|By Marketwired .||
|November 27, 2012 09:22 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/28/12 -- AFG Flameguard Ltd. (CNSX:AFG) ("AFG" or the "Company") is pleased to provide the following update regarding the completion of product testing and certification.
UPDATE ON TESTING AND CERTIFICATION PROGRAM
Further to the Company's news release of July 27, 2012, AFG is pleased to announce that an extensive testing and certification program commissioned by DSPA.NL is now complete. Testing was conducted over several months at an independent international testing agency, Kiwa Netherland B.V. ("KIWA") (http://www.kiwa.nl). KIWA is accredited by the Dutch Accreditation Council and is recognized by the Standards Council of Canada and certain foreign accreditation organizations that are members of the International Accreditation Forum.
On November 6, 2012, DSPA Condensed Aerosol Generators DSPA 11-1, DSPA 11-2, DSPA 11-3, DSPA 11-4, DSPA 11-5, DSPA 11-6 and DSPA 8-1 received declarations of conformity based on parts of CEN/TR 15276-1, ISO15779 and UL 2775 from KIWA. The tests included, among other attributes, the durability, reliability and measurement of the effectiveness of our DSPA installed unit.
The Standards Council of Canada (SCC) has confirmed that by virtue of its membership in the International Accreditation Forum's (IAF) Mutual Recognition Agreement (MRA), it recognizes accreditation certificates issued by the Dutch Accreditation Council to certification bodies, including Kiwa Netherland B.V., equivalent to the certificates issued by SCC to its own accredited organizations.
AFG President and Chief Executive Officer, Thomas Bell, stated, "These certifications represent a significant milestone for AFG and its line of DSPA fixed installation systems. We believe that the results of the KIWA tests and related certifications will facilitate the future sales of DSPA fixed systems. The fire prevention and suppressions systems market as it relates to new construction in Canada alone is a multibillion dollar industry. Fire safety protection, utilizing AFG's innovative aerosol technology when compared to conventional systems is the most cost effective solution."
DSPA systems will be marketed for use in circumstances where installed fire suppression systems are used or required. DSPA systems offer a cost effective alternative solution when compared to traditional fire suppression systems. AFG intends to market these systems in Canada and its other territories through agents and national distributors that already market and install fixed fire suppression systems. The Company is now seeking additional agents and distributors.
DEMONSTRATIONS AND PRODUCT PLACEMENTS
On October 14, 2012, the Company conducted two demonstrations with 240 firefighters in attendance from the Saskatchewan Volunteer Firefighters Association at the North Battleford Fire School's fall session. To date, the Company has placed over 400 units in the hands of first responders. The initial marketing program has successfully proven the units in the field and has saved over 20 structures in the past year alone. North Battleford was the first fire department in Saskatchewan to include DSPA-5 units on their front line fire apparatus and they have deployed three DSPA-5 units to date.
THIRD QUARTER 2012 RESULTS
Sales for the three and nine months ended September 30, 2012 were $36,175 and $74,432 (2011 - $11,039 and $29,680) and included sales of DSPA-5 units and carrying cases, HCA products and miscellaneous fire-suppression related products. Gross margin for the three and nine months ended September 30, 2012 was $17,445 (48%) and $40,097 (54%) (2011 - $4,586 (42%) and $13,067 (44%)). The higher margins in 2012 were due to increased efficiencies in both pricing and costing procedures.
Total assets have decreased from $973,506 as at December 31, 2011 to $790,541 as at September 30, 2012. The $182,965 decrease is attributed primarily to cash utilized to fund operations offset by HST refunds received during the period.
As at September 30, 2012, the Company had working capital deficiency of $195,718 (December 31, 2011 - working capital of $24,881) and a deficit of $53,074 (December 31, 2011 - equity of $170,208). The decrease in working capital is a direct result of the interest-free promissory note of $466,812 due June 30, 2013, becoming a current liability as it is less than a year from becoming due and payable. The Company currently has enough inventory on hand to generate approximately $1.2 million in sales.
As the activity of the Company has focused on new sales channels and the potential of the new certifications to gain acceptance from the broader target markets, AFG plans to continuously improve sales and raise capital to meet its capital needs.
The third quarter financial statements of the Company have been filed on www.sedar.com.
ABOUT AFG FLAMEGUARD AND DSPA TECHNOLOGY
AFG is a life safety technology focused company providing innovative fire suppression and prevention products and services. AFG products include intumescent paints and coatings as well as the revolutionary line of Dry Sprinkler Powder Aerosol generators ("DSPA") which utilizes environmentally friendly waterless aerosol technology to rapidly suppress fire. The use of DSPA technology significantly reduces air, water and soil contamination caused by excessive amounts of water used in conventional methods of firefighting. DSPA technology is available in portable and fixed installation systems. A DSPA fixed extinguishing system consists of one or more DSPA aerosol generators which are activated by a detection and activation system. DSPA aerosol generators are not pressurized and are installed inside the compartment or room that requires protection. After activation, a non toxic aerosol cloud is generated which expands volumetrically, flooding the space and extinguishing the fire.
Follow AFG on Twitter at www.twitter.com/afgflameguard.
Except for statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" or "information" (collectively "statements"). These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "likely", "may", "outlook", "plan", "potential", "predict", "should", "will", or the negative of these terms or other comparable terminology. The reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements and information include, but are not limited, risks related to our limited operating history and history of no earnings, competition from other companies in various consumer industries, changes to government regulations, dependence on key personnel, general economic conditions, local economic conditions, including the marketing of similar products and services in close proximity to licensed territories of the Corporation, timely introduction of these newly licensed Corporation's products or services; the uncertainties in acceptance of such products or services by the market, approvals the Corporation may require in having the agreements and interests being assigned to them, interest rates, availability of equity and debt financing, increased development costs, including costs of labor, equipment and environmental compliance and other risks factors described from time to time in the documents filed by the Corporation with applicable securities regulators and the CNSX, including in the Form 2A Listing Statement under the heading "Risk Factors", which is filed on the CNSX website.
Neither the Canadian National Stock Exchange (the "CNSX") nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
May. 22, 2015 06:00 AM EDT Reads: 4,808
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
May. 22, 2015 06:00 AM EDT Reads: 4,636
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 22, 2015 06:00 AM EDT Reads: 5,907
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 22, 2015 05:00 AM EDT Reads: 2,309
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
May. 22, 2015 05:00 AM EDT Reads: 4,356
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
May. 22, 2015 04:30 AM EDT Reads: 3,031
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
May. 22, 2015 04:00 AM EDT Reads: 6,240
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
May. 22, 2015 04:00 AM EDT Reads: 6,618
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
May. 22, 2015 04:00 AM EDT Reads: 4,281
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
May. 22, 2015 03:00 AM EDT Reads: 2,828
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.
May. 22, 2015 03:00 AM EDT Reads: 4,887
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of...
May. 22, 2015 02:30 AM EDT Reads: 4,237
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
May. 22, 2015 02:30 AM EDT Reads: 4,815
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and automated.
May. 22, 2015 02:00 AM EDT Reads: 4,182
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
May. 22, 2015 01:15 AM EDT Reads: 6,132
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
May. 22, 2015 01:00 AM EDT Reads: 5,091
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
May. 22, 2015 12:30 AM EDT Reads: 3,636
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
May. 22, 2015 12:00 AM EDT Reads: 4,155
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 21, 2015 11:30 PM EDT Reads: 2,477
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
May. 21, 2015 11:00 PM EDT Reads: 5,931