CALGARY, ALBERTA -- December 15, 2014 -- Titanium Corporation Inc. (the "Company" or "Titanium") (TSX-V: TIC) today released its results for the fourth quarter and fiscal year ended August 31, 2014. The Company is also pleased to announce that it will hold its annual general and special meeting (the "Meeting") on Thursday, February 12, 2015, at 10:00 a.m. (Toronto time). The record date for shareholders to receive notice and be entitled to vote at the Meeting is January 8, 2015. The Meeting will be held at The Toronto Board of Trade located at Suite 350, 1 First Canadian Place, Toronto, Ontario.
"Our team is now working closely with those oil sands operators interested in early adoption of our technology, making good progress toward a first project," commented Scott Nelson, Titanium's President and Chief Executive. "While the planning timeframes required to implement new technologies in large and complex industries like oil sands are lengthy, our Company has a proven track record of innovation and our technology is prioritized in the industries COSIA roadmap. In addition to environmental benefits, our technology recovers bitumen and solvent from tailings at an operating cost of less than $10 per barrel, remaining highly attractive for these long life projects, despite the recent decline in world oil prices."
The following are highlights of the Company's progress during 2014:
Titanium is focused on achieving long-term financial success by taking its innovative Creating Value from WasteTM("CVWTM ") technologies into commercial production. Until commercial investment is made a plant built and operating at an oil sands site, the Company expects to incur losses. However, with the completion of extensive pilot testing on its CVWTM technology, R&D investment in future quarters will be substantially reduced as the Company focuses its resources on commercialization.
Net Loss -- Net loss for the fiscal year ended August 31, 2014 was $3.0 million compared to $4.3 million for the year ended August 31, 2013. The reduction in net loss by $1.3 million from fiscal 2013 is the result of concluding several years of R&D piloting finalized in fiscal 2013. With the completion of pilot testing and as a development stage company, Titanium's net loss for the period is in line with expectations.
Research & Development ("R&D") -- For the year ended August 31, 2014, R&D spending before recoveries, was $0.9 million as compared to $4.2 million for the year ended August 31, 2013. R&D expenditures in the current quarter were significantly reduced as labour and operating costs related to demonstration piloting were eliminated with the completion of R&D piloting in May of 2013. The final stage of minerals development was completed during the year and with the focus on commercialization of the CVWTM technology, R&D expenses in the future quarters will be substantially reduced.
General & Administrative ("G&A") -- G&A expense was $2.1 for the year ended August 31, 2014 as compared to $2.3 million for the year ended August 31, 2013. G&A costs included $0.4 million of non-cash stock based compensation in each of the respective years. With focus on preserving cash, the Company reduced its G&A, net of non-cash compensation, to $1.7 million in 2014 compared to $1.9 million in 2013.
Cash Position -- The Company had $2.6 million in cash at August 31, 2014 compared to $4.1 million at August 31, 2013; the reduction in cash was due to ongoing operational expenses during the year. With the receipt of the $629,194 SDTC grant on April 9, 2014, the Company has sufficient cash to fund its R&D and G&A costs for a period in excess of 12 months. As the Company focuses on commercialization of its technology, discretionary R&D and engineering activity would be pursued in conjunction with grant funding or partner support.
To view the Company's management discussion and analysis and audited financial statements for the year ended August 31, 2014, please visit our website at www.titaniumcorporation.com or SEDAR at www.sedar.com.
About Titanium Corporation Inc.
Titanium Corporation's "Creating Value from WasteTM " technology provides sustainable solutions to reduce the environmental footprint of the oil sands industry. Our technology reduces the environmental impact of oil sands tailings while economically recovering valuable products that would otherwise be lost. CVWTM recovers bitumen, solvents and minerals from tailings, preventing these commodities from entering tailings ponds and the atmosphere: VOC and GHG emissions are materially reduced; hot tailings water is improved in quality for recycling; and residual tailings can be thickened more readily. A new minerals industry will be created commencing with the production and export of zircon, an essential ingredient in ceramics. The Company's shares trade on the TSX-V under the symbol "TIC". For more information please visit the Company's website at www.titaniumcorporation.com.
Disclosure regarding forward-looking statements
Certain statements contained herein regarding the Company and its plans constitute "forward-looking statements" within the meaning of Canadian securities laws. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions, projections, and other forward-looking statements will not prove to be accurate. We direct you to our statement of risks and uncertainties more particularly described and updated in the Company's management discussion and analysis filed for the period ended August 31, 2014 and other reports filed with the securities regulatory authorities from time to time and available on SEDAR (www.sedar.com). Most notably these risks include, but are not limited to risks associated with the commercialization of the CVWTM project on the timetable anticipated or at all; access to capital on acceptable terms to fund our commercialization plan, operational or technical difficulties in connection with building and operating the CVWTM project and research activities; uncertainty related to the cost to build and operate CVWTMfacilities; reliance on a small number of people, access to and cost of oil sands tailings necessary to carry out the CVWTM project, competition and intellectual property protection and changes to environmental laws and regulation.
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.
|Scott Nelson||Andreas Curkovic|
|President & CEO||Investor Relations|
|Tel: (403) 561-0439||Tel: (416) 577-9927|
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