Category: Canada

 Haivision Systems Inc. (“Haivision”) (TSX: HAI), a leading global provider of mission-critical, real-time video networking and visual collaboration solutions, is proud to announce its 20th anniversary – a significant milestone that highlights the company’s leadership and innovation in mission-critical, live video solutions. 

Since its founding in Montreal in 2004, Haivision has been at the forefront of live video technology, providing cutting-edge solutions that empower the Fortune 500, government and defense organizations, and media and entertainment companies to drive remote connectivity, awareness, better decisions, and faster responses with real-time mission-critical video.  

 Over the past two decades, Haivision has revolutionized the way video is used for mission-critical applications, with a focus on security, reliability, performance, and quality. The company is proud to serve an impressive list of customers and major events including Microsoft, META, Salesforce, NYSE, RBC, Olympics, FIFA World Cup, NHL, Fox Sports, NASCAR, MLB, U.S. Department of Defense, SpaceX, and NASA. 

 Key highlights in Haivision’s 20-year history include:  

·         Eight strategic acquisitions (four in the U.S., two in Spain, one in Germany and one in France) 

·         360 employees in Montreal and across the Americas, EMEA, and APAC 

·         $140 million in revenue in fiscal year 2023 

·         22.1% CAGR (compound annual growth rate) since its founding 

·         17 years of positive Adjusted EBITDA 

·         A debut on the Toronto Stock Exchange (TSX: HAI) in December 2020 

Haivision’s journey has been marked by numerous achievements, including the development of the award-winning Makito video encoder series, the invention of the SRT video transport protocol which has become the most widely adopted protocol in the industry, and four Emmy® Award wins for technology and engineering innovation. These milestones reflect Haivision’s dedication to excellence and its role as a trusted provider of mission-critical video solutions. 

“Twenty years ago, we set out to change the real-time, low-latency, live video networking landscape,” said Mirko Wicha, Founder and CEO of Haivision. “Today, we celebrate not just the success of Haivision, but also our customers, partners, and dedicated employees that have been integral to our journey. We are incredibly proud of the impact we’ve had on the industry and are excited for the future as we continue to push the boundaries of what’s possible in ultra-low latency live video.” 

The Haivision team will celebrate its 20th anniversary at company events and major tradeshows throughout the year. For more information about Haivision, please visit: https://www.haivision.com/. 

MONTREAL—Haivision Systems Inc. is marking its 20th anniversary by detailing sme of the accomplishments and developments that have helped the company become a leading global provider of real-time video networking and visual collaboration solutions. 

Major achievements since its founding in 2004 include the development of the award-winning Makito video encoder series, the invention of the SRT video transport protocol which has become the most widely adopted protocol in the industry, and four Emmy Award wins for technology and engineering innovation, the company said. 

“Twenty years ago, we set out to change the real-time, low-latency, live video networking landscape,” said Mirko Wicha, founder and CEO of Haivision. “Today, we celebrate not just the success of Haivision, but also our customers, partners, and dedicated employees that have been integral to our journey. We are incredibly proud of the impact we’ve had on the industry and are excited for the future as we continue to push the boundaries of what’s possible in ultra-low latency live video.”

Since its founding in Montreal in 2004, Haivision has grown into a provider of live video technologies for Fortune 500 companies, government and defense organizations, and media and entertainment companies. The company reported that it currently serves an impressive list of customers and major events including Microsoft, META, Salesforce, NYSE, RBC, Olympics, FIFA World Cup, NHL, Fox Sports, NASCAR, MLB, U.S. Department of Defense, SpaceX, and NASA.

Other key highlights in Haivision’s 20-year history include:

• Eight strategic acquisitions (four in the U.S., two in Spain, one in Germany and one in France)
• 360 employees in Montreal and across the Americas, EMEA, and APAC
• $140 million in revenue in fiscal year 2023
• 22.1% CAGR (compound annual growth rate) since its founding
• 17 years of positive Adjusted EBITDA
• A debut on the Toronto Stock Exchange (TSX: HAI) in December 2020

The Haivision team will celebrate its 20th anniversary at company events and major tradeshows throughout the year. For more information visit: https://www.haivision.com/.

VANCOUVER, BC / ACCESSWIRE / May 1, 2024 / Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) (“Electric Royalties” or the “Company”) is pleased to announce the closing of the previously announced transaction (the “Transaction”) to acquire a portfolio of 18 royalty agreements and 32 lithium properties in Ontario, Canada (the “Ontario Lithium Projects” or the “OLP”). Pursuant to the Asset Purchase Agreement between the Company and 1544230 Ontario Inc., MK Exploration Services Inc. and Gravel Ridge Resources Ltd. (together, the “Vendors”) dated April 8, 2024, the Company has issued 2,250,000 common shares of the Company to the Vendors and made a net cash payment of C$1,689,000 (which reflects a total cash consideration of C$1,875,000, less C$75,000 down payment provided to the Vendors in November 2023 and C$111,000 held in escrow representing cash payments and the value of shares received by the Vendors after January 1, 2024 pursuant to certain mineral property interests in the OLP).

Brendan Yurik, CEO of Electric Royalties, commented: “Northwestern Ontario is known for its lithium potential; thus we are very pleased to complete the acquisition of these prospective lithium royalties and optioned properties in that region. We have strategically selected these royalties and projects from an initial 126 projects, based on our assessment of their prospective geology and greater proximity to prospects with reported lithium resources and exploration activity.

“Current lithium market conditions have allowed us to acquire this portfolio at a relatively low cost, while doubling the size of our overall royalty portfolio. The acquisition represents a significant opportunity for Electric Royalties to grow in an accretive manner, as forecasts suggest lithium prices will rebound in the longer term.”

Overview of the Ontario Lithium Projects (OLP)

The OLP portfolio consists of 18 royalties (Table 1) and 32 lithium properties (Table 2) located in the province of Ontario, Canada. 31 of the 32 properties are currently being explored by third parties pursuant to option agreements and, to the extent that the applicable option payments (yielding the Company up to $2.2 million) are made over the next two and a half years and the options are exercised, each of the properties would revert into royalty interests for Electric Royalties. Electric Royalties would retain its ownership interest in any properties that are not ultimately transferred to an optionee and would have the right to re-option, sell, or relinquish such properties.

The properties cover prospective land on the same geological trends of, and surrounding, major lithium discoveries in Ontario. Six of 24 developed lithium prospects in Ontario with reported reserves or resources are located in the vicinity of these properties1. Several of these properties are adjacent to Green Technology Metals’ Seymour Lake Lithium Project (on which Electric Royalties holds a 1.5% net smelter royalty interest) that hosts the Aubry deposits (see Figure 1). The Seymour Lake Lithium Project is road-accessible year-round and is envisioned as a central processing facility with the potential to add production from other deposits in the area. Green Technology Metals is currently pursuing a vertically integrated strategy with multiple mine and processing hubs supplying a central lithium conversion facility that would be built in Thunder Bay, Ontario2.

Table 1: OLP Royalties

Table 2: OLP Properties

Figure 1: Map showing claim groups comprising the OLP in the Seymour Lake area

Currently, Canada hosts the sixth-highest lithium reserves of any country, yet 2022 production totaled an estimated 500 tonnes – an amount dwarfed by global lithium powerhouses such as Chile and Australia3. The hard-rock lithium deposits in Canada are hosted in pegmatites containing a lithium-bearing mineral known as spodumene. Lithium hosted in spodumene provides producers with greater flexibility as it can be processed into either lithium hydroxide (mainly used in high-density electric vehicle (EV) batteries) or lithium carbonate4. It also offers faster processing times and is higher quality than lithium extracted from brine as spodumene typically contains higher lithium content4. Spodumene-bearing pegmatites are often hosted in metavolcanic or metasedimentary rocks adjacent to granitic intrusions5. Many of the world’s largest hard-rock lithium occurrences are found in Archean or Paleoproterozoic orogens – geological environments underlying approximately two-thirds of Ontario6.

One of the most advanced and high-grade lithium projects in Ontario is Frontier Lithium’s (“Frontier”) PAK and Spark deposits on which a positive pre-feasibility study was recently announced7. PAK contains one of North America’s highest-grade lithium resources and is one of the largest known deposits of its subtype in North America8. Further, Frontier has recently received a grant from the Ontario government to advance its understanding of the processing of lithium into battery metal products. Electric Royalties’ OLP acquisition includes two large unexplored, optioned claim groupings located less than 10 kilometres from the Frontier projects and adjacent to terrane hosting geologically favourable two-mica granitic rocks (see Figure 2).

Figure 2: Map showing claim groups comprising the OLP, and Frontier Lithium’s Spark and PAK deposits

One of the most exciting new lithium exploration stories in Ontario is the emerging Root Bay project being advanced by Green Technology Metals. Drilling programs completed in the last year and a half resulted in the announcement of a 9.4 million-tonne (Mt) indicated resource grading 1.3% lithium oxide (Li2O) for Root Bay and a 4.5 Mt inferred resource grading 1.01% Li2O for the associated McCombe deposit, at a 0.2% Li2O cut-off, reported under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (or “the JORC Code”)9. The OLP includes numerous claims in this area, staked prior to the Root Bay discovery. Many of these claims are on or near to the subprovince terrane boundary, host numerous tourmaline occurrences and are on or near the Root Bay pluton10 – all of which are key exploration indicators of lithium-bearing pegmatites. One such claim in the OLP, the McCombe North Property, was optioned to Bastion Minerals and is located less than 2 kilometres from the Root Bay deposit11. Another claim group in the OLP, the Harrison Road Property located a few kilometres to the south of Root Bay, was sampled by the Ontario Geological Survey (OGS)12, and returned anomalous lithium values in lake sediments; hence, it is considered to be prospective (see Figure 3).

Figure 3: Map showing OLP claim extents in the Root Bay area

Rock Tech Lithium’s Georgia Lake Project is also one of the more advanced integrated lithium development projects in Ontario. Rock Tech Lithium is, reportedly, pursuing a vertically integrated strategy which not only includes development of the Georgia Lake deposit, but also the construction of a lithium processing plant. The plan is to build a facility that is capable of processing material from various sources and is adaptable to the region’s growing lithium industry13. There is tremendous exploration potential in the Georgia Lake area as it has been described as the largest concentration of rare-element mineralization in the Superior Province of Ontario14. Other companies have reported interesting results from work in the Georgia Lake district. Tearlach Resources recently announced the results of channel sampling which ranged from 1.56% Li2O over 3 meters to 4.04% Li2O over 0.7 meters in channel samples on their property15.

The OLP includes the largest land position in the Georgia Lake lithium district (see Figure 4). One of the properties, the Arrel Lithium Property, is 20 kilometres east of the Rock Tech pegmatites, and not only is underlain by a muscovite-bearing peraluminous granite but is also in contact with metasediments which make excellent hosts for pegmatites.

Figure 4: Map showing claim groups comprising the OLP in the vicinity of the Georgia Lake projects

Lithium Development in Ontario

Ontario is a province with a deep-rooted mining tradition, abundant clean hydroelectric and nuclear power, and a skilled mining workforce. The permitting environment in Ontario is rigorous, fair, and process-based, and both the federal and provincial governments are supportive of battery metal projects as shown in their recent investments and initiatives16,17.

Access to sustainable power, abundant water, and skilled personnel makes mine development and permitting easier, and it is one of the compelling reasons for Electric Royalties’ interest in the OLP acquisition. The properties cover a collective area of over 1 million acres and are adjacent to some of the most prominent lithium exploration and development plays in North America.

Lithium Outlook

The shift to clean energy systems is forecast to drive a significant increase in the demand for battery metals, and this is particularly true in the case of lithium. Lithium is a key component in current and anticipated battery chemistries. According to the International Energy Agency (IEA)’s Sustainable Development Scenario (SDS), clean energy technologies will ultimately account for 90% of the demand for lithium, which could result in a 40-fold increase in demand by 204018.

New sources of lithium will need to be developed and, equally important, new processing facilities will need to be built to meet long-term demand. Finding new lithium deposits in proximity to where the metal is processed into products suitable for battery production is imperative to secure supply chains. Complex supply chains and foreign sources of supply increase the risk of exposure to physical disruption and trade restrictions, while increasing the carbon footprint of the process.

Completion of Drawdown under Convertible Credit Facility

Further to the Company’s news release on April 9, 2024, it has completed the C$2,500,000 drawdown (the “Drawdown”) under its C$10,000,000 amended and restated convertible credit facility with Gleason & Sons LLC (the “Lender”) dated February 16, 2024 (the “Credit Facility”) for working capital and to fund the cash payment of the Transaction and associated Transaction costs.

Loans drawn under the Credit Facility bear interest (“Interest”) at a floating rate (United States Secured Overnight Financing Rate as published by the New York Federal Reserve (“SOFR”) + 7%), with a maximum interest rate of 12.5%, with Interest payments capitalized into the principal amount and due at the maturity date (the “Maturity Date”) of January 12, 2028. Prior to the Maturity Date, on at least 10 days’ prior written notice to the Company and subject to all required TSX Venture Exchange approvals having been obtained, the Lender has the right to convert all or any portion of the outstanding principal amount of the Credit Facility and accrued and unpaid interest into the Company’s common shares. Any outstanding principal amount with respect to a drawdown under the Credit Facility will be converted at a conversion price equal to the greater of: (i) C$0.50; (ii) a 100% premium above the 30-day volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange at the time of such drawdown; and (iii) the minimum price acceptable to the TSX Venture Exchange, per common share of the Company, subject to adjustment as provided in the convertible note evidencing such drawdown. Any accrued and unpaid interest may be converted at conversion price equal to the Market Price (as defined under the TSX Venture Exchange’s Policy 1.1) at the time of settlement.

The Conversion Price for the Drawdown is C$0.50, and as a result a total 5,000,000 common shares of the Company are issuable on conversion thereof. The Drawdown is subject to final TSX Venture Exchange approval.

The Credit Facility is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Credit Facility is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company’s common shares are not listed on a specified market. The Company received disinterested shareholder approval of the Credit Facility at the Company’s special meeting of shareholders held on March 19, 2024 in accordance with MI 61-101.

David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.

1 https://mndm.maps.arcgis.com/apps/webappviewer/index.html?id=66ee0efe4d3c4816963737dbdb890708

2 Green Technology Metals news release dated October 9, 2023

3 https://www.cbc.ca/news/climate/lithium-in-the-world-1.6841339

4 https://elements.visualcapitalist.com/visualizing-the-worlds-largest-lithium-producers/

5 USGS Mineral-Deposit Model for Lithium-Cesium- Tantalum Pegmatites; Scientific Investigations Report 2010-5070-O; By Dwight C. Bradley, Andrew D. McCauley, and Lisa M. Stillings

6 https://www.ontario.ca/page/about-ontario

7 NI 43-101 Technical Report Pre-Feasibility Study for the PAK Project, effective date May 31, 2023, filed under Frontier Lithium’s profile at sedarplus.ca

8 Frontier Lithium news release dated September 25, 2023

9 Green Technology Metals Limited news release titled “SIGNIFICANT RESOURCE AND CONFIDENCE LEVEL INCREASE AT ROOT, GLOBAL RESOURCE INVENTORY NOW AT 24.5MT” dated October 17, 2023, Appendix A: JORC Code 2012, Table 1. The Mineral Resources are reported using open-pit mining constraints. The open-pit Mineral Resource is only the portion of the resource that is constrained within a US$4,000/t SC6 optimised shell and above a 0.2% Li2O cut-off grade. The optimised open pit shell was generated using: $4/t mining cost, $15.19/t processing costs, mining loss of 5% with no mining dilution, 55 degree pit slope angles, 75% product recovery. The September 2023 Mineral Resource Estimate is reported above 0.2% Li2O cut-off. The cut-off is based on lowest potential grade at which a saleable product might be extracted using a conventional DMS and / or flotation plant and employing a TOMRA Xray sorter (or equivalent) on the plant feed. A number of pegmatites outcrop at surface thus the mineral resource is likely to be extracted using a conventional drill and blast, haul and dump mining fleet.

10 OGS Open File Report 6099; F.W. Breaks, J.B. Selway and A.G. Tindle; 2003

11 https://www.bastionminerals.com/projects/canadian-lithium-project/

12 https://www.geologyontario.mndm.gov.on.ca/mndmfiles/pub/data/records/LakeGeochemON.html

13 https://www.rocktechlithium.com/news/rock-tech-and-the-bmi-group-red-rock-indian-band-partner-to-analyse-lithium-processing-site

14 Breaks, F.W., Selway, J.B. and Tindle, A.G. 2008. The Georgia Lake rare-element pegmatite field and related S-type, peraluminous granites, Quetico Subprovince, north-central Ontario; Ontario Geological Survey, Open File Report 6199, 176p

15 https://www.accesswire.com/viewarticle.aspx?id=810467&token=82fito391y0i58fbeufi

16 https://www.newswire.ca/news-releases/frontier-lithium-receives-funding-from-government-of-ontario-for-lithium-processing-research-842905858.html

17 https://www.canada.ca/en/natural-resources-canada/news/2023/11/government-of-canada-launches-15-billion-critical-minerals-infrastructure-fund.html

18 https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions

About Electric Royalties Ltd.

Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.

Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.

Electric Royalties has a growing portfolio of 40 royalties across the world and 32 lithium properties in Ontario, Canada. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades toward a decarbonized global economy.

For further information, please contact:

Brendan Yurik

CEO, Electric Royalties Ltd.

Phone: (604) 364‐3540

Email: Brendan.yurik@electricroyalties.com

https://www.electricroyalties.com/

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information and Other Company Information

This news release includes forward-looking information and forward-looking statements (collectively, “forward-looking information”) with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information.Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company’s future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the properties in which it holds interests.

While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these properties to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these properties to implement their business strategies including expansion plans; the optioned properties remaining under option; the optionees making option payments as and when due under the relevant option agreements; the lithium properties not being successfully explored and developed; competition; currency and interest rate fluctuations, and the other risks.

The reader is referred to the Company’s most recent filings on SEDAR+ as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company’s profile page at sedarplus.ca and at otcmarkets.com.

SOURCE: Electric Royalties Ltd.

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Accountability

Exxon distances self from inflated declaration: ExxonMobil lats week distanced itself from the huge inflation of an invoice detected by the GRA and pointed to its former broker which it did not name and both are set to appear in court next week over the matter. Stabroek News on April 25th reported on the massive inflation of the invoice from an estimated US$4.4m to US$12.1b. In a brief statement yesterday, the company said: “ExxonMobil Guyana (EMGL) became aware of a clerical error in a Customs declaration filed by our former broker in 2023 from an investigation initiated by the Guyana Revenue Authority (GRA). EMGL did not compose the erroneous declaration, nor were we aware of this clerical error when the declaration was filed.  EMGL is cooperating fully with the GRA in its investigation of this matter”. The broker in question is Ramps Logistics Guyana Inc (RLGI). ExxonMobil has written to the Guyana Revenue Authority (GRA) to put itself in the clear. Its controller, William A Thompson wrote to Deputy Commissioner, Jason Moore on April 16 stating that EMGL was not the declarant and had not made any false declaration. In the correspondence seen by Stabroek News, Thompson said the declaration was made by RLGI “as borne out by the information in column 14 of the prescribed customs declaration form” provided by the GRA. He added that EMGL has not made or caused to be made any false declaration. “Any error made by RLGI was a typographical error which did not inure to the detriment of or cause any loss” to the GRA. Ramps in its defence has said that the declaration was prepared based on information provided by ExxonMobil Guyana Limited through its KABAL System. Addressing that contention, Thompson “To the best of EMGL’s knowledge, all information that was available to RLGI from the KABAL platform was accurate and any error was not caused by EMGL”. Under its contract with EMGL, Thompson said that RLGI had an obligation to review and verify all inbound shipping documentation such as bills of lading and packing lists etc and ensure that all such documentation was accurate and correct and met the country’s customs re quirements.

Opposition calls for probe of NPTAB, procurement system: The opposition APNU+AFC on April 24th called for a probe of the national tender board and the procurement system in the wake of the scandalous award of the Belle Vue Pump Station contract to Tepui Inc. In a statement, it said that the findings of the Public Procurement Com-mission (PPC) on the Tepui contract for the construction of the Belle Vue pump station have outraged Guyanese across the political spectrum. “We, in the Opposition, firmly believe that the Tepui contract scandal is only the tip of a large iceberg.  Indeed, NPTAB was barefaced enough to inform the PPC that it awarded similar pump station contracts to others who also did not have the experience and prerequisites. We are convinced that breaches of the procurement laws and the award of contracts to the friends, families and favorites of the PPP government occur regularly and are in the tens of billions of dollars.

 “We, therefore, believe that calls for only a criminal investigation of the Evaluation Committee for the Tepui contract or the revocation of the contract fail to recognise the magnitude of the mismanagement, corruption, and political interference in the contract award system under the PPP. Nothing short of radical overhaul and total cleansing is needed. Guyanese must note that the government’s entire capital budget is processed through the public procurement system. We are dealing with hundreds of billions of dollars annually. In 2023, the capital budget was G$388B. In 2024, it is a galloping $666B, approximately 58% of the entire national budget”, the opposition said. It noted that the award of government contracts was a “Herdmanston issue.” – meaning that in the aftermath of the 1997 election and public protests, the award of contracts was explicitly identified by all stakeholders as a matter of central importance for race relations, social justice, and equal opportunity in Guyana. It added that the 1999 Constitution Reform Com-mission (CRC) agreed, therefore, to establish the Public Procurement Com-mission as a body with constitutional powers to address this national problem. The opposition charged that the PPP/C, during its previous term in office, thwarted both the establishment and the functioning of the procurement commission.

PPC took eight months to throw out complaint by R Kissoon over D&I pumps bid: It took eight months for the PPC to throw out a complaint by R Kissoon Contracting Services over a bid for D&I pumps but more irregularities have surfaced in the tendering system including errors by the evaluation committee and the signing of the disputed contract on January 1st 2023, a national holiday. R Kissoon complained to the Public Procurement Commission (PPC)  on January 24, 2023 that its bids for the maintenance and servicing of drainage and irrigation pumps were unsuccessful even though they were the lowest for two lots and met all of the requirements. It said to the PPC that it had lodged a complaint with the National Procurement and Tender Administration Board (NPTAB) but had gotten no response within the statutory period. The Procurement Act requires the lodging of a bid protest with the procuring entity, in this case the National Drainage and Irrigation Authority (NDIA) and not the NPTAB. In its Summary of Findings adopted on February 29th this year, the PPC said it nevertheless decided to investigate the matter given its wide constitutional mandate. The PPC’s Summary of Findings is replete with instances where both the NPTAB and the NDIA ignored requests for crucial clarifying information. The PPC discovered based on the documents submitted to  it that the Evaluation Committee of the NPTAB said R Kissoon was non-responsive on three of the criteria and its bids were therefore thrown out. However, the PPC found that R Kissoon could possibly only have been deemed non responsive in relation to one guideline and had actually complied with the other two. This discovery will raise further questions about the arbitrary conduct of the evaluation committees of the NPTAB and how certain contractors could be favoured over others. In a recent controversial case, despite having failed several guidelines, including the requirement to have previously built a pump station, the evaluation committee admitted the bid of Tepui Inc as responsive. Tepui was later awarded the contract and this has triggered a major controversy. The PPC found that the complainant was deemed non-responsive by the Evaluation Committee for failing to satisfy three of the Evaluation Criteria – financial and technical, particularly – Criteria #9: Evidence of financial capacity representing (25%) for each individual lot. The bidder must provide a bank statement or line of credit from a bank or a recognized financial institution. The document must be dated within one month of the bid opening date and be clearly legible. Included in the record of the tender proceedings submitted by the NPTAB to the commission, was a Statement from Republic Bank (Triumph Branch) evidencing a bank account balance of the complainant in the sum of $40,957,648. The statement was dated December 16th, 2022, that is, within one month of the bid opening on December 20th, 2022 as required.

AFC calls for gov’t nominees on PPC to step down over Tepui decision: The Alliance For Change (AFC) on Friday called for the resignation of the government nominees on the procurement commission over their failure to sanction a pump station contract to Tepui Inc and it also called for a restructuring of the national tender board. The award of the Belle Vue pump station contract to Tepui Inc despite the fact that it had no construction experience with such a project has led to denunciations and the decision of the Public Procurement Commission (PPC) on Tuesday not to take decisive action to end the contract has raised serious concerns. In its defence, the PPC in its Summary of Findings  said that it has no powers to terminate a contract that has already been concluded. During his party’s media conference held virtually, AFC Leader Khemraj Ramjattan lashed out at the government-appointed commissioners over the $865 million contract. “The AFC regards the recent majority recommendation of the PPC, after the complaint by its Executive member and Parliamen-tarian Mr David Patterson, as shamelessly objectionable, unfair and yet another knockdown of a guardrail of our fragile democracy”, he declared. He told the press that all five Commissioners agreed that Tepui had failed on the evaluation criteria. “Tepui’s bid failed grievously on every evaluation criteria as found unanimously by 5 Com-missioners”, the AFC Leader stated. Ramjattan said that his party when examining the PPC’s Summary of Findings found it amazing that a bid which did not meet any of the evaluation criteria could have been passed by the Evaluation Committee at the National Procurement and Tender Administration Board (NPTAB) and given a no-objection by Cabinet. The party’s leader said “The AFC does not know the names of the members of the Evaluation Commit-tee. However, their names must not be an official secret. The public has a right to know who they are. The AFC is aware that the head of NPTAB is Mr. Tarachand Balgobin, who has a senior advisory role at the Ministry of Finance as Deputy National Authorising Officer and head of its Public Invest-ment Unit. A conflict of interest is most noticeable here. Also, it is well known that Tepui’s owner (Mikhail Rodrigues) is a close friend of Vice President Jagdeo. There is an undoubted conflict of interests and relationships here that mattered more than the merits of the Tepui bid”. Ramjattan disclosed that the Summary of Findings approved by the PPC was not unanimous. The PPC comprises three commissioner nominated by the government and two by the opposition.

Contracts

Contractor misses latest deadline for completion of Bamia Primary: Completion of the Bamia Primary School has missed another deadline and Region 10 Chairman Deron Adams yesterday again expressed his dissatisfaction at the delay in finishing the building. After being controversially awarded to entertainers and football promoters in November 2021, the construction was supposed to have been completed in July 2023. This was pushed back to November 2023 and when pressed during the budget debate this year, Minister of Local Government, Sonia Parag said it would be completed on April 1st, 2024. It has still not been completed and is said to be at around 75% complete. Adams when contacted on April 25tth said that the project which was heavily criticized for its deficiencies encountered several setbacks as windows and electrical wires were not installed. He said that as far he knows the Regional Exe-cutive Officer Dwight John had written to the Ministry of Finance requesting an extension on the project and was awaiting approval. The government has recently said it would be applying liquidated damages and terminating projects that are long overdue. It has said nothing about this contract which was awarded to St8ment Investment Inc whose football and entertainment principals are seen as close to the government. The Regional Chairman yesterday reiterated the dire need for the school to be completed as soon as possible. He told Stabroek News  that while the government in several cases terminated the contracts of companies which failed to complete works on capital projects on time and resorted to re-tendering as should be the case for the Bamia Primary School, if this is done it could be an additional setback for the community. Since over 800 children are likely to benefit from the completion of the school, the Regional Chair-man is adamant that the construction which is currently at 75 per cent should be expedited.

Business

DEMTOCO announces after-tax profit of $2.27 billion: The Demerara Tobacco Company Limited (DEMTOCO) has announced an after-tax profit of $2.27 billion for 2023 while noting a “significant” rise in cigarette smuggling which it estimates could cost the local economy some $1 billion annually. This disclosure was made on April 25th at the company’s 90th Annual General Meeting (AGM) which was held at the Marriott Hotel in Kings-ton, Georgetown, where it shared its 2023 results and strategic achievements under the leadership of Managing Director, Vijay Singh, a DEMTOCO release disclosed. The company reported a 9.7% increase in After Tax Profit, climbing from $2.07 billion in 2022 to $2.27 billion in 2023. This growth, it stated, has been supported by a 4.4% increase in revenue which is driven by enhanced operating efficiencies. These results however, were achieved amidst a challenging global environment characterised by logistical disruptions, inflationary pressures, and international political tensions, which DEMTOCO successfully navigated in order to deliver significant value to its shareholders.  

Singh in his remarks at the AGM, highlighted the company’s strategic focus on strengthening its portfolio of international brands. “Our premium brand Dunhill, has once again shown outstanding performance, with a growth of 9.5% for the third consecutive year. This is a testament to our commitment to innovation and providing a premium experience to our consumers.” He also pointed out that the migration of the Bristol brand to the globally recognized Lucky Strike, has positioned DEMTOCO to leverage brand strength and drive future growth.

Health

Region Six has recorded 440 dengue cases for this year: Region Six has so far recorded 440 dengue cases for the year with eleven in the last twenty-four hours and a 15-year-old is hospitalized in the Intensive Care Unit at the New Amsterdam Public Hospital. Yesterday, the region’s information officer confirmed the figures. Following the deaths of two children at the New Amsterdam Public Hospital and three in total within the region, parents in Canje have expressed concerns about taking their children to the New Amsterdam Public Hospital despite them testing positive for dengue. According to one parent who asked to remain anonymous, both of her children had developed fevers, however, after the reports of the passing of the two primary school girls at the New Amsterdam Public Hospital she decided to take her children to a private lab in New Amsterdam where they both tested positive for dengue fever. The woman said that she is scared to take her children to the hospital and has opted to give them natural remedies in hopes of curing them. She stressed that she is keeping a close eye on them and if the need arises she will take them to a private institution. Further, two other parents within the Canje area have told Stabroek News that their children are experiencing fever symptoms as well, however, they are scared to take them to the New Amster-dam Hospital given the current situation in the region. Since last week Stabroek News has been trying to schedule an interview with Region Six Chairman, David Armogan on the dengue situation within the region to no avail. Surprisingly, yesterday morning this newspaper was sent a recording from the region’s information officer with an interview from the chairman to which only one local reporter was invited. In that recording, Armogan said that there has been an increase in dengue cases within the region as he pointed out that there has been a mosquito infestation  throughout the region. “In every place basically, so what we are doing we are intensifying the fogging exercise we have started”, he said.

Crime

Sophia labourer killed by men who attempted to rob him of bike: A 23-year-old Sophia labourer was fatally shot last Sunday night after he resisted the efforts of two men to rob him of his motorcycle in front of his home. One of the men was apprehended minutes later by public-spirited citizens and the motorcycle was recovered. Dead is Alwin Griffith of Lot 632 ‘A’ Field, South Sophia. The young man’s sister, Lincy Wilson, told Stabroek News that nothing was taken from her brother but his newly purchased motorcycle, which the bandits were after. According to the police, on Sunday at around 21:30 hours, Griffith was sitting on his black CB1 motorcycle, CM3560, in front of his home when two males approached him, one of whom pointed a handgun at him and tried to take away his motorcycle. A scuffle ensued, and the suspect who had the handgun discharged a round that hit Griffith to the right side of his upper chest. Griffith ran off a short distance and collapsed on the roadway while the suspects attempted to mount Griffith’s motorcycle, but an alarm was raised by residents in the area who went to the victim’s assistance. The suspects then ran in an attempt to escape, but the residents gave chase and managed to apprehend one of them, who was subsequently identified as a 19-year-old Campbell Street, Albouystown, Georgetown resident. The victim was then rushed to Georgetown Public Hospital (GPH) by residents but was pronounced dead on arrival. The police said that the suspect, who was beaten by residents, was also taken to the GPH in an unconscious state. He is presently receiving medical attention under police guard, while the body of the deceased is currently at the GPH mortuary awaiting a post-mortem examination. Stabroek News visited the scene and a resident who witnessed the incident recalled that on Sunday night he was about to leave his yard when he saw the two men come out of a street, cross the bridge that leads to his street, and walk up to Griffith and order, “Pass  it!”. One then shot him at close range. The resident recalled that the men then jumped on Griffith’s motorcycle and were about to escape, but the motorcycle’s engine cut out and the men ran over the bridge to escape.

Mining

Reunion, G Mining Ventures in deal for Region Seven gold mine: Reunion Gold Corporation (RGD) of Canada and G Mining Ventures (GMIN) have struck a deal for gold mining in Oko West in Region Seven. The deal will see participation from several leading figures from the former Omai Gold Mines Limited (OGML) which extracted the precious metal over a number of years at its mine site near the Omai Creek. ​A press release yesterday from the two companies said that through the transaction, GMIN will acquire RGD’s flagship Oko West Project in the Cuyuni/Mazaruni, described as one of the most attractive mining jurisdictions on the continent. “Oko West has emerged as a globally significant gold discovery over the last few years, with excellent potential to become a top tier deposit that could support a large, long-life mine complex to accelerate GMIN’s vision of building a leading intermediate gold producer. The GMIN team, including through the Gignac Family-owned G Mining Services (GMS), has an impressive track-record of executing world-class projects in the Guiana Shield region to generate industry leading returns for its stakeholders”, the release said. GMS has among its principals, Louis Gignac, who was the head of Cambior Inc, the major shareholder in OGML.​ The release said that GMIN plans to move Oko West rapidly  through technical studies to a construction decision, utilizing  the considerable amount of exploration, development, and permitting work that has already been completed by RGD, supported by the expected free cash flow from the Tocantinzinho Gold Project in Para in Brazil which is trending on schedule and on budget for commercial production in the second half of 2024. ​Under the terms of the Agreement, the release said that GMIN and RGD shareholders will receive common shares of a newly formed company (the New GMIN) equivalent to RGD shareholders being issued 0.285 GMIN common shares for each RGD common share. In addition, RGD shareholders will receive common shares in a newly created gold explorer (SpinCo) that will hold all of RGD’s assets other than Oko West. GMIN has agreed to fund SpinCo with CAD$15 million.​ RGD shareholders will receive estimated consideration of CAD$0.65 per RGD common share, an estimated Transaction equity value of CAD$875 million, based on the closing price of GMIN common shares on the Toronto Stock Exchange (TSX) on April 19, 2024, excluding the value of the SpinCo consideration. The release said that this represents a premium of 29% based on GMIN’s and RGD’s closing price and 10-day volume-weighted average price on the TSX and TSX Venture Exchange as at April 19, 2024, respectively, without accounting for value of SpinCo.

Vending

No vendor being moved from seawall but everybody has to comply with rules – Edghill: Minister of Public Works, Juan Edghill last week met with vendors who ply their trade along the seawall between Camp Road and Vlissengen Road and he told them that those with a permit will continue to vend as long as they are in compliance with the vending agreement. The meeting which was scheduled to begin at 2 pm got underway at 3:50 pm. When the minister arrived he apologized for his lateness as he had been on a flight. He immediately began to inform the vendors of the plans in place for the seawall. He said “every person who would have received a permit from the sea defence board to vend on the seawall will continue,  “contrary to the misinformation that was being peddled by a few sources, everyone that has a licence that is in compliance with the “mobile rule” will remain, he declared. “What we are doing is that everybody that got a licence…Your licence or letter of permit told you the conditions under which you must vend”, he said.  The minister questioned the vendors on the conditions to which he then answered “no permanent structures and number two your vending space should be no more than a hundred square feet”. He then reminded the vendors that they should be fifteen feet away from the edge of the road along and are required to clean up after they have finished selling. They must also ensure that their structures are “aesthetically pleasing”. Edghill said that persons  started vending in undesignated areas and as such they were cleared “because of what was transpiring we could not have allowed it”. He continued “you would have seen concrete structures remaining after we would have moved those persons”. The minister explained that those persons who were vending in that area were told that arrangements were being made to have them fit in so that they would be able to remain in business, however he reminded the vendors that they need to reasonable and rational “this is a sea and river defence reserve, at any time something can happen and we need access”. On the latrines issue he told the vendors that the sea and river defence board (SRDB) removed “20 pit latrines”. This resulted in the vendors challenging Edghill’s statement.

Crime

East Ruimveldt man stabbed to death during scuffle: Detectives in Regional Division 4’A’ are investigating the murder of 52-year-old Shawn George of Vlissengen Square, East Ruimveldt, Georgetown. The police on Wednesday night last said that the man was stabbed during an altercation with another man, a 34-year-old resident of West Ruimveldt around 5 pm  in front of a shop located at Vlissengen Square. Inquiries revealed that the victim was at the shop sitting on a bench, when the assailant  rode past on a motorcycle and verbally abused him. George shouted back at the suspect, telling him that he (the suspect) should repeat the insult to his face. The assailant stopped, came off the motorcycle, and approached George, after which a scuffle ensued. During the scuffle, the two men ended up in a drain, the assailant then pulled a knife from his pants waist and dealt George four stabs: one to his left forearm and three to the left side of his abdomen. After stabbing the victim, the 34-year-old assailant escaped on his motorcycle in a northern direction, leaving the wounded victim in the drain. George was subsequently picked up and taken to the Georgetown Public Hospital Corporation, where he died whilst receiving treatment. The matter was reported to the police and  the scene later processed by ‘Crime Scene’ ranks. The murder weapon was retrieved at the scene. The assailant is currently being sought by the police.