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Crystaltimes USA Releases 1st of its Kind App Allowing Users to Browse & Buy Seiko Mod Parts

There’s no shortage of passionate Seiko watch mod enthusiasts in the United States and Canada. Without the right resources this can be something of a challenge and expensive to pursue. Fortunately, since 2016, Crystaltimes USA has been answering this call and exceeding customer expectations with its selection, prices, and service with a full catalog of… Read more »

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Industry: Accessories

Online store Crystaltimes USA has earned a remarkable reputation as the top choice for attractively priced Seiko mods in the United States. Now shopping is easier and more convenient than ever with its brand new app.

Irvine, California (PRUnderground) August 24th, 2020

There’s no shortage of passionate Seiko watch mod enthusiasts in the United States and Canada. Without the right resources this can be something of a challenge and expensive to pursue. Fortunately, since 2016, Crystaltimes USA has been answering this call and exceeding customer expectations with its selection, prices, and service with a full catalog of Seiko mod parts and sapphire crystals. In exciting news, Crystaltimes USA are making things even more convenient for many interested in this area. The company recently celebrated the release of its new app on both the Apple and Google App stores. The Crystaltimes USA app enables Seiko mods professionals and hobbyists to grab their parts on the go, while also enhancing their mobile shopping experience. Crystaltimes USA’s mission is to push the envelope and help the Seiko Mods community grow. The new app is expected to have a big impact in that direction.

“Customer Experience is at the forefront of what CT USA is all about,” commented Jeff, Owner & Operator, Crystaltimes USA. “We built this app so we can give our customers and this community an incredible mobile shopping experience. We hope you enjoy using our official App as much as we enjoyed building it for this community.”

According to the company, they are proud to offer the largest selection of Seiko mod parts USA and sapphires, including 12 different watch case types to choose from; all products are stocked in the USA at the company’s California HQ ready and waiting for orders; the check out process is completely safe and secure; and all orders ship in the USA fast and for free.

Recent best sellers at CT USA include the Classic SKX Case, Turtle Conversion, Crown @ 3 Case V2, SKX Bronze Set, the MM Conversion, and much, much more.

The feedback for the online shop continues to be positive across the board.

Eric Y., recently said in a five-star review of the Seiko mods USA seller, “Great supplier of high quality parts. I have been using parts from CT for a few years now and the service has always been exceptional. Shipping is also very quick now that there is a US location for CT. Highly recommended.”

For more information be sure to visit https://usa.crystaltimes.net.

About Crystaltimes USA

Founded in 2016. in just 4 years Crystaltimes has established itself as a crystal specialist embracing the social networks and being the place to go for Seiko Sapphire Crystals. We are constantly bringing out new models and variants regularly taking comments from our customers and turning them into production crystals. Crystaltimes has also expanded its product line into Cases, Casebacks, Bezels, Bezel Inserts, Crowns, Chapter Rings, Dials, Movements, and other associated metal parts. Our goal is to create a place for you to get everything you need under one roof to build your DREAM MOD!

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Source: https://www.prunderground.com/crystaltimes-usa-releases-1st-of-its-kind-app-allowing-users-to-browse-buy-seiko-mod-parts-2/00201056/

Press Releases

Lesaffre and Recombia Biosciences to advance innovative gene editing technology through a strategic partnership

PARIS and SAN FRANCISCO, Oct. 30, 2020 /PRNewswire/ — Recombia Biosciences announces the launch of operations in Brisbane, California. The company aims to harness its proprietary genome editing technologies to accelerate the development of yeast for sustainable production of fermented…

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A strong commitment to innovation
With its partnership with Recombia, Lesaffre is investing in major pioneering technology. The ability to generate thousands of yeast strains in parallel, combined with laboratory automation, is expected to exponentially accelerate development of projects in the areas of health, the environment, and energy. The partnership also signifies Lesaffre’s entry into the world of Synthetic Biology, considered to be the major biotechnological opportunity of this decade.

“This kind of partnership exemplifies an innovative way that industry can support and foster progress in Biotechnology. Through collaboration with scientists and entrepreneurs, we will be able to find new solutions, which will be beneficial for the future, especially in health or in environment protection,says Antoine Baule, Chief Executive Officer of Lesaffre.

An exclusive technology
Recombia Biosciences was founded by three Stanford University researchers in 2019 as a spin-off from the prestigious Stanford Genome Technology Center (SGTC). Recombia’s technologies are based upon techniques that increase the efficiency of genome editing and enable engineering of yeast at very high throughput. The strategic collaboration with Lesaffre aims to advance Recombia’s proprietary gene editing technologies to identify new yeast strains, discover novel yeast physiology of industrial relevance and optimize the production of biosourced ingredients and biofuels.

“We are excited to be working with Lesaffre on moving our gene editing programs forward,” says Dr. Justin Smith, CEO of Recombia. “We see tremendous potential to leverage our expertise in genome editing and synthetic biology to develop new and innovative fermentation solutions and products.”

Recombia is exclusively licensing four genome engineering technologies from Stanford University for their work.

While precision genome editing has certainly advanced recently, there are still challenges, especially in making many genetic changes in parallel,” said Dr. Bob St.Onge, COO and co-founder of Recombia Biosciences. “Recombia’s technologies enable industrial yeast strain engineering by dramatically increasing the efficiency of high-throughput genome editing.”

St.Onge and Smith co-founded the company with Professor Lars Steinmetz. The team has had a long working relationship at the SGTC.

“I am very excited to see the technologies we developed in academia applied in the industrial sector,” said Steinmetz.  “The Genome Technology Center has a long history of genomics technology development. I’m confident Recombia will continue in the tradition of the other successful companies that have spun out of the SGTC.”

“The technology has broad utility and can be readily applied also to the development of non-genetically modified organisms, says Carmen Arruda, Lesaffre R&I Manager. “With Recombia, Lesaffre can now explore a larger space of metabolic engineering hypotheses, develop prototype organisms at a faster pace, accelerate the design of appropriate selections and screenings of strains generated by classical breeding methods. We are excited to see what the future holds.

Working together to better nourish and protect the planet
As a global key player in the field of fermentation, Lesaffre is committed to continuing its investments in research and development to contribute to a safer, healthier and more natural world by developing the potential of micro-organisms, such as yeasts or beneficial bacteria.

More information about Recombia Biosciences at www.recombia.com

More information about Lesaffre at www.lesaffre.com

SOURCE Recombia Biosciences

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https://www.recombia.com

Source: https://www.prnewswire.com:443/news-releases/lesaffre-and-recombia-biosciences-to-advance-innovative-gene-editing-technology-through-a-strategic-partnership-301164240.html

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Energy Fuels Announces Q3-2020 Results; Debt-Free with Strong Working Capital; Advancement of Uranium & Rare Earths; Webcast on November 3, 2020

LAKEWOOD, Colo., Oct. 30, 2020 /PRNewswire/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) today reported its financial results for the quarter ended September 30, 2020. The Company’s quarterly report on Form 10-Q has been filed with the U.S….

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LAKEWOOD, Colo., Oct. 30, 2020 /PRNewswire/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) today reported its financial results for the quarter ended September 30, 2020. The Company’s quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (“SEC“) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Highlights:

  • The Company had working capital of $44.7 million at the end of Q3-2020, representing an increase of 17% over Q2-2020. Working capital included $28.1 million in cash and marketable securities, plus $25.6 million of concentrate inventory and work in progress, including 663,300 pounds of uranium concentrates valued on our balance sheet at $23.72 per pound and 1,672,000 pounds of vanadium valued on our balance sheet at $5.11 per pound, both in the form of immediately marketable product. As of October 23, 2020, the spot price of uranium was $29.70 per pound and the mid-point spot price of vanadium was $5.35 per pound, which places a current market value on our concentrate inventories of approximately $28.6 million. As a result of existing inventories and planned production, the Company expects to have between 670,000 and 700,000 pounds of finished uranium and 1.672 million pounds of finished vanadium in inventory at the end of 2020.
  • On October 6, 2020, the Company announced it was debt-free following the retirement of its floating rate convertible unsecured subordinated debentures (the “Debentures“). On July 14, 2020, the Company distributed Cdn$10,430,000 of cash to holders of the Debentures, and on October 6, 2020, the Company distributed a further Cdn$10,430,000 of cash to the remaining holders of the Debentures.
  • On September 21, 2020, the Company and a team from Penn State University were selected by the U.S. Department of Energy (“DOE“) to develop a design for the production of a rare earth element (“REE“) concentrate from coal-based resources. The Company believes the REEs contained in these coal-based resources are similar to the REEs contained in other ores the Company is evaluating in its REE program.
  • On September 14, 2020, the U.S. Department of Commerce (“DOC“) announced it had obtained Russia’s agreement to extend limits on uranium imports into the U.S. from Russia through 2040 under an extended Russian Suspension Agreement (“RSA“). The extension to the RSA was finalized on October 5, 2020. This was an important step toward maintaining the long-term health of the U.S. uranium mining industry, as the expiration of the RSA at the end of 2020 could have resulted in unlimited quantities of Russian uranium imports into the U.S.
  • On August 20, 2020, the Company announced it made a number of changes to its management team in order to reduce costs, flatten the organizational structure, and focus on the ongoing growth of a new generation of U.S. uranium and REE executives. Effective as of August 31, 2020, Mr. W. Paul Goranson (Chief Operating Officer) left the Company to pursue other opportunities, and Mr. Matt Tarnowski (Chief Accounting Officer) will similarly be leaving the Company on October 31, 2020.

Mark S. Chalmers, Energy Fuels’ President and CEO, stated:

“Energy Fuels made significant strides in the last quarter on our uranium, rare earths, and other initiatives.”

“On the uranium front, we were pleased to see the U.S. Department of Commerce successfully extend the Russian Suspension Agreement. Allowing the RSA to expire would have been a disaster for the U.S. uranium mining industry, so extending it gives U.S. uranium producers a chance to compete in the future. However, there is much work left to perform in order to actually revive and expand the U.S. industry in the short term, including funding the U.S. uranium reserve.”

“On the REE front, we are making excellent progress. We are currently conducting pilot-scale testing on ore sources at the White Mesa Mill, which is confirming our ability to produce an on-spec rare earth concentrate at a commercial level, along with the uranium from the ore. We are also in discussions with various parties in North America regarding rare earth/uranium ore sources for the Mill and potential purchase of our finished rare earth concentrate. We hope to provide updates on commercial aspects of this initiative in the coming weeks, including details about the timing and scale of potential commercial production. We are also pleased to have been selected by the U.S. Department of Energy to work with a team from Penn State University to develop a design for the production of an REE concentrate from coal-based resources. This demonstrates DOE’s recognition of the importance of the White Mesa Mill in helping the U.S. re-establish its domestic REE supply chain. We are particularly excited about this in light of the President’s October 1, 2020 Executive Order on Critical Minerals, in which he declared a state of emergency to address America’s overreliance on critical minerals, including uranium, vanadium and REEs, from foreign adversaries.”

“On the financial front, Energy Fuels was proud to announce on October 6 that we had paid off all of our debt, and that the Company is debt-free for the first time since 2012. This is a significant achievement, distinguishing us from many of our peers in the uranium and natural resource sectors. Having no debt reduces our costs and allows us to better weather market volatility. Coupled with our strong working capital position of $44.7 million at September 30, having no debt provides us with a clean slate from which to increase uranium production when warranted and to continue our rare earth and other initiatives.”

Selected Summary Financial Information:

$000, except per share data

Nine months ended
September 30, 2020

Nine months ended
September 30, 2019

Results of Operations:



Total revenues

$

1,274

$

5,164






Gross profit (loss)

(370)

(6,866)

Operating profit (loss)

(23,624)

(30,458)

Net income (loss) attributable to the
company

(22,699)

(28,279)




Basic and diluted loss per share

(0.19)

(0.30)




$000’s

As at September 30,
2020

As at December 31,
2019

Financial Position:



Working capital

$

44,683

$

20,534

Property, plant and equipment

24,299

26,203

Mineral properties

83,539

83,539

Total assets

188,912

175,720

Total long-term liabilities

20,904

22,475

Webcast on Tuesday, November 3, 2020 at 4:00 pm ET (2:00 pm MT)

To join the webcast, please dial 1-888-390-0541 (toll free in the U.S. and Canada).  The viewer-controlled webcast slides can be accessed through the following link:

Energy Fuels Q3-2020 Results – Webcast Link

A link to a recorded version of the proceedings will be available shortly after the webcast by calling 1-888-390-0541 (toll free in the U.S. and Canada) and entering the code 303725#. This recording will be available until November 17, 2020.

Outlook

Operations and Sales Outlook Overview

Subject to market conditions, the Company plans to extract and/or recover limited amounts of uranium from its Nichols Ranch Project in 2020, which was placed on standby in the first quarter of 2020 due to the depletion of its existing wellfields. In addition, during 2020 the Company expects to recover uranium at the White Mesa Mill from in-circuit uranium inventories extracted from the recent vanadium Pond Return campaign, from Alternate Feed Materials and from other Pond Return activities. The vanadium Pond Return campaign conducted in 2019 was brought to a close in early 2020.

Both ISR and conventional uranium recovery is expected to be maintained at reduced levels, as a result of current uranium market conditions, until such time when market conditions improve sufficiently.

The Company is also seeking new sources of revenue, including new sources of Alternate Feed Materials and new fee processing opportunities at the White Mesa Mill that can be processed under existing market conditions (i.e., without reliance on current uranium sales prices). The Company is also evaluating opportunities to potentially recover REEs at the White Mesa Mill, and will also continue its support of U.S. governmental activities to support the U.S. uranium mining industry. In addition, the Company is in discussions with several parties to potentially sell certain of its non-material properties, although, there are not currently any binding offers, and there can be no assurance at this time that a sale will be completed. The Company will evaluate additional acquisition and disposition opportunities that may arise.

Extraction and Recovery Activities Overview

During the nine months ended September 30, 2020, the Company recovered approximately 163,000 pounds of U3O8, which falls within the Company’s previously published guidance of 125,000 to 175,000 pounds of U3O8 for the year ending December 31, 2020. The Company also recovered approximately 67,000 pounds of high-purity vanadium pentoxide (“V2O5” or “black flake”) during the nine months ended September 30, 2020 from its vanadium Pond Return campaign, which was suspended during the first quarter of 2020.

The Company has strategically opted not to enter into any uranium sales commitments for 2020. Therefore, subject to general market conditions, all 2020 uranium production is expected to be added to existing inventories, which are expected to total between 670,000 and 700,000 pounds of U3O8 at year-end. Both ISR and conventional uranium extraction and/or recovery is expected to continue to be maintained at reduced levels until such time that improvements in uranium market conditions are observed or suitable sales contracts can be entered into. All V2O5 production is expected to be sold on the spot market if prices rise significantly above current levels, but otherwise maintained in inventory.

ISR Activities

During the nine months ended September 30, 2020, the Company extracted and recovered approximately 6,000 pounds of U3O8 from its Nichols Ranch Project, which was placed on standby during the first quarter of 2020, due to the depletion of its existing wellfields. This amount of uranium production falls within the Company’s published guidance of approximately 6,000 pounds of U3O8 from Nichols Ranch during the year ended December 31, 2020.

As of June 30, 2020, the Nichols Ranch wellfields had nine header houses that previously extracted uranium, which are now depleted. Until such time as improvement in uranium market conditions is observed or suitable sales contracts can be procured, the Company expects to defer development of further header houses at its Nichols Ranch Project.

The Company expects to continue to keep the Alta Mesa Project on standby until such time as improvements in uranium market conditions are observed or suitable sales contracts can be procured.

Conventional Activities

Conventional Extraction and Recovery Activities

During the nine months ended September 30, 2020, the Company produced 67,000 pounds of high-purity V2O5 from its Mill Pond Return program and 163,000 pounds of uranium from Alternate Feed Materials and Pond Return activities. During 2020, the Company expects to recover approximately 170,000 to 200,000 pounds of U3O8 at the White Mesa Mill from in-circuit uranium inventories extracted from the recent vanadium Pond Return campaign, from Alternate Feed Materials and from other Pond Return activities. In addition, there remains an estimated 1.5 to 3 million pounds of solubilized recoverable V2O5 inventory remaining in the Mill’s tailings management facility awaiting future recovery from Pond Return as market conditions may warrant, placing the Company in a unique position to restart vanadium production quickly.

The White Mesa Mill has historically operated on a campaign basis whereby uranium and/or vanadium recovery is scheduled as mill feed, cash needs, contract requirements, and/or market conditions may warrant. The Company currently expects that planned uranium production from Alternate Feed Materials, Pond Return, and the receipt of uranium-bearing materials from mine cleanup activities will keep the Mill in operation through the remainder of 2020. The Company is also actively pursuing opportunities to process new and additional Alternate Feed Material sources and new and additional low-grade ore from third parties in connection with various uranium clean-up requirements. Successful results from these activities would allow the Mill to extend the current campaign through 2020 and beyond. In addition, if improvements in uranium market conditions are observed, or conventional mines are ramped up in response to U.S. government actions to support domestic uranium mining and/or recommendations of the U.S. Nuclear Fuel Working Group, the Company would expect to be able to keep the Mill operating over a considerably longer period of time. The Company is also evaluating the recovery of REEs at the White Mesa Mill, which if successful could allow the Company to keep the Mill operating into the future.

Conventional Standby, Permitting and Evaluation Activities

During the nine months ended September 30, 2020, standby and environmental compliance activities continued to occur at the Canyon Project. Subject to general market conditions, during 2020, the Company plans to continue carrying out engineering, metallurgical testing, procurement and construction management activities at its low-cost Canyon Project.

The Company is selectively advancing certain permits at its other major conventional uranium projects, such as the Roca Honda Project, a large, high-grade conventional project in New Mexico. The Company will also maintain required permits at the Company’s conventional projects, including the Sheep Mountain Project, La Sal Complex, and Tony M, Whirlwind and Daneros mines. In addition, the Company will continue to evaluate the Bullfrog Property at its Henry Mountains Project. Expenditures for certain of these projects have been adjusted to coincide with expected dates of price recoveries based on the Company’s forecasts. The Company is also in discussions with several parties to potentially sell the Tony M, Daneros and other non-material properties. The Company will only sell these properties if sufficient cash and/or equity consideration is received. All of these projects potentially serve as important pipeline assets for the Company’s future conventional production capabilities, as market conditions warrant.

Sales

During the nine months ended September 30, 2020, the Company completed no uranium sales. The Company currently has no remaining contracts, and therefore all existing uranium inventory and future production is fully unhedged to future uranium price increases.

During the nine months ended September 30, 2020, the Company did not complete the sale of any vanadium. The Company expects to continue to sell finished vanadium product, when justified, into the metallurgical industry, as well as other markets that demand a higher purity product, including the aerospace, chemical, and potentially the vanadium battery industries. The Company expects to sell to a diverse group of customers in order to maximize revenues and profits. The vanadium produced in the recent Pond Return campaign was a high-purity vanadium product of 99.6%-99.7% V2O5. The Company believes there may be opportunities to sell certain quantities of this high-purity material at a premium to reported spot prices. The Company may also retain vanadium product in inventory for future sale, depending on vanadium spot prices and general market conditions.

The Company also continues to pursue new sources of revenue, including additional Alternate Feed Materials and other sources of feed for the White Mesa Mill, in addition to evaluating the potential to recover REEs at the Mill.

The Company’s Plans in Response to U.S. Government Actions

In response to potential Congressional appropriations for the creation of a U.S. uranium reserve, and/or implementation of policy recommendations contained in the U.S. Nuclear Fuel Working Group’s report, the Company is evaluating activities aimed towards increasing uranium production at all or some of its production facilities, including the currently operating White Mesa Mill, the recently operating Nichols Ranch ISR Facility, and the Alta Mesa ISR Facility, La Sal Complex and Canyon Mine, which are all currently on standby, as market conditions may warrant. No decisions on any project-specific actions have been made at this time.

About Energy Fuels: Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the potential to also recover rare earth elements at its White Mesa Mill. Its corporate offices are in Lakewood, Colorado near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.

Cautionary Notes: This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: production and sales forecasts; costs of production; scalability, and the Company’s ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions or in response to any government actions to support U.S. uranium production; any expectations regarding remaining dissolved vanadium in the White Mesa Mill’s tailings facility solutions, future vanadium production opportunities, or the Company’s ability to sell any of its vanadium product at a premium to spot prices or otherwise; any expectation as to the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; any expected timelines for the permitting and development of projects; the Company’s expectations as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading uranium company in the United States; any expectation as to how the U.S. Nuclear Fuel Working Group’s recommendations will be implemented and the timing of implementation; any expectation with respect to timelines to production; any expectation that the Company may be able to sell its uranium and vanadium inventories at potentially higher prices in the future; any expectation that Congress will make the requested appropriations for the proposed uranium reserve; any expectation that the extended Russian Suspension Agreement is an important step toward maintaining the long-term health of the U.S. uranium mining industry; any expectation as to the Company’s ability to implement any additional cost-cutting measures; any expectation that the recent management changes will reduce costs, and flatten the Company’s organizational structure; any expectation that the Company may have the opportunity to process uranium-bearing ores for the recovery of REEs, at all or on commercial terms; and any expectation that the Company will be able to recover REEs and/or uranium from such ores on a commercial basis. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: production and sales forecasts; costs of production; scalability, and the Company’s ability and readiness to re-start or expand any of its existing projects to respond to any improvements in uranium market conditions or in response to any government actions to support U.S. uranium production; any expectations regarding remaining dissolved vanadium in the White Mesa Mill’s tailings facility solutions, future vanadium production opportunities, or the Company’s ability to sell any of its vanadium product at a premium to spot prices or otherwise; any expectation as to the ability of the Company to secure any new sources of alternate feed materials or other processing opportunities at the White Mesa Mill; any expected timelines for the permitting and development of projects; the Company’s expectations as to longer term fundamentals in the market and price projections; any expectation that the Company will maintain its position as a leading uranium company in the United States; any expectation as to how the U.S. Nuclear Fuel Working Group’s recommendations will be implemented and the timing of implementation; any expectation with respect to timelines to production; any expectation that the Company may be able to sell its uranium and vanadium inventories at potentially higher prices in the future; any expectation that Congress will make the requested appropriations for the proposed uranium reserve; any expectation that the extended Russian Suspension Agreement is an important step toward maintaining the long-term health of the U.S. uranium mining industry; any expectation as to the Company’s ability to implement any additional cost-cutting measures; any expectation that the recent management changes will reduce costs, and flatten the Company’s organizational structure; any expectation that the Company may have the opportunity to process uranium-bearing ores for the recovery of REEs, at all or on commercial terms; any expectation that the Company will be able to recover REEs and/or uranium from such ores on a commercial basis; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml. on SEDAR at www.sedar.com, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

It should further be noted that the U.S Nuclear Fuel Working Group’s recommendations for direct government purchases of uranium are subject to appropriation by the Congress of the United States, and there can be no certainty of the outcome of the Working Group’s recommendations.  Therefore, the outcome of this process remains uncertain.

SOURCE Energy Fuels Inc.

Related Links

http://www.energyfuels.com

Source: https://www.prnewswire.com:443/news-releases/energy-fuels-announces-q3-2020-results-debt-free-with-strong-working-capital-advancement-of-uranium–rare-earths-webcast-on-november-3-2020-301164238.html

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Pomerantz Law Firm Announces the Filing of a Class Action against Certain Officers of Ultra Petroleum Corporation – UPLCQ

NEW YORK, Oct. 30, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Ultra Petroleum Corporation (“Ultra Petroleum” or the “Company”) (OTCMKTS: UPLCQ). The class action, filed in United States District Court for the…

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NEW YORK, Oct. 30, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Ultra Petroleum Corporation  (“Ultra Petroleum” or the “Company”) (OTCMKTS: UPLCQ).   The class action, filed in United States District Court for the District of Colorado, and docketed under 20-cv-02820, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Ultra securities between April 13, 2017, and August 8, 2019, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”) against certain of the Company’s current and former senior executives.

If you are a shareholder who purchased Ultra Petroleum securities during the class period, you have until November 2, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Non-party Ultra is a petrochemical company focused on developing its natural gas reserves located in southwest Wyoming. 

Ultra is an oil and gas development company with primary assets in the Pinedale and Jonah fields of the Green River Basin of southwest Wyoming.  Over 80% of the Company’s revenues have historically been derived from the development and sale of natural gas.  On May 14, 2020, Ultra filed for bankruptcy protection for the second time in four years and, as a result, is not named as a defendant in this action.

The Complaint alleges that throughout the Class Period, Defendants, inter alia: (i) materially overstated the value of Ultra’s oil and gas reserves; (ii) materially misrepresented the Company’s ability to ramp up production and its financial flexibility; (iii) failed to disclose the Company’s extreme sensitivity to even a modest decline in natural gas prices; and (iv) concealed significant setbacks in the Company’s vaunted horizontal well drilling program.

On July 31, 2019, Ultra issued a press release announcing that NASDAQ had commenced proceedings to delist Ultra’s stock “as a result of the Company not regaining compliance with the $1.00 per share minimum bid price requirement for continued inclusion on Nasdaq.”

On August 9, 2019, Ultra issued a press release announcing its second-quarter 2019 (“2Q19”) financial and operational results.  The Company disclosed that total revenues for the quarter had decreased by 18% to $155.4 million as compared to $190.1 million during 2Q18.  The release stated that the Company’s once-vaunted horizontal well program had been effectively halted.  It also lowered 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 238 to 244 Bcfe.

On this news, the price of Ultra stock declined 31% to just $0.09 per share on an unusually high volume of nearly 14 million shares traded.

On August 22, 2019, NASDAQ formally delisted Ultra stock.

On September 16, 2019, Ultra issued a press release announcing that the Company had amended its credit facility and suspended all drilling in its Pinedale field to “preserve its highest value inventory for future development locations to be developed under more favorable commodity pricing conditions.”  The release further announced that “[i]n connection with the approval of the amendment to the Credit Facility, the fall borrowing base redetermination has been established at $1.175 billion, including $200 million of the commitment allocated to the Credit Facility.”

On November 7, 2019, Ultra issued its third-quarter 2019 (“3Q19”) financial results in a press release, revealing that total revenues for the quarter had decreased to $144.2 million as compared to $203.8 million in 3Q18.  The release also stated that Ultra had produced just 60.2 Bcfe during the quarter, a 4% decrease from 2Q19.

On February 18, 2020, Ultra filed a current report on Form 8-K with the SEC, announcing a number of negative changes to Ultra’s credit facilities.

On March 5, 2020, Ultra filed a current report on Form 8-K with the SEC, revealing that Ultra had unsuccessfully attempted to renegotiate its debt out of court.

On March 31, 2020, Ultra filed with the SEC a Notification of Late Filing on Form 12b-25 with respect to its Form 10-K for the 2019 fiscal year (“FY19”) (the “2019 10-K”).  As explained in the notification, Ultra was unable to timely file its 2019 10-K because Ultra was “currently engaged in liability management efforts, through its ongoing engagement with Centerview Partners and is actively engaging in discussions with certain holders of the Company’s long-term debt with respect to potential deleveraging or restructuring transactions.”

On April 14, 2020, the Company issued a press release announcing its financial and operational results for the fourth quarter of 2019 (“4Q19”) and FY19 and disclosing that the Company’s forthcoming annual report on Form 10-K would include a report from the Company’s accounting firm expressing “substantial doubt about the Company’s ability to continue as a going concern.”  As the release revealed: “The failure to deliver audited, consolidated financial statements without a going concern or like qualification or explanation results in a default under each of the Credit Agreement and Term Loan Agreement as of April 14, 2020.”  The release also reported that Ultra’s revenue had declined significantly in the quarter to $170.9 (from $273.2 million in 4Q18) and to $742.0 million in FY19 (from $892.5 million in FY18).  The release further revealed that year-end proved reserves stood at just 1,990 Bcfe and that, because the Company had suspended its drilling operations, it no longer included its PUD reserves in its reserve valuations.  It stated that 2020 production was expected to plummet to a range of just 182 to 192 Bcfe, with an annual capital investment budget of only $10 million to $20 million.

On May 14, 2020, Ultra filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court, Southern District of Texas, Houston Division, under the caption In re Ultra Petroleum Corp., et al., Case No. 20-bk-32631 (the “2020 Bankruptcy”).  Also on May 14, 2020, Ultra announced a restructuring agreement that it had secured with a number of its creditors.  Ultra continued to operate as a “debtor in possession” following its bankruptcy petition.

In its 2020 Bankruptcy filings, Ultra estimated that the values of its oil and gas reserves based on a future net cash flows analysis and on a discounted future net cash flows analysis at a 10% discount rate, each before income tax, were just $1.907 billion and $1.217 billion, respectively, as of March 31, 2020.  The Company ascribed no value to its PUD reserves.

On August 21, 2020, the bankruptcy court in the 2020 Bankruptcy approved the Company’s proposed plan of reorganization, which provided zero recovery to existing Ultra shareholders.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

Related Links

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Source: https://www.prnewswire.com:443/news-releases/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-certain-officers-of-ultra-petroleum-corporation–uplcq-301164237.html

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