Eric Boyko, president and CEO of Stingray Digital poses in Montreal, June 4, 2015.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.
Alterra Power Corp. (AXY-T) says Norðurál Helguvik elf has filed an action against the company in the Supreme Court of British Columbia regarding a 2007 power sales contract.
The Vancouver-based renewable energy company said it is the second action filed against Alterra by Norðurál. The first was filed in the Superior Court of California (Monterey County) and dismissed in September.
"As with the first action, Alterra considers the current action to be without merit," the company stated.
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Music provider Stingray Digital Group Inc. (RAY.A-T, RAY.B-T) says it's buying Swiss-based live music channel iConcerts for an undisclosed price.
Stingray said the deal will give it access to the world's largest library of digital live music and add $5 million in annual revenues.
The company distributes music to Pay TV operators in 85 countries and is available about 250 million households across Europe, Asia, Africa, and the Middle-East.
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Allied Properties REIT (AP.UN-T) says it's buying back up to 10 per cent of its public float in a normal course issuer bid.
The REIT said it will buy up to 7.9 million units over the next year, starting Dec. 22.
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The Intertain Group Limited (IT-T) issued a statement to address what it calls "a misleading and self-serving report" published Dec. 17 by Spruce Point Capital Management LLC, a short seller in its stock.
"Intertain stands behind the integrity of the company's public disclosures," the company stated.
"The fund's report reveals that the fund and its affiliates had built a short position in Intertain's common shares prior to the publication of the Fund's December 17, 2015 report and therefore stand to realize significant gains in the event that the price of the company's stock declines."
The online gaming company also said it has set up a committee of non-management directors to review the allegations in the fund's report.
"Following that review, the company will take any and all actions necessary and appropriate to protect the interests of the company and its shareholders."
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Westport Innovations Inc. (WPT-T, WPRT-N) says it has an agreement with powertrain developer AVL List GmbH. to deliver next-generation High Pressure Direct Injection (HPDI) gas technology.
Vancouver-based Westport said the agreement allows it to leverage its HPDI 2.0 natural gas technology and AVL to advance its engine and powertrain development capabilities.
"This gives the two companies a formidable advantage in natural gas engine and vehicle development as the industry moves towards offering next-generation natural gas vehicles," the companies said in a statement.
"As concern about transportation greenhouse gas emissions continues to grow, one of the simplest and cost-effective approaches for OEMs is to offer HPDI 2.0 natural gas versions of their commercial vehicles," said David Demers, Westport's chief executive.
AVL and Westport will collaborate through shared technology and engineering processes, and the companies will establish a Strategic Governance Group to provide long-term relationship oversight.
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Medical device technology company TSO3 Inc. (TOS-T) has named Glen Kayla as chief financial officer.
Mr. Kayll succeeds Éléna Simard-Veilleux, who had been acting as interim CFO and has been appointed to the new position of vice president of finance, the company said Friday.
Mr. Kayll was previously CFO of Argex Titanium, a TSX-traded, development-stage producer of high grade titanium dioxide (TiO2)
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ProNAi Therapeutics, Inc. (DNAI-N) says it will be added to the NASDAQ Biotechnology Index on Dec. 21.
The clinical-stage oncology company said the index is designed to track the performance biotechnology or pharmaceutical stocks. "Companies in the NBI must meet eligibility requirements, including minimum market capitalization, average daily trading volume, and seasoning as a public company, among other criteria," it said.
The index is evaluated semi-annually and is the basis for the iShares NASDAQ Biotechnology Index Fund.