GMG Provides Business Update on Working Capital and Cost Reductions
Graphene Manufacturing Group (TSXV: GMG) has received A$2.85m from the Australian Government's Research and Development Tax Incentive scheme, representing 43.5% of eligible R&D expenditures. As of November 1, 2024, the company's cash balance stands at A$5.56m with no debt. GMG has implemented significant organizational changes, including merging Projects and Operations teams and streamlining its manufacturing facilities. Through restructuring and cost management, the company has achieved a 45% reduction in monthly operating costs since September 2023. The company plans to utilize trusted third-party providers for project delivery while maintaining focus on its core business objectives.
Graphene Manufacturing Group (TSXV: GMG) ha ricevuto 2,85 milioni di dollari australiani dal programma di incentivi fiscali per la ricerca e lo sviluppo del governo australiano, che rappresenta il 43,5% delle spese R&S ammissibili. A partire dal 1° novembre 2024, il saldo di cassa dell'azienda si attesta a 5,56 milioni di dollari australiani, senza debiti. GMG ha implementato importanti cambiamenti organizzativi, comprese la fusione dei team Projects e Operations e la razionalizzazione delle strutture produttive. Grazie a una ristrutturazione e alla gestione dei costi, l'azienda ha ottenuto una riduzione del 45% dei costi operativi mensili rispetto a settembre 2023. L'azienda prevede di utilizzare fornitori terzi di fiducia per la consegna dei progetti, mantenendo al contempo l'attenzione sugli obiettivi di business principali.
Graphene Manufacturing Group (TSXV: GMG) ha recibido 2.85 millones de dólares australianos del programa de Incentivos Fiscales para Investigación y Desarrollo del Gobierno Australiano, lo que representa el 43.5% de los gastos de I+D elegibles. A partir del 1 de noviembre de 2024, el saldo de efectivo de la empresa asciende a 5.56 millones de dólares australianos, sin deudas. GMG ha implementado cambios organizativos significativos, incluyendo la fusión de los equipos de Proyectos y Operaciones, así como la optimización de sus instalaciones de fabricación. A través de una reestructuración y gestión de costos, la empresa ha logrado una reducción del 45% en los costos operativos mensuales desde septiembre de 2023. La empresa planea utilizar proveedores de terceros de confianza para la entrega de proyectos, manteniendo al mismo tiempo el enfoque en sus objetivos comerciales principales.
그래핀 제조 그룹 (TSXV: GMG)은 호주 정부의 연구 및 개발 세금 인센티브 프로그램에서 285만 호주 달러를 받았습니다. 이는 적격 R&D 지출의 43.5%에 해당합니다. 2024년 11월 1일 현재, 회사의 현금 잔고는 556만 호주 달러이며, 부채는 없습니다. GMG는 중요한 조직 변화를 구현했습니다. 프로젝트 및 운영 팀 통합과 제조 시설의 효율화를 포함합니다. 구조 조정과 비용 관리를 통해 회사는 2023년 9월 이후 월 운영 비용을 45% 절감했습니다. 회사는 핵심 비즈니스 목표에 집중하면서 프로젝트 제공을 위해 신뢰할 수 있는 제3자 공급자를 활용할 계획입니다.
Graphene Manufacturing Group (TSXV : GMG) a reçu 2,85 millions de dollars australiens du programme d'incitations fiscales pour la recherche et le développement du gouvernement australien, représentant 43,5 % des dépenses R&D éligibles. Au 1er novembre 2024, le solde de trésorerie de l'entreprise s'élève à 5,56 millions de dollars australiens, sans dettes. GMG a mis en œuvre des changements organisationnels significatifs, notamment la fusion des équipes de projets et des opérations ainsi que la rationalisation de ses installations de fabrication. Grâce à une restructuration et à une gestion des coûts, l'entreprise a réalisé une réduction de 45 % de ses coûts d'exploitation mensuels depuis septembre 2023. L'entreprise prévoit d'utiliser des prestataires de confiance tiers pour la réalisation de projets tout en maintenant son objectif sur ses objectifs commerciaux principaux.
Graphene Manufacturing Group (TSXV: GMG) hat 2,85 Millionen AUD von dem Forschungs- und Entwicklungssteuervorteilsprogramm der australischen Regierung erhalten, was 43,5% der förderfähigen F&E-Ausgaben entspricht. Am 1. November 2024 beträgt der Bargeldbestand des Unternehmens 5,56 Millionen AUD, ohne Schulden. GMG hat erhebliche organisatorische Veränderungen umgesetzt, darunter die Zusammenlegung der Teams für Projekte und Betrieb sowie die Optimierung der Produktionsstätten. Durch Umstrukturierungen und Kostenmanagement hat das Unternehmen seit September 2023 eine Reduzierung der monatlichen Betriebskosten um 45% erreicht. Das Unternehmen plant, vertrauenswürdige Drittanbieter für die Projektumsetzung zu nutzen, während es weiterhin auf seine Kernziele fokussiert bleibt.
- Received A$2.85m R&D tax incentive payment
- Strong cash position of A$5.56m with zero debt
- 45% reduction in monthly operating costs since September 2023
- Organizational restructuring indicating potential operational challenges
- Shifting to third-party providers for project delivery suggesting internal capacity limitations
Brisbane, Queensland, Australia--(Newsfile Corp. - November 14, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a business update on its working capital position and the implementation of cost reductions targets that were communicated on March 11, 2024.
Each year the Company submits a Research and Development (R&D) application to the Australian Taxation Office to recover
The Company successfully implemented an organisational restructure by merging the Projects and Operations teams and streamlining its Graphene Manufacturing Plant and Thermal XR® Blending Plant. The new operating model to deliver Projects of scale will rely on trusted third-party providers who have a strong working relationship with GMG and a track record of delivery. Through careful organisational restructuring and active cost management, the Company has reduced its monthly operating cost base by almost
GMG's CEO Craig Nicol stated, "The timely receipt of the Research and Development rebate from the Australian Federal Government continues to provide significant working capital support while the Company has continued to focus on improving its cost base through streamlining of Operations and Projects teams while maintaining focus and pace on delivering its four critical business objectives."
GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "The implementation of targeted costs savings together with the Research & Development rebate, allows the Company to remain focused on growing the sales of its Energy Savings products."
About GMG www.graphenemg.com
GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving coating), lubricants and fluids.
In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries").
GMG's 4 critical business objectives are:
- Produce Graphene and improve/scale cell production processes
- Build Revenue from Energy Savings Products
- Develop Next-Generation Battery
- Develop Supply Chain, Partners & Project Execution Capability
For further information please contact:
- Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
- Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Company's new operating model, future cost reductions, and the Company's focus on the sale of its energy saving products.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the new operating model to deliver Projects of scale will rely on trusted third-party providers who have a strong working relationship with GMG and a track record of delivery, that the Company will continue to look for ways to reduce costs while maintaining a delivery mind set, and that the Company's focus will remain on growing the sales of its energy saving products.
Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Australian Federal Government will not continue its Research and Development Tax Incentive scheme, or that the Company will not continue to benefit from the tax incentive, that the new operating model to deliver projects of scale will not rely on trusted third-party providers who have a strong working relationship with GMG and a track record of delivery, that the Company will be unable to reduce costs further while maintaining a delivery mind set, that the Company will not remain focused on growing the sales of its energy saving products, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated October 3, 2024 available for review on the Company's profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229939
FAQ
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