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Capstone Turbine Corp. Message Board

chaachaching 10 posts  |  Last Activity: Aug 18, 2014 10:21 PM Member since: Aug 16, 2013
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  • chaachaching by chaachaching Aug 18, 2014 10:21 PM Flag

    WALTHAM, Mass., August 14, 2014, Tecogen® Inc., (NASDAQ:TGEN) a manufacturer and installer of high efficiency, UltraTM clean combined heat and power products including natural gas engine-driven cogeneration, air conditioning systems, and high-efficiency water heaters for industrial and commercial use, reported revenues of $4,539,857 in the three months ended June 30, 2014, compared to $2,803,460 for the same period in 2013, an increase of 61.9%.

    Major Highlights:

    Financial
    • Sales backlog of equipment and installations was $12 million at the end of the second quarter and continued to grow to $13.3 million as of August 13, 2014.
    • Gross profit for the three months ended June 30, 2014 was $1,348,673 compared to $813,873 for the same period in 2013, an increase of 65.7%.
    • Gross margins improved to 30% from 29% for the quarter ended June 30, 2014 compared to the same period in 2013.
    • Research and development expenses for the year and the quarter were $559,716 and $251,582, respectively, as the Company continues to expand development of its technology while preparing the patent applications. The increase of operating expenses included higher sales commission expense and administrative expenses associated with taking the company public.
    • Operating expenses grew to $2,567,761 from $1,965,383.
    • Net loss for the three months ended June 30, 2014 was $1,229,707 compared to $1,090,480 for the same period in 2013. Our goal is for operations to be profitable by year end.
    • Net loss per share was $0.08 for the three months ended June 30, 2014 and 2013.

    Sales & Operations

    • Orders for gas fired chillers expanded our sales internationally into Canada and Mexico.
    • The Ultra Emissions Retrofit Kit product line, featuring the patented Ultra-low emissions technology, reached the nine month anniversary of successful pilot retrofit project on a natural gas engine driven water pump in the Eastern Municipal Water District in Southern California.
    • Positive response to initial installations in new markets as the Ilios Water Sourced Heat Pump continues to get traction. Over the next 12 months, management expects a steady growth in orders as success with early adopters adding to the positive reputation.
    • Installation projects or “Turnkey” sales continue to contribute to the expansion of backlog. These projects historically lead to long term service agreements.

  • chaachaching by chaachaching Aug 9, 2014 12:10 AM Flag

    MHI Develops High-efficiency 2MW Gas Engine
    -- Demonstration Testing of Prototype to Commence in September To Confirm World's Highest Level of Power Generation Efficiency --
    August 06, 2014
    Tokyo, August 6, 2014 - Mitsubishi Heavy Industries, Ltd. (MHI), as part of the Strategic Innovation Program for Energy Conservation Technologies operated by the New Energy and Industrial Technology Development Organization (NEDO), has developed a 2-megawatt (MW) 16-cylinder high-speed gas engine achieving one of the world's highest power generation efficiency ratings in a high-speed gas engine. Through the adoption of technologies including two-stage turbocharging1 and Miller cycle2, the new engine offers power generation efficiency exceeding 44.7% (lower heating value3), one of the highest ratings for a high-speed gas engine for power generation and cogeneration applications.

    Demonstration testing using a prototype of the new engine will get under way in September. Ultimately MHI is targeting commercial production of the engine for applications including distributed generation, regular generation and cogeneration, and emergency generation during times of disaster.

  • chaachaching by chaachaching Aug 6, 2014 1:06 AM Flag

    With more countries in Africa expanding their use of natural gas-fueled on-site power technologies to address their domestic energy demands, GE’s Distributed Power business (GE) today announced orders for eight trailer-mounted GE TM2500+ aeroderivative gas turbine-generators and the first Jenbacher gas engine project in Algeria.

    The new orders are the latest in a series of major power generation technology supply agreements announced over the past year between GE and Algeria’s energy industry. Energy demand in Algeria is estimated to be growing at an average annual rate of approximately 14 percent, rising from about 12 gigawatts (GW) to 24 GW by 2017. The government is aggressively investing in the energy sector to boost power generation capacity.

    The projects mark the third order with GE’s TM2500+ aeroderivative gas turbines for subsidiaries of Algeria’s national electricity and gas company Sonelgaz and the first order for Jenbacher gas engines for an industrial plastic goods factory owned by Plastpaper. Both projects underscore the region’s push to deploy faster, more flexible power generating capacity.

    “With best-in-class efficiency and operator flexibility, our TM2500+ aeroderivative gas turbines will demonstrate how on-site power technology can help ensure the availability of electricity for municipal and industrial customers throughout Algeria,” said Lorraine Bolsinger, president & CEO—GE Power & Water’s Distributed Power. “GE is committed to being the country’s growth partner by supporting the development of the country’s energy infrastructure and supporting local employment and training opportunities.”

    TM2500+ Units Helping the Algerian Electricity Generation Company Meet Peak Power Demands

    Under the terms of a $161 million contract, GE’s Distributed Power business is helping Algeria address its peak power demands and strengthen local grid reliability by supplying Sonelgaz with a fleet of eight TM2500+ aeroderivative gas turbine-generators on an expedited basis. The eight units are scheduled to begin commercial operation at the beginning of August 2014. The highly reliable, fast-start, economical and efficient TM2500+ units are being installed in multiple locations near existing electrical substations. They can operate on either gas or liquid fuel and will supply electricity to support peak demands and to increase grid reliability. The contract also includes related services, which GE will supply in combination with partner Power Projects Limited, the Turkish subsidiary of METKA S.A., a leading international engineering contractor.

    Known as GE's “Power Plant on Wheels,” the TM2500+ is derived from jet-engine technology powering the world’s airlines. Engineered for flexibility and quick dispatch, it is ideal for providing a baseload bridge to permanent power installations or for generating additional or backup power in support of periods of high electrical demand, disaster relief, plant shutdowns or equipment maintenance. It is available for 50hertz and 60hertz applications, reaches full power in 10 minutes or less, offers low emissions and has a small footprint for sites where space is limited.

    First Gas Engine Order for GE in Algeria

    GE’s 1-megawatt (MW) Jenbacher J320 natural gas engine will be supplied to Plastpaper’s industrial plastic goods factory in the city of Oran. Plastpaper is installing the gas engine to ensure the factory has a more reliable supply of electricity and to prevent grid disturbances from affecting the facility’s plastics extrusion production process. This marks the first Algerian on-site power project with gas engines in the country. The project will showcase how GE’s gas engines are a cost-effective alternative to diesel generators for grid support and industrial energy security.

    GE’s Distributed Power orders are the latest in a series of contracts GE has received to help expand Algeria’s domestic power generation capacity. For example, in September 2013, GE announced several contracts with Sonelgaz valued at a total of US$2.7 billion for combined-cycle gas power plant equipment and TM2500+ aeroderivative gas turbines. The two companies also announced a joint venture to build a new gas and steam turbine production facility in Algeria that will eventually produce more than 2 GW of power generation equipment annually.

    GE Power & Water’s Distributed Power business is a leading provider of power equipment, engines and services, focused on power generation at or near the point of use. Distributed Power’s product portfolio includes GE’s aeroderivative gas turbines and reciprocating engines, which generate 100 kilowatts to 100 MW of power for numerous industries globally. Headquartered in Cincinnati, Ohio, Distributed Power employs about 5,000 people around the world.

  • chaachaching by chaachaching Jul 31, 2014 11:37 PM Flag

    GlobeNewswire FuelCell Energy, Inc. 14 hours ago
    Company sells 14.6 million shares of common stock to NRG at $2.39 per share for proceeds of $35 million
    Company enters into $40 million revolving construction / term financing facility with NRG for project development
    Financing commitments support and reinforce existing strategic relationship with NRG
    DANBURY, Conn., July 31, 2014 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, announced a broadening and deepening of the existing relationship with NRG Energy (NRG) including a $35.0 million investment in FuelCell Energy common stock by NRG Energy and the establishment of a new $40.0 million revolving construction and term loan facility by NRG Energy for FuelCell Energy to use for project development. NRG Energy now owns approximately 17.0 million shares of the Company's common stock, or 6.0 percent, including 2.4 million shares owned prior to this transaction.

    "We believe that clean distributed power generation from fuel cells will be one of the key technologies that drive our country toward a cleaner energy future," said Mauricio Gutierrez, Chief Operating Officer, NRG Energy, Inc. "We want to actively participate in the construction of FuelCell Energy power plants in order to promote choice and meet the specific needs of our existing and future customers."

    "The continuing support of NRG Energy is further validation of our power generation solutions and our business model," said Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. "We are working closely with the NRG team and have developed a strong pipeline of megawatt-class combined heat and power projects. These agreements strengthen the Company's liquidity position and are expected to accelerate deployment of multi-megawatt fuel cell projects in the U.S."

    FuelCell Energy sold 14,644,352 shares of its common stock to NRG Energy in a private placement at a price of $2.39 per share, the closing market price for the stock on July 29, 2014, for total proceeds to the Company of $35.0 million. The transaction closed on July 30, 2014. FuelCell Energy intends to use the net proceeds from the offering for project development, project finance, working capital support and general corporate purposes. The terms of the equity transaction include a warrant giving NRG the right to purchase an additional 2.0 million shares of common stock at a price $3.35 per share. The warrant has a term of three years.

    In addition to the common stock investment, NRG Energy has extended a $40 million revolving construction and term financing facility for the purpose of accelerating project development by FuelCell Energy and its subsidiaries. The Company's project finance subsidiaries may draw on the facility to finance the construction of projects through the commercial operating date (COD) of the power plants. The Company has the option to continue the financing term for each project after COD for a maximum term of five years per project. The interest rate is 8.5 percent per annum for construction-period financing and 8.0 percent thereafter.

    "A key advantage of this new credit facility is that it enables FuelCell Energy to undertake project development and then sell the fully operational power plants to long term project investors," said Michael Bishop, Chief Financial Officer, FuelCell Energy, Inc. "This facility should help us accelerate the pace of adoption and also improve our margins as the access to credit will allow us to execute more quickly, thereby minimizing construction-period financing and allowing us to optimize the ownership and financing of projects once they are completed."

    Draws under the credit facility are subject to traditional project finance conditions precedent, including the existence of a power purchase agreement (PPA) with the end-user of the power and customary project documentation, economic performance and compliance with applicable laws and regulations. Projects must be located in the United States or pre-designated neighboring countries including Canada and some Caribbean nations. FuelCell Energy is expected to construct the projects and operate and maintain them for the term of the corresponding PPAs pursuant to arms'-length agreements with the project companies, whether or not the project companies continue to be subsidiaries of FuelCell Energy.

    FuelCell Energy's stationary fuel cell power plants efficiently and cleanly provide electricity and usable high quality heat near the point of use through an electrochemical process. The power plants are fuel flexible, capable of operating on clean natural gas, on-site renewable biogas, or directed biogas. The combination of near-zero pollutants, modest land-use needs and quiet operating nature facilitates locating the Company's power plants in urban locations.

  • chaachaching by chaachaching Jul 30, 2014 9:19 PM Flag

    BALTIMORE, MD--(Marketwired - Jul 30, 2014) - LPP Combustion, LLC today announced that its Chief Executive Officer, Dr. Richard (Rick) Roby, will deliver a presentation titled, "Low Emissions Microgrid Power Fueled by Bakken Flare Gas," at the ASME 2014 Power Conference in Baltimore, MD at 11:00 AM EDT on July 30, 2014. Mr. Roby will introduce a new methodology for maximizing the potential of natural gas liquids (NGLs), while mitigating risk and need for capital investment.

    It is estimated that 30% of the over 1 billion cubic feet per day of natural gas produced in the Bakken shale field is lost to flaring. Collected and used in Dry Low Emission (DLE) power generation gas turbine engines, this fuel represents approximately 1.2 GW of collective power.

    While the main reason that much of this fuel is flared is that the infrastructure in the Bakken lacks sufficient capacity or compression to combine and transport the gas streams, one of the reasons that this fuel cannot be utilized on-site for power generation is that it contains significant amounts of natural gas liquids (NGLs) which makes the gas unsuitable as a fuel for natural gas fired gas turbine engines.

    "Burning the fuel used in the flare gases in the Bakken locally in a power generation combustor, for example, would provide electricity for drilling (and fracking) operations," said Dr. Roby.

    A Lean, Premixed, Prevaporized (LPP) combustion technology has been developed that converts liquid fuels, including NGLs, into a substitute for natural gas. This LPP gas can then be used to fuel virtually any combustion device in place of natural gas yielding emissions comparable to that of ordinary natural gas.

    This groundbreaking development provides a flexible liquid fuel source while meeting or exceeding environmental requirements. Also, the technology's use of existing equipment and infrastructure drastically reduces labor overhead and other maintenance costs.

    A microgrid can distribute power locally to the camps and infrastructure supporting the drilling and processing operations. Using the flare gases on-site has the benefit of reducing or eliminating the need for diesel tankers to supply fuel for power generation systems and equipment associated with the drilling operations.

    LPP technology empowers industry and utilities to convert liquid fuels into a substitute natural gas that will reduce emissions at or below natural gas levels, while providing them a range of alternative liquid fuel options available at competitive pricing levels in a fuel arbitrage scenario.

    "In addition to complying with stricter EPA emissions requirements, the many practical applications for LPP technology have the potential to safely and efficiently maximize returns by capitalizing on existing resources.

    "LPP conversions eliminate the need to use specialized LNG tankers for transport, as well as for new construction for plants and import/export facilities. Instead, existing pipelines, ocean and road transportation -- coupled with safe storage capabilities -- can be utilized with minimum costs and impact on communities to help satiate international demand for natural gas," added Dr. Roby.

  • chaachaching by chaachaching Jul 24, 2014 1:28 AM Flag

    Tecogen to Supply Additional School Districts with Combined Heat & Power Systems

    WALTHAM, Mass., July 22, 2014: Tecogen Inc. (NASDAQ: TGEN) today announced the sale of combined heat and power (“CHP”) systems to a group of public schools in northern New Jersey, and Long Island, New York. The sales involved three contracts with a combined value at $1.97 million, and were made separately to two regional offices of a multi-national Energy Services Company (“ESCO”). The projects involved three high schools, one middle school, and one elementary school. Under the terms of the contracts, Tecogen will supply the CHP modules as well as engineering and installation services. All units are expected to be commissioned by the end of 2014.

    These orders follow similar projects received from the same ESCO in 2012 and 2013. Those orders totaled $1.2 million, and involved public schools in the northeast, some of which were announced in a previous press release in October of 2013.

    “These sales represent a key element of Tecogen’s strategy to penetrate the public school market”, said Robert Panora, President and COO of Tecogen. “Public facilities, especially schools systems, often subcontract their energy programs to large energy service companies that can address all of the schools in a particular district with a variety of technological measures, such as lighting, smart controls and, of course, CHP. By providing the ESCO with a readymade CHP solution, Tecogen is able to access the large school district market without direct public contracting. The ESCO’s engineers review the energy data from each district and screen the best candidates for CHP systems. The process will often result in our systems being paired with other energy upgrades to maximize the benefits to these important public facilities.”

  • chaachaching by chaachaching Jul 20, 2014 1:02 AM Flag

    Rolls-Royce signs agreement to sell its Energy Gas Turbine and Compressor business to Siemens
    Tuesday, 6 May 2014

    Rolls-Royce announced today that it has signed an agreement to sell its Energy gas turbine and compressor business to Siemens for a £785 million cash consideration.

    The business being sold supplies aero-derivative gas turbines, compressor systems and related services to customers in the Oil and Gas and Power Generation sectors.

    On completion of the transaction, Rolls-Royce will receive a further £200 million for a 25 year licensing agreement, granting Siemens access to relevant Rolls-Royce aero-derivative technology for use in the 4 to 85 megawatt power output gas turbine range.

    Rolls-Royce's Energy gas turbine and compressor business has around 2,400 employees. In 2013, it was reported within the results of the Energy business where it contributed £871 million of revenue and £72 million of underlying profit. Siemens' Energy sector has around 83,500 employees and in 2013 contributed revenue of #$%$26.6 billion and underlying profit of #$%$1.9 billion.

    John Rishton, Rolls-Royce, CEO, said: “This agreement will give the Energy business greater opportunities as part of a much larger energy company and allows Rolls-Royce to concentrate on the areas of business where we can add most value.”

    The transaction excludes certain smaller Power Generation sector assets. On completion of the transaction, Rolls-Royce's shareholding in the Rolls Wood Group (RWG) joint venture, that provides maintenance, repair and overhaul services, will be transferred to Siemens.

    The transaction has been approved by the boards of directors of Rolls-Royce and Siemens, and is expected to complete before the end of December 2014, subject to closing conditions, including regulatory approvals.

    A conference call was held at 10:00am UK time on Wednesday 7 May. A replay of this call is available for a period of 30 days via the following dial in:

    Tel: +44 (0)20 7075 6589
    UK Toll-Free: 0800 376 5689
    Reference: 343630#
    Transaction scope and exclusions
    The value of gross assets to be divested by Rolls-Royce in this transaction was £905 million at 31 December 2013. The transaction provides Rolls-Royce with additional cash to invest in growth.
    Rolls-Royce’s Energy gas turbine and compressor business supplies aero-derivative gas turbines, compressor systems and related services to customers in the Oil & Gas and Power Generation sectors.
    Over 4,800 Rolls-Royce aero-derivative gas turbine units have been sold to date, addressing the 3 to 66 MW power output range and recording over 180 million operating hours. Key technologies include the 27 to 44MW power output range RB211 aero-derivative gas turbine, predominantly deployed in oil and gas offshore power generation and onshore pipeline applications; the 52 to 66MW power output range Trent 60 gas turbine which is the most powerful aero-derivative in its class and is predominantly deployed in onshore power generation; and the 3.9 to 6.4MW 501-K and up to 17MW Avon 200 gas turbine engines used for onshore power generation.
    Over 1,700 Rolls-Royce compressors have been installed around the world, capable of up to 37MW of power output, sized to meet a wide range of flow and pressure requirements and supporting the transportation of natural gas in harsh environments and remote locations.
    The transaction scope excludes certain assets within the Rolls-Royce Energy business Power Generation sector, namely:
    i. Rolls-Royce Power Development, a UK entity comprising 7x Trent 60 industrial gas turbines;
    ii. Trigno Energy srl, providing power and services to a Pilkington production facility in Italy; and,
    iii. Fuel Cell Systems, supporting the Rolls-Royce joint venture with LG.

  • chaachaching by chaachaching Jul 18, 2014 12:42 AM Flag

    * Manager Magazin says Siemens mandates Lazard for deal

    * Says Siemens would consider hostile bid

    * Dresser-Rand shares jump to record high (Adds Dresser-Rand shares, analyst comment, further details)

    By Maria Sheahan

    FRANKFURT, July 17 (Reuters) - German engineering group Siemens has been preparing an offer to acquire U.S.-based compressor and turbine maker Dresser-Rand, German magazine Manager Magazin reported on Thursday, citing sources close to Siemens.

    Siemens has been expanding in the United States and announced plans to move its energy headquarter there to tap booming demand for oil and gas equipment, as the U.S. power industry switches to natural gas from coal.

    Manager Magazin said Siemens Chief Executive Joe Kaeser had mandated Lazard to put together an offer for Dresser-Rand, which had a market value of $4.6 billion at Wednesday's closing price, and would consider a hostile takeover if necessary.

    Shares in Dresser-Rand jumped 19 percent to a record high of $71.85 in early trade and traded at $69.85 at 1405 GMT.

    Siemens and Lazard declined to comment on the report. Dresser-Rand was not immediately available to comment.

    An acquisition of Dresser-Rand would be Siemens's biggest since it bought Dade Behring for $7 billion under Kaeser's predecessor Peter Loescher in 2007, in a deal that was widely criticised as overpriced.

    According to Manager Magazin, then-CEO Loescher approached Dresser-Rand about two years ago and was turned down by the U.S. company's Chief Executive Vincent Volpe, but he did not give up hope that a deal could be struck.

    The magazine said his successor, Kaeser, put efforts to prepare an offer for Dresser-Rand on hold while the German group entered into a bidding war for peer Alstom's energy assets, which ended last month as France chose General Electric to form an alliance with Alstom.

    GOOD FIT

    Analysts said a takeover of Dresser-Rand would now be relatively expensive, considering the company's stock had risen by roughly a third over the past two years and trades about 20 times estimated 12-month forward earnings.

    But some said it could still be worth the money for Siemens following the failed Alstom offer.

    "Strategically it would be a good fit, it would fill some gaps in the portfolio and improve Siemens's position in North America," Commerzbank analyst Ingo-Martin Schachel said.

    Dresser-Rand makes compressors, turbines, rotators and other equipment for oil and natural-gas producers and generates about half of its sales with lucrative aftermarket parts and services.

    It posted 2013 sales of $3.03 billion and had a net profit of $168 million.

    Siemens filled another gap earlier this year, buying small gas-turbine assets from Rolls-Royce for 950 million euros ($1.3 billion). CEO Kaeser indicated at the time that expansion in the United States was next on the agenda.

    "When it comes to gas turbines... the United States is the place to be. And all our routes in the U.S. lead to gas," Kaeser told analysts during a conference call at the time. "That's not only true for the gas turbines, that's also true with everything which is along the process of fracking," he said.

    Media reports have repeatedly flagged Siemens's possible interest in Dresser-Rand and named Chart Industries, Dril-Quip, Weatherford International and Tesco Corp as other possible targets.

    Shares in Siemens were down 0.7 percent at 93.62 euros by 1405 GMT, underperforming Germany's blue-chip index, which was down 0.2 percent.

    ($1 = 0.7392 Euros) (Additional reporting by Arno Schuetze and Sweta Singh; Editing by Pravin Char and David Clarke)

  • chaachaching by chaachaching Jul 9, 2014 8:22 PM Flag

    WALTHAM, Mass., July 9, 2014 /PRNewswire/ -- Tecogen Inc. (TGEN) today announced the sale of combined heat and power (CHP) systems to YMCA facilities in Meriden and Milford, Connecticut. The systems will supply 60 kW of electricity to each facility, while simultaneously providing hot water for building heating, domestic hot water, and pool heating.

    The Meriden YMCA project is supported through the Connecticut Property Assessed Clean Energy (C-PACE) program, an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing for smart energy upgrades to their buildings. The project was also assisted by the Connecticut Clean Energy Finance and Investment Authority (CEFIA), a "Green Bank" that uses public resources to attract and deploy capital investment in clean energy projects.

    By installing the Tecogen CHP system, an estimated savings of $35,000-$40,000/year will be realized by each facility. In addition, CO2 and other harmful criteria pollutants (CO, NOx) will be reduced with the Tecogen Ultra emissions system option, which is available on all Tecogen CHP systems.

    These projects join other recent Tecogen CHP installations at YMCAs in Connecticut. Tecogen recently installed a 60 kW CHP system at the Soundview Family YMCA in Branford, a 75 kW CHP system at the Northern Middlesex YMCA in Middleton, and a 75 kW CHP system at the Greenwich YMCA. The systems join a large fleet of Tecogen CHP and chiller systems operating in the state.

    "Health facilities such as YMCAs are a natural fit for Tecogen CHP systems," said Robert Panora, Tecogen's President and Chief Operating Officer. "The typical YMCA facility has large electric and gas bills due to the demand for hot water and power year round. By installing a Tecogen CHP system, the amount of electricity needed from the grid is reduced, and the thermal output of the system lowers the demand for existing boilers to heat both the building and the pools. We thank the C-PACE program for giving facilities a viable financial mechanism for installing clean energy systems from Tecogen."

    Both YMCAs are expected to have the CHP systems operational in time for the 2014 winter heating season.

  • chaachaching by chaachaching May 23, 2014 1:27 PM Flag

    WALTHAM, Mass., May 15, 2014: Tecogen Inc. today announced that it has priced a public offering of up to 2,000,000 shares of its common stock at $4.75 per share. Scarsdale Equities LLC is acting as the placement agent for the offering on a best efforts basis. All of the shares are being offered by Tecogen.

    A closing of up to 2,000,000 shares is expected to occur on or about Monday, May 19, 2014, subject to customary closing conditions. The net proceeds of the offering will be used for working capital and general corporate purposes, including expanding Tecogen’s turnkey business, constructing a dedicated manufacturing facility for Tecogen’s majority owned subsidiary Ilios, Inc., expanding Tecogen’s low emissions technology to other markets and continuing product development.

    Tecogen’s common stock has been approved for listing on the NASDAQ Capital Market under the symbol “TGEN” upon official notice of issuance and adequate distribution. Tecogen expects that trading of its common stock on the NASDAQ Capital Market will commence as soon as practicable after the closing.

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