Canfor Corp. Last year’s rank: 115 This year’s rank: 941 2010 profit: $161-million 2011 loss: $57-million Profit change: Down 170 per cent Rank change: Down 826 Pictured: The Canfor sawmill in Quesnel, B.C.The Globe and Mail
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canfor Pulp Products Inc. (CFX-T) says it has signed a biofuels and biochemicals joint-venture agreement with Licella Fibre Fuels Pty Ltd., a subsidiary of Australian-based Ignite Energy Resources Ltd.
The joint venture will investigate opportunities to "economically convert biomass, including wood residues from Canfor Pulp's kraft pulping processes, into biocrude oil, to produce next generation biofuels and biochemicals," the companies said in a release.
"This additional residue stream refining would allow Canfor Pulp to further optimise their pulp production capacity."
They said the agreement follows successful preliminary trials conducted on feedstock at Canfor Pulp's Prince George, B.C. pulp mill at Licella's pilot plants in New South Wales.
"Biofuels and biochemicals represent the next frontier in the utilization of sustainable wood fibre to produce green energy and chemicals," said Canfor Pulp Products CEO Don Kayne. "This initiative underscores Canfor Pulp's commitment to innovation and the importance of green energy and chemicals in our future product mix, and we look forward to developing this potentially transforming technology with Licella."
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Magellan Aerospace Corp. (MAL-T) says it plans to collaborate with the Canadian division of German-based Atlas Elektronik on the development of the rocket motor and warhead sections of the SeaSpider Anti-Torpedo-Torpedo.
"This pairing will leverage Canadian and German innovation and technology to develop effective 'hard-kill' torpedo defence with the world's leading Anti-Torpedo-Torpedo," the company said in a release.
"This industrial effort seeks to secure and create long-term Canadian employment in the naval defence space."
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Intertain Group Ltd (IT-T) is postponing its annual general meeting originally scheduled for June 29.
It said the meeting will now be held on or before September 23, to give the special committee of the board time to complete its strategic review process "and accommodate any shareholder vote required for a strategic transaction and the election of directors appropriate in the circumstances."
The company said an update on the review is expected by the end of June.