OXE MARINE AB - CMMCF STOCK NEWS

On July 1, 2021, Magnus Grönborg has taken over as the new CEO of OXE Marine AB (OTCQX: CMMCF), succeeding Myron Mahendra, who moves to EVP of Business Development, Sales, and Marketing. This change aims to enhance the company's operational efficiency as it expands its third-party production in Poland and the US. Grönborg emphasized OXE's commitment to innovation in marine propulsion technology, aiming to improve fuel efficiency and reduce emissions, positioning the company for a significant impact in the marine market.

The extraordinary general meeting of OXE Marine AB, held on June 28, 2021, approved a new long-term incentive program for senior executives, replacing the previous warrant program from April 16, 2021. This adjusted program has a maximum dilutive effect of approximately 1.5 percent. All resolutions were made per the proposals presented before the meeting, now accessible on the company's website. OXE Marine is known for its innovative OXE Diesel, the world's first high-power diesel outboard engine, which has gained significant demand globally.

On April 16, 2021, OXE Marine AB held its annual general meeting, where key resolutions included the adoption of the 2020 financial statements and a decision not to pay dividends for that year. The board members reelected were Anders Berg, Magnus Folin, Jon Lind, and Mikael Mellberg, with Jonas Wikström joining the board. Anders Berg was reappointed as chairman, and remuneration for the board totaled SEK 1,020,000. The company authorized share issues not exceeding 20% of outstanding shares and planned a long-term incentive program involving up to 2,100,000 warrants.

OXE Marine AB has published its annual report for 2020, highlighting significant progress in the development of its diesel outboard engine, OXE Diesel. The company secured EUR 4 million in funding and established new manufacturing partnerships in Poland and the USA. Key achievements include receiving a commercial order from the US Coast Guard and entering a cooperation agreement with Evoy AS for electric propulsion. However, the company faced production delays due to COVID-19. Management anticipates continued demand for its innovative products in the marine market.

OXE Marine AB convenes its annual general meeting on April 16, 2021, focusing on shareholder participation through postal voting due to COVID-19 restrictions. Key agenda items include the election of board members, approval of the 2020 annual report, and a proposal to issue new shares, warrants, and convertibles. Notably, the board does not propose any dividends for the financial year 2020. The nomination committee has suggested a reduced remuneration for board members, amounting to SEK 1,020,000, down SEK 30,000 from the previous year. Shareholders must register by April 8 and submit postal votes by April 15.

OXE Marine AB reported its Q4 2020 results, revealing a net turnover of SEK 4.8 m, a significant decrease from SEK 40.1 m. Gross profit was SEK 1.1 m with a gross margin of 23%. The operating loss amounted to SEK -22.2 m. In contrast, the order book grew by 38% to SEK 139.3 m. For the full year, net turnover decreased to SEK 39.7 m from SEK 91.1 m, but the gross profit turned positive at SEK 5.5 m.

OXE Marine AB has successfully advanced the production setup for the OXE300 in Tczew, Poland, aiming to start production in Q1 2021. The assembly of three initial units has been completed, with two additional units expected soon. The first shipment is planned for the last week of February, with units undergoing rigorous testing in Sweden to meet high standards. This development follows several years of engineering advances in creating the world’s first high-power diesel outboard engine.

OXE Marine AB (OTCQB: CMMCF) has initiated the assembly of its OXE125-200 outboard engines at Outdoor Network Manufacturing in Albany, GA, as part of a manufacturing agreement. This marks a significant step in their production setup, aiming to meet market demand for their unique diesel engines. The initial units will undergo strict testing to ensure quality. OXE Marine continues in-house production, maintaining a steady supply of engines.

OXE Marine AB (publ) announced that the European Patent Office intends to grant it a European patent for a twin motor electric duoprop outboard, contingent upon certain administrative requirements. This initiative supports OXE's strategy to reduce exhaust emissions in the marine outboard sector. The patent encompasses innovative features such as dual electric motors that enhance operational efficiency. Furthermore, OXE has partnered with Evoy AS to advance high-powered electric outboards, showcasing its commitment to electrification in the marine industry.