Pacific Green Successfully Executes Its Transition to Renewable Energy Recurring Income Model and Announces Its Annual Report for Year Ending March 31, 2022

Aug 11, 2022 | Business

Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB:PGTK)) announces that it has successfully completed its first milestone in the process of diversifying and regularizing its income streams. Pacific Green is transitioning from a single technology equipment provider in the marine sector to an asset-driven “build-own-operate” renewable energy and battery energy storage system (“BESS”) development company, led by the financial close in June 2022 of its first 99.98 MW project at Richborough Energy Park, as part of Pacific Green’s 1.1 GW pipeline of BESS developments in the UK. In summary:

– Successfully executed transition to renewable energy company with recurring income model from self-developed energy assets
– FY22 results impacted by COVID related slowdown to marine business
– 99.98 MW Richborough Battery Energy Park asset in construction, with projected commercial operations via the National Grid in June 2023
– Financial restatement reflects change in timing of milestone recognition. No impact on cash flows.

As part of this transition, along with tighter fuel spreads and COVID-19 pandemic logistical issues for the Company’s clients and suppliers in the marine sector, revenues have been reduced for the year ending March 31, 2022 to $15.44 million (FY21 revenue: $52.62 million) with a net loss for the year of US$10.75 million (FY21 net loss: US$1.81 million).

Within the stated losses includes a one-off, non-cash write-down of combined goodwill and intangible assets, totaling US$7.06 million against Chinese subsidiary Pacific Green Technologies (Shanghai) Co. Ltd. (formally Shanghai Engin Digital Technology Co. Ltd.) and Pacific Green Innoergy Technologies Ltd., acquired in 2019 and 2020, respectively.

The restatement of past financials noted in the Company’s year end filing reflects a change in the accounting treatment of the timing of revenue and expense recognition only, with no impact to cash flows, balances or the Company’s ability to undertake business development in the energy storage sector.

Over the past six months, the spread between high-sulphur and low-sulphur fuel oils has rebounded to exceed US$200 per ton. Pacific Green has witnessed a significant increase in new enquiries for its emissions control systems, commonly known as “scrubbers”, leading to further sales of the Company’s technology in the past months.

The Company has built out its BESS division, recruiting a world-class team of experts to create an industry leading platform to deliver its 1.1 GW pipeline in the UK and is now looking to expand the platform geographically.

Pacific Green has invested in its first 99.98 MW BESS project at Richborough Energy Park in the UK, supported by the Company’s 50% project equity partner, Green Power Reserves Limited, senior debt provided by Close Leasing Limited and energy optimization by Shell Energy Europe Limited. The development, Richborough Energy Park Limited, is currently in construction, with projected commercial operations commencing in June 2023.

During this period, the Company has funded the deposit to secure its second BESS development of 249 MW in the UK as part of the 1.1 GW pipeline.

About Pacific Green Technologies, Inc.

Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power energy solutions to compliment its marine environmental technologies division. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

Notice Regarding Forward-Looking Statements:

This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the construction of the 99.98 MW BESS, the sales of retrofit emissions control technologies and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

Pacific Islands Forum Secretariat and FIFA put climate partnership into action

Aug 9, 2022 | Business

WEBWIRE –


  • PIFS and FIFA signed two-year Memorandum of Understanding in April


  • In July Pacific Islands Forum Leaders declared a climate change emergency in the Pacific


  • Partnership focus on climate change action and climate-proofing football infrastructure

The Pacific Islands Forum Secretariat (PIFS) and FIFA have jointly launched a 12-month plan to implement the climate change partnership they signed in April and turn commitment into concrete climate action. Key activities will include employing FIFA Legends to raise climate change awareness and adapting existing infrastructure in one of the world’s most vulnerable regions to make it more climate proof. FIFA President Gianni Infantino and the PIF Secretary General Henry Puna signed a two-year Memorandum of Understanding (MOU) to combat climate change during the FIFA Congress in Doha, Qatar, in April. The MOU focuses on using football diplomacy to educate and raise awareness on climate change and disaster resilience. It also aims to enhance climate-proofed infrastructure, focus on climate resilient football development and mobilise finance for resilience building in the region, including support for the Pacific Resilience Facility fund.


According to Secretary General Puna, the implementation plan is a demonstration to the people and communities in the Pacific that both FIFA and PIFS are serious about addressing the climate emergency facing the region and building the resilience of vulnerable communities. “The Pacific region recognises that 2022 is a defining year for urgent and strong climate action – where pledges and commitments need to be translated into action,” SG Puna said. “This is the key message that the Pacific will take to the international community leading up to COP 27 in Sharm El-Sheikh, Egypt in November. COP 27 must deliver on implementation.” “In their meeting in July, Pacific Islands Forum Foreign Ministers supported new ways of elevating regional climate change priorities to the international community, including through sports diplomacy such as the recent MOU on Climate Change with FIFA,” he added. “This marks the entire region’s recognition and support for the MOU as an innovative approach to climate advocacy, leveraging on the global influence of football.”


FIFA and Pacific Islands Forum to combat climate change


Gianni Infantino said: “Football is certainly not immune to climate change and is affected at all levels, from grassroots and amateur to elite, with the Oceania region facing a particularly high risk of climate and disaster impacts.” “At FIFA, we also have a duty to wider society: helping to draw attention to climate change and taking action against it in one of the world’s most vulnerable regions, is one of the best ways we can use football’s power and popularity to have a positive impact.” Key activities include:


  • Creating a climate change literacy program for schools, and training to support climate change awareness by FIFA Legends;


  • Joint communications and advocacy plan leading up to COP 27 and the 2023 FIFA Women’s World Cup in Australia and New Zealand;


  • Support climate proofing and retrofitting of football infrastructure in the Pacific;


  • Convening a regional workshop on resilient football infrastructure development;


  • Undertaking a regional football infrastructure audit; and


  • Exploring collaboration with the Pacific Resilience Facility within the framework of the FIFA Climate Strategy.

Pacific Beach Pawn and Jewelry Announces Enhanced Gold Buying Services in Pacific Beach, CA

Aug 1, 2022 | Business

 The price of gas has increased dramatically in the past few months. Gold prices were high at the beginning of the year and have now come down.

PB Pawn and Jewelry announces they have a new, improved gold buy and pawning service that includes free appraisals and valuation. Their process is transparent and they take the time to explain to customers what they can expect.

With prices increasing at the supermarket and gas pump, consumers may need to liquidate some of their gold holdings to help meet financial burdens. PB Pawn and Jewelry is available to help.

The experts at the store are proud to provide an honest and trustworthy set of pawn services, including buying, selling, and loaning against valuable items.

These services are an alternative financial option for consumers with poor or no credit and the services are immediate.

Stop by today or contact them at: www.pbpawn.com/.

PB Pawn and Jewelry

Alex Pourat

858-263-4904

https://pbpawn.com/

ContactContact

Categories

  • Finance
  • Gifts & Collectibles
  • Investment
  • Jewelry
  • Retail

Pacific Green Reaches Financial Close for GBP28.25 Million (US$34.90 Million) of Funding for its 99.98 MW Richborough Energy Park Battery Development

Jun 22, 2022 | Business

Pacific Green Technologies, Inc. (the “Company” or “Pacific Green”, (OTCQB:PGTK)) announces that it has reached financial close (“Financial Close”) for GBP28.25 million (US$34.90 million) of senior debt for the Company’s 99.98 MW battery energy storage system (“BESS”) at Richborough Energy Park.
The senior debt, in conjunction with the equity investment by Green Power Reserves Limited, will provide the Company with the funding to bring the battery park to commercial operations in June 2023.

The senior debt facility agreement is entered into with Close Leasing Limited (“CLL”), pursuant to which CLL will provide a development loan to fund the construction, which will be utilized in stages following the expenditure of the equity investment. The development loan will then be refinanced into a 10 year amortized term loan upon the start of commercial operations.

Scott Poulter, Pacific Green’s Chief Executive, commented: “Reaching Financial Close is a big milestone in Pacific Green’s transition into the world’s leading vertical energy developer. This development has proven itself through the rigorous due diligence process and requirements of project finance, providing a template for Pacific Green to scale rapidly.”

James Sutcliffe, Managing Director of Close Brothers Leasing’s Energy team remarked: “We are thrilled to participate in this groundbreaking project finance scheme on one of the UK’s largest battery energy storage systems, we look forward to working with Pacific Green on this project and the rest of their 1.1 GW UK pipeline.”

Scott added: “Bankable projects such as Richborough Energy Park are the cornerstone of Pacific Green’s “ODCO2 Energy Development Platform”, which specializes in developing and operating optimized, turnkey renewable energy and storage parks across their entire lifecycle.”

CLL is a market leader in providing specialist, structured finance solutions ranging in value from GBP250,000 to GBP50 million, particularly working with select, strategic partners to offer finance solutions in the renewable energy sector. CLL is part of Close Brothers Group plc.

About Pacific Green Technologies, Inc.

Pacific Green Technologies, Inc. is focused on addressing the world’s need for cleaner and more sustainable energy. The Company offers BESS, Concentrated Solar Power (CSP) and Photovoltaic (PV) energy solutions to complement its marine environmental technologies and emissions control divisions. For more information, visit Pacific Green’s website: www.pacificgreentechnologies.com

About Close Brothers Group plc.

Close Brothers Group plc. is a leading UK merchant banking group, providing lending, deposit taking, wealth management services and securities trading. CBG employs over 3,700 people, principally in the UK. CBG is listed on the London Stock Exchange (LON: CBG) and is a member of the FTSE 250.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the continuation of the facility agreement and the construction of the 99.98 MW BESS the Company is to develop in Kent; and any potential business developments in the UK and future interest in the Company’s battery, solar and emissions control technologies.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the facility agreement and the ongoing impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in the Company’s annual report on Form 10-K for the most recent fiscal year, the Company’s quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact:
Scott Poulter, Chairman & CEO
Pacific Green Technologies
T: +1 (302) 601-4659

Yew Lee Pacific Group Berhad Debuts at RM0.285 on ACE Market

Jun 8, 2022 | Business

Yew Lee Pacific Group Berhad, an established manufacturer principally involved in the manufacturing of industrial brushes as well as trading of industrial hardware and machinery parts, was successfully listed today on the ACE Market of Bursa Malaysia Securities Berhad with an opening price of RM0.285 sen per share, compared with the initial public offering (IPO) price of RM0.28 sen per share.

Ms. Andrea Huong, Independent Non-Executive Director, Yew Lee; Ms. Lim See Tow; Mr. Andrew Yaw; Ms. Ang Poh Yee, COO & Executive Director; En. Mahdzir Bin Othman, Independent Non-Executive Chairman; Mr. Ang Lee Leong, Managing Director; Ms. Chee Wai Ying, Executive Director; Mr. Ang Lee Seng; Datuk Bill Tan, Managing Director of Corporate Finance of M&A Securities; Mr. Danny Wong, Deputy Head of Corporate Finance; Mr. Woon Soon Fai, Financial Adviser of Eco Asia Capital Advisory[L-R]

Thanking the Securities Commission Malaysia, Bursa Securities, M&A Securities Sdn Bhd, Eco Asia Capital Advisory Sdn Bhd and other professionals involved in the IPO, Chairman of Yew Lee Encik Mahdzir Bin Othman said, “I am extremely grateful to share this wonderful moment with the investors, customers and suppliers who have supported our humble company since its inception in 2004 as an industrial brush manufacturer. We are overwhelmed by the positive response and are very pleased with our debut on the ACE Market today.”

The Company is raising RM37.27 million from the IPO exercise. From the IPO proceeds, RM10.9 million would be used for the purchase of additional machinery and equipment, RM7.3 million for the construction of a new warehouse facility and office building in Pusing, Perak, RM1.8 million for renovation of new office in Klang Selangor, RM8.9 million for the repayment of bank borrowings, RM4.57 million for working capital requirements and RM3.8 million for the listing expenses.

Encik Mahdzir also announced that Yew Lee will continue to strengthen their market position as one of the key industry players in the industrial brush industry in Malaysia. “We see this listing as an opportunity to realise our future plans and strategies, including expansion and upgrading of our production facilities as well as developing a range of customisable industrial brushes catering to a diverse customer base.”

“As such, we have also allocated RM3.6 million from our IPO to make advance purchases on materials to support the increase in our manufacturing activities in tandem with the rise in demand of our range of brushes. This will improve our inventory and availability levels and shorten overall lead time for delivery. The purchase of additional machinery and equipment is also to automate production processes and reduce labour costs.”

Yew Lee currently has an estimated market share of 12.4% of the total size of the industrial brush industry in Malaysia of RM254.50 million in 2021, based on the Company’s revenue from the manufacturing of industrial brushes segment of RM31.60 million during the financial year ended 31 December 2021.

The Company plans to automate more of its operations to reduce dependency on labour and intends to expand market share in the trading of machinery parts in the central region of Peninsular Malaysia as well as have a bigger presence in Indonesia and Thailand through Yew Lee Indonesia and Yew Lee Thailand, both of which were established in 2019.

The Company recently declared a first interim dividend of RM0.003 sen per ordinary share in respect of financial year ending 31 December 2022 (FY2022) to be paid on 12 July 2022.

M&A Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Yew Lee’s IPO while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser for the IPO.

Yew Lee Pacific Group Bhd: https://yewlee.com.my/






Topic: Press release summary