Annual Meeting
Thanks!!!!!
All the meetings went off without a hitch.
The information is posted on each of the companies web sites.
Financial Statements
All audited financial statements for all the companies are posted.
Basically our consolidated loss for the year was US$1 million compared to about US$9 million last year.
For the first 6 months ending 30 September look to be profitable.
All the reports are a good read.
Dynetic Press Release
DYNETIC SYSTEMS TO BUILD MOTORS FOR WHEELTUG® AIRCRAFT DRIVE SYSTEM
Gibraltar, 26 August 2010 -- WheelTug Limited announced today that Dynetic Systems, Inc. has become the risk-sharing partner responsible for designing the Chorus® motors for its aircraft onboard electric drive system.
Dynetic Systems, based in Elk River, Minnesota, designs and manufactures highly engineered motors for aerospace, military, medical and industrial applications.
The WheelTug® electric drive system is based on twin electric motors installed in the nose gear wheels of an aircraft, providing full mobility while on the ground, without the use of the aircraft's jet engines or external tugs for both pushback and taxi operations. WheelTug enables aircraft to be electrically driven from the terminal gate to the takeoff runway, and upon landing, from runway exit to the gate. The resulting improvements in efficiency, flexibility, fuel savings and reduced engine foreign object damage (FOD) yield projected savings of more than $500,000 per aircraft per year plus reductions in CO2 and other greenhouse gas emissions.
The agreement provides that Dynetic Systems will design and manufacture prototype and test motors for the WheelTug system and then will be the exclusive worldwide supplier of motors to WheelTug. The WheelTug system, now being developed, is expected to be available initially for Boeing 737NG aircraft, with FAA certification expected in 2012.
"We are delighted with Dynetic," said Isaiah W. Cox, president of WheelTug. "They have many decades of experience optimizing motors for aerospace applications, and we have every confidence in their ability to deliver Chorus machines that meet or exceed WheelTug's requirements."
Since 1972 Dynetic Systems, which is a privately held company, has been dedicated to design and manufacture precision quality, instrument grade, DC Servo Motors, Actuators, and related motion control products. AS9100B and ISO9001:2000 Certified, the highest level of quality certification offered in the aerospace industry, Dynetic Systems has earned dock to stock status from some of the largest airplane manufacturers in the world.
WheelTug's previous motor supply agreement, with Ward Leonard Electric Co., has been terminated by mutual agreement.
WheelTug Limited is a wholly-owned subsidiary of WheelTug plc, which is in turn a majority-owned subsidiary of Chorus Motors plc (US OTC: CHOMF), which developed the high phase order motors that are the basis of the WheelTug system. Forward Looking Statement may be found at http://www.chorusmotors.gi/fwdlook.shtml
For more information:
Isaiah W. Cox
President
WheelTug plc
410-419-0082
Exec@wheeltug.com
http://www.wheeltug.com
Dennis Meemken
Executive Director
Dynetic Systems, Inc.
763-441-4300
dmeemken@dynetic.com
http://www.dynetic.com
AXI Press Release
Advanced Explorations Inc.
TSX VENTURE: AXI
FRANKFURT: AE6
Aug 23, 2010 08:45 ET
Advanced Explorations Inc. Acquires Additional Targets
TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI)(FRANKFURT:AE6) is pleased to provide an update on the Company's recent field programs, the Alaska Iron Sands project and the due diligence process of China XinXing Pipes Group.
The Company has completed the first phase of its regional assessment of other commodity opportunities on the Melville Peninsula. Based on the promising conclusions of the team, AEI has expanded its 100% holding to over 140,000 acres outside of the original Joint Venture ("JV") area and added an additional 15,000 acres within the JV. Here, property acquisition was focused on iron ore targets with precious metal and base metal opportunities acquired elsewhere. Additional target evaluation will commence once the last round of sample assays are received. Depending on results, additional land may be acquired around key mineral prospects.
On August 18th, the Company announced its option to acquire a 100% interest in an Alaska Iron Sands project from 7th Sea Holdings Company. The project is located on the Alaska Peninsula (pan handle), approximately 6500 km from China making the deposit potentially competitive to ore being shipped from Australia to China. AEI believes there is excellent tonnage potential, and the ocean location provides additional development advantages. In order to make an informed acquisition decision, metallurgical studies are currently underway to determine the process required to produce quality concentrate products with results expected in the next few months.
As part of the due diligence process of China XinXing Pipes Group (as press released on July 19th, 2010), five delegates led by the Director of the Investment Committee Mr. Guo Shijin visited the Roche Bay and Tuktu deposits and attended a variety of meetings with government and Inuit community officials (pictures can be seen on the company website www.advanced-exploration.com ). XinXing's evaluation of the Company's assets is ongoing, and a decision is expected within the timeline set out in the MOU.
John Gingerich, President & CEO, commented:
"The Company has met its three key target objectives (milestones).
Moving forward in developing a strategic partnership with XinXing Pipes Group: AEI believes XXP to be an excellent partner with the financial and technical capability to take the Roche Bay project to production.
Expanding the core (iron ore) asset base of the company with the acquisition of the large Alaska iron sands project.
Advancing the Company's precious metal (Au, Ag) and base metal (Cu, Ni) potential: A program is underway to determine the economic potential of numerous targets that have been identified which has already led to an expansion of our land holdings. The results of this review will be an important guide on how best to monetize the value of these assets for our shareholders. Within the next few months we will decide whether to spin out, joint venture or pursue these opportunities within AEI as part of our project portfolio.
There appears to be a continuing strong resurgence within the commodity sector and in particular iron ore. The Company continues to evaluate new growth opportunities and respond to unsolicited inquiries to partner on other projects not covered by the XinXing MOU. We are very confident that the next six months will be very good months for AEI."
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., based in Toronto, Ontario, is a resource development company focused on developing high quality iron ore opportunities. Currently, the company holds interests in projects located in Nunavut with low infrastructure needs. The Roche Bay magnetite project is located on the coast and is bolstered by a deep water access to its eastern coast. The Company intends to build upon logistical benefits when developing its current projects at Roche Bay and Tuktu. AEI plans to produce high quality iron products from the 357 million tonnes inferred resource of the project's C-Zone. Its preliminary economic assessment for the project indicates a potential US $2.76 billion net present value, a minimum of 50 years mine life and a return on investment between three and five years. Led by an experienced management team with technical, exploration and mining expertise the company has the capabilities to rapidly advance the Roche Bay and Tuktu Projects and explore other local and global opportunities.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED WITHIN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For more information, please contact
Advanced Explorations Inc.
(416) 203-0057 x226
WheelTug plc
If you would like to be sent the Farnborough Airshow Handout, please tell us and we will mail out. It is a very informative and useful document.
Roche Bay plc / Faraway plc
Major programs continue by the Geological Survey of Canada (GSC) and several public companies on Melville Peninsula.
We just ran a super program on the Fraser Bay #5 Holdings of Roche Bay. Awaiting a full report.
We are awaiting information on the work on Freuchen Bay of Faraway plc.
There is still much more information to come out of last year's work.
Exciting times with loads of information coming out of the past couple of years work over the coming months.
Power Chips plc / Cool Chips plc / Avto Metals plc
Serious industry interest. Top level negotiations continuing.
Iron Ore Price
http://www.bloomberg.com/apps/cbuilder?ticker1=TSIPIO62%3AIND show more stability at US$145.50 (26 August 2010) up from the apparent bottom and down from a top of US$186.
This is truly a volatile and unpredictable controlled market.
Share Prices
For 19 August 2010 through 25 August 2010
Company = Symbol = High === Low == Last = Change == Volume === Bid == Ask Borealis Exploration Limited . BOREF . $2.40 . $2.36 . $2.40 . + .n/c . ..2,596 . $2.36 . $2.40 Chorus Motors plc . CHOMF . did not trade . $2.25 . + .... . ......0 . $2.10 . $4.50 Cool Chips plc . COLCF . did not trade . $0.12 . + .... . ......0 . $0.05 . $0.51 Power Chips plc . PWCHF . did not trade . $1.30 . . .... . ......0 . $0.75 . .n/a. Roche Bay plc . RCHBF . did not trade . $0.02 . . .... . ......0 . $0.03 . .n/a. n/a = not available Advanced Explorations Inc. (Joint Venture with Roche Bay) TSX:AXI .C$0.190 .C$0.175 .C$0.180 + 0.005 ..384,250 .C$0.180 .C$0.190 FWB:AE6 .EU0.139 .EU0.131 .EU0.135 + 0.002 ..251,380 . . .n/a . . .n/a Xtr:AE6 . . did not trade .EU0.143 - ..... ........0 . . .n/a . . .n/a
We are buyers of many of our shares though we do not make a market in any of our shares. Contact us at exec@borealis.com and we will buy direct with no commissions.
There is serious trading in Frankfurt AE6 and in Toronto on AXI.
Approximate market value of the BOREF, CHOMF, PWCHF, COLCF and RCHBF at last sale prices or bid whichever is higher on 25 August 2010:
US$29 million
Sign off
Thanks to our Shareholders, Auditors, Corporate Staff and to our wonderful shareholders for their support, assistance and help through the years.
Whenever you are in Gibraltar, we highly recommend Cafe VerdiVerdi: http://www.verdiverdi.com/ Truly superb and ingenious food - you won't regret it!
We are saddened to announce the resignation of Robert Flye. Robert has been with the Family of Companies for over 32 years and his fine work and loyalty got us through many tough times. We wish Robert the best in future years.
Good Shabbos
rtc
iwc
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The discussion of the Company’s business and operations in this report includes in several instances forward-looking statements, which are based upon management’s good faith assumptions relating to the financial, market, operating and other relevant environments that will exist and affect the Company’s business and operations in the future. No assurance can be made that the assumptions upon which management based its forward-looking statements will prove to be correct, or that the Company’s business and operations will not be affected in any substantial manner by other factors not currently foreseeable by management or beyond the Company’s control.
All forward-looking statements involve risks and uncertainty, including those described in this report, and such statements shall be deemed in the future to be modified in their entirety by the Company’s public pronouncements, including those contained in all future reports and other documents filed by the Company with the relevant Securities Commissions.
Wheeltug and Chorus are Registered Trade Marks of Borealis Technical Limited