Divestco Announces Closing of Sales Solicitation Process

Calgary, Alberta–(Newsfile Corp. – May 1, 2019) – Divestco Inc. (TSXV: DVT.H) (“Divestco” or the “Company“) is pleased to announce that, in connection with its creditor protection proceedings under the Companies’ Creditors Arrangement Act (the “CCAA“) and previously announced sales solicitation process (the “SSP“) that commenced marketing on April 1, 2019 and officially closed effective as of 12:00 p.m. MDT today, 2179602 Alberta Ltd. (the “Proposed Purchaser“) has emerged as the “Successful Bidder”.

On March 4, 2019, Divestco announced that it had obtained creditor protection under the CCAA pursuant to an initial order granted by the Court of Queen’s Bench Alberta (the “Court“). On March 19, 2019, the Company announced it had entered into a definitive asset purchase and sale agreement with the Proposed Purchaser to sell all or substantially all of Divestco’s assets to the Proposed Purchaser (the “Acquisition Agreement“) for an estimated purchase price of approximately $15.2 million. At the time, the Proposed Purchaser was considered the “stalking horse” bidder and the transaction contemplated by the Acquisition Agreement the “stalking horse” bid (the “Bid“).

On March 26, 2019, Divestco obtained a further Court order approving the SSP, and this process was conducted within the CCAA proceedings by Grant Thornton Corporate Finance Inc., the Company’s financial advisor, under the supervision of Grant Thornton Inc., the Court-appointed CCAA monitor (the “Monitor“). The Proposed Purchaser was the only party that submitted a bid pursuant to the SSP. Divestco now intends to appear before the Court on May 14, 2019 to seek an order approving the Bid.

Further details of the Company’s SSP and the asset purchase and sale agreement between 2179602 Alberta Ltd. and Divestco is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval (www.sedar.ca) and is also available, along with additional information respecting the CCAA proceedings, on the Monitor’s website (www.granthornton.ca/Divestco). Readers are urged to consult the full text of all of the documents available on SEDAR and the Monitor’s website for further, more detailed, information. Readers are cautioned that there is no guarantee whatsoever that the CCAA proceedings, the agreement with 2179602 Alberta Ltd. or any other form of transaction or restructuring will resolve Divestco’s financial issues or result in the realization by Divestco or Divestco’s stakeholders of any particular value.

About the Company

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco’s breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary and trades on the NEX under the symbol “DVT.H”. Additional information on Divestco is available on its website at www.divestco.com and on SEDAR at www.sedar.com.

For more information please contact:

Divestco Inc. (www.divestco.com)

Mr. Stephen Popadynetz 
CEO and President 
Tel 587-952-8152    

Mr. Steve Sinclair-Smith
Chief Operating Officer
Tel 587-952-8184

Neither the TSX Venture Exchange, the NEX nor the 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.

Forward Looking Information

This news release contains certain information that constitutes forward-looking information under applicable securities legislation. All information other than statements of historical fact is forward-looking information. In some cases, forward-looking information can be identified by terminology such as “will”, “expect”, “plan”, “intend”, “should”, “plan”, “estimate”, “potential”, “continue”, or the negative of these terms or other comparable terminology. The forward-looking information included in this news release includes, without limitation, information concerning the Bid and the terms, timing and process associated therewith.

The forward-looking information included in this news release is based on the Court orders received by Divestco to date, current expectations, estimates, projections and assumptions, which the Company believes are reasonable but which may prove to be incorrect and therefore such forward-looking information should not be unduly relied upon. The forward-looking information provided by Divestco in this news release is based on a number of assumptions regarding, among other things that: the Bid will receive approval by the Court; the CCAA proceedings will unfold in a manner compliant with applicable law and materially consistent with precedent transactions and previous third party CCAA proceedings; all parties involved in Divestco’s CCAA process and the Bid will undertake all of their current duties in a diligent manner consistent with past practice and applicable industry and professional standards; the facts and assumptions upon which the Company determined the values set forth in the Acquisition Agreement will prove correct in all material respects going forward; the actions and potential claims of other Divestco stakeholders will be resolved in a manner consistent with Divestco’s current obligations; the Company will maintain its operations in a manner consistent with its expectations; and the Company will continue through its CCAA proceedings in a manner consistent with its current expectations.

The forward-looking information contained herein also involves a significant number of known and unknown risks, uncertainties which may cause actual results or performance to be materially different from any future results or performance expressed or implied herein. Along with the general risks faced by Divestco including issues relating to the ongoing industry and political climate in Alberta, these risks, uncertainties and other factors relating to the Company include, but are not limited to: the inherent authority and discretion of the Court may result in unforeseen changes outside of Divestco’s control to the CCAA proceedings, the Acquisition Agreement (and transactions contemplated thereby); the claims of third parties and other Divestco stakeholders may impact the CCAA proceedings, the Acquisition Agreement (and transactions contemplated thereby) or otherwise in a manner not currently contemplated or controllable by Divestco; the decisions and oversight ability and authority of the Monitor and GTCFI may impact the CCAA proceedings and related transactions (including the Bid) in a manner not currently anticipated by Divestco; the level of indebtedness of the Company, the implementation and impact of obtaining any reorganization or restructuring of the assets and changes business and financial affairs of the Company have the ability to impact the CCAA proceedings and related transactions (including the Bid); the CCAA proceedings and related transactions (including the Bid) require a certain degree of diversion of management time and attention which may impact other projects or operations of Divestco; future actions and co-operation of the creditors of the Company will impact any outcome of the CCAA proceedings and related transactions (including the Bid); the Company’s ability to generate sufficient cash-flow from operations or to obtain adequate financing on an ongoing basis to fund capital expenditures and working capital needs and to meet the Company’s ongoing obligations during the CCAA process and thereafter may be compromised by a number of industry and market risks and factors outside of Divestco’s control; the ability of the Company to maintain relationships with suppliers, customers, employees, shareholders and other third parties may be compromised in light of the Company’s current liquidity situation and the CCAA proceedings. Additional risks and uncertainties affecting the Company and its business and affairs are described in further detail in the Company’s ongoing continuous disclosure documents, including its Annual and Interim Reports, as filed under the Company’s profile on the System for Electronic Document Analysis and Retrieval.

Any forward looking information included in this news release is expressly qualified in its entirety by this cautionary statement. Any forward looking information included herein is made as of the date of this news release and the Company assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44464


AMR Token Confirmed to be Listed on Two Crypto Exchanges Including p2pb2b, FORK Provides Mining Equipment Update

Following the successful sale period for the AMR token in which approximately 80% of the sale allocation was sold, AMR has been confirmed for listing on two crypto asset exchanges, including Swiss exchange p2pb2b, which currently has 24-hour trading volume of more than USD $500 million (per CoinMarketCap). With these exchange listings, an aftermarket will be created for the AMR token, enabling greater usability of AMR, as well as the Ammbr network itself. Additionally, FORK provides an update about its mining equipment in light of its revised operations strategy.

Vancouver, British Columbia–(Newsfile Corp. – May 1, 2019) –  GLOBAL BLOCKCHAIN MINING CORP. (CSE: FORK) (OTC: GBCHF) (“FORK” or the “Company”) is pleased to announce that the AMR token has been confirmed to be listed on two major crypto asset exchanges, p2pb2b (http://p2pb2b.io) and Stex (http://stex.com). The dates for AMR being listed on these exchanges will be announced on Wednesday, May 8, 2019.

The AMR token was created by Ammbr Foundation Pte Ltd. (“Ammbr”) as the proprietary cryptocurrency of its blockchain-based wireless mesh network, to provide access to the network and to facilitate micropayments for Internet access. FORK announced in a press release dated October 23, 2019 that it had partnered with Ammbr to play a key role in the development of Ammbr’s network and administer the crowdsale for the AMR token. On March 22, 2019, the Company announced that the sale period for AMR had closed, with approximately 80% of the sale allocation having been purchased in this timeframe. The AMR token will be listed on the p2pb2b and Stex exchanges following this successful sale period, with trading pairs available in Bitcoin (BTC), Ethereum (ETH), and United States dollars.

Several notable developments have taken place for Ammbr and its affiliated entities since Ammbr first partnered with FORK. Below is an overview of the announcements about key developments that have positive implications for the Ammbr wireless mesh network:

Ammbr CEO Derick Smith commented, “Between network users, infrastructure partners, and crowdsale participants, there has been substantial interest in Ammbr, its technologies and its vision. Being listed on two major exchanges is a significant development, which will will create an aftermarket for AMR tokens, making the Ammbr ecosystem more accessible to a greater range of users. With near-term rollouts already lined up in India and Canada, we believe we are still only in the early stages of bringing Ammbr to its greatest potential.”

FORK President and CEO Shidan Gouran commented, “Working with Ammbr has been a pleasure and we are all very happy to see these achievements from the beginning. Getting AMR listed on p2pb2b and Stex is a major development, because the ability to easily buy and sell AMR tokens brings heightened usability of the Ammbr wireless mesh network. Right now, everything is going according to plan, and we expect to have many exciting announcements in the course of Ammbr’s currently planned rollouts.”

With respect to its mining operations in Quebec, FORK is pleased to announce that it has agreed to transfer 6,598 Antminer S9 machines (“Machines”) to the service provider at its Quebec facility. The Machines were in operation pursuant to the master service agreement dated July 4, 2018 (“MSA”) with the operator. The transfer of the Machines is consideration for the early termination of the MSA without any further fees due or payable by FORK, which were contemplated under the MSA. As previously announced in the Company’s February 25, 2019 news release, the decision to liquidate this equipment took place as part of FORK’s decision to pivot its operations and to focus on service-based offerings, as opposed to Bitcoin mining, in light of changing crypto asset market conditions. Moreover, with a greater percentage of blockchain networks using algorithms such as PoS (proof-of-stake), the Company is able to continue to provide network services, but without the resource burden of maintaining computer equipment for mining.

On behalf of the Company:
Shidan Gouran, President and CEO

For more information please contact:
Global Blockchain Mining Corp. Investor Relations

About Global Blockchain Mining Corp.

With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Global Blockchain Mining Corp. (“FORK”) places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK has recently diversified its offerings by placing an emphasis on professional services such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, FORK is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes, and witnesses which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. . Investors, through their investment in the Company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated process that interested investors must undergo in order to gain exposure to these cryptocurrencies and digital assets.

The Company is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “FORK”. Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company’s website at: www.forkcse.com

Cautionary Note Regarding Forward-Looking Information

Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”,”may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed onthe forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedar.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44444

UGE Reports Audited Fiscal Year 2018 Financial Results

Toronto, Ontario–(Newsfile Corp. – April 30, 2019) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in solar energy solutions for the commercial and industrial sector, reported its financial results for the year ended December 31, 2018. UGE reports all amounts in US dollars.

2018 and Fourth Quarter Highlights

  • In 2018, the Company took steps to transition away from solar EPC revenue, and to growing its project development business, in order to achieve profitable growth in 2019
  • UGE’s revenue and margins fell in 2018 as EPC projects drove revenue and achieved sub-par results; as a result, the Company downsized its Canadian operations by over 50% and focused its sales efforts on developing projects in its US and Philippines markets, which will drive revenue in 2019
  • Based on policy changes in the Ontario market, the Company wrote off its Goodwill amount in full, a non-cash accounting entry which significantly contributed to its 2018 loss
  • UGE worked with its major debt holders to convert $5.25 million of debt to equity during the last half of 2018, at share prices well above market, significantly strengthening the Company’s balance sheet and resulting in a gain on conversion of $2.5 million
  • At the end of 2018 the Company had $22.0 million of projects in its Committed Backlog with estimated average gross margins of 23%, in line with its goals for self-developed projects and more than double that achieved in 2018. That is an addition to $3.7 million of Contracted Backlog and a number of additional projects won in the first four months of 2019.

Select Financial Information

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To view an enhanced version of this table, please visit:

Analysis of Financial Results

Recognizing that 2018 was a challenging year for the Company, management took decisive steps to re-position UGE for future success throughout the second half of 2018. This included repositioning its sales and development efforts on higher margin self-developed projects, lowering overhead expenses by approximately 30%, and taking a conservative approach to the future value of goodwill and certain EPC projects, as described herein.

After experiencing nine-fold growth over the prior two calendar years, revenue for the year ended December 31, 2018 was $17,192,220, a decrease of 18% versus 2017. The decline is attributed to limited growth opportunities in the Canadian market, which experienced significant policy changes in 2018, while new projects in the US market, including the largest non-Canadian project in Company history, were still in their planning stage. However, the Philippines accounted for 21% of revenue, increasing its revenue more than ten-fold year over year.

A significant focus in 2018 was to fully shift sales and development efforts to self- and co-developed projects, which result in higher average margins than completing engineering, procurement and construction (“EPC”) work for other solar developers. Turning away EPC work was a contributing factor to the Company’s lack of revenue growth in 2018, as UGE looked towards achieving better results in the future.

The gross profit margin for the year ended December 31, 2018 decreased to 10%, compared with 19% in the prior year, which is primarily attributable to revenue being driven by prior EPC project contracts, and because results on specific EPC projects were sub-par. Specifically, the Company wrote off receivables that are, as of now, uncollected, experienced liquidated damages on a portfolio of projects acquired in a 2017 acquisition, and accrued for losses due to a project dispute.

However, as the Company has shifted towards self-developed projects, it expects its results to significantly improve. As of December 31, 2018, the Company had $22.0 million in its Committed Backlog, with an estimated average gross margin of 23%, representing projects that it expects will become revenue throughout 2019 and beyond. This is in addition to Contracted Backlog of $3.7 million and a significant sum of additional projects contracted since the beginning of 2019.

Based on changes in the Company’s Canadian market, UGE took steps to lower SG&A expenses significantly in the second half of 2018. This included downsizing its Canadian operations by over 50%, which is estimated to contribute to a 30% reduction in Company-wide SG&A expenses in 2019. SG&A expenses for the three months ended December 31, 2018 were $1,991,064; however, this includes the above-mentioned accrual of damages on an EPC project of $794,706, as well as a share-base compensation charge of $434,283.

Recognizing the significant policy changes in the Ontario solar market, within 2018 the Company wrote off its Goodwill amount in full, which had been recognized on the 2016 acquisition of Endura Energy Project Corp. This non-cash decision, totaling $3.0 million, significantly contributed to UGE’s loss in 2018.

In order to strengthen the Company’s financial position, UGE converted over $5.25 million of debt into equity in late 2018 at a price per common share of CAD$0.25 million, well above the market price of the shares. In addition to improving UGE’s balance sheet and significantly decreasing interest costs, the conversion also resulted in a gain on conversion of $2.5 million.

“We recognize that 2018 was a difficult year for the Company, as we worked through and transitioned away from lower margin EPC work while enhancing the focus on our development business,” said UGE’s CEO, Nick Blitterswyk. “However, we acted quickly to re-position the Company and are excited for the opportunity to bounce back in 2019. With lighter overhead costs, and exciting growth opportunities in the US and Philippines, we are looking forward to much better performance in 2019.”

Full financial results and Management’s Discussion and Analysis are posted to SEDAR (www.sedar.com) and are available through the Company’s website.

About UGE

UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 375 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

For more information, contact:


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44457

Blocplay Entertainment Provides Notice of Default

Toronto, Ontario–(Newsfile Corp. – April 30, 2019) – Blocplay Entertainment Inc. (CSE: PLAY) (the “Company“) announces that it anticipates being late in filing its annual financial statements (the “Financial Statements“) and management discussion and analysis (“MD&A“) for the year ended December 31, 2018, by the prescribed deadline of April 30, 2019.

Following the recent change of management, the management team immediately commenced the process of requesting and gathering the Company financial records from former officers and directors and auditors of the Issuer, receipt of which took an extensive period of time. Following review of the records of the Company, in consideration of geographic location and in order to facilitate completion of the audit, the Company decided it was in its best interest to effect a change of auditors. On March 25, 2019, the Company changed auditors from Dale Matheson Carr-Hilton Labonte LLP, auditors selected by former management of the Company, to Jones & O’Connell LLP. As a result of these significant changes, the newly appointed auditors require additional time to finalize their review of the financial information and to gain reasonable comfort to complete and file the Financial Statements and MD&A.

The Company has made an application with the applicable securities regulators under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203“) requesting that a management cease trade order be imposed in respect of the anticipated late filing rather than an issuer cease trade order. The issuance of a management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

The Company anticipates that it will in a position to prepare and file the Financial Statements and MD&A on or prior to June 30, 2019.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file the Financial Statements and MD&A within the prescribed period of time. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

For further information, please contact:

Blocplay Entertainment Inc.
Tel: 647-776-1209
Email: investors.blocplay@gmail.com

Forward-Looking Information

Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44456

Mint Corporate Update

Toronto, Ontario–(Newsfile Corp. – April 30, 2019) – The Mint Corporation (TSXV: MIT) (“Mint” or the “Company”), announced today that it will be late in filing its audited annual financial statements, MD&A and related CEO and CFO certificates for its financial year-ended December 31, 2018 (the “Year End Filings”). The Year End Filings are required to be filed no later than April 30, 2019. The late filing of the Year End Filings is due to delays in finalizing the audited financial results of Mint’s UAE subsidiaries. Management of Mint is working with its auditors to finalize the financial statements and expects that the Year End Filings will be made no later than May 3, 2019.

Mint also announced that Randy Koroll has been appointed as a director of the Company and a member of Mint’s audit committee. Mint is pleased that Randy is rejoining the Mint board having previously served as a director from October 2013 to September 2014. Randy brings over 30 years’ management and finance experience to the Mint board. He has served as a director of numerous public companies and as the chief financial officer for various publicly-traded and private companies since 2001.

Mint announced that Ashish Kapoor and Julie McClure have resigned as directors of the Company. Vishy Karamadam, CEO of Mint, said “We would like to thank Ashish and Julie for the contribution they have made to Mint’s board of directors.”

Forward-looking Statements.

Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or our future performance. Forward-looking statements include the expected date for filing the Year End Filings. Such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, any delays in the completion of the auditors’ work on the Year End Filings. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, The Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release.

About Mint

The Mint Corporation through its majority-owned subsidiaries (the “Mint Group”), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

The Mint Corporation
Vishy Karamadam

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44455

Wilton Resources Inc. Announces Execution of Workover Participation and Earning Agreement

Calgary, Alberta–(Newsfile Corp. – April 30, 2019) – Wilton Resources Inc. (TSXV: WIL) (“Wilton or the “Corporation“) is pleased to announce that it has entered into a workover participation and earning agreement (the “Agreement“) with an Alberta oil and gas company pursuant to which the Corporation has agreed to participate in a planned workover program with respect to a well near Highvale, Alberta (the “Workover“). Upon execution of the Agreement, the Corporation paid a $10,000 signing fee. Pursuant to the Agreement, the Corporation will also pay $50,000 upon receiving a Workover notice as a fee for its participation in the Workover, and will earn a 3.833% working interest in the well subject to the Workover. The Corporation’s obligations under the Agreement with respect to the Workover are subject to approval of the TSX Venture Exchange (“TSXV“), as applicable.

The Corporation’s primary business objective remains its pursuit of potential acquisitions of oil and gas properties in various international locations and the Corporation continues to assess international opportunities for growth.

Forward-Looking Statements and Information and Cautionary Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “intend”, “may”, “will”, “expect”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information with respect to the successful implementation and execution of the Workover, the approval of the TSXV, as applicable, and the Corporations’ international growth strategy. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material facts and assumptions include obtaining approval of the TSXV for the Agreement, the execution of the Workover and the successful implementation of the Workover, and execution of an acceptable international acquisition. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

For more information, please contact:

Wilton Resources Inc.

Richard Anderson
Chief Executive Officer and President
(403) 619-6609

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44453

iCo Therapeutics Announces 2018 Year End Financial Results

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2019) – iCo Therapeutics (TSXV: ICO) (OTCQB: ICOTF) (“iCo” or the “Company”), today reported financial results for the year ended December 31, 2018. Amounts, unless specified otherwise, are expressed in Canadian dollars and presented under International Financial Reporting Standards (“IFRS”).

Stated Andrew Rae, President and CEO of iCo Therapeutics Inc., “2018 represented a year of significant advances as we entered into a clinical trial for Oral Amphotericin B and saw positive Phase 2 data related to iCo-008 (also known as bertilimumab). As a result of these developments iCo is entering an exciting phase of mid stage clinical study for our antifungal candidate in 2019, including additional work in Australia given its generous tax incentives.”

2018 Financial and Operational Highlights

Oral Amp B Delivery System

On June 27, 2018, iCo announced a positive primary end point in its Phase I clinical study. The study met its primary endpoint of safety and tolerability of iCo-019 (oral Amphotericin B) following oral administration of single ascending doses in healthy subjects. There were no serious adverse events and no drug-related adverse events in the four study cohorts. All drug doses were well tolerated, including the highest dose of 800 mg with no indication of kidney or gastrointestinal toxicity.

On July 16, 2018, iCo announced a positive secondary endpoint in its Phase I clinical study and advancement into later stage clinical trials. It was noted that the distinguishing features of the Company’s Oral Amphotericin B candidate were enhanced plasma area under the concentration time curve, which is a measure of systemic drug exposure, and longer blood circulation time without the associated gastrointestinal effects or liver and kidney toxicity.

During the year, the Company’s subsidiary received its Australian tax credit of $462,000 AUD related to its research and development work in Australia. Additional tax credit reimbursement is expected for the period beginning July 1, 2018.


On May 15, 2018, positive results were reported from a completed bullous pemphigoid (BP) trial. Subjects in the study experienced a decline in the BPDAI Activity Score of 81% (p=0.015) at day 84 from a mean baseline score of 67, with 86% of subjects showing at least a 50% improvement in the BPDAI Activity Score and 57% showing at least a 90% improvement.

On July 30, 2018, the Committee for Orphan Medicinal Products of the European Medicines Agency issued a positive opinion on the application for orphan drug designation for bertilimumab for the treatment of BP. On August 20, 2018, it was announced that the FDA granted orphan drug designation to bertilimumab for the treatment of BP.

On September 11, 2018, it was announced that the FDA had granted Fast Track designation to bertilimumab for the treatment of BP.


On August 14, 2018 iCo filed a short form base shelf prospectus (the “Base Shelf”) with securities regulators in the provinces of British Columbia, Alberta and Ontario. The Base Shelf allows iCo to offer, from time to time in one or more public offerings, up to $25,000,000 of common shares, preferred shares, debt securities, subscription receipts, units or warrants, or any combination thereof, during the 25-month period ending September 14, 2020. iCo filed the Base Shelf to provide the Company with financing flexibility going forward.

Subsequent to year end

Subsequent to the year end, the Company closed several non-brokered private placements, issuing 25,000,000 units at $0.05 per unit for aggregate gross proceeds of $1,250,000. Net proceeds were $1,150,000 after related expenses.

On February 15, 2019, the Company delivered written notice terminating, with immediate effect, the iCo-008 sublicense agreement with IMMUNE (Immune Pharmaceuticals) based on a number of IMMUNE breaches, including but not limited to, the attempted subordination of iCo intellectual property to investors. Subsequent to the termination, IMMUNE filed a voluntary petition for bankruptcy in the District of New Jersey on February 17, 2019. The Company is seeking all materials related to IMMUNE’s historical activities, including but not limited to its patient database and regulatory filings. iCo is also pursuing new development partners to further advance iCo-008.

Financial results for Year End 2018

We incurred a total comprehensive loss of $1,712,724 for the year ended December 31, 2018 compared to a total comprehensive loss of $1,237,308 for the year ended December 31, 2017, representing an increased loss of $475,416. The increase in the loss is primarily the result of higher research and development expenses and general and administrative expenses recognized during 2018 partially offset by higher other income.

Research and development expenses were $1,420,457 for the year ended December 31, 2018 compared to $808,534 for the year ended December 31, 2017, representing an increase of $611,923. The increase related to higher contract research expenses related to the completion of the Oral Amp B Phase 1 clinical studies.

For the year ended December 31, 2018 general and administrative expenses were $781,282 compared to $664,814 for the year ended December 31, 2017, representing an increase of $116,468. The increase reflects increased professional fees associated with filing an annual information return and the Base Shelf prospectus.

Liquidity and Outstanding Share Capital

As at December 31, 2018, we had cash and cash equivalents of $10,140 compared to $1,127,934 as at December 31, 2017.

As at April 29, 2019, we had an unlimited number of authorized common shares with 109,457,713 common shares issued and outstanding.

For complete financial results, please see our filings at www.sedar.com.

About iCo Therapeutics Inc.

iCo Therapeutics identifies existing development stage assets for use in underserved ocular and infectious diseases. Such assets may exhibit utility in non-ophthalmic conditions outside the Company’s core focus areas and if so the Company will seek to capture further value via partnerships. iCo shares trade on the TSX Venture Exchange under the symbol “ICO” and on the OTCQB under the symbol “ICOTF”.

For more information, visit the Company website at: www.icotherapeutics.com.

No regulatory authority has approved or disapproved the content of this press release. Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements

Certain statements included in this press release may be considered forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on iCo’s current beliefs as well as assumptions made by and information currently available to iCo and relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments, including statements relating to reporting further data regarding studies for Oral Amp Delivery System, the timing of receipt of the statistical analysis for clinical data, the timing, receipt and amount of Australian refundable tax credits, any decrease in research and development expenditures and the completion of additional funding and commencement of additional clinical studies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based only on information currently available to iCo and speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by iCo in its public securities filings and on its website, actual events may differ materially from current expectations. In evaluating forward-looking statements, readers should consider the risk factors set out herein and in the Company’s Annual Information Form dated April 29, 2019, a copy of which is available under iCo’s profile on SEDAR at www.sedar.com and as otherwise disclosed in the Company’s filings under its profile on SEDAR from time to time. All forward-looking statements are made as of the date of this press release, and iCo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Andrew Rae, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44450