Siemens AG said it will buy Canada's RuggedCom Inc for around $382-million, topping a recent offer from U.S. manufacturer Belden Inc about $110-million. The $33.00 per share offer is at a premium of 26 per cent to RuggedCom's Friday closing.
Algonquin Power & Utilities Corp. announced that it plans not to proceed with the previously announced investment in First Wind Holdings, LLC's wind portfolio in the North East United States. The initial joint announcement with Emera Inc. in April 2011 had contemplated APUC acquiring a minority interest of approximately 12.5 per cent in the Portfolio, representing an approximate $83-million (U.S.) investment.
Ballard Power Systems , which has been trading near year lows, announced signing of a non-binding Memorandum of Understanding with Tata Motors (India) for 12 FCvelocityTM-1100 fuel cell stacks. It said these stacks are expected to power zero-emission buses planned for demonstration in various Indian cities. Delivery to Tata Motors is planned for 2012 and 2013, in-line with that company's plans. No financial details were provided.
TriOil Resources Ltd. reported continued strong results on the Company's Lochend Cardium and Kaybob Dunvegan light oil resource plays, confirmed its 2011 production exit rate and provided an operations update.
Northstar Aerospace, Inc. , which lost more than 2 per cent Friday, announced that it has received a notice from a major customer claiming breach of its obligations under certain contracts. This notification demands that the corporation must cure such breach or otherwise resolve the claims within ten days. The corporation is evaluating the claims to determine the appropriate course of action and intends to review all alternatives to protect its position.
Kingsway Financial Services Inc. , which rose 3 per cent on Friday, announced that it is implementing an action to effect a reverse stock split of the company's common stock. It said the action is intended to ensure that Kingsway remains in compliance with the New York Stock Exchange continued listing standards. The action has been approved in principal by the company's Board of Directors and remains subject to final Board action and shareholder approval.
MedMira Inc. , a developer of rapid diagnostic technology and solutions, reported its financial results for the three month period ending Oct. 31, 2011. The company recorded revenue from product sales of $234,773 as compared to $176,861 for the same period last year, largely on increased sales in Asia Pacific; gross profit for the quarter was $146,479 compared to $85,771 in the same period in 2010; total operating expenses increased to $682,759 in the quarter ended Oct. 31, 2011, compared to $535,662 during the same period in 2010 on higher operating expenses.
Crimson Bioenergy Ltd. , which has been trading near year lows, through its wholly owned subsidiary CSQ Environmental Technologies Ltd., announced the sale and delivery of 129,545 Verified Emission Reductions to ERA Carbon Offsets Ltd. . It said the VERs, defined as one tonne of CO2 equivalent emissions reductions, resulted from the successful completion of Crimson's first afforestation project.
Process solutions provider ProSep Inc. announced today that it was awarded a contract valued at approximately $13-million. The company said the contract, which represents its third contract award in the region, is for the design and supply of a seawater treatment and water injection system for installation on a floating production system that will operate in a deepwater Gulf of Mexico field.
INV Metals Inc. announced today the discovery of a new copper-silver prospect, as a result of its ongoing regional soil sampling program at the Kaoko property in northwest Namibia. Mr. Robert Bell, CEO, commented, "The discovery of the new NS Showing clearly demonstrates the widespread potential of the large and prospective Kaoko property to host multiple copper-silver deposits.