Revenue grew 18% to $92 million for fiscal 2019; loss per share
was $0.03, adjusted EPS was $0.51
Backlog remains strong at $132 million; Fiscal 2019 book-to-bill
ratio was 1.1x
Expecting fiscal 2020 revenue between $95 million and $100
million; represents 14% to 20% growth, excluding commercial nuclear
utility business which is for sale
BATAVIA, N.Y.–(BUSINESS WIRE)–Graham
Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, today reported financial
results for its fourth quarter and year ended March 31, 2019 (“fiscal
Net sales in the fourth quarter of fiscal 2019 were $23.6 million, up 7%
compared with the fourth quarter of the fiscal year ended March 31, 2018
(“fiscal 2018”). Net loss in the fiscal 2019 fourth quarter was $4.6
million, or $0.46 loss per diluted share. Excluding non-cash charges for
goodwill and intangible and other long-lived asset impairments, adjusted
net income and adjusted EPS, both of which are non-GAAP measures, for
the fourth quarter of fiscal 2019 were $0.8 million, and $0.08,
respectively. Net income and earnings per share (“EPS”) in the fiscal
2018 fourth quarter were $0.8 million and $0.09, respectively. Excluding
the impact of the U.S. Tax Cuts and Jobs Act tax reform legislation
passed in December 2017, adjusted net income and adjusted EPS, both of
which are non-GAAP measures, for the fourth quarter of fiscal 2018 were
$0.6 million and $0.07, respectively. Refer to the Company’s disclosures
regarding the use of non-GAAP measures later in this release.
Net sales for fiscal 2019 were $91.8 million, up 18% compared with $77.5
million in fiscal 2018. Fiscal 2019 net loss was $0.3 million, or a loss
of $0.03 per diluted share, compared with a net loss of $9.8 million, or
$1.01 per diluted share, in fiscal 2018. Excluding unusual charges,
adjusted net income for fiscal 2019 was $5.0 million, or $0.51 per
diluted share, compared with adjusted net income of $1.8 million, or
$0.18 per diluted share, in fiscal 2018, all on a non-GAAP basis. Refer
to the Company’s disclosures regarding the use of non-GAAP measures
later in this release.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We had solid revenue growth in the quarter and the year, as
expected. However, the mix of projects and performance of our commercial
nuclear utility business dampened gross margins throughout the year.
While disappointing, we remain focused on solid execution and quality
service for our customers, and strong cost discipline to strengthen our
earnings potential. Likewise, we will continue to invest in our business
in line with our strategy to drive our long-term future.”
He added, “Our investments in personnel for our strategy are affecting
margins in the near term but remain important as we identify and capture
opportunities to achieve our growth and profitability goals. We are
encouraged by our solid order activity and strong backlog, which give us
confidence in a healthy outlook for the coming fiscal year and beyond.”
Fourth Quarter Fiscal 2019 Sales Summary
accompanying financial tables for a breakdown of sales by industry and
Consolidated net sales were up $1.4 million, or 7%, driven by $3.8
million and $1.7 million increases in sales to the
chemical/petrochemical and refining industries, respectively. These
increases were partially offset by $2.8 million and $1.2 million of
lower sales to the Company’s other commercial, industrial and defense
markets, and the power industry, respectively.
From a geographic perspective, U.S. sales represented 70% of
consolidated sales in the fiscal 2019 fourth quarter compared with 66%
in the fourth quarter of fiscal 2018. International sales were 30% of
consolidated sales in the fiscal 2019 quarter, compared with 34% in the
prior-year comparable period. U.S. based sales were driven by the
chemical/petrochemical and refining markets noted above.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that
such quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve month basis.
Fourth Quarter Fiscal 2019 Operating Performance Review
|($ in millions except per share data)||Q4 FY19||Q4 FY18||Change|
|Operating (loss) profit||$||(5.8||)||$||0.7||$||(6.5||)|
|Net (loss) income||$||(4.6||)||$||0.8||$||(5.4||)|
|Non-GAAP financial measures:|
|Adjusted operating profit||$||0.6||$||0.7||$||(0.1||)|
|Adjusted operating margin||2.6||%||3.3||%|
|Adjusted net income||$||0.8||$||0.6||$||0.2|
|Adjusted diluted EPS||$||0.08||$||0.07||$||0.01|
|Adjusted EBITDA margin||5.8||%||6.3||%|
Refer to pages 11 and 12 of this press release.
Graham believes that, when used in conjunction with measures prepared in
accordance with GAAP, adjusted operating profit, adjusted operating
margin (adjusted operating profit as a percentage of sales), adjusted
net income, adjusted diluted EPS, adjusted EBITDA and adjusted EBITDA
margin (adjusted EBITDA as a percentage of sales), which are non-GAAP
measures, help in the understanding of its operating performance.
Moreover, Graham’s credit facility also contains ratios based on EBITDA. See
the attached tables for additional important disclosures regarding
Graham’s use of adjusted operating profit, adjusted operating margin,
adjusted net income, adjusted diluted EPS, adjusted EBITDA and
adjusted EBITDA margin as well as reconciliations of operating (loss)
profit to adjusted operating profit and reconciliations of net (loss)
income to adjusted net income and adjusted EBITDA. This
disclosure regarding Graham’s use of non-GAAP measures for the fourth
quarters also applies to fiscal year data reflected later in this
The results for the fiscal 2019 and 2018 fourth quarters were relatively
comparable on a non-GAAP basis, with adjusted EPS of $0.08 in the fiscal
2019 fourth quarter compared with $0.07 in the fiscal 2018 fourth
quarter. While gross margin was lower in the fiscal 2019 quarter, net
income benefited from higher interest and other income.
Fourth quarter fiscal 2019 gross profit and margin were unfavorably
impacted by project mix, including the commercial nuclear utility
Selling, general and administrative (“SG&A”) expenses were $4.2 million
in the fourth quarters of both fiscal 2019 and 2018. SG&A as a percent
of sales was approximately 18% and 19% in the fourth quarters of fiscal
2019 and fiscal 2018, respectively.
Given ongoing challenges in the nuclear industry faced by relatively
small market participants, during the fourth quarter of fiscal 2019 the
Company decided to divest its commercial nuclear utility business,
Energy Steel. Upon evaluating the potential market value of the Energy
Steel business, Graham determined that the intangible assets, goodwill,
and other long-lived assets were impaired. Accordingly, the Company
recorded a $6.4 million impairment charge, $5.3 million net of tax, in
the fiscal 2019 fourth quarter.
Jeffrey Glajch, Graham’s Vice President and Chief Financial Officer,
noted, “While Energy Steel was successful in prior years, the changes in
the commercial nuclear utility industry over the last several years have
caused significant erosion of this business. Accordingly, we have
decided that it has more potential with a different partner and we are
in discussions to sell the business.”
During the fourth quarter of fiscal 2019, Graham’s effective tax rate
was not meaningful due to the non-deductibility of the goodwill portion
of the commercial nuclear utility business write down. The prior year’s
fourth quarter effective tax rate benefited from the impact of adopting
the 2017 U.S. Tax Cuts and Jobs Act.
Fourth quarter fiscal 2019 adjusted net income and adjusted diluted EPS
excluded $5.3 million of net-of-tax impairment charges. Fourth quarter
fiscal 2018 adjusted net income and adjusted diluted EPS excluded a $0.2
million tax benefit for adoption of the new federal tax rates as a
result of the tax reform legislation adopted in December 2017.
Adjusted EBITDA (defined as consolidated net (loss) income before net
interest income, income taxes, depreciation and amortization, goodwill
and other impairments and other charges associated with the revaluation
of the commercial nuclear utility business, and a nonrecurring
restructuring charge, where applicable) was approximately the same
during the fiscal 2019 and fiscal 2018 fourth quarters.
Full Year Fiscal 2019 Review
|($ in millions except per share data)||FY19||FY18||Change|
|Non-GAAP financial measures:|
|Adjusted operating profit||$||4.0||$||1.5||$||2.5|
|Adjusted operating margin||4.4||%||1.9||%|
|Adjusted net income||$||5.0||$||1.8||$||3.2|
|Adjusted diluted EPS||$||0.51||$||0.18||$||0.33|
|Adjusted EBITDA margin||7.7||%||5.4||%|
Refer to pages 11 and 12 of this press release.
The improvement in operating loss, operating margin, net loss and
diluted EPS during fiscal 2019 compared with fiscal 2018 was primarily
driven by the change in impairment charges for goodwill and intangible
and other long-lived assets. Adjusted net income and adjusted EPS
exclude such charges as well as other items, resulting in a $3.2 million
and $0.33 improvement over the prior year, respectively, driven by
higher sales and improved operating performance.
International sales grew 27% to $32.4 million in fiscal 2019 and
represented 35% of total sales, compared with $25.6 million, or 33% of
sales in the prior year. Sales to the U.S. grew 14% to $59.4 million, or
65% of fiscal 2019 net sales, compared with $51.9 million, or 67% of
fiscal 2018 net sales.
The increase in gross profit and margin were driven by higher volume
stemming from the 18% increase in sales when compared with the prior
year, as well as ongoing improvement to backlog quality and project mix,
partially offset by higher production costs.
SG&A in fiscal 2019 was $17.9 million, up 13%, or $2.1 million. The
increase in SG&A was primarily due to higher compensation costs for new
personnel, higher sales-related costs, and higher performance-based
compensation. As a percent of sales, SG&A was 20% for both fiscal 2019
Similar to the fourth quarter, Graham’s effective tax rate for fiscal
2019 was not meaningful due to the non-deductibility of the goodwill
portion of the commercial nuclear utility business write down. Fiscal
2018 results were impacted by a $0.8 million favorable adjustment to
income taxes upon implementation of the 2017 U.S. Tax Cuts and Jobs Act,
which also had a beneficial impact on the fiscal 2019 overall effective
Fiscal 2019 adjusted net income and adjusted diluted EPS excluded $5.3
million of net-of-tax impairment charges. Fiscal 2018 adjusted net
income and adjusted diluted EPS excluded $12.0 million of net-of-tax
impairment charges, $0.2 million of net-of-tax bad debt charges
associated with the revaluation of the Company’s commercial nuclear
utility business, $0.2 million for a net-of-tax nonrecurring
restructuring charge and a $0.8 million tax benefit for adoption of the
new federal tax rates as a result of the 2017 U.S. Tax Cuts and Jobs Act.
Adjusted EBITDA for fiscal 2019 benefited from higher revenue and gross
margin improvement, partially offset by investments in SG&A.
Balance Sheet Strength Supports Growth
Cash, cash equivalents and investments at March 31, 2019 were $77.8
million, up from $76.5 million at March 31, 2018.
Fiscal 2019 cash provided by operations was $7.9 million, compared with
$8.5 million in fiscal 2018. The decrease was primarily the result of
timing of changes in working capital, partially offset by higher
adjusted net income.
Capital expenditures were $2.1 million in fiscal 2019, approximately the
same level as the prior year. The Company expects capital expenditures
for fiscal 2020 to be between $2.5 million and $2.8 million, the
majority of which are expected to be used for productivity enhancements.
Dividend payments were $3.8 million and $3.5 million in fiscal 2019 and
fiscal 2018, respectively.
Graham had neither borrowings under its credit facility, nor any
long-term debt outstanding, at March 31, 2019.
Backlog Level Indicates Continued Growth
Backlog at the end of fiscal 2019 was $132.1 million, near its record
level of $133.6 million at the end of the third quarter, and up 12% from
$117.9 million at the end of the prior fiscal year. Excluding the
commercial nuclear utility business which is held for sale, backlog at
the end of fiscal 2019 was $124.1 million.
The Company believes that its backlog mix by industry highlights the
success of its diversification strategy to increase sales to the U.S.
Navy. Backlog by industry at March 31, 2019 was approximately:
- 49% for U.S. Navy projects
- 22% for refinery projects
- 19% for chemical/petrochemical projects
7% for power projects, including commercial nuclear utility (of which
89% is for the business held for sale)
- 3% for other industrial applications
The expected timing for the Company’s backlog to convert to sales is as
- Within next 12 months: 55% to 60%
- Within 12 to 24 months: 10% to 15%
- Beyond 24 months: 25% to 35%
Orders were $21.6 million in the fourth quarter of fiscal 2019, driven
by the refining and chemical/petrochemical industries in North America.
In the fiscal 2019 fourth quarter, orders from U.S. and international
customers were nearly evenly split with $11.1 million from the U.S and
$10.5 million from international markets. This compares with total
orders of $43.5 million in the fourth quarter of fiscal 2018, of which
81% were from the U.S. and 19% were from international markets. The
fiscal 2018 fourth quarter orders included $24.5 million, or 56% of the
total, from other commercial, industrial and defense markets, which
includes the U.S. Navy.
Orders for fiscal 2019 were $101.2 million, compared with $112.2 million
in fiscal 2018. Excluding orders from the Company’s other commercial,
industrial and defense markets which benefited from significant U.S.
Navy orders in fiscal 2018, orders from the Company’s other markets
increased by $15.9 million in fiscal 2019, driven by orders from the
chemical/petrochemical industry which were up $20.8 million. Orders from
U.S. customers were $62.2 million, or 61% of the total, and orders from
international markets were $39 million, or 39% of the total, in fiscal
2019. Approximately 35% of international orders were from the Middle
East, 27% were from Canada and 27% were from Asia. In fiscal 2018, 69%
of orders were from U.S. customers and 31% were international. The
fiscal 2019 book-to-bill ratio was 1.1x.
Graham expects that the balance between domestic and international
orders, as well as orders by industry, will continue to be variable
Introducing FY 2020 Guidance
Graham is also announcing its fiscal 2020 guidance, as follows:
Revenue anticipated to be between $95 million and $100 million,
excluding the commercial nuclear utility business which is held for
sale. For fiscal 2019, consolidated revenue excluding that business
was $83.5 million.
- Gross margin expected to be between 23% and 24%
- SG&A expense expected to be between $17 million and $18 million
- Effective tax rate anticipated to be approximately 20%
Mr. Lines concluded, “I believe that the energy cycle continues to show
signs of recovery, which is embedded in our fiscal 2020 expectation for
14% to 20% revenue growth for our ongoing business. Our strong pipeline
of projects combined with the Navy work currently in backlog provides us
solid confidence in our outlook for the year. Additionally, we remain
very active in the pursuit of strategic opportunities to put our capital
to work and complement our organic growth initiatives.”
Webcast and Conference Call
Graham’s management will host a conference call and live webcast today
at 11:00 a.m. Eastern Time to review its financial condition and
operating results for the fourth quarter and full year fiscal 2019, as
well as its strategy and outlook. The review will be accompanied by a
slide presentation which will be made available immediately prior to the
conference call on Graham’s website at www.graham-mfg.com
under the heading “Investor Relations.” A question-and-answer session
will follow the formal presentation.
Graham’s conference call can be accessed by calling (201) 689-8560.
Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com
under the heading “Investor Relations.”
A telephonic replay will be available from 2:00 p.m. ET today through
Thursday, June 6, 2019. To listen to the archived call, dial (412)
317-6671 and enter conference ID number 13689951. A transcript of the
call will be placed on Graham’s website, once available.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and chemical/petrochemical
industries. Energy markets include oil refining, cogeneration, and
alternative power. For the defense industry, the Company’s equipment is
used in nuclear propulsion power systems for the U.S. Navy. Graham’s
global brand is built upon world-renowned engineering expertise in
vacuum and heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures custom-engineered
ejectors, vacuum pumping systems, surface condensers and vacuum systems.
Graham’s equipment can also be found in other diverse applications such
as metal refining, pulp and paper processing, water heating,
refrigeration, desalination, food processing, pharmaceutical, heating,
ventilating and air conditioning. Graham’s reach spans the globe and its
equipment is installed in facilities from North and South America to
Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its
where additional comprehensive information on Graham Corporation and its
subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “expects,” “estimates,”
“confidence,” “projects,” “typically,” “outlook,” “anticipates,”
“believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,”
“aim,” “pursuit,” “look towards” and other similar words. All statements
addressing operating performance, events, or developments that Graham
Corporation expects or anticipates will occur in the future, including
but not limited to, expected expansion and growth opportunities within
its domestic and international markets, anticipated revenue, the timing
of conversion of backlog to sales, market presence, profit margins, tax
rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions in
the industries in which it operates, changes in commodities prices, the
effect on its business of volatility in commodities prices, changes in
general economic conditions and customer behavior, forecasts regarding
the timing and scope of the economic recovery in its markets, its
acquisition and growth strategy and the expected performance of Energy
Steel & Supply Co. and its operations in China and other international
locations, are forward-looking statements. Because they are
forward-looking, they should be evaluated in light of important risk
factors and uncertainties. These risk factors and uncertainties are more
fully described in Graham Corporation’s most recent Annual Report filed
with the Securities and Exchange Commission, included under the heading
entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize, or
should any of Graham Corporation’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on Graham
Corporation’s forward-looking statements. Except as required by law,
Graham Corporation disclaims any obligation to update or publicly
announce any revisions to any of the forward-looking statements
contained in this news release.
FINANCIAL TABLES FOLLOW.
|Fourth Quarter Fiscal 2019|
|Consolidated Statements of Operations|
(Amounts in thousands, except per share data)
|Three Months Ended||Year Ended|
|March 31,||March 31,|
|2019||2018||% Change||2019||2018||% Change|
|Cost of products sold||18,843||17,218||9||%||69,922||60,559||15||%|
|Other expenses and income:|
|Selling, general and administrative||4,123||4,171||(1||%)||17,641||15,533||14||%|
|Selling, general and administrative – amortization||59||59||0||%||237||236||0||%|
|Goodwill and other impairments||6,449||–||N/A||6,449||14,816||(56||%)|
|Operating (loss) profit||(5,833||)||730||N/A||(2,418||)||(13,926||)||(83||%)|
|(Loss) income before provision for income taxes||(5,214||)||997||N/A||(145||)||(12,854||)||(99||%)|
|(Benefit) provision for income taxes||(661||)||164||N/A||163||(3,010||)||N/A|
|Net (loss) income||$||(4,553||)||$||833||N/A||$||(308||)||$||(9,844||)||(97||%)|
|Per share data:|
|Net (loss) income||$||(0.46||)||$||0.09||N/A||$||(0.03||)||$||(1.01||)||(97||%)|
|Net (loss) income||$||(0.46||)||$||0.09||N/A||$||(0.03||)||$||(1.01||)||(97||%)|
|Weighted average common shares outstanding:|
|Dividends declared per share||$||0.10||$||0.09||$||0.39||$||0.36|
|N/A: Not Applicable|
|Fourth Quarter Fiscal 2019|
|Consolidated Balance Sheets|
(Amounts in thousands, except per share data)
|Cash and cash equivalents||$||15,021||$||40,456|
|Trade accounts receivable, net of allowances ($33 and $339|
|at March 31, 2019 and 2018, respectively)||17,582||17,026|
|Prepaid expenses and other current assets||1,333||772|
|Income taxes receivable||1,073||1,478|
|Assets held for sale||4,850||–|
|Total current assets||134,783||115,400|
|Property, plant and equipment, net||17,071||17,052|
|Prepaid pension asset||4,267||4,369|
|Other intangible assets, net||–||3,388|
|Liabilities and stockholders’ equity|
|Current portion of capital lease obligations||$||51||$||88|
|Accrued expenses and other current liabilities||2,933||2,885|
|Liabilities held for sale||3,525||–|
|Total current liabilities||54,887||37,295|
|Capital lease obligations||95||55|
|Deferred income tax liability||1,056||1,427|
|Accrued pension liability||662||565|
|Accrued postretirement benefits||604||642|
|Preferred stock, $1.00 par value, 500 shares authorized||–||–|
|Common stock, $.10 par value, 25,500 shares authorized|
10,650 and 10,579 shares issued and 9,843 and 9,772 shares
|Capital in excess of par value||25,277||23,826|
|Accumulated other comprehensive loss||(8,833||)||(8,250||)|
|Treasury stock (807 shares at each of March 31, 2019 and 2018)||(12,390||)||(12,296||)|
|Total stockholders’ equity||98,966||103,349|
|Total liabilities and stockholders’ equity||$||156,270||$||143,333|
For more information:
Jeffrey F. Glajch
President – Finance and CFO
Phone: (585) 343-2216
Oppenheimer & Co. To Host 19th Annual Consumer Growth and E-Commerce Conference
Oppenheimer & Co. Inc. (“Oppenheimer”) – a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) – will host its 19th Annual Consumer Growth and E-Commerce Conference on June 18-19 in Boston, MA. This year’s event features companies from prominent consumer brands such as Autozone, Domino’s Pizza, Express, Home Depot, Lowe’s, Six Flags Theme Parks, Tiffany & Company, Ulta, Walmart, Weight Watchers, and Yum Brands.
Of particular note, Oppenheimer is pleased to host nine of the market-leading companies involved with emerging trends in the Cannabis space this year. The event will also feature seven panel discussions, moderated by Oppenheimer Consumer Research Analysts, addressing emerging and disruptive trends in the consumer marketplace as follows:
- Evolving Role of Technology in the Consumer Sector with Cooler Screens and Lindsay Goldberg LLC, moderated by Brian Nagel
- A Discussion with Emerging Restaurant Brands with Aurify and B. Good, moderated by Brian Bittner
- A Discussion on the Evolving US Food & Beverage Landscape with Lifeway, New Age Beverage, and United Natural Foods, moderated by Rupesh Parikh
- Next Gen Brands Re-Shaping Landscape for Women’s Fashion with CARAA and Rothy’s, moderated by Brian Nagel
- Exciting New Brands Shaking Up Home Products Space with Burkelman, LoveSac and Resident/Nectar, moderated by Brian Nagel
- A Discussion on the Emerging CBD Landscape with Curaleaf and CV Sciences, moderated by Rupesh Parikh
- Leveraging the Power of Digital to Connect with Consumers with Eight and FlexShopper, moderated by Brian Nagel
The conference features Oppenheimer’s Consumer Senior Research Analysts:
- Brian Bittner, Managing Director Senior Analyst covering Restaurants
- Brian Nagel, Managing Director and Senior Analyst covering Retail and E-Commerce
- Rupesh Parikh, Managing Director and Senior Analyst covering Food, Grocery and Consumer Products
- Ian Zaffino, Managing Director and Senior Analyst covering event-driven Special Situations
“Long-established business models are being upended by disruptive brands and technology, affecting consumer preferences and buying behaviors throughout the consumer industry. This year’s event aims to showcase the mix of market-leading and emerging companies driving and navigating these changes,” said Erica L. Moffett, Managing Director and Associate Director of Research at Oppenheimer. “From effortless payment methods to accelerated delivery times and customized products, consumers want a seamless experience. In order to succeed, companies must stay current on the evolving consumer and we are pleased to host a conference to explore this new landscape.”
Oppenheimer’s next conference will be the Montauk Emerging Life Sciences Summit, which will be held on June 26-28in Montauk, NY. The 22nd Annual Technology, Internet & Communications Conference will follow on August 6-7 in Boston, MA, followed by the Midwest Corporate Access Day in Chicago on August 15.
Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. (Oppenheimer), a principal subsidiary of Oppenheimer Holdings Inc. (OPY on the New York Stock Exchange), and its affiliates provide a full range of wealth management, securities brokerage and investment banking services to high-net-worth individuals, families, corporate executives, local governments, businesses and institutions.
SOURCE Oppenheimer & Co. Inc.
iCAN: Israel-Cannabis CEO and Founder Saul Kaye to Participate at the World Cannabis Congress in Saint John, New Brunswick
iCAN: Israel Cannabis Founder and CEO Saul Kaye will participate at the World Cannabis Conference being held in Saint John, New Brunswick, Canada from June 16-18, 2019.
Kaye, a leader in the global cannabis ecosystem will moderate a session entitled, “Innovative Methodologies and Emerging Topics in Global Cannabis Research.” Panelists are Dr. Suzanne Sisley MD President and Principal Investigator, Scottsdale Research Institute and, Dr. Jerry King, R&D Consultant, CFS. The session will take place at the Saint John Trade & Convention Centre on June 18.
The World Cannabis Congress (WCC) is an exclusive, invite-only event for international cannabis leaders, influencers and trend setters. The event will have hundreds of attendees from around the world from business, government and medicine.
In addition to his leadership of iCAN: Israel Cannabis, Kaye is an industry advisor to the Medical Cannabis Caucus of the Israeli Parliament, as well as an advisor to the Ministries of Economy and Health in Israel. He is a licensed pharmacist and a successful entrepreneur with both retail and e-commerce experience. Saul has founded multiple companies spanning six countries across the US, Europe, Israel and Australia.
“Canada has truly been a global trailblazer in the cannabis industry. Canadian cannabis companies and its stock market are influential and forward looking and we in Israel, the R&D capital of cannabis, collaborate with our Canadian friends on many different levels. I look forward to participating at the WCC as the medicine and business of cannabis develops at breathtaking speed both in Israel and beyond,” said Kaye.
SOURCE iCAN: Israel Cannabis
Loyalist College to launch Canada’s first Technology Access Centre for natural products and cannabis
Loyalist College is the recipient of a $1,750,000 Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) Program grant over five years to launch Canada’s first Technology Access Centre (TAC) for natural products and cannabis. In addition, Loyalist received $1Mthrough the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC.
Loyalist was one of 90 recipients at colleges, cégeps and polytechnics across the country to receive part of the $73M in funding, announced today by the Honourable Kirsty Duncan, Minister of Science and Sport, at Georgian College in Barrie, Ontario. Through the CCI Program and the CIIF, this investment will help post-secondary institutions partner directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow.
The rapid growth of Canada’s cannabis, hops and natural products sectors positions Loyalist’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) as a national innovation hub for small- to medium-sized enterprises. As a TAC, Loyalist will build on the ARC’s 15 years of natural product extraction expertise and analysis-based applied research. In transitioning to a TAC, Loyalist’s ARC will significantly increase the College’s capacity to lead applied research of commercially relevant natural products and cannabis, and to support innovation by enhancing industries’ access to sector-relevant expertise and technology.
The TAC initiative will cultivate an environment for College-industry partnerships to thrive while providing students with unparalleled opportunities for work-integrated learning; investigating extraction, isolation, and formulation; and product development. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s burgeoning natural products and cannabis sectors to generate regional socioeconomic benefits, and to provide opportunities for a new generation of innovators. Loyalist will also offer companies across Canada a supportive, community-oriented platform from which to enhance their productivity, expand their reach and augment their competitiveness in the global market.
“We are very grateful for NSERC’s continued support and proud to be Canada’s first TAC for natural products and cannabis. Loyalist currently has more than 25 companies interested in applied research, and as our ARC transitions into a TAC, we will be able to meet their requirements while significantly extending our network to help more companies to innovate. Our Biosciences and Cannabis Applied Science students will have the advantage of being involved in ground-breaking research that propels Canada forward as the world leader in cannabis and natural product developments.” – Dr. Ann Marie Vaughan, Loyalist College President & CEO
“It’s great to see this NSERC and CFI funding come through for Loyalist College’s launch of Canada’s first TAC for research in natural products and cannabis. Being able to conduct research in a state-of-the-art facility means that students working in the College’s ARC will be able to build up their expertise in product analysis; which can then be applied directly to commercial development. This is just the beginning of seeing a new series of natural products being designed, assessed, made and delivered from our region.” – Neil R. Ellis, Member of Parliament for Bay of Quinte
“I am so proud to see the innovation that is driving research and economic development in our rural community through Loyalist College’s ARC. Innovation is key to Rural Sustainability and this investment will ensure that we are training the next generation in the latest technological advances. I congratulate them on their NSERC and CFI grant, and wish them all the best of success.” – Mike Bossio, Member of Parliament for Hastings—Lennox and Addington
“The Quinte Economic Development Commission is proud to be a supporting partner with Loyalist College on this important initiative that is aligned with economic development opportunities and priorities in the region. The TAC will support industry research and innovation for companies in key industry sectors as well as helping students develop in-demand skills and experience. Congratulations to the team at Loyalist on launching this important project.” – Chris King, Chief Executive Officer, Quinte Economic Development Commission
SOURCE Loyalist College
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