Mes: diciembre 2020

AEROCOR Now Global Leader for Eclipse 500 Training

HENDERSON, Nev., Dec. 22, 2020 /PRNewswire/ — AEROCOR’s flight training department announces that it completed 27 Eclipse 500 initial type ratings in 2020 with a 100% pass rating among its students. Based on current bookings, AEROCOR anticipates completing 3 training events per month going forward.

Historically known as a leader in light aircraft sales, AEROCOR has combined its sales activities with aircraft training, offering optional training bundles with each aircraft it sells. This…

HENDERSON, Nev., Dec. 22, 2020 /PRNewswire/ — AEROCOR’s flight training department announces that it completed 27 Eclipse 500 initial type ratings in 2020 with a 100% pass rating among its students. Based on current bookings, AEROCOR anticipates completing 3 training events per month going forward.

Historically known as a leader in light aircraft sales, AEROCOR has combined its sales activities with aircraft training, offering optional training bundles with each aircraft it sells. This allows aircraft buyers to finance pilot training costs as part of an aircraft purchase, removing an additional barrier in the purchase process and providing enhanced value to AEROCOR customers.

AEROCOR founders Gavin Woodman and Justin Beitler are both airline transport pilots with active flight instructor certificates. «We know how intimidating it can be to make the jump into flying jets; that’s why we designed our program specifically with the first-time jet pilot in mind,» says Woodman. The program received initial approval from the FAA in early 2018 and has been continually improved since. AEROCOR has added to its training staff and now uses some of the most experienced Eclipse pilots in the world. Woodman noted that additional improvements are planned for the near future: «We continue investing heavily into improving our program and we have some exciting enhancements coming in 2021.»

To learn more about AEROCOR training, contact AEROCOR at 747.777.9505, 261853@email4pr.com, or visit www.AEROCOR.com

AEROCOR LLC a full-service aircraft sales organization providing brokerage & acquisition services to owners of light turbine aircraft. Co-founders Justin Beitler and Gavin Woodman have more than 25 years of combined sales experience, representing both new and pre-owned turbine aircraft. Both are airline transport rated pilots, type rated in multiple jet aircraft, and are experts for the Citation Jet, Mustang, TBM and Eclipse Jet markets. AEROCOR is the global leader in Very Light Jet (VLJ) sales and acquisitions. AEROCOR’s mission is to serve as the trusted resource for the owner-pilot community; utilizing concise, relevant, objective information to create detailed context, giving customers the confidence to make informed decisions with peace of mind.  AEROCOR aircraft sales: «Better results from better data.» 

 

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SOURCE AEROCOR

New Markets Tax Credit Receives Five-Year, $5 Billion Extension

WASHINGTON, Dec. 22, 2020 /PRNewswire/ — The Consolidated Appropriations Act of 2021,  passed by the House and Senate and expected to be signed by the President includes a five-year, $25 billion annual extension of the New Markets Tax Credit (NMTC), the largest extension in the history of the Credit. This allocation will go far to deliver resources to low-income and marginalized communities, creating jobs, increasing economic opportunity and improving lives at a…

WASHINGTON, Dec. 22, 2020 /PRNewswire/ — The Consolidated Appropriations Act of 2021,  passed by the House and Senate and expected to be signed by the President includes a five-year, $25 billion annual extension of the New Markets Tax Credit (NMTC), the largest extension in the history of the Credit. This allocation will go far to deliver resources to low-income and marginalized communities, creating jobs, increasing economic opportunity and improving lives at a time when the economic frailty of our underserved communities has never been more apparent. 

The NMTC, which faced expiration on December 31 after 20 years of success stories and strong bipartisan support, is one of only two tax extenders to receive a five-year extension. By providing $5 billion annually for 2021-2025, the Consolidated Appropriations Act of 2020 exceeds the $17.5 billion authorization included in the PATH Act of 2015.

The projected annual impact of $5 billion in New Markets Tax Credits includes an estimated 690 new manufacturing expansions and industrial projects; 275 mixed-use projects combining housing, commercial, and social services; 255 new or improved health clinics, hospitals, and medical offices; and 775 investments in daycare centers, Boys and Girls Clubs, and other community facilities. It will also generate an estimated 590,000 jobs.

Established in 2000 in the Community Renewal Tax Relief Act (P.L.106-554), the New Markets Tax Credit is a bipartisan effort to stimulate investment and economic growth in low-income urban neighborhoods and rural communities. Since then, the New Markets Tax Credit has financed more than 6,500 projects and created over one million jobs in all 50 states, the District of Columbia and Puerto Rico.

«As we celebrate the 20th anniversary of the New Markets Tax Credit this five year extension  is absolutely vital for many of America’s urban neighborhoods and rural communities that have been devastated by the impacts of the global COVID-19 pandemic  and will  provide  billions of dollars for high-impact, community revitalization projects businesses,» said Bob Rapoza, spokesperson for the NMTC Coalition. «No other federal tax incentive is generally available to economically distressed rural and urban communities to promote economic revitalization.  All NTMC financing goes to low-income areas, and 80 percent goes to the poorest communities in America, far exceeding statutory requirements. We appreciate the leadership of several Members of Congress in gaining this victory for communities, including Sens. Roy Blunt (R-MO) and Ben Cardin (D-MD) and Reps. Terri Sewell (D-AL), Tom Reed (R-NY). We also are grateful to Ways and Means Committee Chairman Richard Neal (D-MA) who is a longtime supporter of NMTC.»

«Communities have come to count on the NMTC as a source of low-cost capital for challenging projects that would not have been possible but-for the NMTC,» said NMTC Coalition President Yvette Ittu, the President of Cleveland Development Advisors. «Since its inception, the Credit has delivered well over $105 billion in flexible capital to farming towns and urban neighborhoods left outside the economic mainstream. During this difficult time for many communities that were already struggling, the NMTC provides a tremendous opportunity to create jobs, spread opportunity and help put America back on a solid financial footing.»

For examples of how the NMTC is making an impact in each state, see the NMTC Coalition’s newly released report, NMTC at Work in Communities Across America, featuring updated state statistics sheets on NMTC efficacy and more than 80 Tax Credit success stories.

About New Markets Tax Credit Program

The New Markets Tax Credit (NMTC) was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the patient capital needed to support and grow businesses, create jobs, and sustain healthy local economies. Since its inception, the NMTC has generated more than one million jobs. Today, due to NMTC, more than $105 billion is hard at work in underserved communities in all 50 states, the District of Columbia, and Puerto Rico. For more information, visit www.NMTCCoalition.org.

Contact: Ayrianne Parks
ayrianne@rapoza.org 
(202) 393-5225

 

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SOURCE New Markets Tax Credit Coalition

GridWise Alliance Applauds Congress For Passing Comprehensive Energy Bill

WASHINGTON, Dec. 22, 2020 /PRNewswire/ — The GridWise Alliance congratulates the Senate Energy and Natural Resources Committee, the House Energy and Commerce Committee, and the House Science, Space and Technology Committee for their diligent efforts in crafting a comprehensive energy bill that was approved by Congress as part of the comprehensive Omnibus Bill that passed through Congress late yesterday.

…

WASHINGTON, Dec. 22, 2020 /PRNewswire/ — The GridWise Alliance congratulates the Senate Energy and Natural Resources Committee, the House Energy and Commerce Committee, and the House Science, Space and Technology Committee for their diligent efforts in crafting a comprehensive energy bill that was approved by Congress as part of the comprehensive Omnibus Bill that passed through Congress late yesterday.

«The diverse GridWise membership led our industry’s voice in 2007 to help craft Title XIII in the last energy bill, EISA 2007,» GridWise Alliance CEO Steve Hauser said. «We are pleased that Congress has now updated Title XIII with new measures to address the climate crisis and economic growth.  Our industry is going through a transition to address the many improvements that we need to make, and this new legislation will help in that transition.»

This new energy bill contains a variety of important policies and programs within the package that will support the electricity industry’s ongoing efforts to modernize. The package outlines measures related to clean energy, promoting American manufacturing, improving energy efficiency, grid and supply chain security, as well as transportation and other electrification needs.

«We are particularly pleased with the emphasis it places on the Department of Energy to work more closely with industry» said Karen Wayland, Policy Advisor of the GridWise Alliance.  «GridWise and our members’ continued efforts have raised the visibility of many key challenges that are facing our industry.» 

The GridWise Alliance and its members believe that the electric grid and its supporting infrastructure is the foundational component of an advanced digital economy.  The changes we make to the electricity grid over the next decade are critical to decarbonizing our energy system. 

About GridWise Alliance
The GridWise Alliance represents the broad and diverse stakeholders that design, build, and operate the electric grid.  Since 2003, the GridWise Alliance has been at the forefront of educating key industry stakeholders on the critical need to modernize our nation’s electricity system. For more information about the GridWise Alliance, visit: www.gridwise.org.

Media Contact:
Richard O’Neill
Executive Director
GridWise Alliance
roneill@gridwise.org 
(202) 530-9740 

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SOURCE GridWise Alliance

Orea Completes Montagne d’Or Gold Project Modifications

VANCOUVER, BC, Dec. 22, 2020 /PRNewswire/ – Orea Mining Corp. («Orea» or the «Company») (TSX: OREA) (OTCQX: OREAF) (FRA: 3CG) is pleased to announce the completion of additional engineering and environmental studies for the development of the Montagne d’Or gold mine in French Guiana, France.

«This is a major milestone for permitting of Montagne d’Or, one of the top undeveloped gold deposits in…

VANCOUVER, BC, Dec. 22, 2020 /PRNewswire/ – Orea Mining Corp. («Orea» or the «Company») (TSX: OREA) (OTCQX: OREAF) (FRA: 3CG) is pleased to announce the completion of additional engineering and environmental studies for the development of the Montagne d’Or gold mine in French Guiana, France.

«This is a major milestone for permitting of Montagne d’Or, one of the top undeveloped gold deposits in the Guiana Shield» commented Rock Lefrançois, President & CEO of Orea.

The Montagne d’Or joint-venture (owned 44.99% by Orea and 55.01% by Nord Gold SE) launched additional engineering and environmental studies in early 2019 for project modifications and improvements subsequent to the bankable feasibility study completed in 2017 and public consultation held in 2018. The studies principally addressed mine design, access road layout, hybrid on-site power generation and quarry development for construction material. They also included additional fauna and flora inventories, geotechnical drilling, ground geophysical surveys, geochemical analysis and laboratory test work.

The complimentary studies, which involved a number of international and French and local consulting firms, are now substantially complete with final fauna and flora surveys over the selected Natural Compensation Site to be conducted in February 2021. The current schedule is to have all draft versions of the permitting dossiers to be completed by the end of December 2020 with final versions to be produced in the first quarter of 2021.

The principal components of the completed studies include:

  • Tailings storage facility redesign, lowering the height of retainment dams and dam break study;
  • On-site hybrid solar power generation, eliminating the environmental impacts of connecting the mine to the local power grid, which involved the construction of a 106-km aerial power line, reducing the overall carbon emissions of the project by 80%;
  • Waste management plan and waste rock storage redesign to avoid acid drainage;
  • Hydrogeological modelling, detailed water management, water balance and contact water pond design;
  • Quarry development for construction material and multi-criterion comparative analysis of the studied quarry site alternatives;
  • Detailed redesign of the 125 km access road from Saint-Laurent du Maroni, stormwater and safety devices, bridges, watercourse crossings, retaining walls and rehabilitation of abandoned sections;
  • Hazardous material transport study and supply, transport and storage of explosives;
  • Overall project mass balance and site closure and rehabilitation plan; and
  • Natural Compensation Site development.

About Montagne d’Or

Montagne d’Or is a permitting-stage open pit gold deposit that hosts Measured Mineral Resources of 10.3 Mt at 1.804 g/t (600,000 oz), Indicated Mineral Resources of 74.8 Mt at 1.350 g/t (3.25 Moz) and additional Inferred Mineral Resources of 20.2 Mt at 1.48 g/t gold (960,000 oz), prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects («NI 43-101«). The Mineral Resources are confined within a pit shell defined by a gold price of US$1,300/oz and a cut-off grade of 0.4 grams per tonne gold. Mineral Reserves have also been defined with Proven Mineral Reserves of 8.25 Mt at 1.99 g/t (530,000 oz) and Probable Mineral Reserves of 45.87 Mt at 1.50 g/t (2.2 Moz). The Proven and Probable Mineral Reserves were estimated using a gold price of US$1,200 per ounce at varied cut-off grades from 0.552 to 0.665 grams per tonne gold, dependent on lithological rock types, economics and estimated metallurgical recovery. Montagne d’Or ore can be readily processed to recover the contained gold and silver values using unit operations considered standard to the industry. It is a large and unique Paleoproterozoic gold-rich volcanogenic sulfide deposit, presently drill-defined over a strike extent of 2,300 meters and to a vertical depth of 200 to 250 meters.

Montagne d’Or is located in northwestern French Guiana, 180 kilometers west of the capital Cayenne and is accessed by 125 kilometers of laterite road from the commune of Saint-Laurent du Maroni, the second largest city in French Guiana. Nordgold first earned a 50.01% interest in the project in September 2017 by spending US$30 million and completing a Bankable Feasibility Study («BFS«). Nordgold then acquired an additional 5% interest pursuant to a share purchase agreement.

The 2017 BFS contemplates an open pit operation over a 12-year mine life. Highlights of the BFS at a gold price of US$1,250 per ounce are as follows:

  • After-tax Net Present Value (NPV) at a 5% discount rate: US$370 million
  • After-tax Internal Rate of Return (IRR): 18.7%
  • After-tax payback period: 4.1 years
  • Average annual gold production for years 1 to 10: 237,000 ounces
  • Average gold grade for years 1 to 10: 1.73 grams per tonne gold
  • All-In Sustaining Cost (AISC) for years 1 to 10: US$749 per ounce of gold
  • Initial capital expenditures (after surplus tax credit): US$361 million

The BFS economic model gold price sensitivity shows that the after-tax project NPV at a 5% discount rate changes approximately US$1.24 million for every US$1 change in gold price. At a gold price of US$1,500 per ounce, the NPV and IRR increase respectively to US$681 million and 26.7%.

Upside Potential of Montagne d’Or

There are several opportunities to increase the current Mineral Reserves and mine life within the designed resource pit. Approximately 2 million ounces of Mineral Resources are not converted to Mineral Reserves, which include Inferred Mineral Resources of 960,000 ounces of gold at average grade of 1.48 grams per tonne gold. Infill drilling has the potential to convert some of these Inferred Mineral Resources to higher resource classification categories.

There is also the potential to lower the cut-off grade used for the Mineral Reserve estimates, in consideration of the current higher gold price, which could convert some additional Indicated Mineral Resources into Mineral Reserves.

Limited drilling has been carried-out outside the resource pit. The 2017 drilling program was successful in confirming gold mineralization up to 400 meters on strike to the west (0.56 g/t gold over 58.1 meters, including 2.32 g/t gold over 9.0 meters) and at depth, 100 meters below the resource pit (0.92 g/t Au over 41.2 meters, including 1.92 g/t Au over 17.7 meters) (see Orea’s news release dated August 15, 2017).

For more information, see Orea’s news release titled «Columbus Gold Announces Positive Bankable Feasibility Study for Montagne d’Or Gold Project, French Guiana» dated March 20, 2017 and filed on SEDAR and the technical report prepared in accordance with the requirements of NI 43-101 titled «NI 43-101 Technical Report, Bankable Feasibility Study – Montagne d’Or Project, French Guiana» by SRK Consulting for Columbus Gold (now Orea Mining) and Nordgold with an Effective Date of March 6, 2017, and a report date of April 28, 2017, which was filed on SEDAR on April 28, 2017.

Qualified Person

Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

About Orea Mining

Orea Mining is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea Mining holds a major interest in the world-class Montagne d’Or mine development project. It is also advancing the Maripa gold exploration project.

For more about Orea Mining visit the company’s website at www.oreamining.com.

ON BEHALF OF THE BOARD:

Rock Lefrancois
President & CEO

Forward-looking statements

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute «forward looking information» within the meaning of applicable Canadian securities legislation («forward-looking statements»). Forward-looking statements relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as «anticipate», «could», «should», «expect», «seek», «may», «intend», «likely», «budget», «plan», «estimate», continue», «forecast», «believe», «predict», «potential», «target», «would», «might», «will», and similar words, expressions or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the Company’s plans to construct and develop the Montagne d’Or project, including anticipated timing thereof; the satisfaction of regulatory requirements in respect of the permitting and construction of the Montagne d’Or project, including but not limited to, the submission and processing of mine permit applications, the timing thereof and the timing of completion of environmental and engineering studies; the Company’s ability to renew the concessions for the Montagne d’Or project and to comply with the conditions thereof; economic analysis for the Montagne d’Or project and related exploration objectives and plans; the conversion of mineral resources into mineral reserves and the conversion of inferred mineral resources into higher resource classification categories; the Company’s objective of become an emerging gold producer; the acquisition of exploration projects including terms of acquisition, exploration or development plans, intentions to acquire additional exploration or development interests and the implications thereof; future exploration and mine plans, objectives and expectations and corporate planning of the Company, future studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Such assumptions and analyses are made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. There can be no assurance that such statements will prove to be accurate. Forward-looking statements are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including compliance by the Company with regulatory and permitting requirements applicable in French Guiana, the sufficiency of Company’s working capital; the Company’s ability to secure additional funding for the continued exploration and development of its properties; the price of gold and other metals; and the Company’s ability to retain key personnel. You are hence cautioned not to place undue reliance on forward-looking statements.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, political and economic risks in France, political and economic risks in French Guiana, risks related to the renewal applications for the Concessions and the possible outcomes thereof; possible negative outcomes of the proceedings in the Administrative Court of Cayenne in French Guiana; regulatory risk including but not limited to unforeseen changes in regulatory requirements, the Company’s ability to enforce its contractual and other legal rights to explore and exploit its properties, risks related to exploration and development, permitting and licensing risk, the estimation of mineral resources and mineral reserves and related interpretations and assumptions, future profitability of the Company, the ability to obtain additional financing on a timely basis, the price of gold and marketability thereof, government regulations including with respect to taxes, royalties, land tenure and land use, title to the Company’s properties, currency exchange rates and fluctuations, environmental risks, dilution resulting from the issuance of additional securities of the Company, joint venture risks, reliance on Nord Gold SE as operator of the Montagne d’Or project, the availability of equipment, conflicts of interest, competition in the mining industry, uninsured risks, market fluctuations, global financial conditions, credit risk and risks arising from pandemics and epidemics such as the COVID-19 pandemic. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the «Risk Factors» section in the Company’s annual information form dated December 11, 2020 for the year ended September 30, 2020 («AIF»).

Readers are further cautioned that the list of factors enumerated in the «Risk Factors» section of the AIF that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

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SOURCE Orea Mining Corp.

BIRD Energy to invest $7.15 Million in Cooperative Israel-U.S. Clean Energy Projects

TEL AVIV, Israel, Dec. 22, 2020 /PRNewswire/ — The U.S. Department of Energy (DOE) and Israel’s Ministry of Energy (MoE) along with the Israel Innovation Authority have selected eight clean energy projects to receive $7.15 million under the Binational Industrial Research and Development (BIRD) Energy program. The total value of the projects is $17.4 million, which includes <span…

TEL AVIV, Israel, Dec. 22, 2020 /PRNewswire/ — The U.S. Department of Energy (DOE) and Israel’s Ministry of Energy (MoE) along with the Israel Innovation Authority have selected eight clean energy projects to receive $7.15 million under the Binational Industrial Research and Development (BIRD) Energy program. The total value of the projects is $17.4 million, which includes $10.25 million in cost share from the companies selected for funding.

BIRD Energy began in 2009 as a result of the Energy Independence and Security Act of 2007. Since then, including the projects announced today, BIRD Energy has funded fifty-five (55) projects with a total government investment of approximately $42 million in addition to approximately $55 million in funds matched by the private sector. 

Each project is conducted by a U.S. and an Israeli partner. Selected projects address energy challenges and opportunities that are of interest to both countries and focus on commercializing clean energy technologies that improve economic competitiveness, create jobs and support innovative technologies and companies.

U.S. Secretary of Energy, Dan Brouillette, said: «The BIRD Energy program fosters collaboration between U.S. and Israeli companies that has produced real innovations in renewable energy and energy efficiency. This partnership continues to build bilateral relationships that will benefit our economies and environment for years to come.»

Israel’s Minister of Energy, Dr. Yuval Steinitz, said: «I am proud of the successful collaboration between Israeli and US companies, which is based on mutual trust and ground breaking innovation in the energy market. I hope that these R&D projects will bring us closer to an efficient and clean energy market. Government investment in R&D is important to help reach these goals, and as a recovery tool from the Coronavirus crisis we are experiencing now.»

Mr. Aharon Aharon, CEO, Israel Innovation Authority, said: «Promoting innovation in the field of energy is a joint goal of Israel and the US. We are therefore pleased to see the high level of engagement by industries in both countries. We wish success to the approved projects and look forward to the technological advancements they will make.»

Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said: «The BIRD Energy program is a magnet that attracts companies interested in joint U.S.-Israel innovation with each company playing a synergistic role aimed at achieving and commercializing technological breakthroughs. Despite the significant hurdles posed by COVID-19, companies succeeded in submitting high quality collaborative proposals.»

The eight approved projects are:

  • Addionics IL Ltd. (Tel Aviv, Israel) and Saint-Gobain Ceramics & Plastics, Inc. (Northboro, MA) will develop high-power, high-capacity solid-state batteries with novel electrode components.
  • ECOncrete Tech Ltd. (Tel Aviv, Israel) and LafargeHolcim (US) Inc.  (Chicago, IL) will develop an eco-engineered concrete product for structurally sound scour protection and ecological uplift of offshore wind energy infrastructure. 
  • Eviation Tech Ltd. (Kadima, Israel) and AVL Powertrain Engineering, Inc. (Plymouth, MI) will develop electric aircraft battery.
  • POCellTech Ltd. (Caesarea, Israel)) and W7energy LLC (Wilmington, DE) will develop a low-cost fuel cell system based on hydroxide exchange membranes.
  • StoreDot Ltd. (Herzliya, Israel) and Nanoramic Laboratories (Boston, MA) will develop an ultra-fast charging power bank for mobile devices.
  • Tadiran Batteries Ltd. (Kiryat Ekron, Israel) and Hit Nano Inc. (Bordentown, NJ) will develop silicon anode, nickel rich cathode, high-energy high-safety AA Li-Ion Cell for industrial internet of things applications (IOT).
  • TurboGen (Ramat Gan, Israel) and En-Power Group (White Plains, NY) will develop next generation, heat and power solutions.
  • VisIC Technologies Ltd. (Nes Ziona, Israel) and Vepco Technologies (Chino, CA) will develop an 80kW Gallium Nitride (GaN) based dual motor drive power inverter for both plug-in and battery electric vehicles.

Projects that qualify for BIRD Energy funding must include one U.S. and one Israeli company, or a company from one of the countries paired with a university or research institution from the other. The partners must present a project that involves innovation in the area of energy and is of mutual interest to both countries.  BIRD Energy has a rigorous review process and selects the most technologically meritorious projects along with those that are most likely to commercialize and bring about significant impact. Qualified projects must contribute at least 50% to project costs and commit to repayments if the project leads to commercial success.

About the BIRD Foundation (www.birdf.com)

The BIRD (Binational Industrial Research and Development) Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. The BIRD Foundation supports projects without receiving any equity or intellectual property rights in the participating companies or in the projects, themselves. BIRD funding is repaid as royalties from sales of products that were commercialized as a result of BIRD support. The Foundation provides funding of up to 50% of a project’s budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not require repayment if the project fails to reach the sales stage.

Contact:
Limor Nakar-Vincent
Deputy Executive Director
of Business Development & BIRD Energy
BIRD Foundation
Limorn@birdf.com
Tel: 972-3- 6988-315

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SOURCE The BIRD Foundation

National Kidney Foundation Applauds Landmark Immunosuppressive Drug Coverage Legislation Passed in the U.S. Senate

NEW YORK, Dec. 22, 2020 /PRNewswire/ — «Today the U.S. Senate passed landmark immunosuppressive drug legislation, which has the potential to save the lives of kidney transplant patients throughout our nation.

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NEW YORK, Dec. 22, 2020 /PRNewswire/ — «Today the U.S. Senate passed landmark immunosuppressive drug legislation, which has the potential to save the lives of kidney transplant patients throughout our nation.

«The National Kidney Foundation applauds Senator Bill Cassidy (R-LA) and Senator Richard Durbin (D-IL) for their leadership in passing legislation to extend Medicare coverage of immunosuppressive drugs for kidney transplant patients. The legislation represents a significant change which will greatly help save patients’ lives and taxpayers money.

«The National Kidney Foundation sincerely thanks our grassroots advocates who have been fighting alongside us in support of this critical legislation for years.

«Kidney transplant patients must take immunosuppressive drugs for the life of their transplant to help prevent organ rejection. Skipping even one dose will increase the chance of organ failure. But when the current 36-month Medicare coverage for this life-saving medication ends, patients are forced to make a choice between paying for their transplant medications or paying the rent, it’s a choice nobody should have to make.

«We are grateful to Congressmen Ron Kind (D-WI) and Michael Burgess (R-TX) who introduced similar legislation in the House earlier this year, and for their leadership in ensuring bi-partisan support for this critically important legislation. 

«The National Kidney Foundation sincerely thanks the Administration for their strong backing of this legislation that will greatly help our nation’s kidney transplant recipients.»

For a patient’s perspective on how a lack of Medicare coverage for immunosuppressive drugs affects a family see Bobbie’s story.

About Kidney Disease
In the United States, 37 million adults are estimated to have chronic kidney disease (CKD)—and approximately 90 percent don’t know they have it.  1 in 3 adults in the U.S. is at risk for chronic kidney disease.  Risk factors for kidney disease include: diabetes, high blood pressure, heart disease, obesity, and family history. People who are Black or African American, Hispanic or Latino, American Indian or Alaska Native, Asian American, or Native Hawaiian or Other Pacific Islander are at increased risk for developing the disease. Black or African American people are almost 4 times more likely than Whites to have kidney failure. Hispanic or Latino people are 1.3 times more likely than non-Hispanics or Latinos to have kidney failure.

Approximately 750,000 Americans have irreversible kidney failure and need dialysis or a kidney transplant to survive. More than 500,000 of these patients receive dialysis at least three times per week to replace kidney function. Nearly 100,000 Americans are on the waitlist for a kidney transplant right now.  Depending on where a patient lives, the average wait time for a kidney transplant can be upwards of three to seven years. Living organ donation not only saves lives, it saves money. Each year, Medicare spends approximately $89,000 per dialysis patient and less than half, $35,000, for a transplant patient.

About National Kidney Foundation Living Organ Donation Resources:
THE BIG ASK: THE BIG GIVE platform, which provides nationwide outreach, is designed to increase kidney transplantation through training and tools that help patients and families find a living donor. It includes direct patient and caregiver support through our toll-free help line 855-NKF-CARES, peer mentoring from a fellow kidney patient or a living donor, online communities, an advocacy campaign to remove barriers to donation, and a multi-media public awareness campaign. All resources are free and designed to teach kidney patients, or their advocates, how to make a «big ask» to their friends, loved ones, or community to consider making a «big give,» a living organ donation. www.kidney.org/livingdonation.

The National Kidney Foundation (NKF) is the largest, most comprehensive and longstanding organization dedicated to the awareness, prevention and treatment of kidney disease. For more information about NKF visit www.kidney.org.

Facebook.com 
Twitter: @NKF 
www.kidney.org  

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/national-kidney-foundation-applauds-landmark-immunosuppressive-drug-coverage-legislation-passed-in-the-us-senate-301197531.html

SOURCE National Kidney Foundation

Friendly Kia Thanks New Port Richey For Memorable 2020 Year

NEW PORT RICHEY, Fla., Dec. 22, 2020 /PRNewswire-PRWeb/ — As the year begins to come to a close, many throughout the Tampa Bay area are feeling thankful that the end of the whirlwind 2020 year is nearly here. The staff at Friendly Kia in New Port Richey has been reflecting on the memorable year that 2020 has been and is showing gratitude to the local shoppers who have come by the dealership over the last 12 months.

Friendly…

NEW PORT RICHEY, Fla., Dec. 22, 2020 /PRNewswire-PRWeb/ — As the year begins to come to a close, many throughout the Tampa Bay area are feeling thankful that the end of the whirlwind 2020 year is nearly here. The staff at Friendly Kia in New Port Richey has been reflecting on the memorable year that 2020 has been and is showing gratitude to the local shoppers who have come by the dealership over the last 12 months.

Friendly Kia saw a successful year of sales, earned a spot among the Kia Motors President’s Club, and welcomed the all-new 2021 Kia Seltos and 2021 Kia Sorento.

This year, John Gilliss of Friendly Kia earned the exceptional honor of being a part of the Kia Motors President’s Club. Friendly Kia was one of 40 dealerships throughout the United States this year to earn this honorable distinction. This year marked the fifth year that Friendly Kia has been a part of the Kia Motors President’s Club.

In 2020 Friendly Kia brought two all-new Kia models into its New Port Richey showroom. The 2021 Kia Seltos offers rugged crossover style and some of the latest in-car technology available on the market. The all-new 2021 Kia Sorento was one of this year’s most highly anticipated new Kia vehicles and it delivered in every way. The Sorento brings a bold new style and attitude along with off-road-ready capability and power. Both the Seltos and Sorento are available now in the Friendly Kia Showroom, friendlykia.com/new-cars-new-port-richey-fl.

The dealership team at Friendly Kia extends thanks and gratitude to those of New Port Richey, FL. Friendly Kia is located at 5819 US-19, New Port Richey, FL 34652 and is open seven days a week. The dealership has more than 200 new Kia vehicles in its showroom at the time of publication and the available sales and specials mark the end of a memorable year in Tampa Bay.

Media Contact

Tyler Holt, Friendly Kia, (877) 544-6706, tylerjholt@gmail.com

 

SOURCE Friendly Kia

ReTo Eco-Solutions Reports First Half of 2020 Financial Results

BEIJING, Dec. 22, 2020 /PRNewswire/ — ReTo Eco-Solutions, Inc. (NASDAQ: RETO) («ReTo» or the «Company»), a provider of technology solutions for the improvement of ecological environments, today announced its financial results for the six months ended June 30, 2020. ReTo is a manufacturer and distributor of eco-friendly construction materials as well as equipment used for the production of eco-friendly construction materials. ReTo also engages in consultation, design,…

BEIJING, Dec. 22, 2020 /PRNewswire/ — ReTo Eco-Solutions, Inc. (NASDAQ: RETO) («ReTo» or the «Company»), a provider of technology solutions for the improvement of ecological environments, today announced its financial results for the six months ended June 30, 2020. ReTo is a manufacturer and distributor of eco-friendly construction materials as well as equipment used for the production of eco-friendly construction materials. ReTo also engages in consultation, design, project implementation, and construction of urban ecological projects, including those for the purpose of capturing, controlling, and reusing rainwater, commonly called «sponge cities.»

Mr. Hengfang Li, Chairman and Chief Executive Officer of ReTo, commented, «As was the case for most companies, COVID-19 had a significant negative impact on our business throughout 2020. Unfortunately, projects we were anticipating to contribute to revenue never materialized due to forced closures. As a result of COVID-19 related business and government closures, logistic complications, delays and higher costs, and the cancellation or delay in the delivery of products and services to customers, our financial results for the first six months of 2020 were negative when compared to the first six months of 2019.»

Net revenue for the six months ended June 30, 2020 was $3.14 million compared to $14.13 million for the same period of last year. The decrease was primarily due to the materially adverse impact of COVID-19 on the economy, ReTo’s operations, its customers, and its supply chain. Revenue from machinery and equipment, construction materials, and municipal construction projects accounted for 43.6%, 52.0%, and 4.4%, respectively, of total revenue for the six months ended June 30, 2020, compared to 48.0%, 51.5%, and 0.5%, respectively, for the same period of last year.

Cost of revenue was $2.88 million for the six months ended June 30, 2020 compared to $10.70 million for the same period of last year, which reflected the decrease in revenue over the same period. Gross profit was $0.26 million for the six months ended June 30, 2020 compared to $3.44 million for the same period of last year. Gross margin was 8.2% for the six months ended June 30, 2020 compared to 24.3% for the same period of last year. Net loss attributable to ReTo was $3.7 million, or $0.16 per basic and diluted share, as compared to a net loss of $3.0 million, or $0.13 per basic and diluted share in the year-ago period. The six-month period ended June 30, 2020 included a $2.19 million one-time gain from the disposal of a subsidiary.

As of June 30, 2020, the Company had balance of cash and cash equivalents of approximately $0.2 million, with an accounts receivable balance of approximately $6.7 million, of which approximately $1.3 million was subsequently collected after June 30, 2020, with the remaining balance expected to be substantially collected before June 30, 2021. The Company is working to improve its liquidity and capital sources mainly through cash flow from its operations, renewal of bank borrowings, borrowing from related parties, and potential equity financings, but it cannot guarantee the timing or a positive outcome leading to a substantial doubt about the Company’s ability to continue as a going concern for the next 12 months based on its unaudited condensed consolidated financial statements.

Mr. Hengfang Li continued, «We believe we have solid long-term business fundamentals based on the growing demand for eco-friendly solutions. Our focus is on reducing operating expenses and overhead wherever possible as we align our cost structure with the current business level. We have seen an improvement in the operating environment in the second half of 2020 and expect a continued improvement in 2021. We are excited about our long-term fundamentals and believe we will emerge from 2020 in a stronger position as we are now offering customers additional features and customized configurations on our machinery and equipment products. We will continue to devote our efforts to manufacturing equipment used for production of eco-friendly construction materials.

In addition, with more stringent environmental regulations being enforced in China, many companies have to replace older equipment with more environmentally friendly equipment. We believe our products can provide an ideal solution for these companies and will work to capitalize on this potential growth opportunity. In line with our development strategy, we have started several ecological restoration projects in cooperation with local governments and state-owned companies. We believe these projects will contribute our business growth in 2021.»

Recent Developments

On July 13, 2020, ReTo transferred its 55% equity interests in Yunnan Litu Technology Development Co., Ltd. («Yunnan Litu») to third parties for a nominal price given the inactivity of Yunnan Litu’s business operations since its inception and ReTo’s ongoing focus on its own organic business growth.

On September 7, 2020, Beijing REIT Technology Development Co., Ltd. («Beijing REIT») entered into a share transfer agreement with the original shareholder of Shexian Ruibo Environmental Science and Technology Co., Ltd. («Shexian Ruibo») for the acquisition of 41.67% of the equity interests in Shexian Ruibo for a total consideration of $3.6 million (RMB 25 million), including a cash payment of $2.7 million (RMB 18.5 million) and non-cash contribution of six patents valued at $0.9 million (RMB 6.5 million). Beijing REIT made the cash payment of $2.7 million (RMB 18.5 million) on October 20, 2020 and the six patents had been transferred to Shexian Ruibo prior to September 15, 2020.

About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)

Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. For more information, please visit: http://en.retoeco.com

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as «may,» «will,» «intend,» «should,» «believe,» «expect,» «anticipate,» «project,» «estimate,» or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding: 1) the ability of additional features and customized configurations on its machinery and equipment products to attract new customers; 2) the ability of the growth of its business to resume in the near future; and 3) the further spread of COVID-19 or the occurrence of another wave of cases and the impact it may have on the Company’s operations are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

 

 

RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

2020

2019

ASSETS

(Unaudited)

Current Assets:

Cash and cash equivalents

$

202,078

$

897,281

Restricted cash

83,005

84,237

Accounts receivable, net – third parties

6,590,699

11,252,002

Accounts receivable, net – related party

96,661

469,474

Advances to suppliers, net – third parties

3,793,935

2,449,629

Advances to suppliers, net – related parties

3,043,191

–

Inventories, net

2,704,139

888,203

Prepayments and other current assets

2,951,906

435,273

Prepayment for construction of properties

3,608,250

3,661,800

Current assets held for sale associated with discontinued operation of Gu’an REIT

–

5,326,348

Total Current Assets

23,073,864

25,464,247

Property, plant, and equipment, net

35,910,908

37,457,643

Intangible assets, net

5,982,569

6,145,179

Long-term investment in equity investee

–

28,720

Right-of-use assets

603,535

505,630

Non-current assets held for sale associated with discontinued operation of Gu’an REIT

–

1,193,825

Total Assets

$

65,570,876

$

70,795,244

LIABILITIES AND EQUITY

Current Liabilities:

Short term loans

$

6,042,188

$

8,309,098

Long term bank loans – current portion

2,369,643

1,436,000

Advances from customers

4,510,113

3,087,315

Deferred revenue

460,661

471,375

Accounts payable

1,645,417

1,151,570

Accounts payable – related party

416,534

1,485,049

Accrued and other liabilities

4,165,919

2,487,616

Taxes payable

1,824,407

1,806,777

Due to related parties

2,887,208

405,222

Operating lease liabilities, current

305,452

177,903

Advance payment from the buyer associated with discontinued operation of Gu’an REIT

–

1,392,920

Current liabilities held for sale associated with discontinued operation of Gu’an REIT

–

3,004,924

Total Current Liabilities

24,672,542

25,215,769

Long-term bank loans

6,226,000

7,323,600

Operating lease liabilities – noncurrent

278,301

301,012

Total Liabilities

31,131,843

32,840,381

Commitments and Contingencies

Shareholders’ Equity:

Common shares, $0.001 par value, 200,000,000 shares authorized, 24,135,000 shares and
    23,160,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019,
    respectively

24,135

23,160

Additional paid-in capital

43,709,127

42,725,852

Statutory reserve

2,067,439

2,632,797

Accumulated deficit

(8,893,351)

(5,718,368)

Accumulated other comprehensive loss

(3,937,379)

(3,527,438)

Total RETO Eco-Solutions, Inc. Shareholders’ Equity

32,969,971

36,136,003

Non-controlling interest

1,469,062

1,818,860

Total Equity

34,439,033

37,954,863

Total Liabilities and Equity

$

65,570,876

$

70,795,244

 

 

RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

For the Six Months
Ended
June 30, 

2020

2019

Revenue

$

3,142,102

$

14,125,892

Cost of revenue – third-party customers

2,884,298

10,689,311

Gross Profit

257,804

3,436,581

Operating Expenses:

Selling expenses

474,901

631,664

General and administrative expenses

1,788,625

1,709,377

Bad debt expenses

2,792,800

2,686,782

Research and development expenses

180,339

234,741

Total Operating Expenses

5,236,665

5,262,564

Loss from Operations

(4,978,861)

(1,825,983)

Other Income (expenses):

Interest expense

(876,660)

(632,830)

Interest income

2,715

1,722

Other income (expenses), net

(111,729)

126,765

Total Other expenses, net

(985,674)

(504,343)

Loss before provision for income taxes

(5,964,535)

(2,330,326)

Provision for income taxes

131,615

171,922

Net loss from continuing operations

(6,096,150)

(2,502,248)

Net loss from discontinued operations

–

(900,097)

Gain from disposal of Gu’an REIT

2,192,801

–

Net Loss

(3,903,349)

(3,402,345)

Less: net loss attributable to non-controlling interest

(163,008)

(391,899)

Net loss attributable to ReTo Eco-Solutions, Inc.

$

(3,740,341)

$

(3,010,446)

Net Loss

$

(3,903,349)

$

(3,402,345)

Other comprehensive (loss) income:

Foreign currency translation adjustment:

(596,731)

115,298

Comprehensive Loss

(4,500,080)

(3,287,047)

Less: comprehensive loss attributable to noncontrolling interest

(349,798)

(509,567)

Comprehensive loss attributable to ReTo Eco-Solutions, Inc.

$

(4,150,282)

$

(2,777,480)

Loss per share

Basic and diluted

$

(0.16)

$

(0.13)

Weighted average number of shares

Basic and diluted

23,622,148

22,760,000

 

 

RETO ECO-SOLUTIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019

(UNAUDITED)

Additional

Retained
Earnings

Accumulated
Other

Non-

Common Shares

paid-in

Statutory

(Accumulated

Comprehensive

controlling

Total

Shares

Amount

Capital

Reserve

Deficit)

Income (Loss)

Interest

Equity

Balance at
   December
   31, 2018

22,760,000

$

22,760

$

42,278,252

$

2,632,797

$

9,084,246

$

(3,105,185)

$

2,267,985

$

53,180,855

Net loss

–

–

–

–

(3,010,446)

–

(391,899)

(3,402,345)

Foreign
   currency
   translation
   adjustment

–

–

–

–

–

232,966

(117,668)

115,298

Balance at
   June 30, 
   2019

22,760,000

$

22,760

$

42,278,252

$

2,632,797

$

6,073,800

$

(2,872,219)

$

1,758,418

$

49,893,808

Balance at
   December
   31, 2019

23,160,000

$

23,160

$

42,725,852

$

2,632,797

$

(5,718,368)

$

(3,527,438)

$

1,818,860

$

37,954,863

Net loss

–

–

–

–

(3,740,341)

–

(163,008)

(3,903,349)

Change in
   statutory
   reserve
   related to
   disposal of
   Gu’an
   REIT

–

–

–

(565,358)

565,358

–

–

–

Foreign
   currency
   translation
   adjustment

–

–

–

–

–

(409,941)

(186,790)

(596,731)

Issuance of
   common
   shares on
   January 1,
   2020

685,000

685

650,065

–

–

–

–

650,750

Issuance of
   common
   shares on
   February 3,
   2020

290,000

290

333,210

–

–

–

–

333,500

Balance at
   June 30,
   2020

24,135,000

$

24,135

$

43,709,127

$

2,067,439

$

(8,893,351)

$

(3,937,379)

$

1,469,062

$

34,439,033

 

 

RETO ECO-SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the six months ended
June 30,

2020

2019

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(3,903,349)

$

(3,402,345)

Less: net loss from discontinued operations

–

(900,097)

Net loss from continuing operations

(3,903,349)

(2,502,248)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Loss from disposal of property and equipment

10,458

–

Depreciation and amortization

1,127,480

826,670

Amortization of stock-based compensation for services

456,063

–

Change in bad debt allowances

2,792,800

2,687,156

Gain from disposal of Gu’an REIT

(2,192,801)

–

Amortization of operating lease right-of-use assets

116,120

109,975

Changes in operating assets:

Accounts receivable

2,125,800

(4,987,255)

Accounts receivable – related party

220,998

–

Advances to suppliers

(1,628,556)

(9,003)

Advances to suppliers – related parties

(3,069,487)

–

Inventories

(1,837,972)

(2,063,087)

Prepayments and other current assets

(479,015)

(32,915)

Billings in excess of costs and estimated earnings

–

(91,735)

Changes in operating liabilities:

–

–

Advances from customers

1,475,209

1,577,496

Deferred revenue

(3,839)

–

Accounts payable

513,213

1,607,792

Accounts payable – related party

(1,051,977)

Accrued and other liabilities

1,718,195

174,185

Taxes payable

44,270

168,613

Operating lease liabilities

(143,306)

(103,462)

Net cash used in operating activities from continuing operations

(3,709,696)

(2,637,818)

Net cash provided by operating activities from discontinuing operations

–

3,134,281

Net cash provided by (used in) operating activities

(3,709,696)

496,463

CASH FLOWS FROM INVESTING ACTIVITIES

Addition of property, equipment and construction in progress

(91,946)

(508,236)

Proceeds from disposal of long-term investment

28,440

–

Proceeds from disposal of Gu’an REIT

2,768,703

–

Term deposits

–

(141,096)

Net cash provided by (used in) investing activities from continuing operations

2,705,197

(649,332)

Net cash used in investing activities from discontinued operations

–

–

Net cash provided by (used in) investing activities

2,705,197

(649,332)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from short-term loans

5,801,760

6,619,731

Proceeds from long-term bank loans

–

737,069

Repayment of short-term bank loans

(7,957,772)

(6,633,621)

Repayment of long-term bank loans

(36,035)

(147,414)

Proceeds from related party loans

3,677,761

202,329

Repayment to related party loans

(1,180,383)

–

Net cash provided by financing activities from continuing operations

305,331

778,094

Net cash used in financing activities from discontinuing operations

–

(324,280)

Net cash provided by financing activities

305,331

453,814

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH

2,733

(32,181)

NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH

(696,435)

268,764

CASH AND RESTRICTED CASH, BEGINNING OF PERIOD

981,518

1,563,166

CASH AND RESTRICTED CASH, END OF PERIOD

$

285,083

$

1,831,930

Less: cash and cash equivalents, restricted cash from discontinued operation, end of period

–

(8,448)

Cash and and cash equivalents, restricted cash from continuing operations, end of period

$

285,083

$

1,823,482

RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:

Cash

$

202,078

$

1,652,050

Restricted cash

83,005

171,432

Total cash and restricted cash

$

285,083

$

1,823,482

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Interest paid

$

572,201

$

711,255

Income tax paid

$

–

$

75,387

Non-Cash Investing Activities

Right-of-use Assets obtained in exchange for operating lease obligations

$

221,940

$

731,517

 

 

Cision View original content:http://www.prnewswire.com/news-releases/reto-eco-solutions-reports-first-half-of-2020-financial-results-301197194.html

SOURCE ReTo Eco-Solutions, Inc.

Defense Metals Corp. Receives Additional Funds From the Exercise of Warrants to Fund a Preliminary Economic Assessment and Other Corporate Purposes

VANCOUVER, BC, Dec. 22, 2020 /PRNewswire/ – Defense Metals Corp. («Defense Metals» or the «Company«) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that 3,157,828 warrants with an exercise price of $0.20 were exercised and the remaining unexercised warrants with an expiry date of December 21, 2020 have expired. The proceeds of the exercise of these warrants were $631,565.60….

VANCOUVER, BC, Dec. 22, 2020 /PRNewswire/ – Defense Metals Corp. («Defense Metals» or the «Company«) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that 3,157,828 warrants with an exercise price of $0.20 were exercised and the remaining unexercised warrants with an expiry date of December 21, 2020 have expired. The proceeds of the exercise of these warrants were $631,565.60. The use of proceeds will be used to complete the preliminary economic assessment (PEA) in the new year, and for general working capital and corporate purposes.

Craig Taylor, CEO comments:

«The exercise of warrants adds further funds to our company and will assist in advancing the Wicheeda Rare Earth Elements project. We have made tremendous progress over the past two years and we look forward to continuing that success in 2021.»     

Wicheeda REE Project

The Wicheeda REE project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO1.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a «Qualified Person» as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. 

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of «GREEN» energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol «DEFN» on the TSX Venture Exchange, in the United States, under «DFMTF» on the OTCQB and in Germany on the Frankfurt Exchange under «35D».

____________________

1 Technical Report on the Wicheeda Property, British Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo) is available under Defense Metals Corp.’s profile on SEDAR (www.sedar.com)

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 news release.

Cautionary Statement Regarding Forward Looking Information

This news release contains «forward–looking information or statements» within the meaning of applicable securities laws, which may include, without limitation, statements relating to the Company’s plans for its Wicheeda project, use of funds, completion of PEA, exercise of option to acquire 100% of the Wicheeda project, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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SOURCE Defense Metals Corp.

Solar Energy Partners Joins with The Salvation Army in Support of Local Communities in an Effort to Give Back During the Holidays

TURLOCK, Calif., Dec. 22, 2020 /PRNewswire/ — Solar Energy Partners (SEP), one of California’s highest rated and fastest growing solar energy brokerages, today announced that they have officially partnered with The Salvation Army, the nation’s largest social-services…

TURLOCK, Calif., Dec. 22, 2020 /PRNewswire/ — Solar Energy Partners (SEP), one of California’s highest rated and fastest growing solar energy brokerages, today announced that they have officially partnered with The Salvation Army, the nation’s largest social-services organization, through their «Red Kettle» & «Angel Tree» programs to aid those in need. With a need to help 155% more people than usual this season, The Salvation Army supports homeless shelters, grocery assistance, and Bill-pay assistance – helping struggling households pay their utility bills.

According to the Solar Energy Industries Association (SEIA), solar companies are in a prime position to help rebuild the American economy quickly and more robustly than ever. Solar Energy Partners (SEP) offer homeowners the ability to switch their main power provider to solar energy at rates generally cheaper than what most electrical utilities can provide. With so many impacted by the Coronavirus COVID 19 Pandemic, there has never been a greater necessity for economic relief. The Salvation Army’s Red Kettle program could see up to a 50% decrease in funds this year due to more online shopping, unemployment rates and store closures. SEP is stepping up to offer options so their clients can donate cash through Red Kettle. Customers will also have the option to donate a toy via Amazon or Walmart which benefits the Angel Tree Program.

«Most solar companies want to sell you solar – we are going above and beyond to not only benefit homeowners by going solar and saving the environment, but also helping anyone who needs it during one of America’s most dire times,» said David Madrid, Co-Founder and Partner at Solar Energy Partners. «We have officially partnered with The Salvation Army, one of America’s most reputable charity institutions to help those that have fallen on hard times over the course of the pandemic.»

SEP offers a multitude of options to find what fits their customers best and simplifying the process of switching to solar in a revolutionary new way. The company is also focused on benefitting the communities they serve across California – and beyond. Through this most recent act of community outreach, SEP is looking to help families who need it most during this unprecedented and devastating holiday season.

«While most solar companies are focused on generating more sales, we are keeping our focus on giving back – our main goal is to help people, across the board,» says Madrid.

Using digital QR codes and a link provided to them, SEP customer donations can make a real impact on families affected by COVID-19 all around the country. SEP services areas in and around Los Angeles, San Diego, Orange County and Fresno. Their premium solar products are offered through a number of verified, top-tier partners, as well as home batteries through Tesla and LG. So far, SEP has helped over 4,455 customers switch to solar, saving over a hundred million dollars and saving the planet, to boot.

For more information please visit www.solarenergy.partners, or call (562)-824-8179 or email David Madrid Jr. at davidmadridjr@gmail.com.

About Solar Energy Partners
With over 20 years of solar experience, Solar Energy Partners was founded by Alex and Clint Williams and Dave Madrid in the spring of 2017. SEP’s mission is to bring clean energy, abundant savings, and peace of mind to every single homeowner in the United States. As the solar revolution progresses this century, we aim to lead in spreading this renewable resource across the world. We work to assist homeowners in saving our beautiful planet with solar that can be owned at a lower monthly cost than their current energy bill. www.solarenergy.partners

About The Salvation Army
The Salvation Army annually helps more than 23 million Americans overcome poverty, addiction and economic hardships through a range of social services. By providing food for the hungry, emergency relief for disaster survivors, rehabilitation for those suffering from drug and alcohol abuse, and clothing and shelter for people in need, The Salvation Army is doing the most good at 7,600 centers of operation around the country. In the first-ever listing of «America’s Favorite Charities» by The Chronicle of Philanthropy, The Salvation Army ranked as the country’s largest privately funded, direct-service nonprofit. For more information, visit SalvationArmyUSA.org.

Contact:
David Madrid Jr.
Solar Energy Partners
(209) 326-2578
261892@email4pr.com

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SOURCE Solar Energy Partners