Subject: Smallcap Discoveries: Weekly Update January 25th to 29th

Smallcap Discoveries:

Weekly Update January 18th to 22nd
Smallcap Discoveries Select Portfolio

Thermal Energy International (TMG-TSX.V) Price - $0.135 Market Cap - $22M
  • Thermal Energy International Announces Strong Second Quarter Results
  • $5.0 million in revenue, a 77% increase compared to Q1
  • $2.4 million gross profit, up 84% compared to Q1
  • EBITDA of $788 thousand compared to $15 thousand in Q1
  • Net profit of $580 thousand compared to a net loss of $218 thousand in Q1
  • Quarter-end cash balances of $4.9 million and working capital of $4.2 million
  • Order intake continues to track significantly ahead of last year – up 103% compared to Q2 last year and up 66% on a year-to-date basis
  • Press Release https://tinyurl.com/y3lo6fs3
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    Adcore (ADCO-TSX.V) Price - $1.17 Market Cap - $66M
    Alphinat (NPA-TSX.V) Price - $0.07 Market Cap - $5M
    • Alphinat Announces a Net Profit of $27,509 for the Quarter Ended November 30, 2020
    • Revenue of $316K
    • Net income of $27K
    • Press Release https://tinyurl.com/y5bptfye
    Armada Data (ARD-TSX.V) Price - $0.16 Market Cap - $3m
    BlueMetric Environmental (BLM-TSX.V) Price - $0.26 Market Cap - $7.5M
    • BluMetric Announces Fourth Quarter and Fiscal Year 2020 Results
    • Q4 Revenue of $10.4M - up 57%
    • Q4 Gross margin of 27%
    • Q4 EBITDA of $1.97M
    • Q4 Net income of $1.22M
    • FY revenue of $28.6M
    • FY Gross margin of 21%
    • FY Net income of $471K
    • Press Release https://tinyurl.com/y64drm6m
    Boardwalktech Software (BWLK-TSX.V) Price - $0.85 Market Cap - $20M
    • Boardwalktech Software Announces Closing of C$10,000,375 Upsized and Oversubscribed Brokered Offering led by Echelon Wealth Partners Inc.
    • Press Release https://tinyurl.com/y5cabnu9
    BPLI Holdings (BPLI-TSX.V) Price - $0.17 Market Cap - $18M
    • BPLI Holdings Inc. Releases 2020 Year End Financial Results
    • Q4 Revenue of $6.6M
    • Q4 Gross profit of $3.5M
    • Q4 EBIT of $2M
    • Q4 Net income of 1.3M
    • FY Revenue of $25.4M
    • FY Gross profit of $13M
    • FY EBIT of $5M
    • FY Net income of $2.99M
    • Press Release https://tinyurl.com/y38h7yr5
    Char Technologies (YES-TSX.V) Price - $0.59 Market Cap - $31M
    Deveron Corp (FARM-TSX.V) Price - $0.45 Market Cap - $31M
    eQube Gaming (EQG-TSX.V) Price - $0.04 Market Cap - $1.2M
    • Announced Q3 financials
    • Revenue of $780K
    • Gross profit of $364K
    • Net loss of $10K
    Gatekeeper Systems (GSI-TSX.V) Price - $0.82 Market Cap - $74M
    • Gatekeeper Reports $5M Revenue, 48% Growth in Record-Breaking Fiscal Q1 2021
    • Revenue of $4.9M
    • Gross profit of $1.77M
    • Net income of $242K
    • Working capital of $8.6M
    • Press Release https://tinyurl.com/yyyz7vax
    • Gatekeeper Signs US $2M Contract with No. 1 Bus Dealer in USA
    • Press Release https://tinyurl.com/yyb7e8sv
    Imaflex (IFX-TSX.V) Price - $1.06 Market Cap - $53M
    Legend Power Systems (LPS-TSX.V) Price - $0.56 Market Cap - $57M
    • Legend Power(R) Reports Fiscal Year 2020 Financial Results
    • Revenue of $347k versus $486k reported in Q4 2019
    • Gross profit of $66k compared to $(97k) in Q4 2019
    • Adjusted EBITDA loss of $569k versus a $1.80 million loss in Q4 2019
    • Net loss of $769k versus the $2.42 million loss in Q4 2019
    • Cash of $2.29 million, no debt, and $3.76 million in working capital at September 30, 2020.
    • Press Release https://tinyurl.com/y43g954r
    Pioneering Technology (PTE-TSX.V) Price - $0.085 Market Cap - $5M
    • Pioneering Technology Reports Fiscal Year 2020 Financial Results
    • Q4 Revenue of $1M
    • Q4 Net loss of $345K
    • FY Revenue of $6.54M
    • FY Gross profit of $2.67M
    • FY Net income of 883K
    • FY Adjusted EBITDA of ($352K)
    • Press Release https://tinyurl.com/y3n5ka7x
    UGE International (UGE-TSX.V) Price - $2.70 Market Cap - $76M
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