JoeyVents
16 years ago
Railpower announces shareholder approval of $35 million investment by Ontario Teachers' Pension Plan
Last Update: 12/18/2007 11:37:12 AM
MONTREAL, Dec. 18, 2007 (Canada NewsWire via COMTEX) -- Railpower Technologies Corp. (P) today announced that its shareholders voted in favour of an investment of $35Â million by the Ontario Teachers' Pension Plan (OTPP), one of Canada's most prominent and well respected institutional investors. Shareholders approved all required resolutions by a show of hands at a special meeting held earlier today in Montreal with proxies received voting in excess of 97.5 per cent in favour of these resolutions. There are remaining conditions to be satisfied before the transaction closes.
"The board of directors was unanimous that this private placement was in the best interests of Railpower and recommended that shareholders approve the investment. I am happy to report that shareholders voted overwhelmingly in favour of this investment," said Norman Gish, Chairman of Railpower, adding that upon closing the company will have a strong financial partner to ensure its future growth and success.
"We appreciate the confidence that Teachers and shareholders have demonstrated by investing in our clean energy technology and its worldwide potential applications, said José Mathieu, President and Chief Executive Officer of Railpower. "We now turn to a new chapter with this investment, which will allow us to develop and market leading edge technologies that will meet and exceed North American environmental norms and satisfy customer expectations for greener technology applications."
The investment is a convertible debenture which will have a maturity date of five years from its date of issuance and will have an interest rate of 5% per annum, payable semi-annually in either cash or common shares, at the discretion of Railpower. The initial principal amount of the debenture will be convertible, at the election of the holder, in whole or in part, into either common shares or a new class of convertible restricted voting shares to be created by the Corporation, or any combination thereof, at a conversion ratio of $0.30 per share, representing up to 116,666,667 shares. The new class of convertible restricted voting shares will be convertible into common shares, at the option of the holder, on a one-for-one, share-for-share basis (subject to customary adjustments, including for subdivision or consolidation).
Following the approval by shareholders, Railpower believes to be in a position to satisfy all other closing conditions in order for a closing to occur on or about January 4, 2008.
At today's meeting, the creation of a new class of convertible restricted voting shares was also approved by the shareholders.
About Railpower
Railpower Technologies (P) develops, markets, produces and sells specialized, patented, environment-friendly technology systems for the transportation and related industries. Railpower's technologies significantly reduce fuel usage, operating and maintenance costs and emissions. While Railpower's origins are in the transportation industry, its technologies have broad potential and applications in other markets and industries. Railpower is headquartered in Brossard, Quebec. Its U.S. office is located in Erie, Pennsylvania. ( www.railpower.com )
About Ontario Teachers' Pension Plan
With $106 billion in net assets as of December 31, 2006, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 271,000 active and retired teachers in Ontario. At year end, approximately 40 percent of the fund was invested in public equities. As a long-term investor in Canadian stocks, the Ontario Teachers' Pension Plan's public equities program features a Relationship Investing portfolio that includes large-scale strategic investments in public companies.
Caution regarding forward-looking statements
Certain statements contained in this release contain forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward-looking statements. Those statements reflect our current views with respect to future events or conditions, including prospective results of operations, financial position, predictions of future actions, plans or strategies. Certain material factors and assumptions were applied in drawing our conclusions and making those forward looking statements. By their nature, those statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, product development or manufacturing delays, changing environmental regulations, the ability to attract and retain business partners, the acceptance of our existing and new products, future levels of government funding, the need to obtain and maintain proprietary rights over our technology, competition from other technologies, the ability to access the capital required for research, product development, operations and marketing, the need to generate positive cash flow in the foreseeable future, changes in energy prices and currency levels. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward-looking statements. There can be no assurance that the Corporation will satisfy all conditions required to complete the private placement on or before January 31, 2008. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying our projections or forward-looking statements prove incorrect, our actual results may vary materially from those described in this report as intended, planned, anticipated, believed, estimated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise.
%SEDAR: 00016554EF
SOURCE: RAILPOWER TECHNOLOGIES CORP.
Mr. José Mathieu, President and CEO, Railpower Technologies Corp.,
(450)678-5277, ext. 501, Toll free: 1-866-678-5277, jmathieu@railpower.com
JoeyVents
16 years ago
Union Pacific and the Texas Commission on Environmental Quality Announce Significant Clean Air Progress
Last Update: 12/12/2007 12:00:02 PM
DALLAS, Dec 12, 2007 (BUSINESS WIRE) -- Today, the Texas Commission on Environmental Quality (TCEQ) and Union Pacific announced a 57 percent over-achievement of the contract goal for emission reduction in Texas with the help of new environmentally friendly ultra-low emission switch locomotives.
Developed with incentives from the TCEQ's Texas Emission Reduction Program (TERP) to help improve air quality in the state, Union Pacific is operating the ultra-low emission switch locomotives in rail facilities in the Dallas/Fort Worth, Houston and San Antonio metro areas. Of the 98 switch locomotives, 46 units are serving the Dallas/Fort Worth Metroplex, 43 units are serving the Houston metro area, and nine units are serving the San Antonio metro area. When compared to older units being replaced, each ultra-low emission switch locomotive reduces nitrogen oxide and particulate matter emissions by 54 to 63 percent, while using about 30 percent less fuel. The fuel savings also mean a reduction of greenhouse gases of about 30 percent.
"Today, the state of Texas and Union Pacific are pleased to present Dallas, Fort Worth, Houston and San Antonio these environmentally friendly locomotives, which are helping achieve cleaner air," said TCEQ Chairman Buddy Garcia. "Through incentives from the Texas Emission Reduction Program and an investment by Union Pacific, there are now 98 ultra-low emission locomotives providing over 38 percent of all the emission reductions for the TERP projects approved in 2005."
Manufactured by Railpower Technologies Corp., the 98 new 2,000-horsepower "Generator-Set" or "Genset" locomotives are powered by three 667-horsepower, ultra-low emissions EPA Tier 3-certified off-road diesel engines. Each engine turns a generator that produces electricity for motors connected to the axles of the locomotive wheels.
"Union Pacific truly appreciates the vision and great flexibility of the TCEQ to provide the incentives to encourage the development of the ultra-low emission Genset technology," said Joe Adams, vice president - Public Affairs for Union Pacific's Southern Region. "We look forward to working with the TCEQ in the future to continue to help reduce emissions in the state."
Union Pacific began studies and tests of a Genset locomotive in 2002. Today, the company has a total of 159 of these types of units, which are also serving facilities in California.
Along with the 98 new Genset switch locomotives operating in Texas, Union Pacific also operates 10 hybrid "Green Goat" ultra low-emission locomotives and 13 other low-emission locomotives.
Union Pacific's "Green" Fleet
Currently, about 50 percent of Union Pacific's more than 8,500-unit locomotive fleet is certified under existing EPA Tier 0, Tier 1 or Tier 2 regulations governing air emissions. That gives Union Pacific the most environmentally friendly locomotive fleet in the nation.
Union Pacific is also testing "aftermarket" technologies to determine if they reduce emissions in older locomotives. Among these is an experimental "oxidation catalyst" filtering canister or "Oxicat" installed in a high-horsepower long-haul locomotive. This is the North American rail industry's first long-haul diesel electric locomotive modified with "after-market" experimental technology aimed at reducing exhaust emissions. The special catalytic material chemically reduces the amount of unburned hydrocarbons, carbon monoxide and particulate matter generated by the diesel engine, much like a catalytic converter on today's cars and trucks.
Union Pacific is also testing a Diesel Particulate Filter (DPF) attached to a low-horsepower yard locomotive. This year-long field test is also the North American rail industry's first experimental "after-market" exhaust system filter to determine if it will reduce diesel engine emissions in older locomotives used in rail yards.
About Union Pacific
Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country and serves the fastest-growing U.S. population centers. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad offers competitive long-haul routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada's rail systems and is the only railroad serving all six major gateways to Mexico, making it North America's premier rail franchise.
About Railpower
Railpower Technologies (P) is engaged in the development, construction, marketing and sales of specialized, patented, environmentally friendly technology systems for the freight transportation and related industries. Railpower's technologies significantly reduce fuel usage, operating and maintenance costs and emissions. While Railpower's origins are in the freight transportation industry, its technologies have broad potential and applications in other markets and industries. Railpower's corporate headquarters is in Montreal, Quebec, with the U.S. office in Erie, Pennsylvania. ( www.railpower.com )
SOURCE: Union Pacific
Union Pacific
Joe Arbona, 832-257-4363
Diners
17 years ago
Railpower Technologies Podcast Now Available for Download at MN1.com
1:11p ET April 17, 2007 (Market Wire)
Jose Mathieu, chief executive officer of Railpower Technologies Corp. (TSX: P), interviewed live with Market News First "Off the Charts" host Kate Delaney April 11, 2007. If you missed the chance to hear how Railpower Technologies is creating environmental solutions for railroads, log on to www.mn1.com and click the Downloads and Podcasts icon.
Railpower is an industry leader, specializing in energy technology systems for transportation; Railpower has created hybrid locomotives that are not only environmentally friendly, but cost effective as well.
During the interview, Mathieu detailed the Company's flagship product, the GC Series of yard locomotives. Its technology develops hybrids with the ability to cut 40-70 percent of diesel fuel use and 80-90 percent greenhouse gas emissions.
To learn more about Railpower Technologies, its hybrid giants, and how the Company has strategically positioned itself for success while keeping planet earth in mind, log on to www.mn1.com and download the Podcast free of charge.
About Railpower
Railpower (TSX: P) (www.railpower.com) is engaged in the development, construction, marketing and sales of specialized, patented, environmentally friendly technology systems for the transportation and related industries. Railpower's technologies significantly reduce fuel usage, operating and maintenance costs, and emissions. While Railpower's origins are in the transportation industry, its technologies have broad potential and applications in other markets and industries. Railpower is headquartered in Montreal, Quebec. Its U.S. office is located in Erie, PA.
About MN1.com
Market News First is an online, market news provider that brings investors current news on the market. Market News First is the only online, live IPTV web site that brings real market news to investors and features live interaction with companies from the Bulletin Board to NYSE.
Through daily, live interviews, we bring you up to date on all the established companies and inform the investors of the newest opportunities within the market. Market News First offers one-on-one interviews with the presidents and CFOs of companies to deliver answers to the questions that investors may ask and provides them insight into the companies' present condition and future plans.
Diners
17 years ago
Railpower announces $25 million bought deal
RLPPF.PK
TORONTO, Jan. 23 /CNW/ - Railpower Technologies Corp. (the "Company") is
pleased to announce that it has entered into an agreement to sell, on a bought
deal basis, 25,000,000 units (the "Units") at a price of C$1.00 per Unit to a
syndicate of underwriters led by Canaccord Adams and Sprott Securities Inc.,
and including National Bank Financial Inc., Paradigm Capital Inc., and Pacific
International Securities Inc. (collectively, the "Underwriters"), for gross
proceeds to the Company of C$25 million. Each Unit will consist of one common
share and one-half of one common share purchase warrant. Each whole warrant
will be exercisable at a price of C$1.25 for a period of three years from the
closing date.
In addition, the Underwriters have been granted an option (the
"Over-allotment Option") to sell that number of additional Units as is equal
to 15% of the size of the offering for market stabilization and over-allotment
purposes. The Over-allotment Option may be exercised at any time, in whole or
in part, until that date which is 30 days following the closing date. The
offering is scheduled to close on or about February 13, 2007 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals including the approval of the Toronto Stock Exchange. The Company
will use its best efforts to list the warrants on the Toronto Stock Exchange
upon closing of the offering.
Proceeds of the offering will be used by the Company for general
corporate purposes.
The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.
mthead
17 years ago
Environmental Defense Releases Report Examining Death & Disease Linked to Diesel Locomotive Pollution, Cites Overdue Deadline for EPA Action
Group Calls for EPA to Cut Pollution from "Smokestacks on Rails"
WASHINGTON - December 21 -
A new Environmental Defense report finds that diesel locomotive air pollution is linked to about 3,400 premature deaths and other serious health effects every year, and calls on the U.S. Environmental Protection Agency (EPA) to protect human health by issuing overdue clean air standards. Environmental Defense's report, "Smokestacks on Rails: Getting Clean Air Solutions for Locomotives on Track," examines diesel train pollution nationally and in Baltimore, Chicago, Dallas-Ft. Worth, Detroit, Houston-Galveston and Los Angeles (see report and summary).
Most of the trains in America today are powered by diesel engines. Diesel exhaust contains particulate matter, a deadly form of air pollution that's linked to lung cancer and other respiratory problems. Diesel exhaust also contains smog-forming oxides of nitrogen, sulfur dioxide, which falls back to earth as acid rain, and greenhouse gases that contribute to global warming.
In 2004, the EPA announced plans to issue proposed national locomotive emission standards in 2005 and to such standards by mid-2006. But EPA has failed to act. Environmental Defense's new report calls on the EPA to fulfill its public commitment and strengthen clean air standards for these high polluting "smokestacks on rails."
"While trains capture the vivid imagination of children during the holiday season and are workhorses in American commerce, the pollution from locomotive smokestacks imposes a heavy burden on human health," said Bill Chameides, Ph.D., chief scientist at Environmental Defense and a member of the U.S. National Academy of Sciences. "With EPA's leadership, we can protect America's lungs from locomotive pollution and deliver America's freight with cleaner engines."
The use of trains for freight transport has doubled in the last 35 years, and today trains release levels of smog-forming oxides of nitrogen (NOX) comparable to 120 coal-fired power plants. In Chicago, for example, locomotives discharged as much NOX into the air in one year as 25 million cars meeting today's automotive emission standards. By 2030, EPA estimates that trains will be responsible for about one-third of all particulate pollution in the air from the transportation sector, unless more protective emission standards are put in place.
"Fortunately, solutions to clean up locomotive pollution are at hand," said Environmental Defense staff attorney Janea Scott. "The cleaner fuel that enables advanced cleaner-diesel technology is already on the books, and emissions-reducing technologies are already being tested."
Hybrid switcher engines for trains, called Green Goats, can cut fuel use by as much as 70% and emissions by up to 90%. New technologies can keep train engines warm while they are turned off so the trains don't have to idle. But right now rigorous clean air solutions are not required by law.
The report also calls for new programs to encourage faster clean up of today's dirty train engines, and full funding of grant programs to help lower harmful pollutants from diesel engines on the road today. The federal Diesel Emissions Reduction Act, which was passed overwhelmingly with bipartisan support in 2005, authorized $200 million in annual funding for diesel retrofits but appropriations have fallen far short.
kermit42
17 years ago
Thanks for starting this thread! I'll check 'em out!
I've just done a quick glance so far. The website looks great (I like that they include the O/S, not too many companies do that).
Do you have any idea what caused that PPS crash a couple weeks ago?
Edit: never mind, I see the financial report. It doesn't seem bad, more like they have a temporary cash flow problem, but I guess it was enough under expectations that it scared a lot of people.
NEWS RELEASE TSX Symbol: P
Railpower reports 2006 third quarter financial results and steps
to improve liquidity
MONTREAL, Quebec, November 14, 2006 – Railpower Technologies Corp.
(“Railpower” or the “Company”) (TSX: P), a leader in specialized energy technology
systems for the transportation industry, today reported its financial results for the
three and nine-month periods ended September 30, 2006. (All dollar amounts are in
$CDN unless stated otherwise.)
Q3 2006 Highlights
• Cash and cash equivalents amounted to $9.1 million as of September 30,
2006 compared to $37.3 million as of June 30, 2006
• No asset-based financing agreement was reached during the third quarter of
2006 creating a liquidity problem, as discussed below
• Following the end of the quarter, the Company entered into an agreement
with a major customer to accelerate payment terms to address the liquidity
issue
• Cost reduction plan initiated along with key employees retention program
• Operating loss of $12.0 million for the third quarter compared to $15.2 million
for the second quarter of 2006. The improvement in the operation loss is due
to a provision for future contract losses of $5.7 million that had been recorded
in the second quarter of 2006 partially offset by an increase of $1.3 million in
warranty expenses mainly due to warranty extensions
• Sales for the third quarter amounted to $9.3 million compared to $2.7 million
for the second quarter of 2006. 11 units were delivered during the last quarter
compared to 3 in the previous quarter
• Production put on hold on another major contract pending renegotiation of
the contract terms
Liquidity issues
As of September 30th, 2006, the Company had cash and cash equivalents of $ 9.1
million, compared to $76.8 million as at December 31, 2005 and $37.4 million as at
June 30, 2006. This decrease is due to an increase in the inventory which has
reached the level of $50.6 million and the timing of payments from customers which
in most cases occurs after delivery. The Company has not yet been able to secure
the previously announced asset based financing required during the fourth quarter
of 2006 to continue to fund its operations. See Note 2 of the Financial Statements
for a discussion of the ability of the Company to operate as a going concern.
- 2 -
The Company has reached an agreement with a major customer in order to
accelerate the contract payment terms which is expected to provide sufficient
liquidity to allow the Company to fund its operations until March 2007. The
agreement is subject to certain conditions. Early payments shall apply to the
remanufactured locomotives as long as Railpower meets its delivery schedule and
the delivered locomotives perform in service. Early payments will be made as long
as no other financing is put in place. However, it may be suspended should the
Company fail to obtain the Environment Protection Agency (EPA) certification for its
road switcher locomotives by January 15th, 2007. In such eventuality, the customer
is also entitled to end the contract and get a full refund of the purchase price of the
locomotives already delivered. The emissions testing will begin on November 20,
2006 and should it proceed as planned, the Company expects to meet the criteria to
enable it to obtain the certification on time. In the meantime, deliveries proceed as
planned as the Company has obtained a waiver from the EPA permitting it to deliver
up to 30 locomotives prior to certification. Based on that exemption, three
locomotives have already been delivered. The on-going production plan calls for
deliveries of 3 units per week increasing to 4 at the beginning of 2007 in order to
complete the program as per the contract in June 2007.
During the third quarter, management put on hold the execution of a major contract
in connection with the on-going negotiations with the client. The extraordinary
technical requirements under this contract cannot be met given the current state of
the technology. This contract has already caused and is expected to cause the
Company significant losses which represent the majority of the provision for contract
losses shown on the balance sheet in the amount of $21.2 million. There is no
assurance that the current discussions will result in more favorable terms. Should
the current negotiations fail or the Company be unable to perform the contract due
to its financial difficulties, management believes that there is a risk of a potential
claim from the customer, as described in Note 8 of the Financial Statements.
The Company is continuing to search for other sources of financing to improve its
cash flow and be able to fund its operations in 2007. The Company and its Board of
Directors are fully engaged in looking at various financing strategies. However, at
the present time, there can be no assurance that additional financing will be
obtained.
In order to address its liquidity issues, Railpower has also decided to put in place a
cost reduction plan which includes, among other things, the elimination of certain
employment positions in various Company facilities. It is expected that the
measures taken by this cost reduction plan will allow the Company to reduce
overhead costs by approximately $10 million annually. These measures are
expected to have no impact on the manufacturing activities and deliveries related to
the current order book. The Company has also put in place a retention plan in favor
of certain key employees as an incentive to remain with the Company as its success
will depend upon the ability to retain qualified personnel. Pursuant to such plan,
- 3 -
amounts up to $2.0 million in the aggregate may be paid until June 30, 2007 to
these key employees. This amount is accounted for in the cost reduction program
described above.
“The objective behind these difficult but necessary measures is to lower our
operating costs as much as possible in light of our current level of available cash.
The Company is currently facing serious liquidity issues and we are hopeful that
these measures will facilitate our discussions with lenders, suppliers and potential
investors” noted José Mathieu, the President and Chief Executive Officer of the
Company.
“We continue to work on orders from other customers for whom 18 units are at
various stages of production. Despite the current financial situation, we are in
discussions with several Class 1 railroads with respect to their strategic plans for
their low horsepower locomotive fleets. The customers are eager to test the
Company RP-series demonstration unit starting in December 2006. We have
submitted proposals for approximately 120 units to class I railroads and some
industrial and overseas potential customers and are hoping to generate new orders
in the following two quarters” added Mr. Mathieu.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release may contain projections and
“forward-looking statements” within the meaning of that phrase under Canadian and
U.S. securities laws. When used in this document, the words “may”, “would”,
“could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar
expressions may be used to identify forward-looking statements. Those statements
reflect our current views with respect to future events or conditions, including
prospective results of operations, financial position, predictions of future actions or
plans or strategies. Certain material factors and assumptions were applied in
drawing our conclusions and making those forward looking statements. By their
nature, those statements reflect management’s current views, beliefs and
assumptions and are subject to certain risks, uncertainties, known and unknown,
and assumptions, including, without limitation, the ability to access the capital
required to fund our activities, prompt payment by our major customer for
remanufactured locomotives as per the agreed to accelerated payment terms, the
ability to achieve the anticipated overhead cost reductions, the ability to retain our
employees, the outcome of the negotiation with another significant customer of new
terms and conditions of an agreement under which the Company has discontinued
the production of locomotives, product development or manufacturing delays,
changing environmental regulations, the ability to attract and retain business
partners, the acceptance of our existing and new products, future levels of
government funding, the need to obtain and maintain proprietary rights over our
technology, competition from other technologies, the ability to access the capital
required for research, product development, operations and marketing, the need to
generate positive cash flow in the foreseeable future, changes in energy prices and
- 4 -
currency levels. Many factors could cause our actual results, performance or
achievements to be materially different from any future results, performance or
achievements that may be expressed or implied by these forward-looking
statements. Should one or more of these risks or uncertainties materialize, or
should the assumptions underlying our projections or forward-looking statements
prove incorrect, our actual results may vary materially from those described in this
report as intended, planned, anticipated, believed, estimated, or expected. We do
not intend and do not assume any obligation to update these forward-looking
statements whether as a result of new information, plans, events or otherwise.
Contacts:
José Mathieu
Chief Executive Officer
Tel: 450-678-5277 (501)
Toll Free: 1-866-678-5277
Email: jmathieu@railpower.com
Lorraine Potvin
Chief Financial Officer
Tel: 450-678-5277 (516)
Toll Free: 1-866-678-5277
Email: lpotvin@railpower.com
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Skeeter Man
4 years ago
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