$1.40 US price target (CSE: HEAT; U.S. OTC: HLRTF) continues to move closer to the commercialization of its Zero Voltage Switching (ZVS) inverter technology during H2:23. While fund raising has been difficult given the challenging capital markets environment, management is keeping costs low and making great strides with prospective customers. We reiterate our Buy–Venture rating and update our price target to $1.40, to account for the 1:6 reverse split earlier this year