Increases revenue for 2017 to 10,100,000 USD, an increase of
26.5%
Symbol: TSX-V: LG
MONTREAL, March 1 , 2018
/CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is
pleased to announce that Etea Sicurezza Group Ltd ("Etea") beat
revenue expectations in 2017, closing the financial year with
consolidated revenue of more than USD $10 million, a
26.5% increase over Etea's 2016 consolidated revenue of
USD $7.4 million. Etea has more than 430 clients
that include Ferrari, Buhler, L'Oreal, Unilever, Siemens,
Petrobras, Ferrero, Coca-Cola, Martini, Heinz, E.On, Luxottica
Group, Shell, Michelin and Roche. As previously announced,
LGC holds 3% of Etea's issued and outstanding shares and has
entered into a letter of intent with Etea for a potential
acquisition by LGC of approximately 20% of Etea.
In partnership with LGC's Merchant Banking division, Etea is
developing a high efficiency mist irrigation system for the
Medical Cannabis Industry with the Etea Low Pressure Water Mist
("LPWM") system. LPWM is able to provide drops of 300
microns for uniform irrigation, avoiding soil damage and water
waste, important for large greenhouses and plantations in
controlling temperature and humidity through water misting.
This is expected to be a major benefit to all global cannabis
growing operations in maintaining the consistency of the growing
environment. This environmentally safe alternative system has
the potential to improve results, crop yields and potentially an
improved bottom line for customers.
In 2017, Etea started the development of advance intelligence
for prevention and environmental statistics with a new hardware
device and online prevention software, providing real time
monitoring data insights and risk assessment, highly-accurate price
control and lower premiums, with the capability to be
interconnected to multiple data sources (sensors, CCTV, LAN Wi-Fi
and Bluetooth devices, meters and drones). When combined with
the proprietary Etea Risk Assessment, the result is a new
technological and high-value service for insurance companies and
the end customer.
Etea Sicurezza Water Mist is now a consolidated brand of
innovative patented water-based fire-fighting systems achieving a
highly favourable combination of cost efficiency and water
consumption compared to standard sprinkler systems. Etea
Sicurezza Water Mist is 100% more efficient than standard
systems, using 50-60% less water, saving 70% of space and having
the same cost to the customer.
In 2017, Etea developed an innovative fire protection fully
automated monitor technology for tunnels and warehouses
(installed by Anas S.p.A & L'Oreal), which manages motorways,
freeways and Italy's national
roads as Project Zero. Etea believes that its products have
the potential to become the standard for tunnel protection
technology. One client has requested that Etea present bids
for four new tunnels using this technology.
In early 2018, Etea entered into a collaboration with designer
Chris Bangle, well known for
design development in the automotive industry (BMW, Mini, Rolls
Royce, Opel and Fiat) and for Samsung. The collaboration aims to
develop a new line extension of Etea-patented nozzles for the civil
sector targeting specific architectural components. This new
fire safety design concept addresses a problem for architects and
designers since classic systems do not take into consideration the
esthetics of the building. The new product line aims to solve
three problems with one solution: connectivity (Wi-Fi),
safety and esthetics.
Mazen Haddad, Co-Chairman and
Lead Manager of LGC Merchant Bank stated, "I congratulate the Etea
team of engineers, staff and management for making this a pivotal
milestone year of positive revenue for the company. LGC is
proud of our investment in Etea. We have visibility from
Etea's management for future growth within the Fire Safety Market
for all of Etea's Global AAA Customers and in the medical cannabis
safety industry."
John McMullen, CEO of LGC Capital
stated, "The Merchant Bank with our investment in Etea, has now
realized significant revenues. Additionally, we are excited
to see Etea expand its portfolio of products to include irrigation
solutions for the legal cannabis sector. LGC shareholders can
rest assured that our Merchant Banking division will continue to
source compelling global opportunities. I look forward to
Etea's continued success and a long and fruitful business
relationship."
About LGC (www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company
listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is
to become a diversified business group with core business divisions
that provide shareholders with exposure to a diverse range of
businesses, products and services.
Information Relating to Etea Sicurezza Group Ltd
All information contained in this press release relating to Etea
has been provided to LGC by Etea. LGC has relied upon this
information without having made independent inquiries as to its
accuracy or completeness and assumes no responsibility for any
inaccuracy or incompleteness of such information.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with
respect to LGC Capital Ltd. ("LGC") and Etea Sicurezza Group Ltd
("Etea"), and their respective operations, strategy, investments,
financial performance and condition. These statements generally can
be identified by use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of LGC and Etea could differ
materially from those expressed or implied by such statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. Some important
factors that could cause actual results to differ materially from
expectations include, among other things, general economic and
market factors, competition, government regulation and the factors
described under "Risk Factors and Risk Management" in LGC's
Management's Discussion and Analysis for the fiscal year ended
September 30, 2017, as filed on SEDAR
(www.sedar.com). The cautionary statements qualify all
forward-looking statements attributable to LGC and persons acting
on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and
neither LGC nor Etea has any obligation to update such statements,
except to the extent required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE LGC Capital Ltd