief,' 'plan,' 'estimate,' 'target,' 'predict,' 'likely,' 'seek,' 'project,' 'model,' 'ongoing,' 'will,' 'should,' 'forecast,' 'outlook' or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from our intent, belief or current expectations, including, inter alia, the markets for the Company's products and services, costs of goods and services, other expenses, government regulations, litigations, and general business conditions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. Company Contact:Giorgio R. SaumatCEO and Chairman of the Board(305) 724-5684 [email protected]
Business Wire
3 days ago
- Business
- Business Wire
Capstone Green Energy Announces Financial Results for First Quarter of Fiscal 2026 Ended June 30, 2025
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Holdings, Inc. (the "Company' or 'Capstone') (OTCID: CGEH), the public successor to Capstone Green Energy Corporation, announced its financial results for the first quarter of fiscal year 2026, ended June 30, 2025. The Company continues to focus on driving its Three Pillar strategy: (1) financial health, (2) sustainable excellence, and (3) revitalizing culture and talent. These Three Pillars are intended to drive behavioral changes in our culture, generating results that lead to strong and sustainable financial performance. 'The Company's improving financial health and the resurgence of customers' confidence with Capstone is providing an opportunity for increased participation in the evolving data center and microgrid segments.' Share Revenue for the first quarter of fiscal year 2026 was $27.9 million, compared to revenue for the first quarter of fiscal year 2025 of $15.6 million. The first quarter revenue improved by $12.3 million year-over-year, driven by higher demand in our products and accessories category as well as improved rental utilization rates within the company's Energy as a Service (EaaS) revenue stream. First Quarter Fiscal 2026 Highlights: Gross profit for the first quarter of 2026 was $7.6 million, which was $3.8 million higher than the $3.8 million gross profit for the first quarter of fiscal 2025. Further, gross margin was 27%, which was an improvement of 3 percentage points over the 24% gross margin for the first quarter of fiscal 2025. The $3.8 million gross profit increase was driven by higher product pricing and product mix, as well as higher rental pricing and rental fleet utilization. Gross margin improvement was primarily driven by product price realization, along with our DFMA cost-out initiatives implemented throughout Fiscal Year 2025. The Company delivered a net loss of $0.7 million for the first quarter of fiscal 2026, compared to a net loss of $3.9 million for the first quarter of fiscal 2025, primarily due to the $3.8 million higher gross profit and $1.5 million reduction in non-recurring professional expenses in the first quarter of fiscal 2026. Adjusted EBITDA for the first quarter of fiscal 2026 was $2.7 million versus $0.7 million for the first quarter of fiscal 2025, with the $2.0 million improvement primarily due to improved gross margin offset by a slight increase in operating expenses. Total cash as of June 30, 2025, was $6.6 million, a decrease of $2.0 million from March 31, 2025, primarily due to increased use of working capital in accounts receivable and deferred revenue, partially offset by the source of working capital from accounts payable. Net cash used by operating activities was $1.6 million for the three months ended June 30, 2026, vs. $2.1 million provided by operating activities for the three months ended June 30, 2025. The $3.7 million change was mainly a result of the higher sales and increased accounts receivable, the timing of deferred revenue recognition, the change in accounts payable, and Factory Protection Plan liability. The Company continues to remain compliant with its financial covenants. 'Capstone's resilience and the continued dedication to excellence have delivered the fifth straight quarter of positive Adjusted EBITDA on improved product and rental revenues. The effects of the prior price increase and the design for manufacturing and assembly (DFMA) cost-out programs delivered gross profit and gross margin increases over the first quarter of Fiscal Year 2025,' said John Juric, Chief Financial Officer of Capstone. 'The Company's improving financial health and the resurgence of customers' confidence with Capstone is providing an opportunity for increased participation in the evolving data center and microgrid segments.' 'The foundational strides we've made in our business uniquely position us on the global stage, just as the surge in distributed generation and microgrid growth gains momentum,' said Vince Canino, President and CEO of Capstone. 'As we continue our journey to become the premier provider of distributed generation and microgrid solutions, delivering fuel flexibility, operational resilience, and low emissions, we remain steadfast in our commitment to reducing the world's carbon footprint in a sustainable and responsible way.' Canino continued, 'Our consistent delivery of strong financial performance over the last five quarters, even amid the dynamic conditions of the past six months, is a clear testament to the strength of our Three-Pillar Strategy and our culture of accountable execution. It has become a true bellwether for the future of our business.' Earnings Conference Call Webcast The Company will hold its First Quarter Fiscal Year 2026 financial results conference call and webcast on Friday, August 15, 2025, at 9:00 am Pacific Time Participant (Listen Only) Dial-In Numbers: Domestic Callers: (888) 506-0062 International Callers: (973) 528-0011 Participant Access Code: 786967 Access By Webcast The call will be simultaneously webcast over the Internet via the ' Investor Relations ' section of Capstone's website or by using this direct link: At the end of the webcast, management will answer questions that have been submitted by the audience. A webcast replay of the call will be archived on the Company's website for 90 days. About Capstone Green Energy For almost four decades, Capstone Green Energy has been at the forefront of clean technology using microturbines, revolutionizing how businesses manage their energy supply on a sustainable basis. In partnership with our worldwide team of dedicated distributors, we have shipped over 10,600 units to 88 countries, lowering our clients' carbon footprint with highly efficient on-site energy systems and microgrid solutions. Today, our commitment to a cleaner future is unwavering. We offer customers a range of microturbine products ranging from 65 kilowatts to multiple megawatts for commercial, industrial, and utility-scale spaces uniquely tailored to their specific needs. Capstone's solutions portfolio not only showcases our core clean technology microturbines but also includes flexible Energy-as-a-Service (EaaS) offerings, including build, own, and operate models, as well as rental services. Capstone's fast, turnkey power rental solutions are intended to address customers with limited capital or short-term needs; for more information, contact rentals@ In our pursuit of cutting-edge solutions, we've forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer solutions that utilize renewable gas products and heat recovery solutions. These solutions greatly enhance the sustainability and efficiency of our clients' operations while contributing to a cleaner and more responsible sustainable energy landscape. For more information about the Company, please visit Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube. Cautionary Notes This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements related to future profitability and the growth of the business. The Company has tried to identify these forward-looking statements by using words such as 'expect,' 'anticipate,' 'believe,' 'could,' 'should,' 'estimate,' 'intend,' 'may,' 'will,' 'plan,' 'goal' and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company's liquidity position and ability to access capital; the Company's ability to continue as a going concern; the Company's ability to successfully remediate the material weakness in internal control over financial reporting; the Company's ability to realize the anticipated benefits of its financial restructuring; the Company's ability to comply with the restrictions imposed by covenants contained in the exit financing and the new subsidiary limited liability company agreement; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies; employee attrition and the Company's ability to retain senior management and other key personnel following the restructuring; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; including the impacts of any changes in tariff policies; the impact of litigation and regulatory proceedings; the potential material adverse effect on the price of the Company's common stock and stockholder lawsuits. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. March 31, Assets 2025 2025 Current Assets: Cash $ 6,628 $ 8,671 Accounts receivable, net of allowances of $827 at June 30, 2025 and $607 at March 31, 2025 10,706 7,037 Inventories 16,583 16,615 Lease receivable, current 117 113 Prepaid expenses and other current assets 3,488 3,653 Total current assets 37,522 36,089 Property, plant, equipment and rental assets, net 18,715 19,362 Finance lease right-of-use assets 4,030 3,787 Operating lease right-of-use assets 5,741 8,282 Non-current portion of inventories 3,077 3,464 Lease receivable, non-current 1,146 1,175 Other assets 2,530 2,705 Total assets $ 72,761 $ 74,864 Liabilities, Temporary Equity and Stockholders' Deficit Current Liabilities: Accounts payable $ 15,159 $ 14,092 Accrued expenses 1,640 1,447 Accrued salaries and wages 3,410 2,838 Accrued warranty reserve 1,134 1,070 Deferred revenue 10,159 13,351 Finance lease liability, current 2,896 2,017 Operating lease liability, current 2,441 3,539 Factory protection plan liability 6,878 6,256 Exit new money notes, net of discount, current 8,100 7,968 Total current liabilities 51,817 52,578 Deferred revenue, non-current 568 598 Finance lease liability, non-current 448 248 Operating lease liability, non-current 3,519 4,988 Exit new money notes, net of discount, non-current 24,597 24,213 Total liabilities 80,949 82,625 Commitments and contingencies Temporary equity: Redeemable noncontrolling interests 13,859 13,859 Stockholders' deficit: Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued — — Common stock, $.001 par value; 59,400,000 shares authorized, 18,879,448 shares issued and outstanding at June 30, 2025; 18,643,587 shares issued and outstanding at March 31, 2025 19 18 Non-voting common stock, $.001 par value; 600,000 shares authorized, 508,475 shares issued and outstanding at June 30, 2025 and March 31, 2025 1 1 Additional paid-in capital 955,765 955,407 Accumulated deficit (977,698 ) (977,000 ) Treasury stock, at cost; 176,494 shares at June 30, 2025 and 57,202 shares at March 31, 2025 (134 ) (46 ) Total stockholders' deficit (22,047 ) (21,620 ) Total liabilities, temporary equity and stockholders' deficit $ 72,761 $ 74,864 Expand CAPSTONE GREEN ENERGY HOLDINGS, INC. AND SUBSIDIARIES (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2025 2024 Revenue, net: Product and accessories $ 15,720 $ 5,423 Parts and service 7,938 7,837 Rentals 4,213 2,383 Total revenue, net 27,871 15,643 Cost of goods sold: Product and accessories 14,518 5,998 Parts and service 3,759 3,445 Rentals 2,030 2,413 Total cost of goods sold 20,307 11,856 Gross profit 7,564 3,787 Operating expenses: Research and development 814 548 Selling, general and administrative 6,921 6,783 Total operating expenses 7,735 7,331 Loss from operations (171 ) (3,544 ) Other income 436 591 Interest income 53 2 Interest expense (1,011 ) (978 ) Loss before provision for income taxes (693 ) (3,929 ) Provision for income taxes 5 8 Net loss (698 ) (3,937 ) Net loss per share of common stock and non-voting common stock—basic and diluted $ (0.04 ) $ (0.21 ) Weighted average shares used to calculate basic and diluted net loss per common stock and non-voting common stock 19,366 19,049 Expand CAPSTONE GREEN ENERGY HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended June 30, 2025 2024 Cash Flows from Operating Activities: Net loss $ (698 ) $ (3,937 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 926 1,014 Amortization of financing costs and discounts 23 13 Paid-in-kind interest expense 493 924 Non-cash lease expense 821 979 Provision for credit loss expense 227 146 Inventory write-down 166 155 Provision (benefit) for warranty expenses 70 (81 ) Stock-based compensation 349 57 Changes in operating assets and liabilities: Accounts receivable (4,170 ) (809 ) Inventories 253 262 Lease receivable 25 — Prepaid expenses, other current assets and other assets 274 851 Accounts payable 2,356 4,171 Accrued expenses 124 (366 ) Operating lease liability, net (847 ) (989 ) Accrued salaries and wages and long-term liabilities 617 38 Accrued warranty reserve (6 ) (22 ) Deferred revenue (3,222 ) 626 Factory protection plan liability 623 (940 ) Net cash provided by (used in) operating activities (1,596 ) 2,092 Cash Flows from Investing Activities: Expenditures for property, plant, equipment and rental assets (126 ) (149 ) Net cash used in investing activities (126 ) (149 ) Cash Flows from Financing Activities: Acquisition of treasury stock (134 ) — Repayment of finance lease obligations (187 ) (53 ) Net cash used in financing activities (321 ) (53 ) Net increase (decrease) in Cash (2,043 ) 1,890 Cash, Beginning of Period 8,671 2,085 Cash, End of Period $ 6,628 $ 3,975 Supplemental Disclosures of Cash Flow Information: Interest $ 479 $ 39 Income taxes $ 14 $ 5 Supplemental Disclosures of Non-Cash Information: Right-of-use assets obtained in exchange for operating lease obligations $ 1,419 $ — Right-of-use assets obtained in exchange for finance lease obligations $ 396 $ — Acquisition of treasury stock with accrued liabilities $ 46 $ — Settlement of lease liabilities through accounts receivable $ 210 $ 184 Operating lease modified to finance lease $ 614 $ — Accounts payable negotiated in lease modification $ 1,289 $ — Expand CAPSTONE GREEN ENERGY HOLDINGS, INC. AND SUBSIDIARIES PRESENTATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2025 2024 Net Loss $ (698 ) $ (3,937 ) Interest Expense 1,011 978 Provision for income taxes 5 8 Depreciation 926 1,014 EBITDA $ 1,244 $ (1,937 ) Stock-based compensation 349 57 Restructuring Expense 189 234 Financing Expense 55 35 Shareholder litigation — 508 Extraordinary Legal Costs (25 ) 170 Restatement & SEC Investigation Costs 337 1,666 Merger and Acquisition Activity 549 — Adjusted EBITDA $ 2,698 $ 733 Expand To supplement the Company's unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA, a non-GAAP financial measure. This non-GAAP financial measure is among the indicators management uses as a basis for evaluating the Company's financial performance as well as for forecasting future periods. Management establishes performance targets, annual budgets and makes operating decisions based in part upon this metric. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the company's economic performance year-over-year. EBITDA is defined as net income (loss) before interest, provision for income taxes and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before stock-based compensation, restructuring, financing, shareholder litigation, non-recurring legal, restatement and SEC investigation expenses, and reorganization items. Restructuring expenses relate to the Chapter 11 bankruptcy filing and financing expenses related to the evaluation and negotiation of the Company's senior indebtedness. Shareholder litigation expense resulting from the restatement of the Company's financials and non-recurring legal expenses are one-time non-recurring legal fees. Restatement expenses are professional fees related to the restatement of the Company's prior year financials. SEC investigation expenses relate to the costs arising from the restatement of the Company's financials. Reorganization items represent adjustments occurring during the bankruptcy period. Adjusted EBITDA is not a measure of the Company's liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of its liquidity. While management believes that the Company's presentation of Adjusted EBITDA provides useful supplemental information to investors, there are limitations associated with the use of this non-GAAP financial measure. Adjusted EBITDA is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the methods of calculation. The Company's non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
Yahoo
3 days ago
- Business
- Yahoo
Altima Energy Inc. Closes Non-Brokered Private Placement for Gross Proceeds of $5,500,000
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2025) - Altima Energy Inc. (TSXV: ARH) (OTCID: ARSLF) ("Altima" or the "Company") announces that it has received conditional approval from the TSX Venture Exchange (the "Exchange") and has closed its previously announced non-brokered private placement offering of $5,500,000 (the "Financing"). The Company has issued a total of 20,000,000 Units at $0.275 per Unit for aggregate proceeds of $5,500,000. Each Unit consists of one common share and one common share purchase warrant, each such warrant entitling the holder thereof to purchase one additional common share of the Company, exercisable for a period of two (2) years from the date of issuance at a price of $0.40 per share. Closing of the Financing remains subject to receipt of final acceptance from the Exchange. Certain eligible finders (the "Finders") were paid in connection with the Financing in accordance with policies of the Exchange to a total of $174,128 and a total of 633,194 Finders' warrants. Each Finder's warrant is exercisable to acquire one common share of the Company at $0.40 per share for a period of two (2) years. No Directors or Officers have subscribed in the Financing. All securities issued pursuant to the Financing will be subject to statutory hold periods expiring no earlier than December 7, 2025. Proceeds from the Financing will be used for the development of the Company's oil and gas operations, future acquisitions, debt retirement and general working capital. A portion of the proceeds of the Financing, estimated at $2,300,000 will be used to repay a secured loan (as hereinafter defined). The Secured Loan On August 15, 2024, the Company entered into a loan agreement (the "Loan Agreement") with an arm's length lender (the "Lender"). Pursuant to the terms of the Loan Agreement the Lender agreed to lend the Company Cdn$2,000,000 (the "Loan"). In connection with the Loan Agreement, the Company also entered into a general security agreement providing for security for the loan against all of the Company present and after acquired assets. The Loan bears interest at a rate of 10% per annum, payable monthly, and has a maturity date of January 31, 2025. Pursuant to the terms of the Loan Agreement, the Company will pay a one-time bonus payment of $200,000 to the Lender and a further 10% annual interest is payable for any unpaid portion of the loan after the date of maturity. Repayment of the Loan remains subject to final acceptance of the Exchange. About Altima Energy Inc. Altima Energy is a Vancouver-headquartered oil and gas exploration and production company with a strategic focus on unlocking the potential of hydrocarbon assets across North America. Committed to efficient resource development, Altima combines cutting-edge technology and industry expertise to drive operational excellence and deliver sustainable growth. With a focus on long-term value creation, Altima is dedicated to enhancing returns for its shareholders while maintaining a disciplined approach to asset management. ON BEHALF OF THE BOARD SIGNED: "Richard Barnett" Richard Barnett; CFOEmail: info@ 1-604-336-8610 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Statements: Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the expected receipt of final approval of the Exchange for the Financing, the expected final approval of the Loan and its repayment, and the expected use of proceeds of the Financing. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis under the heading "Risk and Uncertainties", a copy of which is filed on SEDAR Plus, at and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements. To view the source version of this press release, please visit
Yahoo
4 days ago
- Automotive
- Yahoo
E-Cite Motors Narrows U.S. EV Assembly Plant Search to Four Business-Friendly States
While Industry Giants Face Location Headwinds, E-Cite (VAPR) Targets Michigan, Ohio, Florida, and Nevada for Strategic Expansion BOTHELL, WASHINGTON / / August 7, 2025 / E-Cite Motors Group (OTCID:VAPR) announced today that it has narrowed the final location candidates for its U.S. electric vehicle final assembly plant to four states: Michigan, Ohio, Florida, and Nevada. Following a detailed evaluation process, these states emerged as front-runners based on key business criteria including affordable real estate, availability of a skilled workforce, strong state and local incentives, tax advantages, and overall livability. This decision marks a pivotal step in E-Cite's U.S. production strategy as the company prepares to scale manufacturing for its next-generation EV lineup. Strategic Evaluation Criteria & Industry Context Cost-Effective Real Estate and Operations: Each of the four finalist states offers favorable land, utility, and operating costs-critical factors in high-efficiency vehicle production. Nevada and Florida in particular offer exceptional savings in property, labor, and energy costs. Nevada has already proven to be fertile ground for EV manufacturing, serving as the site of Tesla's (TSLA) Gigafactory near Reno. Neighboring Arizona, home to Lucid Motors (LCID), also demonstrates the region's capacity for high-tech automotive production. Skilled Workforce Availability: Michigan and Ohio maintain decades of automotive manufacturing expertise. Michigan is home to major production centers for Ford (F), General Motors (GM), and Rivian (RIVN). Ohio supports ongoing innovation from Honda and Lordstown Motors, providing E-Cite with access to a robust and highly skilled labor pool. Incentives and Government Support: State and local officials across the finalist locations have extended strong business incentives, including tax credits, infrastructure enhancements, and workforce development support. These states consistently rank among the most competitive for manufacturing investment and industrial growth. Favorable Tax Climate and Livability: Florida and Nevada both have no state income tax, making them particularly attractive for both operational costs and talent recruitment. All four states offer a lower cost of living compared to the national average, supporting long-term workforce stability and retention. Eliminated States: California and Washington E-Cite Motors confirmed that California and Washington were officially removed from consideration due to high operational costs, elevated taxation, burdensome regulations, restrictive labor laws, and a political climate perceived as hostile to business growth. Although California is home to leading EV brands such as Tesla (TSLA) and several startups, its prohibitive regulatory and tax environment creates challenges for new entrants. Washington-E-Cite's current headquarters-presents similar issues, with rising costs and increasingly complex employment rules making it an unviable option for large-scale assembly operations. "Our mission to build innovative EVs at scale demands an environment that enables-not restricts-progress," said Barry Henthorn, CEO of E-Cite Motors. "While we respect the innovation legacy of places like California and Washington, the cost and complexity of doing business there are incompatible with our agile, forward-looking model." Gene Langmesser, COO, added: "The four states still under consideration align perfectly with our values of efficiency, performance, and long-term growth. We've been incredibly impressed by the support and infrastructure offered by these locations." Final Site Selection Expected by End of Q3 2025 E-Cite Motors plans to finalize the site selection by the end of the third quarter of 2025. Construction of the new facility is expected to begin shortly thereafter, with production following rapidly. The selected location will serve as the company's primary U.S. assembly hub and support E-Cite's ambitious market entry and expansion goals. About E-Cite Motors Group (OTCID:VAPR): E-Cite Motors Group is a next-generation electric vehicle manufacturer redefining the American automobile by producing premium EVs that combine timeless design with groundbreaking performance. Unlike traditional automakers, E-Cite employs a modular EV platform that allows for rapid development, high efficiency, and reduced environmental impact. E-Cite's vehicles are developed under a low-volume manufacturing model, enabling the company to bypass certain regulatory hurdles and accelerate delivery of innovative models to consumers. From modernized classic sports cars to record-breaking electric trucks, E-Cite is committed to "leading the EV evolution through innovation, agility, and intelligent design". The company is headquartered in Bothell, Washington, and is majority owned by Innovative EV Technologies, Inc. Contact: Innovative EV Technologies, Inc. dba E-Cite MotorsEmail: ceo@ SOURCE: Innovative EV Technologies dba E-Cite Motors View the original press release on ACCESS Newswire Sign in to access your portfolio
Business Wire
6 days ago
- Automotive
- Business Wire
Panamera Holdings Corporation Bolsters Balance Sheet by $100M After Inking Deal with Rain Cage Carbon, Gains Strategic Operations and Key Automotive Relationship
HOUSTON--(BUSINESS WIRE)--Panamera Holdings Corporation (OTCID: PHCI) Panamera Holdings, an innovative company specializing in metals recycling, domestically sourced critical earth materials from recycling CO₂, and energy production, today announced that it has successfully closed on its head license agreement with Rain Cage Carbon, Inc. under the terms and conditions previously announced, securing exclusive rights throughout the U.S. and Mexico to Rain Cage's groundbreaking carbon conversion and clean energy technologies. The finalized agreement marks a transformative milestone for Panamera, granting the company a 30-year exclusive license to manufacture, deploy, and commercialize Rain Cage Carbon's technology and Rain Cage Carbon's Eden™ System technology. Rain Cage Carbon's patented, proprietary processes enable clean, high-efficiency on-demand power for vital infrastructure requirements. The ability to provide off-grid power is a critical advancement in addressing AI power consumption, energy autonomy and security, and complements national policies regarding aluminum supply chains, domestic energy and usage needs, and regulatory requirements. The Eden™ System creates low-cost advanced nanocarbon products, including carbon nanotubes and fullerenes for next-generation battery power and energy storage applications as well as a myriad of applications in aerospace, nuclear, automotive, mechanical, and electronic industries. The unique properties of these carbon nanotubes and fullerenes provide High Electron Mobility which enables efficient charge transport and energy storage, Thermal Stability for high temperature applications, and Mechanical Strength ideal for composite materials and structural uses. In addition to Rain Cage's license agreement covering multiple established technologies, Panamera Holdings gains existing operations in North Dakota and a strategic investment from a major automotive producer which will allow Panamera to align the company with one of the world's most respected automotive manufacturers and provide immediate infrastructure and operational synergies. These developments collectively add an additional $100 million to the balance sheet and position the company to scale across North America. Given the increasing demand for clean, renewable energy and carbon-based materials in high-performance sectors, Panamera projects significant expansion potential, targeting a multi- trillion-dollar addressable market over the next decade. Former founder of Metal Management (now Sims Metal Management with a $4B market cap), T. Benjamin Jennings, CEO and Chairman of Panamera, is unlocking immense value across multiple verticals. 'This is an unprecedented opportunity -both for our shareholders and for meeting the growing needs of industry and our country through efficient, clean, renewable energy. We are committed to delivering key solutions for on- demand energy and demonstrably extended battery life by using proven methodologies that are both profitable and sustainable. All materials will be sourced and produced in the U.S., reinforcing our commitment to domestic innovation and self-reliance. The initial licensing and partnership agreements represent a major technical and financial milestone for our stakeholders. By combining our strengths, we are positioned to drive greater impact through innovation, real-world application, and economic value. One early indication of this momentum is the addition of over $100M to the equity side of our balance sheet, along with the collaboration of an exceptional team,' said Jennings. Blair Aiken, Rain Cage's Chairman and Co-Founder and Panamera's Chief Science Officer and Vice-Chairman of the Board stated: 'This partnership is a seismic shift in the critical minerals and power generation sectors. By harnessing the power of EDEN™ System Carbon Technology, we're not just driving innovation, we are redefining the future of sustainable energy and infrastructure. With Panamera, we've found a partner with the capital markets expertise, industry know-how, and global vision to bring our technology to life on a scale that will leave an indelible mark on the United States and Mexico. Together, we are building solutions for both today's industrial needs and tomorrow's environmental challenges.' Forward-Looking Outlook: Panamera anticipates accelerated revenue growth beginning in FY2026. With commercial deployments and material supply agreements already in negotiation, the company is evaluating further expansion opportunities which are expected to drive significant revenue generation. About Panamera Holdings Corporation Panamera Holdings Corporation (OTCID: PHCI) is a U.S.-based metals and clean energy company focused on deploying advanced technologies that transform industrial and environmental challenges into profitable, sustainable solutions. Through strategic partnerships and cutting-edge technology, Panamera is building the foundation for next-generation energy and materials supply. About Rain Cage Carbon, Inc. Rain Cage Carbon is a private clean technology company focused on the development of profitable carbon capture and power technologies. Its proprietary EDEN™ System captures and converts CO₂ into Advanced Carbon, enabling transformative applications in energy, health, and industry. Through its expanding suite of technologies, Rain Cage Carbon helps industries decarbonize while unlocking new economic opportunities. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains 'forward-looking statements' within the meaning of the U.S. federal securities laws about Panamera Holdings, Rain Cage Carbon, Inc. and the contents of the Letter of intent, including but not limited to all statements about the timing and approvals of the proposed agreements; ability to consummate and finance any transactions, methods of financing; integration of any transactions; future operations or benefits; future capital allocation; future business and financial performance of Panamera Holdings and Rain Cage Carbon, Inc. and the ability to achieve full year financial guidance; future leverage ratio; future share repurchases; and all outcomes of the proposed agreement, including synergies, cost savings, and impact on earnings, cash flow growth, return on capital, shareholder returns, and strength of the balance sheet, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as 'expect,' 'likely,' 'outlook,' 'forecast,' 'preliminary,' 'would,' 'could,' 'should,' 'can,' 'will,' 'project,' 'intend,' 'plan,' 'goal,' 'guidance,' 'target,' 'continue,' 'sustain,' 'synergy,' 'on track,' 'believe,' 'seek,' 'estimate,' 'anticipate,' 'may,' 'possible,' 'assume,' and variations of such words and similar expressions are intended to identify such forward-looking statements. You should view these statements with caution and should not place undue reliance on such statements. They are based on the facts and circumstances known to Panamera Holdings and Rain Cage Carbon (as the case may be) as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, general economic and capital market conditions; global geopolitical conditions, including increased costs, social and commercial disruption, service reductions and other adverse effects on business, financial condition, results of operations and cash flows; the effects that the announcement or pendency of any transactions may have on Panamera Holdings, Rain Cage Carbon, Inc., their respective business, and their ability to retain and hire key personnel and maintain relationships with customers, suppliers, and others with whom they do business; inability to obtain required regulatory or government approvals or to obtain such approvals on satisfactory conditions; inability to obtain stockholder approval or satisfy other closing conditions; inability to obtain financing; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement; the effects that any termination of the definitive agreement may have on Rain Cage Carbon, Inc., or its business; legal proceedings that may be instituted related to the proposed acquisition; significant and unexpected costs, charges or expenses related to the proposed acquisition; failure to successfully integrate the acquisition, realize anticipated synergies or obtain the results anticipated; and other risks and uncertainties described in Panamera Holdings' and Rain Cage Carbon. Inc.'s filings with the SEC, including Part I, Item 1A of each company's most recently filed Annual Report on Form 10-K, and subsequent reports on From 10-Q, which are incorporated herein by reference, and in other documents that Panamera Holdings or Rain Cage Carbon, Inc. file or furnish with the SEC. Except to the extent required by law, neither Panamera Holdings nor Rain Cage Carbon, Inc. assume any obligation to update any forward- looking statement, including financial estimates and forecasts, whether as a result of new information, future events, circumstances or developments or otherwise.
