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Sharc International Systems Inc. (SHRC.CN)

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  • SHARC Energy’s PIRANHA HC Poised for Labs Challenge Demo Day
    GlobeNewswire

    SHARC Energy’s PIRANHA HC Poised for Labs Challenge Demo Day

    PIRANHA HC PIRANHA HC providing Hot Water and Air ConditioningVANCOUVER, British Columbia, Sept. 18, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (the “Company” or “SHARC Energy”) is pleased to announce that the Company has completed the three-month demonstration project of the Incubatenergy© Labs 2020 Startup Services Agreement (“SSA”), demonstrating the PIRANHA™ HC’s ability to improve the sustainable energy profile of buildings while providing hot water and air conditioning from the thermal energy recycled from wastewater that would normally be lost down the drain. SHARC Energy and its demonstration partners ─ Ameren Corporation, Con-Edison, Southern California Edison, Tennessee Valley Authority ─ have presented the findings of the demonstration conducted with the Electric Power Research Institute (“EPRI”) to EPRI members and the participating utilities in preparation for the free and open to the public Incubatenergy Labs and Ameren Accelerator Demo Day, scheduled for October 14, 2020, where SHARC Energy will be presenting to utilities, investors and other key stakeholders. The registration for Demo Day is open now and shareholders and other stakeholders are encouraged to join. Feedback from participating and partner utilities has been overwhelmingly positive. The goal of the project was to demonstrate the performance of the PIRANHA HC ─ a self-contained central heat pump that uses a specifically designed direct expansion heat exchanger to extract thermal energy from a building’s wastewater for domestic hot water production and beneficial air conditioning ─ and quantify the overall energy savings and the associated greenhouse gas (“GHG”) reduction.To date, the PIRANHA HC has been successfully running for the three months and demonstrated the capacity to completely offset the natural gas boilers at the site of the project in North Vancouver, British Columbia, at a 60-unit apartment complex.During the demonstration, the PIRANHA HC confirmed its ability to produce 100% of the hot water at 140°F completely offsetting the use of gas boilers, an average Co-efficiency of Performance (“COP”) for hot water production of over 3.5 over the project term and peak COP of over 5, 60% saving in energy cost compared to the gas boilers and discovered a key benefit for cities globally – the reduction of Thermal water pollution. Thermal water pollution is the degradation of water quality by any process that changes ambient water temperature in rivers, lakes and oceans, harming the natural eco-system and potentially leading to melting sea ice.The next steps to further validate SHARC Energy’s technology are demonstrations with an independent evaluation to quantify the performance over a longer period of time. Additionally, different types of sites such as larger apartment buildings, laundromats and commercial kitchens will be explored.  The Company is in discussions with partner utilities to establish additional sites for implementation and it is anticipated that additional utilities will look to partner on additional projects within their regions/jurisdictions.About SHARC International Systems SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).Further information about the Company is available on our website at www.SHARCenergy.com or SEDAR at www.sedar.com.ON BEHALF OF THE BOARD “Lynn Mueller” Chairman and Chief Executive OfficerFor further information, please contact: Jason Shepherd, SHARC International Systems Inc. Telephone: (250) 212-2122 Email: jason.shepherd@sharcenergy.comThe Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.Forward-Looking Statements Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.A video accompanying this announcement is available at  https://www.globenewswire.com/NewsRoom/AttachmentNg/e431f390-6d83-4908-8ffc-516c8eb9885c A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6956788a-4476-4845-b4b3-90f0d67f3504

  • SHARC Energy Ships to Australia — to Lower Energy Costs and Carbon Footprint of Seniors Living Facility in Nation’s Capital
    GlobeNewswire

    SHARC Energy Ships to Australia — to Lower Energy Costs and Carbon Footprint of Seniors Living Facility in Nation’s Capital

    PIRANHA Stock photo of Base Model PIRANHA. The system is heat pump that reuses thermal energy that would otherwise be lost down the drain and into the sewers. VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- An award-winning Australian not-for-profit is taking delivery of a SHARC™ International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) wastewater heat recovery system for its development of a seniors’ independent living village in Canberra, Australia’s capital. The PIRANHA™ system, which recovers the valuable energy from water that goes down the drain in buildings every day, is part of SHARC Energy’s global commercialization initiative. The PIRANHA will recover energy for Farrer Village by Goodwin, a 169-unit independent living apartment facility that has decided to lower its carbon footprint and save money on heating by recovering energy normally lost in forgotten wastewater.“As the population continues to age, senior facilities will grow in numbers and so will their energy use and costs,” said SHARC Energy CEO and Chairman Lynn Mueller. “We are excited to work with highly reputable organizations such as D Group and Goodwin to help lower energy use in senior facilities, lowering their carbon footprint and helping seniors-care facilities reduce their energy costs.”Goodwin Aged Care Services (“Goodwin”) has been supporting seniors with quality care and accommodation for more than 65 years. Goodwin, which is seeking to lower the carbon-footprint of its buildings, is a not-for-profit that is the largest and longest-standing aged-care provider in the Australian Capital Territory (“ACT”).SHARC Energy’s PIRANHA system, designed for use in a variety of industrial, commercial and multi-family residential building applications, will capture the heat in the residential building’s wastewater and then use it to heat the hot water for showers, laundry, sinks, dishwashers and sanitation practices. This will reduce energy use and energy costs for owners and residents of the development.The Farrer Village by Goodwin development is being managed by D Group, a civil, hydraulics and management specialist company operating within Canberra, ACT and Australia. Founded in 1999, D Group has grown from a local hydraulics company to Canberra’s market leader in integrated civil, hydraulics and management projects.This project marks the first Seniors Living facility installation that PIRANHA will be a part of and highlights a key sales vertical that can benefit from SHARC technology. This also marks the second PIRANHA installation in Australia.About SHARC EnergySHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.About D GroupD Group are civil, hydraulics, and management specialists operating within Canberra and Australia. Founded in 1999, D Group has grown from a local hydraulics company into Canberra's market leader in integrated civil, hydraulics and management projects, employing over 110 full-time employees.D Group are unique in the market. They offer a full-service, integrated, multi-discipline approach to projects, which allows them to offer best-practice advice and workmanship.Over 90% of business at D Group comes from repeat clients. The company is founded on the belief that the growth of your business is of mutual interest. As such, D Group ensure they consistently deliver the highest standard of workmanship and client service to businesses both big and small.For more information, please visit https://www.dgroup.com.au/. About GoodwinGoodwin is an Australian not-for-profit that has been supporting seniors with quality care and accommodation for more than 65 years. They are the largest and longest standing aged care provider in the ACT.Goodwin help people to live independently, within a supportive community and with services close at hand to meet their changing needs. Their services include residential care, home care, independent living, day clubs and health and wellness centres. To maintain our presence as leaders in the industry, Goodwin strives to continue to develop their services.It is Goodwin’s people who have helped build the company’s reputation for quality care and dedicated service, and further deepened Goodwin’s links to the Canberra community. The company has grown to become one of the national capital’s largest non-government employers, and today employs people across many different professions.For more information, please visit https://goodwin.org.au/. For more information on the development, please visit https://www.goodwinfarrer.org.au/.ON BEHALF OF THE BOARD“Lynn Mueller” Chairman and Chief Executive OfficerFor further information, please contact: Jason Shepherd Investor Relations SHARC International Systems Inc. Telephone: (250) 212-2122 Email: jason.shepherd@sharcenergy.comThe Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.Forward-Looking Statements Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23ec1bf0-d8cd-4bf5-af08-ffd05114386c A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/22134aea-b904-4ffb-b6ef-24f868f75b38

  • GlobeNewswire

    SHARC Energy Reports on Q2 2020

    VANCOUVER, British Columbia, Aug. 28, 2020 (GLOBE NEWSWIRE) -- SHARC™ International Systems Inc.  (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) has filed its financial results for the second quarter ended June 30, 2020 on www.sedar.com. All figures are in CDN unless otherwise noted.Second Quarter and Year to date Financial Highlights: * Loss from continuing operations for the three months ended June 30, 2020 (“Q2 2020”) is $0.034M compared to $1.018M for the three months ended June 30, 2019 (“Q1 2019”), a decrease of $0.984M. Loss from continuing operations for the six months ended June 30, 2020 (“YTD 2020”) is $0.906M compared to $1.772M for the six months ended June 30, 2019 (“YTD 2019”), a decrease of $0.866M.   * Adjusted EBITDA1 Loss of $0.416M in Q2 2020 compared to $0.592M in Q2 2019 and $0.891M YTD 2020 compared to $1.17M YTD 2019. The improvement was due to effective cost containment initiatives and reallocation of internal resources as well as increased revenue.   * Revenue growth of 106% or an increase of $0.06M in Q2 2020 compared to Q1 2020.  Q2 2020 revenue increased $0.096M and YTD 2020 revenue increased $0.122 from the comparative periods, respectively.   * The Company has $1.111M of working capital as at June 30, 2020. This is the first reporting quarter since September 30, 2018 with a positive working capital balance.Q2 2020 Accomplishments * On May 29, 2020, the Company settled with all holders (“Debentureholders”) of the Company’s $1,320,000 and $1,023,000 12% unsecured, convertible debentures which were set to mature on May 30, 2020 and June 29, 2020 (the “Maturing Debentures”). The Debentureholders have entered into settlement agreements with the Company (the “Settlement Agreements”) pursuant to which the Debentureholders accepted 75% cash payout of the outstanding principal amount of the Maturing Debentures, the payout of any accrued and unpaid interest up to the date of maturity and the amendment of 1,673,571 common share purchase warrants (the “Warrants”) in consideration for the cancellation of the Maturing Debentures and a release of the Company’s obligations under the Maturing Debentures. * On May 29 and June 12, 2020, the Company issued unsecured convertible debenture units with total principal amounts of $2,000,000 and $700,000 respectively. The debentures mature on May 29 and June 12, 2023, respectively, and bear interest at an annual rate of 2% due semi-annually. * On June 1, 2020, SHARC Energy commenced the pilot project funded by the Electric Power Research Institute (“EPRI”) after presenting at the Incubatenergy© Labs Challenge. The Company is working with EPRI, Ameren Corporation, Con Edison, Southern California Edison and Tennessee Valley Authority to install and demo a PIRANHA™ HC, a PIRANHA model that provides some air conditioning capabilities along with hot water production. The results will be presented at the Incubatenergy Labs “Demo Day” currently scheduled for October 14, 2020 in St Louis, Missouri and hosted by Ameren Corporation.Subsequent events * On July 16, 2020, the Company hired Matt Engelhardt as its Chief Operating Officer. * On July 29, 2020, the Company announced it has accelerated the expiry of 2,972,404 common share purchase warrants with an exercise price of $0.10. These warrants have been exercised in full providing proceeds of $0.297M.“Q2 2020 was a significant quarter for the Company as we reached Settlement Agreements with the Debentureholders of the Maturing Debentures and commenced the EPRI demo,” says Hanspaul Pannu, Chief Financial Officer of SHARC Energy, “The Company is in a strong position to drive growth through revenue generation and that is where the focus lies for the remainder of 2020 and moving forward.”About SHARC International Systems Inc.SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.ON BEHALF OF THE BOARD“Lynn Mueller” Chairman and Chief Executive OfficerFor further information, please contact:Jason Shepherd SHARC International Systems Inc. Telephone: (250) 212-2122 Email: jason.shepherd@sharcenergy.comThe Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.Forward-Looking Statements Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.1 Adjusted EBITDA is a Non-IFRS measure. Please see discussion and reconciliation of Non-IFRS measures in the Q2 2020 Management Discussion and Analysis (“MD&A”).