Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Neptune Technologies & Bioressources Inc. (NEPT-Q; NEPT-T) says it signed a commercial distribution joint-venture agreement with Shanghai Chonghe Marine Industry Co., Ltd. through a wholly-owned subsidiary of CMI, Jiangsu Sunline Deep Sea Fishery Co., Ltd., to boost its presence in China.
Neptune will own a 30 per cent interest in the joint venture while CMI/Sunline Fishery will hold 70 per cent.
"Our Chinese partners have a strong presence in the biomarine industry in China, including a state-of-the-art krill harvesting vessel now under construction," the company said.
"Canada is one of the very few countries that are currently allowed to export krill oil into China," said Neptune CEO Jim Hamilton."The purpose of this joint venture is to accelerate Neptune's growth in China, one of the fastest growing Omega-3 markets in the world."
He also said the partnership will help secure procurement of raw materials, "while also strengthening the future of Neptune's presence in the growing Aquaculture business."
Alternate Health Corp. (AHG-T) named Dr. Jamison Feramisco as CEO and Dr. Michael Murphy as chairman of the board.
"These appointments represent significance in bringing additional clinical corporate expertise in the oversight of Alternate Health's emerging medical operations," the company said.
It also said chairman and CEO Bryan Korba resigned. It said he was hired to transition the company into a public listing "and to recruit and engage a suitable management team to grow the company."
Ballard Power Systems (BLDP-Q; BLDP-T) has signed an agreement with Zhongshan Broad-Ocean Motor Co., Ltd. for the supply and delivery of 200 fuel cell engines to be used in demonstrations of clean energy buses and commercial vehicles in key Chinese cities.
The deal value is approximately $11-million, Ballard said.
"We are working to close the strategic technology transfer, licensing and supply deal with Broad-Ocean that we announced in February, under which Broad-Ocean plans to set up three module assembly operations in China," said Ballard CEO Randy MacEwen.
Sandvine Corp. (SVC-T) reported revenue of $33.3-million (U.S.) for its first quarter, down from $34.2-million a year earlier.
Net income of $4.1-million or $0.03 cents per share compared to $5.6-million and 4 cents a year earlier.
Analysts were expecting revenue of $30-million and earnings of 3 cents per share.
"Overall, I'm pleased with the start to the year, with strong revenue contribution from the wireless and fixed telco markets. However, the cable market continues to lag as it experiences the ongoing effects of the consolidation activity that took place last year," said CEO Dave Caputo.
Sierra Metals Inc. (SMT-T) appointed Igor Gonzales as president and CEO, effective May 1.
Mr. Gonzales, born in Peru, has served on the Sierra Metals Board of Directors since September, 2013.
He has more than 30 years of experience with major mining companies with world-class mineral assets, the company said.
Theratechnologies Inc. (TH-T) reported a net loss of $2.2-million in the first quarter, versus a loss of $153,000 a year earlier.
The company said it took a loss of $1.9-million related to a change in the fair value of the warrant liability.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $725,000 versus $1.1-million a year earlier.
Consolidated revenue was $9-million compared to $8.7-million a year earlier. Analysts were expecting revenue of $10.5-million.
Raging River Exploration Inc. (RRX-T) issued a statement in response to "market speculation" about its appointment of a financial adviser.
"As part of our normal business practice, Raging River has previously and will continue to engage financial advisers to assist in the execution of its long-term business plan," it said.
The company said it hired GMP Securities L.P. as a financial adviser "as part of an ongoing process undertaken by management and the board of directors to explore ways to further the company's business plan, including potential business alternatives available to the company in order to maximize value for shareholders."
The company said it recently ended the engagement with GMP FirstEnergy after the review was completed.