Atlantic Petroleum P/F | March 10, 2022
P/F Atlantic Petroleum announces that the Betri Group has reduced the holdings to below 5% capital.
Today March 9, 2022, Betri Banki P/F has sold a total of 26,004 shares in Atlantic Petroleum P/F. Thereby reducing the Betri Group holdings of shares in Atlantic Petroleum to 180.626 shares corresponding to 4.88%.
Atlantic Petroleum in brief
Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries and offices in the UK and Ireland. Atlantic Petroleum’s shares are listed on NASDAQ OMX Copenhagen.
Invert Inc. | March 04, 2022
Invert Inc. a specialized carbon emissions reduction and offsetting company, is pleased to announce that it has expanded its team to add new carbon project expertise and IT development leadership.
Joining the team as Head of Carbon Forestry is Matt Delaney. Matt is a forester specializing in carbon projects and has over 20 years of experience in forest carbon methodology development, forest inventory techniques, and carbon markets. He has been part of the successful implementation of carbon projects on over two million acres of land. Matt is co-author of an IFM carbon methodology under the American Carbon Registry and is currently part of a team writing a biochar carbon methodology for Verra, one of the leading carbon credit standard agencies. As Head of Carbon Forestry at Invert, he will evaluate and complete due diligence on forest carbon project opportunities including IFM, REDD+, and reforestation projects globally. He will also identify new opportunities in the carbon offset and removal sector and assist in developing new carbon methodologies.
Also joining the team is Chris Heider, as Head of Blue Carbon. Chris will oversee project diligence and structuring for carbon sequestration and avoidance projects that specifically relate to coastal and marine ecosystems. He is an ecosystem ecologist with a strong background in quantifying and designing nature-based solutions to climate change in countries with low or limited capacity. Chris has over 25 years of experience consulting for global and regional organizations in the Asia-Pacific and Latin America Regions, as well as numerous private sector clients. Chris has conducted assessments and designed projects in over 20 jurisdictions around the world, covering projects of all forms including forest management, reforestation, evaluation of carbon stocks in mangrove, coastal communities, upland forests, wetlands and grasslands.
Chris and Matt join an existing leadership team with significant expertise in carbon credit markets, including Gabe Sheets-Poling (former Managing Director at Cargill Inc. and Sr. VP at Indigo Ag.) and Adam Shedletzky (former Senior Adviser to the Minister of Environment & Climate Change and Premier of Ontario).
“Chris and Matt are both seasoned leaders in on-the-ground assessment and structuring of carbon credit generation projects. With their addition to Invert, we have further strengthened the carbon credit team with decades of experience across forestry, blue carbon, regenerative agriculture and technology-related projects.”
Andre Fernandez, Co-CEO, Invert
Also joining the Invert leadership team as Head of IT and Technical Development is Ru Wadasinghe. With over 30 years of technology experience, Ru is the former Chief Information Officer of Canopy Growth Corporation, CIO and VP of Professional Services at March Networks and spent 20 years at Nortel, where he held leadership positions in product management, operations and IT. Ru holds an Engineering degree from Carleton University and an MBA from the University of Ottawa. Ru was awarded a U.S. patent in Internet networking and was recognized as one of Canada’s Top 19 Technology Titans for 2019.
“At Invert we are leveraging our financing of carbon reduction and sequestration projects, to develop a platform that enables individuals the opportunity to support carbon credit projects,” said Rade Kovacevic, Co-CEO. “Adding Ru’s immense technical background to the Company will be invaluable as we continue to advance our software platform to support our mission.”
Invert invests in carbon credit projects that produce high quality, meaningful carbon reduction and removal credits that we believe will help save our world. We believe in making access to carbon reduction and removal projects available to individuals and businesses both big and small.
GRAHAM CORPORATION | April 01, 2022
a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries, today announced the amendment to its five-year term loan and line
of credit agreement which suspended the financial covenants through September 30, 2022.
Key terms of the amendment include the following
Waiver of the maximum total leverage ratio and minimum fixed charge coverage requirements through September 30, 2022;
Reduces availability on the line of credit from $30 million to $15 million;
Requires a maximum net loss of not greater than $10 million for the twelve-month period ending March 31, 2022;
Requires adjusted EBITDA as defined by the agreement of not less than $2.0 million for the twelve-month period ending June 30, 2022, and not less than $2.25 million for the twelve-month period ending September 30, 2022; and
Requires minimum liquidity of $10 million through the date upon which all financial reporting for the fiscal year ending March 31, 2023 is delivered to the bank and $20 million thereafter.
As of March 31, 2022, the Company had no borrowings on its line of credit, which was down from borrowings of $9.75 million at December 31, 2021. The balance on its term loan at March 31, 2022 was $18.5 million. The amendment did not change the interest rate on the $20 million term loan or line of credit which remains BSBY plus 1.5%.
“We believe this amendment provides us the flexibility to implement the changes needed to drive our long-term growth plans. Importantly, because of our strong cash generation, we were able to pay down approximately $10 million in debt in the quarter ended March 31, 2022. We believe this demonstrates that we have sufficient liquidity, and we are focused on executing our plan to drive profitability.”
Jeffrey Glajch, Chief Financial Officer
Financial covenants will revert to previous requirements effective with the quarter ending December 31, 2022, including a leverage ratio of funded debt to adjusted EBITDA ratio of 3.0 to 1.0 and a fixed charge coverage ratio of at least 1.2 to 1. In addition, pursuant to the amendment, the Company agreed not to declare or pay any dividends prior to the date upon which all financial reporting for the fiscal year ending March 31, 2023 is delivered to the bank and such financial information confirms to the bank's satisfaction that no default exists at such time, or if any default would result from such a dividend.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries. The Graham and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company’s responsive and flexible service and unsurpassed quality.
Velocity Smart Technology | May 05, 2022
UK-based Velocity Smart Technology has become the world's first carbon neutral smart locker provider in what the company describes as a major milestone in the industry.
As climate change and other environmental issues take centre stage and impact all areas of human lives, Velocity Smart Technology is taking an initiative to reduce its carbon footprint, which has been calculated as 727 tCO2e since 2018.
By working in partnership with the Decarbonisation consultancy Climate Partner, they will continuously measure their Carbon Emissions and implement an ambitious plan for carbon reduction and carbon-offset.
In an effort to meet net zero, Velocity Smart Technology offset all unavoidable emissions by supporting a carbon offset project, thereby making it a carbon neutral company with carbon neutral products. It has Carbon Offset all Carbon Emissions it had created as a company since first established in 2018.
"We are really proud that Velocity Smart Technology is carbon neutral – along with our products - as a company we have always challenged ourselves to do more for the world we live in and the future we leave for our children. Manufacturing and shipping our devices around the world shouldn't have a detrimental effect on our planet and we are proud to be the first in the industry to make this step forward."
Speaking of the announcement, Anthony Lamoureux, CEO of Velocity Smart Technology
To offset carbon emissions, Velocity Smart Technology supports a carbon offset project in Congo which is certified according to international standards.
Carbon offset projects compensate for unavoidable carbon emissions, for example through afforestation projects or the replacement of harmful technologies with climate-friendly alternatives.
Lamoureux added, "Gaining our carbon neutral certification is just the first step in the journey and in our commitment to decarbonisation. Getting on the scales was hard but there's so much truth in the adage 'you can't control what you can't measure'. It has been an eye-opening exercise!
We chose to work with the Hydropower project at Virunga because we felt it was an amazing initiative which not only contributed to reducing the use of fossil fuels, but also helped the community and the local wildlife – everything we care about. Velocity Smart Technology isn't just working for the present, we're investing in the future."
About Velocity Smart Technology
Velocity Smart Technology is designed from the ground up to deliver the most effective Smart Lockers and Smart Vending solution for Enterprise IT that integrates seamlessly to existing services, which is why the technology has been built on the ServiceNow platform.