ISRA announces stock split and higher dividend – Further acquisitions targeted

ISRA VISION AG (ISIN: DE 0005488100), one of the world’s top companies for industrial image processing (machine vision) and a global leader in surface inspection of web materials and 3D machine vision applications, has announced that the Executive Board and the Supervisory Board will be proposing a stock split at the Annual General Meeting on March 28, 2018. Following an capital increase from company funds, each shareholder will receive four more ISRA shares at no charge. For every share held before the split, shareholders will thus own five shares after the split. The share price will be divided by five accordingly. Shareholders’ voting rights or the company’s market capitalization or equity will not be affected.

Furthermore, the Executive Board and the Supervisory Board will continue the sustainable dividend policy of past years and will be proposing a dividend of EUR 0.59 per current share at the Annual General Meeting for the 2016 / 2017 financial year. ISRA is therefore increasing its dividend for the eighth time in a row to allow its shareholders to successively participate directly in the company’s operational development.

The integration of Polymetric GmbH, which was acquired in January 2018, is progressing rapidly. In addition to this technologically motivated takeover, as announced in December 2017, the company is continuing its strategy of further growth through acquisitions in addition to organic business expansion. Several acquisition projects are in progress and some are at an advanced stage. The company is assuming one further deal in the current financial year.

After a good start into the new 2017 / 2018 financial year, ISRA is still gearing its strategic and operational planning towards structural expansion in all areas of the company in preparation for the next big step in revenues beyond EUR 200 million. Management is planning low double-digit revenue growth for the 2017 / 2018 financial year, as in the previous year, with margins at least remaining stable. The company will publish a detailed forecast at the end of February 2018.


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Software AG closes fiscal 2017 with record-breaking quarter


  • Digital Business Platform: most successful quarter in company’s history
  • Adabas & Natural: Strong growth in Q4
  • Profitability: Q4 operating profit margin at all-time high
  • Increase in all major operational KPIs: Total revenue, Operating profit & EBIT 
  • Accelerated growth in Cloud: Order entry up +110 percent, revenue grows by +66 percent
  • 2018 Outlook: Strong growth in IoT / Cloud expected

Software AG today released its financial results (IFRS, preliminary) for the fourth quarter and 2017 fiscal year. The company reported the most successful quarter in its history for its growth engine Digital Business Platform. Both license and maintenance revenues reached all-time quarterly highs. New strategic IoT partnerships formed in 2017 with global corporations laid the foundation for scalable and dynamic growth. Accordingly, Software AG will report its IoT / Cloud revenues separately starting in 2018. License revenue in the Adabas & Natural database business also demonstrated above average growth in the fourth quarter. Along with a total revenue increase, Software AG was also able to increase profitability. The company’s operating profit margin (EBITA, non-IFRS) set a new record in Q4, climbing 250 basis points to hit 36.7 percent. These results confirm Software AG’s growing relevance in the global IT market and underline the company’s increasing momentum in strategic IoT and Industry 4.0 projects, which lay the foundation for further profitable growth.

Software AG CEO Karl-Heinz Streibich stated: “Thanks to our initiatives in the areas of the Internet of Things and Industry 4.0, we started seeing initial results and gained increased market share in 2017. We will continue in this direction in 2018 and will extend our market leadership.”

Software AG CFO Arnd Zinnhardt added: “There is enormous growth potential in the global IoT market. This is why we established a new business area on IoT / Cloud. We have built a solid foundation for dynamic, exponential growth, and we are convinced to outperform the market in 2018.”

Fourth-Quarter 2017 Performance (Growth in percentage reported net of currency)

The Digital Business Platform (DBP) business line reported record-breaking results in the fourth quarter. At €144.7 million in revenue, Software AG concluded its most successful quarter in its history in the digital business line. This is an increase of 6 percent year-on-year.  License revenue also grew by 6 percent to total €77.8 million. Fourth-quarter maintenance revenue was €66.9 million (2016: €66.3 million), which is also 6 percent higher than last year. At the same time, Software AG succeeded in increasing cloud revenue by 66 percent with order entry up by 110 percent.

The Adabas & Natural (A&N) database line saw 14 percent growth with €74.6 million (2016: €69.5 million) in revenue. This positive development underscores the stability of the business and the loyalty of the A&N customer base. A further stabilizing factor was the company’s “Adabas & Natural 2050+” innovation program which provides support and digital innovations for customers beyond the year 2050. With this program, Software AG is contributing, in the long term, to protecting its customers‘ investments and actively modernizing their IT landscapes.

Revenue in the Consulting business line totaled €49.2 million (2016: €50,0 million) in Q4, at the previous year’s level.

In the same reporting period, total revenue grew 7 percent to €268.4 million (2016: €263.9 million). Software AG’s license revenue was also up in the fourth quarter, showing 14 percent growth at €115.3 million (2016: €107.5 million). At €103.7 million, maintenance revenue was up 2 percent year-on-year.

Fiscal 2017 performance (Growth in percentage reported net of currency)

Software AG’s Digital Business Platform business line delivered a strong performance in fiscal 2017 with 5 percent growth to €455.4 million (2016: €441.4 million).  Fiscal 2017 revenue for the Adabas & Natural (A&N) database business was at the mid forecast range at €223.7 million (2016: €234.6 million). The Consulting business segment revenue also performed well, growing 2 percent to €199.9 million (2016: €195.9 million).

At €879.0 million (2016: €871.8 million), Software AG’s total revenue was up a slight 2 percent year-on-year. Maintenance revenue grew by 3 percent year-on-year. License revenue for the fiscal year reached last year’s level totaling €256.7 million (2016: €263.0 million).

Earnings performance

EBITA (non-IFRS) improved by 3 percent totaling €279.5 million (2016: €272.0 million) in fiscal 2017. The company’s operating profit margin rose accordingly by 60 basis points to 31.8 percent (2016: 31.2 percent) and marked a new record in the company’s history. This operating margin is in the upper half of Software AG’s forecast range, which had been raised during the year.  EBIT (IFRS) was up by 4 percent to €222.8 million (2016: €213.9 million) in 2017.

Free cash flow totaled €161,9 million (2016: €187.0 million) in fiscal 2017, which reflects 18 percent of total revenue.


As of December 31, 2017 Software AG had 4,596 (2016: 4,471) employees worldwide (full-time equivalents). Of that total, 1,935 (2016: 1,914) worked in Consulting and Services, 862 (2016: 842) in Sales and Marketing, 1,176 (2016: 1,110) in Research and Development and 623 (2016: 605) in Administration.

2018 Outlook

Based on its 2017 financial results and its current business performance, Software AG expects revenue growth in 2018 in the Digital Business Platform, excluding IoT/Cloud, of between +3 and +7 percent net of currency. Based on the high demand for Software AG solutions in the IoT and Industry 4.0 markets in particular, Software AG anticipates IoT/Cloud revenue to increase by +70 to +100 net of currency. The company foresees revenue development in the Adabas & Natural business line of between -2 and -6 percent net of currency. Additionally, Software AG expects an operating earnings margin (EBITA, non-IFRS) between 30 and 32 percent as well as an earnings per share (EPS, non-IFRS) improvement of between +5 and +15 percent for fiscal 2018.

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Traps global online vendors can avoid

Dealers are advised to inform themselves properly about registration requirements, VAT rates and thresholds with respect to online trade not only within the European Union. There is no uniform regulation on how goods are taxed in different parts of the world. This is why Ecovis has turned to its international partners to discover what fiscal conditions apply elsewhere.

René Schubert in Muldestausee, Germany, sells women’s fashion online via his company ixens-fashions, using Amazon. The internet giant offers dealers an option to warehouse and despatch the goods on their behalf. Anyone doing so has to comply with Amazon’s strict requirements. Dealers pay Amazon an additional 50 cents per article for warehousing goods in Germany, on top of the usual fees.

It is cheaper for dealers to allow the internet giant Amazon to warehouse their goods in Poland and the Czech Republic. However, this is not always the best solution. René Schubert has brought his goods back to Germany from the warehouses abroad, even though he has now to pay Amazon 50 cents per article sold. “Fiscal registration abroad is an incredibly complex job. It is less complicated for me to warehouse the goods here in Germany,” he says. Nicole Steffek, his Ecovis tax adviser in Leipzig, advises online dealers to check whether it is worthwhile warehousing their goods in neighbouring countries, considering the effort required. “It is best to see what the options are and, where necessary, to ask for professional advice. This is because registration is complicated and takes a lot of time. There are considerable tax and legal risks”.

It is possible that storage in Germany is the “better option” despite having to pay additional fees, she thinks. In cases where the goods are kept in warehouses in Poland, the requirements of Polish tax law apply to the dealer and all movements of goods between the warehouses in Germany and Poland need to be reflected fiscally in both countries. An additional factor is that the VAT rate in Poland is 23%. However, this depends on the volume of goods transacted. “It may indeed be worthwhile for large dealers to warehouse their goods abroad. The fee of 50 cents per article can add up to a pretty sum for them”, says Steffek.

EU turnover thresholds
There is a special feature pertaining to mail order business within the EU with respect to sales to private customers: where an online dealer exceeds a certain volume of turnover for deliveries to a certain country (known as a turnover threshold), he or she must be registered in that country and is liable to VAT.

The most common turnover threshold is 35,000 euros. “This threshold is, for example, applicable in France”, says Cedric Perreta at Ecovis in Paris. The threshold between Germany and Luxemburg is 100,000 euros. “Turnover thresholds are typical for the European Union. Non-EU countries do not necessarily make a difference in online trade between businesses and private customers. In these cases import duties are sometimes applied, the rate depending on whether there are any free trade agreements between two countries”, says Alexander Weigert, a director of Ecovis.

One example given by Hiroshi Tsumaki at Ecovis in Tokyo is that goods of which the value does not exceed 10,000 yen (about 75 euros) are exempt from customs duties and taxes. States particularly relevant from the EU perspective are, besides Japan, the expanded Asian free trade area ASEAN and the North American NAFTA.

More obligations for Amazon, eBay and the like
Occasionally certain countries impose special conditions: Torsten Weller at Ecovis in Peking reports that all dealers in China are obliged to register for turnover tax, besides which “an incorporated company with proper tax registration has to apply for a general tax payer status”. The situation in Australia is somewhat different. Here “the administrative burden for collecting the goods and services tax (GST) falls on the provider of the platform”, says Scott Hogan-Smith at Ecovis in Sydney. eBay has even threatened “to implement geo-blocking preventing Australians from acquiring goods or services from non-Australian eBay resellers”, their reason being that some of the latter charge GST but do not pay it on to the tax authorities. Germany is planning similar amendments: the federal and state ministries of finance want to prevent foreign dealers charging VAT for their goods via platforms such as Amazon and eBay, only then in some cases to retain it instead of passing it on to the tax authorities.

The survey, which was conducted among Ecovis partners throughout the world, shows enormous differences in how different countries deal with online trade revenues. “And, as always with fiscal law, the devil lies in the detail”, says Alexander Weigert, “but our international network of partners is able to answer all and any questions about this in over 60 countries”. They know where there are free trade areas, customs duties and tax-exempt sales thresholds, and whether dealers need export licences, as in Israel, for example. Ehud Ozery at the Ecovis office in Israel reports, for instance, that an export licence has to be presented for every export transaction. Exports valued at less than 250 dollars are subject to less stringent requirements.

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EnWave Announces its Fourth Quarter and 2017 Annual Consolidated Financial Results

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" –…) today reported the Company’s consolidated financial results for the fourth quarter and year ended September 30, 2017.

EnWave’s Radiant Energy Vacuum (“REV™”) technology continues to capture and increase market share in the food, cannabis and pharmaceutical drying industries. The superior product quality and economic advantages of using REV™ technology as an alternative to conventional options is being proven in several market verticals on a global basis. EnWave anticipates continued commercial success and growth in the worldwide deployment of REV™ technology.

During fiscal year 2017, EnWave made significant progress in broadening the use of its REVTM technology. The Company expanded its royalty portfolio to include licenses and machinery sold for both yogurt products and medicinal cannabis products, two new rapidly growing and large market verticals. The Company also added multiple new commercial licenses in several countries for previously proven products such as cheese snacks, fruit snacks and fruit ingredients. Increased sales and marketing expenditures further expanded the sales pipeline for machine sales, royalty partnerships, R&D agreements, and technology evaluation and license option agreements (“TELOAs”) with prospective partner companies.

Since the beginning of the fiscal year, EnWave has signed six new royalty bearing license agreements, sold four large-scale commercial REVTM machines totaling 320kW, sold seven 10kW REVTM machines, signed 10 product development TELOA agreements and entered into a joint research project with the US Army.

Further details include:

• Signed a royalty-bearing license agreement with a major Canadian medical cannabis Licensed Producer (the “LP”). The LP has the exclusive right to use and sub-license the Company’s dehydration technology for cannabis processing in Canada. The LP has agreed to purchase a large-scale 60kW commercial REV™ machine to initiate commercial production and a small-scale 10kW commercial REV™ unit to enable advanced product development.
• Received a purchase order for a 100kW large-scale nutraREV® machine from Ereğli Agrosan (“Ereğli”), a Turkish company that produces high value natural products for the food, cosmetic and health sectors. This order expanded Ereğli’s royalty bearing production capacity by adding to its already purchased two 10kW small-scale royalty-bearing machines and one lab-scale R&D machine.
• Received purchase orders for a large commercial 100kW quantaREV® and 10kW small-scale machine from Pitalia, and expanded its license to include additional fruit products. Pitalia has purchased three REVTM machines and has expanded their total royalty-bearing processing capacity to 120kW.
• Signed a royalty-bearing license for wild blueberries with Van Dyk Specialty Products (“Van Dyk”), a major Canadian producer of wild blueberry products. Van Dyk submitted a purchase order for a large-scale 60kW royalty-bearing nutraREV® machine.
• Received purchase order for Nanuva Ingredients’ third 10kW small-scale machine, expanding its royalty bearing production capacity of high quality fruit products in Chile.
• Signed a royalty-bearing license with Ashgrove Cheese Pty Ltd. and received a purchase order for a small-scale REVTM machine for placement in Australia.
• Signed a royalty-bearing license for yogurt products with Ultima Foods, a subsidiary of one of the largest dairy cooperatives in Canada. Ultima Foods purchased a small-scale 10kW REVTM machine to enable a focused market trial in early calendar year 2018.
• Signed a royalty-bearing license with Howe Foods, the second largest producer of bananas in Australia. Howe Foods purchased a small-scale 10kW REVTM machine to initiate commercial production.
• Signed a royalty-bearing license with AvoChips, LLC (“AvoChips”), a U.S. based snack company to produce a new, and innovative avocado snack product. AvoChips purchased a 10kW REVTM machine to initiate commercial production.
• Entered into a contract with the US Army Natick Soldier R&D Center to jointly develop phytonutrient-rich field rations.
• Signed 10 new TELOAs with food and other processing companies that will evaluate the use of REVTM technology to develop new product applications.

Key Financial Highlights for 2017:

• Building sales pipeline by way of increased S&M expense to $2.2 million compared to $0.8 million for 2016, an increase of $1.4 million. EnWave Canada increased S&M expenses $0.5 million as the Company invested into building its sales pipeline for prospective royalty partners.
• Containing G&A expense with G&A for Q4 2017 being lower than Q4 2016 by $0.2 million, and G&A expense for the year was fairly consistent year over year with a slight increase of 4%. G&A expense as a percentage of revenue for 2017 was 13%, which was the same for 2016.
• Building revenues with Q4 2017 revenue of $3.6 million compared to $2.5 million for Q4 of 2016, an increase of 44%. Annual revenue of $15.9 million for 2017 was higher than the previous year of $14.9 million, an increase of 7% or $1.0 million. Continuing to be cash flow positive with cash flow from operations prior to changes in non-cash working capital(*) of $0.01 million for 2017 compared to $1.2 million for 2016, showing positive cash flows from operations before taking to account changes in working capital.
• Improved the operational structure of NutraDried by replacing its CEO, revamping finance and accounting functions, and replacing its prior marketing agent with Slant Design and Marketing, a boutique Vancouver-based marketing and branding agency.
• Reporting improved annual net income at NutraDried of $0.7 million for 2017 compared to $0.3 million in 2016, and continued to contribute to the growth of the Company. NutraDried’s success solidifies the business case for using REVTM for creating profitable consumer products and new brands for our royalty partners.
• Improving revenues and profit margins at NutraDried by tactically increasing S&M expenses by $0.9 million to allow NutraDried to sell Moon Cheese® direct to retailers and distributors through its network of brokers in the United States.
• Strengthening the balance sheet by completing a prospectus offering and concurrent private placement of 9,530,000 Units of the Company at $1.05 each for combined gross proceeds of $10 million on November 15, 2017. Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). The Warrants were accepted for listing by the TSX Venture Exchange and commenced trading under the symbol ENW.WT at the open of the market on November 22, 2017.

Consolidated Performance Summary:

($ ‘000s) Three months ended
September 30, Years ended
September 30,
2017 2016 Change
% 2017 2016 Change

Revenues 3,630 2,519 44% 15,954 14,933 7%
Direct costs 2,764 2,120 30% 11,654 10,383 12%
Gross margin 866 399 117% 4,300 4,550 (5%)

Operating Expenses
General and administration 466 627 (26%) 2,072 1,989 4%
Sales and marketing 754 319 136% 2,160 793 172%
Research and development 199 310 (36%) 1,138 1,656 (31%)
1,419 1,256 13% 5,370 4,438 21%

Net loss – continuing operations (1,060) (1,562) (32%) (2,986) (1,837) 62%
Net loss – discontinued operations – – – – (86) (100%)
Net loss for the period (1,060) (1,562) (32%) (2,986) (1,923) 55%
Loss per share – continuing operations:
Basic and diluted (0.01) (0.02) (0.04) (0.02)

EnWave’s annual and interim consolidated financial statements and MD&As are available on SEDAR at and on the Company’s website

(*) Non-IFRS Financial Measures
Cash flow from operations prior to changes in non-cash working capital is not a measure of financial performance under IFRS. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company’s annual MD&A for the year ended September 30, 2017.

About EnWave
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed twenty-three royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;

2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and

3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at

EnWave Corporation
Dr. Tim Durance
President & CEO

For further information:

John Budreski, Executive Chairman at +1 (416) 930-0914

Brent Charleton, Senior Vice President, Business Development at +1 (778) 378-9616

Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Medigene AG: Medigene sells US-rights for Veregen® and raises financial guidance 2017

Monetization of last remaining legacy product essentially completes Medigene’s transformation into a pure-play, clinical-stage immunotherapy company

– Positive impact on financial guidance 2017: Revenue EUR 10.5-11.5 m (previous guidance: EUR 8-10 m), EBITDA-loss EUR 14-15 m (EUR 16-18 m), cash utilization EUR 20-22 m (EUR 23-27 m)

Martinsried/Munich, 5 December 2017. Medigene AG (MDG1, Frankfurt, Prime Standard, TecDAX) today announced the sale of the US-rights for its drug Veregen® to Fougera Pharmaceuticals, Inc., Melville, New York, USA, the dermatology business entity of Sandoz US, which is part of the Novartis group. Thereby, Medigene essentially monetizes the last remaining product from its previous pipeline before the company’s repositioning as an immunotherapy company with clinical programs in development.

Fougera, Medigene’s former partner for the distribution and marketing of Veregen® in the US, now acquires the US assets for the drug, including intellectual property, licenses, know-how and the trademark . Medigene remains the owner of the active pharmaceutical ingredient (API) stock for the product and becomes the exclusive supplier of the API to Fougera. The parties agreed on certain minimum purchase obligations, in order to ensure the successful continuation of the US business by Fougera. Furthermore, Fougera will reimburse Medigene for costs associated with the supply of API. Medigene retains all rights for Veregen® outside of the US. Veregen® is a topical treatment of genital warts.

Dr. Thomas Taapken, CFO of Medigene AG, comments: "Veregen® hasn’t been part of Medigene’s core business after refocusing on our immunotherapy R&D pipeline. With the sale of the US-rights for this product to our trusted commercialization partner, we are able to essentially complete Medigene’s corporate transformation into a pure-play, clinical-stage immuno-oncology company."

In the first nine months of 2017, Medigene’s Veregen® revenue from royalties, product sales and milestone payments from its distribution partners totaled 1.8 m EUR (9M-2016: 2.2 m EUR). In the past, on average over 50% of the annual Veregen® revenue was generated from the US business.

In connection with the sale of the US-rights for Veregen®, Medigene raises its financial guidance for 2017: Now, the company expects revenues of EUR 10.5-11.5 m instead of EUR 8-10 m as previously guided, an EBITDA-loss of EUR 14-15 m instead of EUR 16-18 m, and a cash utilization of EUR 20-22 m instead of EUR 23-27 m. This forecast does not include future milestone payments from the existing R&D partnership with bluebird bio or any payments from potential new transactions.

Besides, financial details of the agreement with Fougera were not disclosed.

About Veregen®: The drug, which is used to treat patients with external genital and perianal warts (Condylomata acuminata), is marketed in 22 countries by a range of distribution partners. More information on Veregen® can be found at

This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene® is a registered trademark of Medigene AG. This trademark may be owned or licensed in select locations only.

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