North Vancouver, British Columbia – (Newsfile Corp. – November 2, 2022) – Aurora Photo voltaic Applied sciences Inc. (TSXV: ACU) (“Aurora“, The “an organization‘) to supply an replace concerning the consolidation of the acquisition of BT Imaging, a renewed focus for advertising the corporate’s imaginative and prescientTM Information science product and strategic route for unified enterprise.
Throughout his first month as CEO, Kevin Dodds targeted on BT Imaging integration and revitalizing Aurora’s technical and operational groups based mostly on the corporate’s tradition of accountability and respect. Throughout October, Kevin was in Sydney, Australia to evaluate BT Imaging’s operations, listening to employees to assist cultural and management modifications and to effectively obtain synergies. One of many first selections made was to carry collectively the worldwide gross sales groups, wind down Aurora’s Chinese language operations and put Perception’s product business duty with BT Imaging in Sydney and Shanghai beneath a revised organizational construction.
This determination has delivered supposed advantages past the apparent price financial savings. It was vital to inject vitality and route into the Perception product with a renewed deal with product readiness and business validation. The objective is to find out Perception’s applicability by way of a business end result earlier than the tip of the present calendar yr. One other major goal was to realize alignment among the many senior management by: (i) stabilizing the Aurora enterprise by way of the synergies derived from the acquisition of BT Imaging together with a disciplined strategy to advertising Perception’s merchandise; (ii) reap the benefits of obtainable synergies to assist development; and (iii) construct an expanded product vary and buyer base to enhance the mixed firm’s place for diversification.
By putting business duty for the Perception product inside BT Imaging, the corporate will be capable to enhance its technical gross sales potential to safe potential buyer orders. As a part of the corporate’s renewed focus, it’s now within the technique of offering an vital report for the present Perception evaluation undertaking in China that’s the foundation for negotiating a business end result. Moreover, joint work has begun to point out indicators of diversification with a brand new Perception evaluation printed final week in Malaysia with one of many world’s largest PV producers. The corporate’s objective for this new Perception evaluation is to acquire technical approval inside sixty days of publication together with a business secured association to verify product viability. BT Imaging can be diversifying by promoting a brand new product for a brand new inline cell manufacturing utility in Europe together with the primary sale of a newly developed product associated to perovskite photo voltaic cells.
Whereas in Australia, Kevin additionally met with a number of of the brand new institutional shareholders ensuing from the acquisition of BT Imaging to reaffirm their assist for the joint enterprise and its revised technique to drive development. As well as, Kevin met with authorized professionals, accountants and consultants who assist the enterprise and met with the UNSW Innovation Workplace concerning collaboration, advertising and know-how funding alternatives. In Australia, there’s sturdy coverage and funding assist for photo voltaic and renewable vitality with the College of New South Wales College of Photovoltaic Engineering and Renewable Power acknowledged as a world heart of excellence. The mixed enterprise’ core experience in course of management and understanding of photo voltaic manufacturing applied sciences, and its potential to collaborate with prospects and entice enabling applied sciences, positions the corporate in a powerful place to pursue rising alternatives inside North America, Australia and/or Europe.
On the finish of October, BT Imaging held its first board assembly and administration evaluation because the acquisition. The Firm is happy to verify that the enterprise is doing effectively and is on monitor to realize its June 2022 monetary and operational targets together with, roughly CAD10,000,000 in gross sales, profitability and constructive money move. BT Imaging’s year-end audit (June 30, 2022) is nearing completion with out figuring out any materials points and the corporate continues to be on monitor to submit the Enterprise Acquisition Report on November 8, 2022.
The corporate’s December 2022 quarter would be the first after a cost-intensive September quarter that features important one-time acquisition prices. By the tip of March 2023, the mixed enterprise is predicted to learn from the synergies achieved together with convincing income and margins with a view to being on a impartial to constructive money move ratio. To develop the enterprise past its inner sources, extra funding could also be required to develop Perception’s product vary and/or quickly diversify by way of acquisition, collaboration or know-how growth. Any financing might be linked to a disciplined strategy to allocating capital in relation to its market alternative.
The corporate’s management is creating after the acquisition of BT Imaging and is the beneficiary of a younger, technically clever and motivated crew. The Board of Administrators was restructured with the appointment of Kevin Dodds as CEO and Roger Buckridge as the brand new Board Director and Kevin’s strategic advisor. An lively organizational construction has been carried out which incorporates the appointment of Chao (Hunter) Shen as Basic Supervisor of BT Imaging with revenue and loss tasks, Tricia Pederson as Chief Monetary Officer with corresponding operational tasks, and Sal Sanci in control of Know-how and Improvement with corresponding operational tasks. Extra roles might be added on the technical, operational and board ranges to advance the enterprise in its three areas, Vancouver, Sydney and Shanghai.
The corporate’s capital markets technique is up to date to assist each natural development and inorganic alternatives. The corporate acknowledges that there’s room for enchancment based mostly on the arrogance of this revised technique.
Lastly, it’s with nice unhappiness that the Firm has reported the passing of David Robinson who was a latest addition to the Board of Administrators. On behalf of the corporate, we wish to acknowledge David’s contributions and we’ll miss his vitality and steerage. The corporate sends its condolences to David’s household and buddies and can bear in mind dealing with the enterprise with enthusiasm, dedication and exhausting work; As David did in life.
About Aurora Photo voltaic Applied sciences:
Aurora Photo voltaic Applied sciences Inc. is a number one developer and supplier of embedded course of management and productiveness administration options for photo voltaic cell producers. We imagine that photo voltaic vitality might be a dominant part of renewable vitality, and our mission is to realize high quality and profitability for every buyer by way of superior management of vital processes throughout photo voltaic cell manufacturing. Aurora’s Australian subsidiary, BT Imaging Pty Ltd, established in 2007, has a 15-year historical past of serving first-class photo voltaic and cell producers supplying nearly all of world manufacturing, constructing on their market management with superior imaging based mostly high quality assurance. Optical lighting. Instruments.
Aurora’s and BT Imaging merchandise are utilized by among the world’s most superior and revered photo voltaic cell producers. With headquarters close to Vancouver, Canada, Aurora has operations in Sydney, Australia, Shanghai, China, and companions in all main photo voltaic manufacturing markets. Aurora is a public firm, traded on the TSX Enterprise Change (ACU) and is a two-time winner of the TSX-V Prime 50. The Aurora web site is situated in www.aurorasolartech.com. The BT Imaging web site is situated in www.btimaging.com.
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