Quarterly Statement for the First Quarter of 2018

  • Transaction volume in Q1/18 increased by 55.7 percent
  • Consolidated revenues increased by 52.9 percent
  • EBITDA increased by 38.2 percent
  • Net result increased by 46.1 percent
  • EBITDA 2018 guidance confirmed

Wirecard AG was able to report strong growth in the first quarter of the 2018 fiscal year.

Transaction volumes processed through the Wirecard platform grew in the first quarter of 2018 by 55.7 percent to EUR 26.7 billion (Q1/2017: EUR 17.2 billion).
In the first quarter of 2018, consolidated revenues for the Group increased by 52.9 percent to EUR 420.4 million (Q1/2017: EUR 274.9 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 38.2 percent to EUR 112.3 million (Q1/2017: EUR 81.3 million).

In the reporting period, earnings after tax increased by 46.1 percent to EUR 70.8 million (Q1/2017: EUR 48.5 million). The cash flow from operating activities (adjusted) amounted to EUR 87.4 million (Q1/2017: EUR 64.8 million). Free cash flow increased to EUR 71.7 million (Q1/2017: EUR 49.7 million).

Wirecard CEO Dr. Markus Braun commented: "Digitalisation is only at the very beginning in many sectors and is gathering pace around the world. As a leader for innovation in the digitalisation of payment processes, Wirecard AG has taken up an ideal competitive position to benefit from this global trend towards digitalisation."

The Management Board expects the very good business performance to continue in both the first half of the year and the remainder of 2018. The Management Board confirms its forecast for the 2018 fiscal year that was made on 12 April 2018 of an EBITDA of between EUR 520 million and EUR 545 million.

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asknet AG performs successfully in Q1


– eCommerce Solutions Business Unit wins six new customers
– Academics Business Unit continues to expand its sales partnerships
– Full-year forecast confirmed: clearly higher gross profits and positive result

asknet AG, part of the Swiss-listed international technology and media company The Native SA (www.thenative.ch), looks back on a successful business performance in the first three months of 2018.

The most important operational developments in the Academics Business Unit included the implementation of the new sales partnerships and the creation of a partner network for the ongoing internationalization of the distribution channels. The partnership with ANSYS, the world’s leading manufacturer of simulation software, was intensified and the first major licenses were sold to customers from the research and educational sectors. asknet also won a tender by the federal state of Saxony to supply the state’s universities with Microsoft licenses. As announced in the press release dated April 6, 2018, asknet launched a new Microsoft Office 365 complete package, for which three customers have already been won. More customers are about to sign the corresponding contracts soon.

“We have an attractive portfolio of software and hardware from leading manufacturers in the academic sector. We believe that the further internationalization of our offerings holds vast opportunities for future growth and rely on strong partners to support us in expanding our sales activities in the target regions,” says Michael Baumann, Head of the Academics Business Unit.

The eCommerce Solutions Business Unit won six new customers in the first three months of 2018. The corresponding shops have largely been completed and will contribute to revenues and earnings as of the second quarter. In addition, customizing projects were implemented for several new customers, which help to further intensify asknet’s customer relationships. The Business Unit has the biggest growth potential in Asia, where many new manufacturers are trying to gain a foothold in the global online market and rely on full-service suppliers such as asknet. The Business Unit also aims to further internationalize its operations, especially in the US market.

“We had a very good start to the year 2018 and will work on a large number of new customer projects in the second quarter. Our market remains hotly contested but very dynamic. Building on the sales successes of the past two fiscal years, we were able to improve our market position significantly and meanwhile have a continuous pipeline of new customers,” says Jan Schöttelndreier, Head of the eCommerce Solutions Business Unit.

As announced in the ad-hoc release dated May 3, 2018 the CEO of asknet AG, Tobias Kaulfuss, will resign from the Executive Board at the Annual General Meeting on June 28 but has simultaneously been proposed for election to the Supervisory Board. His successor on the Executive Board is Sergey Skatershchikov, Chief Financial Officer of asknet AG and Chairman of the Board of Directors of the majority shareholder, The Native SA.

“Since I took up office, asknet Group has gone through a thorough change process during which it has laid the professional basis for dynamic growth. Step by step we will now be able to reap the fruits of this process. I would like to take this opportunity to thank our employees, customers and partners for their support during this time. We see great potential for the future for both Business Units, which are today positioned as independent, powerful units, with their own organization, human resources and experienced management team,” says Tobias Kaulfuss, CEO of asknet AG, adding that the company’s strategic position has changed fundamentally since the entry of The Native SA. “We can now build on the network, the expertise and the financial muscle of our new majority shareholder. I am therefore very optimistic about the future of asknet Group, which I hope I will be able to serve in the future as a member of the Supervisory Board.”

The Executive Board of asknet AG continues to project a strong increase in consolidated gross profits as well as positive earnings before taxes (EBT) for the full year 2018.

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Osisko Closes Financing on Victoria Gold’s Eagle Gold Project

Osisko Gold Royalties Ltd (TSX & NYSE:OR) (“Osisko” – https://www.youtube.com/watch?v=DiYMIzhstxE&t=26s) is pleased to announce that it has completed the previously announced C$148 million financing transaction (the “Financing”) with Victoria Gold Corp. (TSX-V:VIT) (“Victoria”), pursuant to which Osisko acquired from Victoria a 5% net smelter return (“NSR”) royalty (the “Royalty”) for C$98 million (the “Royalty Purchase”) on the Dublin Gulch property (the “Property”) which hosts the Eagle Gold project located in Yukon, Canada, and purchased from Victoria, on a private placement basis, 100 million common shares of Victoria at a price of C$0.50 per common share (the “Private Placement”).

Sean Roosen, Chair and Chief Executive Officer of Osisko, commenting on the transaction, “The addition of the Eagle royalty strengthens our Canadian asset base and adds near-term Canadian gold to Osisko’s growth profile from a fully permitted, fully-financed and shovel-ready project located in Yukon, a premier mining jurisdiction. We are very pleased to partner with Victoria to develop Canada’s next premier gold mine, and to generate important benefits for all project stakeholders.”

The Royalty Purchase

As part of the transaction, Osisko has purchased a 5% NSR royalty on all metals and minerals produced from the Property, which includes the Eagle and Olive deposits, until an aggregate of 97,500 ounces of refined gold have been delivered to Osisko, and a 3% NSR royalty thereafter. The purchase price for the royalty is an aggregate of C$98 million, of which a first tranche of C$49 million was advanced as of the date hereof, and the second tranche of C$49 million will be funded pro rata to drawdowns under the subordinated debt component of the Orion debt facilities.

The Private Placement

As part of the Private Placement, Osisko has purchased 100 million common shares of Victoria at a price of C$0.50 per common share.

Immediately prior to the closing of the Private Placement, Osisko had beneficial ownership of, or control and direction over, 20,427,087 common shares of Victoria, representing approximately 4.0% of Victoria’s issued and outstanding common shares. Immediately following the closing of the Private Placement, Osisko owns beneficial ownership of, or control and direction over 120,427,087 common shares, representing approximately 15.7% of Victoria’s issued and outstanding common shares. All securities issued to Osisko under the Private Placement are subject to a four-month hold period from the date hereof, pursuant to applicable securities legislation. Additionally, in connection with the Financing, Osisko has obtained the right to nominate one of the members of Victoria’s board of directors.

Osisko acquired the common shares described in this press release for investment purposes and in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Victoria Gold in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Victoria and other relevant factors.

This news release is issued under the early warning provisions of the Canadian securities legislation. A copy of the early warning report to be filed by Osisko in connection with the Private Placement described above will be available on SEDAR under Victoria’s profile. To obtain a copy of the early warning report, you may also contact Vincent Metcalfe, Vice President, Investor Relations of Osisko at (514) 940-0670. Victoria’s head office is located at 80 Richmond St. West, Suite 303, Toronto, Ontario, M5H 2A4.

In connection with the Financing, Victoria has also entered into, as of the date hereof, definitive and binding agreements with an affiliate of Orion Mine Finance (“Orion”), pursuant to which Orion has agreed to provide debt facilities to Victoria, and has purchased from Victoria, on a private placement basis, 150 million common shares of Victoria at a price of C$0.50 per common share. Victoria has also entered into definitive agreements with Caterpillar Financial Services Limited with respect to a US$50 million equipment financing facility. All of such agreements were entered into with respect to a construction financing package totaling approximately C$505 million in aggregate (including the Financing) that is expected to fully fund the development of the Project through to commercial production.

The Dublin Gulch Property and the Eagle Gold Project

Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in the central Yukon Territory, Canada, approximately 375 kilometres north of the capital city of Whitehorse, and approximately 85 kilometres from the village of Mayo. The Property is accessible by road year-round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometres, and is the site of Victoria’s Eagle Gold Deposit. The Eagle Gold mine is expected to be Yukon’s next operating gold mine and, between the Eagle and Olive deposits, include Proven and Probable Reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67 grams of gold per tonne, as outlined in a National Instrument 43-101 feasibility study. The NI 43-101 Mineral Resource for the Eagle and Olive deposits has been estimated to host 191 million tonnes averaging 0.65 grams of gold per tonne, containing 4.0 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 24 million tonnes averaging 0.61 grams of gold per tonne, containing 0.5 million ounces of gold in the “Inferred” category.

About Osisko Gold Royalties Ltd

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 15.5% interest in Osisko Mining Inc., a 12.7% interest in Falco Resources Ltd. and a 32.6% interest in Barkerville Gold Mines Ltd.

Osisko is a corporation incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-Looking Statement

Certain statements contained in this press release may be deemed “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian Securities Laws and the United States Private Securities Litigation Reform Act of 1995 (collectively, the “forward-looking statements”). All statements in this release, other than statements of historical fact, that address future events, developments or performance that Osisko expects to occur including management’s expectations regarding Osisko’s growth, results of operations, estimated future revenues, requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, business prospects and opportunities are forward-looking statements. In addition, statements (including data in tables) relating to reserves and resources and gold equivalent ounces are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates will be realized. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (Including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, the performance of the assets of Osisko, the realization of the anticipated benefits deriving from its investments and the transaction with Victoria. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by Osisko (gold and silver); fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes in national and local government, including permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which Osisko holds a royalty, influence of macroeconomic developments; business opportunities that become available to, or are pursued by Osisko; continued availability of capital and financing and general economic, market or business conditions; litigation; title, permit or license disputes related to interests on any of the properties in which Osisko holds a royalty or other interest; development, permitting, infrastructure, operating or technical difficulties, delays or adverse climatic conditions on any of the properties in which Osisko holds a royalty or other interest; rate and timing of production differences from resource estimates or production forecasts by operators of properties in which Osisko holds a royalty or other interest; risks and hazards associated with the business of exploring, development and mining on any of the properties in which Osisko holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Osisko holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which Osisko holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

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KUKA is strategic parter of HIGHTECH VENTURE DAYS 2018

We are happy to announce KUKA as our strategic partner at HIGHTECH VENTURE DAYS 2018 (#HTVD18).

KUKA, headquartered in Augsburg/Germany, is an international automation specialist with sales revenues of  around EUR 3.5 billion and 14,200 employees worldwide. KUKA is specialized in intelligent automation solutions and provides its customers with everything from components to cells to fully automated systems for applications in automotive, electronics, consumer goods, metallurgy, logistics / e-commerce, healthcare and service robotics.

KUKA has already been a strategic partner of last #HTVD17. Elisabeth Schaertl, Corporate Innovation Manager at KUKA: "As one of the leading automation companies, KUKA is constantly developing new ideas and technologies. As an innovation leader in Industrie 4.0, KUKA is also working with startups to further expand this pioneering role. The cooperation with HighTech Startbahn and the HTVD is crucial for us to see relevant European startups in our focus fields and build relationships with them early on."

At HTVD, 40 selected high-tech ventures will present themselves to 100+ international investors. Are you interested in meeting KUKA and those VCs, Family Offices, Angel Investors and Corporates? Submit your application.


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Expansion of the international sales and service network

SLM Solutions Group AG (“company” or “SLM Solutions”), a leading supplier of metal-based additive manufacturing technology, has expanded its international sales and service network. Since the beginning of March, SLM Solutions has had its own subsidiary in France, SLM Solutions (France) SAS, and a subsidiary in Italy, SLM Solutions (Italy) SRL.

Dr. Axel Schulz, CSO and responsible for sales, among other tasks, made the following statement: “For us, being as close as possible to our customers is very important. Our aim is to enter into long-term business relationships and cooperations with our customers. In our experience, having our own locations with our own personnel is indispensable. Our success in Asia in recent years is evidence of this.” SLM has been represented through its own companies in Singapore since 2014, in China since 2015 and in India since 2017. In 2017, the company signed major framework agreements with customers based in Asia, which allows revenues to be planned for the coming two to three years. Uwe Bögershausen, CFO, adds: “We anticipate revenue of almost EUR 40 million in 2018 alone, just from the framework agreements signed in 2017. We intend to strengthen the long-term trust of our customers in SLM Solutions through our companies in France and Italy with the aim to conclude more framework agreements, also in Europe.”

In the context of successfully placing a convertible bond in an overall volume of EUR 58.5 million in October 2017, the company had already announced its intention of using part of the funds received to expand its sales and service network. SLM Solutions plans to further expand its existing capacities and develop new locations in Asia and North America.

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Endeavour Silver Reports 2017 Financial Results

Endeavour Silver Corp. (NYSE: EXK, TSX: EDR – https://www.youtube.com/…) announces its financial results for the fourth quarter and year ended December 31, 2017. The Company owns and operates three underground silver-gold mines in Mexico, the Guanaceví mine in Durango state, and the Bolañitos and El Cubo mines in Guanajuato state, is developing the El Compas project to production in Zacatecas state and advancing the Terronera project in Jalisco state to a development decision.

The complete financial statements and Management’s Discussion & Analysis can be viewed on the Company’s website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are reported in US$.

Highlights of Fiscal 2017 (Compared to Fiscal 2016)


• Net earnings increased 148% to $9.7 million ($0.08 per share), compared to $3.9 million ($0.03 per share)
• EBITDA(1) decreased 8% to $25.6 million
• Cash flow from operations before working capital changes decreased 2% to $23.6 million
• Mine operating cash flow(1) decreased 14% to $45.4 million
• Revenue decreased 4% to $150.5 million on 4,892,855 silver oz sold and 51,460 gold oz sold
• Realized silver price increased 2% to $17.24 per ounce (oz) sold (consistent with the 2017 average spot price)
• Realized gold price increased 3% to $1,285 per oz sold (2% above the 2017 average spot price)
• Cash costs(1) increased 19% to $8.06 per oz silver payable (net of gold credits)
• All-in sustaining costs(1) increased 36% to $16.96 per oz silver payable (net of gold credits)
• Bullion inventory at year-end included 209,337 oz silver and 487 oz gold
• Concentrate inventory at year-end included 31,984 oz silver and 739 oz gold
• Working capital decreased 19% to $66.2 million at year end
• No outstanding debt as of December 31, 2017


• Silver production decreased 9% to 4,919,788 oz
• Gold production decreased 8% to 53,007 oz
• Silver equivalent production was 8.9 million oz (75:1 silver: gold ratio) – within revised guidance
• Completed a Pre-feasibility Study at the Terronera project
• Advanced the Terronera project towards a production decision, including engineering trade-off studies, received permits to build the mine and plant, awaiting waste dumps and tailings permits
• Completed a Preliminary Economic Assessment at the El Compas project, made a development decision and began construction (Endeavour News Release dated March 27, 2017).
• Explored the prospective Parral Project in the historic silver mining district of Hidalgo de Parral in southern Chihuahua state, Mexico and published an initial Mineral Resource Estimate.
• Received “Socially Responsible Company” awards for the Bolañitos and El Cubo mines

Highlights of Fourth Quarter 2017 (Compared to Fourth Quarter 2016)


• Net earnings of $2.7 million ($0.02 per share) compared to a loss of $5.2 million (loss of $0.04 per share)
• EBITDA(1) increased 475% to $6.9 million
• Cash flow from operations before working capital changes increased 507% to $4.6 million
• Mine operating cash flow(1) increased 99% to $12.7 million
• Revenue increased 45% to $41.6 million on 1, 392,518 silver oz sold and 14,117 gold oz sold
• Realized silver price decreased 1% to $16.84 per oz sold (consistent with Q4 average spot price)
• Realized gold price increased 13% to $1,288 per oz sold (consistent with Q4 average spot price)
• Cash costs(1) decreased 15% to $7.97 per oz silver payable (net of gold credits)
• All-in sustaining costs(1) decreased 37% to $12.70 per oz silver payable (net of gold credits)


• Silver production increased 32% to 1,436,962 oz
• Gold production increased 28% to 14,577 oz
• Silver equivalent production was 2.5 million oz (at a 75:1 silver: gold ratio)

(1) Adjusted earnings, mine operating cash flow, EBITDA, cash costs and AISC are non-IFRS measures. Please refer to the definitions in the Company’s Management Discussion & Analysis.

Bradford Cooke, CEO, commented, “Overall, we worked hard in 2017 to turn a year of challenges into a year of opportunities. I am pleased to report strong growth in net earnings in 2017, up 148% to $9.7 million or $0.08 per share, notwithstanding slightly lower revenues compared to 2016. In addition, our financial performance in the Q4, 2017 was up across all metrics compared to Q4, 2016. We reduced our operating costs during the year and expect to continue that trend into 2018.

“After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year. Ore grades and throughput both improved in the second half. In 2017, silver equivalent production met the low end of our original guidance and the high end of our revised guidance, despite overcoming operational challenges at the Guanacevi mine.

“A new productivity optimization program was launched at Guanaceví last month and additional operational improvements are planned this year at Bolañitos and El Cubo. As we advance our development projects and continue optimizing our existing mines, we look forward to delivering one of the best growth profiles in the silver mining sector.”

Financial Results (Consolidated Statement of Operations appended below)

For the year ended December 31, 2017, the Company generated revenue totaling $150.5 million (2016 – $156.8 million). During the year, the Company sold 4,892,855 oz silver and 51,460 oz gold at realized prices of $17.24 and $1,285 per oz respectively, compared to sales of 5,152,031 oz silver and 55,851 oz gold at realized prices of $16.84 and $1,253 per oz respectively in 2016.

After cost of sales of $122.0 million (2016 – $117.9 million), mine operating earnings amounted to $28.5 million (2016 – $38.9 million) from mining and milling operations in Mexico.

Excluding depreciation and depletion of $16.6 million (2016 – $13.9 million), stock-based compensation of $0.2 million (2016- $0.1 million) and the non-cash portion of the inventory write of $0.1 million (2016- Nil) mine operating cash flow before taxes was $45.4 million (2016 – $52.9 million) in 2017. Operating earnings were $7.7 million (2016 – $19.2 million) after exploration expenditures of $12.9 million (2016 – $10.4 million) and general and administrative expense of $7.9 million (2016 – $9.3 million).

Net earnings were $9.7 million ($0.08 per share) compared to earnings of $3.9 million ($0.03 per share) in 2016. Earnings significantly improved as El Cubo generated taxable profits offset by historical tax losses. Current income tax expense decreased to $4.6 million (2016 – $7.8 million), while deferred income tax recognized a $6.4 million recovery (2016 – expense of $0.7 million).

Cash cost, all-in sustaining cost and direct operating cost were all slightly higher than the revised guidance due the lower than planned mine output. The higher realized gold price was offset by the appreciation of the Mexican peso.

Conference Call

A conference call to discuss these results will be held today, Monday, February 26 at 10am PST (1pm EST). To participate in the conference call, please dial the numbers below. No pass-code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +-604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass-code is 1979#. The replay will also be available on the Company’s website at www.edrsilver.com.

All shareholders can receive a hard copy of the Company’s complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Galina Meleger, Director Investor Relations at 604-640-4804 or toll free at 1-877-685-9775.

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates three high-grade, underground, silver-gold mines in Mexico. The Company is forecasting a 20% increase in production to 10.2-11.2 million oz silver equivalent in 2018. Endeavour has a compelling pipeline of exploration and development projects to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information – For more information, please contact:
Galina Meleger, Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Fax: (604) 685-9744
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
In Europe:
Swiss Resource Capital AG – Jochen Staiger
info@resource-capital.ch – www.resource-capital.ch
Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018, Mineral Resource and Reserve Estimates, and the timing and results of various future activities. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; the reliability of Mineral Resource and Reserve Estimates risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, the reliability of Mineral Resource and Reserve Estimates, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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EnWave Acquires Remaining 49% Non-Controlling Interest in NutraDried LLP

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the "Company" – https://www.youtube.com/…) today announced it has purchased an additional 49% interest in NutraDried LLP (“NutraDried”) and now owns 100% of the business. The 49% was sold by NutraDried Creations LLP (“Creations”), a Washington State concern. Total cash consideration for the acquisition was US $1,800,000 (CAD $2,266,000) (the “Acquisition”).

NutraDried has been the most profitable business unit for the Company. Fiscal 2017 net income was $716,000 and revenues were $6,556,000. Based on the $2,266,000 purchase price for the 49%, the purchase price multiples were 6.5 times income and 0.7 times revenues.

EnWave expects NutraDried to continue contributing positive earnings, revenue growth and cash flow for the Company. NutraDried’s revenues have been increasing each year, reporting $6,556,000 for fiscal year 2017, up 30 times in three years from $221,000 in 2014, its first year of operations.

The Acquisition enhances EnWave’s strategy to commercialize its industry-leading Radiant Energy Vacuum (“REV™”) dehydration technology on a global basis. NutraDried has served as an integral sales tool for the Company as it showcases the commercial viability of REVTM in the consumer-packaged goods sector. To date, EnWave has leveraged the success of NutraDried’s Moon Cheese® product to attract eight other companies to sign royalty-bearing commercial license agreements for cheese snack production internationally. Additionally, the high-volume, continuous nutraREV® line has de-risked the technology investment for prospective royalty partners.

The Acquisition will allow NutraDried to pursue additional product opportunities using its installed 100kW nutraREV® processing line, including new product line extensions, and will demonstrate the value proposition for using REV™ to introduce new healthy snacking alternatives. It is not EnWave’s intent to compete directly with current or prospective royalty partners; rather, the Acquisition will allow the Company to develop new product demonstration concepts to promote further and more rapid commercialization for REVTM products.

EnWave’s primary business focus will continue to be its royalty-licensing business model and the rapid deployment of REV™ machinery for use in multiple market verticals around the globe.

NutraDried manufactures and distributes Moon Cheese®, an all-natural dried cheese snack produced using REVTM technology. NutraDried produces Moon Cheese® in cheddar, gouda, mozzarella and pepper jack flavours at its manufacturing facility located in Ferndale, Washington, and distributes it in over 20,000 retail locations across Canada and the United States. Notable retail points of distribution include Starbucks, Target, Rite Aid, CVS, Safeway, Loblaws, Save-On-Foods, and most recently, Costco’s Midwest division.

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. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.

REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. 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 over twenty royalty-bearing licenses to date, opening up nine 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 www.enwave.net.

EnWave Corporation
Dr. Tim Durance
President & CEO

For further information:

John P.A. Budreski, Executive Chairman at +1 (416) 930-0914
E-mail: jbudreski@enwave.net

Brent Charleton, CFA , Senior Vice President, Sales and Business Development at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Deborah Honig, Corporate Development, Adelaide Capital Markets at + 1 (647) 203-8793
E-mail: dhonig@enwave.net

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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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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