Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Namaste Technologies Inc. (N-X) announced its board has launched a strategic review process “to consider all value-maximizing alternatives,” following a recent expression of interest in the company. Namaste also said it terminated CEO Sean Dollinger “for cause” and removed him from his position as director, effective immediately, following an investigation by a special committee of the board. Meni Morim has been appointed interim CEO.
Olympia Financial Group Inc. (OLY-T) announced it was subject to a ransomware cyber attack on its information technology systems on Feb. 2. “The malware used to perform the attack encrypted electronic data stored on Olympia’s network so it cannot be read or used,” the company stated. Olympia said it is still investigating the extent of the attack, “but it is anticipated that Olympia’s business operations will be adversely affected for several days while it re-establishes its systems.”
The company added, "there is no evidence that customers’ personal information was compromised as a result of this attack, however investigations in this regard are ongoing."
Radient Technologies Inc. (RTI-X) announced it has received its standard processing license from Health Canada under the new Cannabis Act regulations, which permits Radient to legally process, sell, and distribute cannabis materials to other federal cannabis license holders. “This is a huge milestone for Radient Technologies and one that we are thrilled to have reached after a year of momentous growth," stated CEO Denis Taschuk.
It also said Allan Cleiren, chief operating officer of Aurora Cannabis Inc. (ACB-T; ACB-N), was appointed to its board and Aurora CEO Terry Booth is stepping down, effective today.
POET Technologies Inc. (PTK-X) announced it has signed a non-binding letter of intent for the sale of the capital stock of its Singapore-based DenseLight subsidiary, which includes a proposed cash consideration in the range of US$26-million to US$30-million, including a US$4 million earn-out provision, no-shop and confidentiality clauses. The proposal also includes “an undertaking to enter into key operating agreements, including a preferred supply agreement and a long-term strategic cooperation agreement among the parties.”
DenseLight was acquired by POET in May 2016 for US$10.5-million.
Capstone Infrastructure Corp. (CSE.PR.A-T) announced the acquisition of the assets of the 10-megawatt Watford Wind Facility in Ontario from Zephyr Farms Limited. The addition of Watford increases Capstone’s wind power generation to 194 MW in Ontario, the company stated.
“We are really pleased to be adding Watford to our Ontario wind fleet as it complements our existing wind farms in the area and demonstrates Capstone’s ability to leverage our operational expertise to grow the business,” David Eva, CEO of Capstone Infrastructure.
Westport Fuel Systems Inc. (WPRT-T) said Michael Willis has resigned as its chief financial officer. The company is searching for a replacement and “Mr. Willis will remain available to the company to assist with the transition.” Jim MacCallum, vice-president, finance and corporate controller, has been named acting CFO.
Trulieve Cannabis Corp. (TRUL-CN) announced it has won a lawsuit alleging the statutory caps on the number of dispensaries permitted for each licensed medical marijuana treatment center “were unfairly and wrongly added by the state legislature” after voters approved the Florida Medical Marijuana Legalization Initiative in 2016.
The company said the court ruled that the statutory caps placed on the number of dispensaries allowed across the state "were not only unconstitutionally added after Amendment 2 had been approved by voters, but were adversely impacting patient access."
Blackline Safety Corp. (BLN-X) reported fourth-quarter revenue of $5.5-million, a 30-per-cent increase over the prior year’s fourth quarter and above expectations of $4.6-million. Its net loss in the quarter was $2.4-million or 6 cents per share versus a loss of $2.7-million or 8 cents a year earlier. Analysts were expecting a loss of 4 cents.