January Expansions:
Hopefully the facility expansion being organized by the company for Feb. 1 comes with anticipated orders, as the Eastern Alberta clients budgeted expansion for '11.
Superior terms, and larger manufacturing facilities:
Superior terms, and larger manufacturing facilities:
"With positive Powerwave results in multiple programs and the technology gaining greater acceptance, the Corporation is moving to a model where the client agrees to take delivery of the tools and be invoiced for the licensing fees ninety (90) days from the execution date of a license agreement."
"Subsequent to the fiscal year end, the Corporation entered into a new office space and warehouse lease for its Edmonton, Alberta facilities. The new facilities are to facilitate greater through put in the manufacturing, assembly, testing and quality assurance of Powerwave and Primawave systems. The office and warehouse lease has a commencement date of February 1, 2011 and a ten (10) year term expiring on January 31, 2021. The Corporation has the option for early termination of the office and warehouse lease after year five (5) for a one time payment of $100,000. The future commitment in base rental payments is $1,491,100 over the ten (10) years.In addition, and subsequent to the fiscal year end and audit report date, the Corporation entered into a new sale’s office lease for Calgary, Alberta. The new facilities are to facilitate greater presence of Corporation. The office and warehouse lease has a commencement date of June 15, 2011 and a five (5) year term expiring on June 14, 2015. The future commitment in base rental payments is $219,960 over the five (5) years.
The Corporation is of the opinion that its working capital position of $29,318,223 as at August 31, 2010 is sufficient to cover its current commitments and operations for the forthcoming fiscal year."