Excellon Reports Second Quarter 2017 Financial Results

­­­­­­­­­­­TORONTO, ON—(Marketwired – July 31, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (“Excellon” or the “Company”) is pleased to report financial results for the three and six–month periods ended June 30, 2017.

Q2 2017 Operational Highlights

  • Dry mining conditions achieved with completion of Optimization Plan
  • Immediate benefits realized with materially improved development rates, maintenance and electrical efficiency gains
  • Mine production materially increased to 215 tonnes per day (“tpd”) in July–to–date, an increase of 47% relative to 2016, with access to high–grade ore within the Platosa resource
  • Continued success of ongoing drilling program with multiple intersections of high grade mineralization potentially expanding existing mantos including, 886 g/t Ag, 8.8% Pb and 20.5% Zn or 2,318 g/t silver equivalent (“AgEq”) over 6.76 metres in EX17UG323
  • Miguel Auza Mill awarded Certification of Clean Industry, Level 1 from Mexican environmental regulator

Q2 2017 Financial Highlights

  • Revenue of $3.6 million (Q2 2016 – $5.4 million)
  • Production of 289,566 AgEq ounces (Q2 2016 – 368,568 AgEq ounces)
  • Sales of 249,733 AgEq ounces payable (Q2 2016 – 334,549 AgEq ounces payable)
  • Mine operating loss of $1.0 million (Q2 2016 – earnings of $1.3 million)
  • Adjusted net loss of $2.2 million or $0.03/share (Q2 2016 – adjusted net income of $0.9 million or $0.01/share), excluding non–cash financing gain associated with outstanding convertible debentures (the “Debentures”) issued in November 2015
  • Cash and current accounts receivable totaled $5.3 million at July 31, 2017 (June 30, 2017 – $3.2 million; December 31, 2016 – $7.7 million – including marketable securities)
  • Net working capital totaled $4.0 million at June 30, 2017 (December 31, 2016 – $8.6 million), increasing to $6.1 million at July 31, 2017.

“During the second quarter, we realized on our plan to resume high–grade and cash flowing production from Platosa,” stated Brendan Cahill, President and Chief Executive Officer. “We certainly faced challenges over the first half of 2017, with access to ore limited by water inflows, but our team executed and, by the end of the second quarter, we had achieved dry mining conditions and were mining fresh, high–grade manto mineralization. Looking forward, our goal is to steadily increase production over the remainder of 2017 to 300 tpd by year–end. We have also began driving further reductions in key cost centres, most importantly electricity usage, where incremental savings can result in material additional cash flow. We remain focused on our target of doubling production and halving costs at Platosa over the coming quarters and we are already pleased with the improvements in cash flow we see at 200+ tpd.”

Mr. Cahill continued, “We also congratulate the team at our Miguel Auza mill for recently achieving Level 1 Certification of Clean Industry from PROFEPA. Hector Lira, Erik Polanco and Santos Salas, deserve credit for this achievement and they now have their sights set on Level 2 certification.”

Financial Results

Financial results for the three and six–month periods ended June 31, 2017 and 2016 as follows:

                 
('000s of USD, except amounts per share
and per ounce)
  Q2 2017   Q2 2016   6–Mos 2017   6–Mos 2016
Revenue (1)   3,570   5,370   6,983   9,631
Production costs   (3,997)   (3,441)   (8,022)   (6,710)
Depletion and amortization   (582)   (609)   (1,128)   (1,214)
Cost of sales   (4,579)   (4,050)   (9,150)   (7,924)
Earnings (loss) from mining operations   (1,009)   1,320   (2,167)   1,707
                 
Corporate administration   (842)   (665)   (2,177)   (1,319)
Exploration   (618)   (171)   (1,182)   (308)
Other   630   68   2,343   (299)
Impairment of mineral rights     156     156
Net finance cost   1,629   (5,575)   2,892   (7,555)
Income tax recovery   (292)   489   (1,046)   614
Net loss   (502)   (4,378)   (1,337)   (7,004)
Adjusted net income (loss) (2)(3)   (2,235)   852   (4,152)   116
Loss per share – basic   (0.01)   (0.07)   (0.02)   (0.12)
Adjusted profit (loss) per share – basic   (0.03)   0.01   (0.05)   0.00
                 
Cash flow from (used in) operations (3)   (1,297)   482   (2,734)   743
Cash flow from (used in) operations per share – basic   (0.02)   (0.01)   (0.04)   0.01
                 
Production cost per tonne (4)   288   238   311   230
Cash cost per payable silver ounce ($/Ag oz)   18.10   9.81   20.07   10.27
All–in sustaining cost (“AISC”) per silver ounce payable ($/Ag oz)   37.87   19.27   48.82   18.35
Adjusted AISC per silver once payable (5)   28.80   15.27   35.02   15.90
                 
(1) Revenues are net of treatment and refining charges.
(2) Adjusted net income (loss) reflect results before fair value adjustments on embedded derivatives and warrants related to the Debentures (Q2 2017 – $1.7 million gain; Q2 2016 – $5.4 million loss; 6–Mos 2017 – $2.8 million gain; 6–Mos 2016 – $7.3 million loss). The fair value adjustment derives from the performance of the Company's stock during each period (Q2 2017 – $1.60 to $1.42; Q2 2016 – $0.61 to $1.23; 6–Mos 2017 – $1.64 to $1.42; 6–Mos 2016 – 0.31 to $1.23), resulting in significant variances in valuation/cost upon the potential conversion or exercise of the Debentures or associated warrants, respectively.
(3) Adjusted net income (loss) for Q2 2016 and 6–Mos 2016 reflects results before a $0.2 million reversal of impairment on DeSantis exploration property sold in the period.
(4) Cash flow from operations before changes in working capital.
(5) Production cost per tonne includes mining and milling costs excluding depletion and amortization.
(6) Adjusted AISC per payable silver ounce excludes the relatively one–time sustaining capital expenditures associated with the Optimization Plan, described below (associated cash expenditures were $1.2 million in Q2 2017; $3.5 million during 6–Mos 2017; $0.2 million in Q2 2016; and $1.0 million during 6–Mos 2016).
   

Operations during the second quarter focused on the completion of the Optimization Plan, leading to dry mining conditions by mid–June. As production primarily came from outside of the Rodilla resource area earlier in the quarter, metal grades improved in May and more materially in the last days of June and into July, as higher–grade areas were accessed within the Platosa resource. The Company also continued to process low–grade historical stockpiles and sump material, with minimal associated mining costs. This mineralized material is blended with mined ore to improve recoveries (in the case of high–grade lead and/or zinc ore) and payability, as well as being positive cash flow generative.

During Q2 2017, net revenues decreased by 34% to $3.6 million (Q2 2016 – $5.4 million) due to 25% lower silver equivalent payable ounces produced of 249,733 oz compared to 334,549 in Q2 2016, largely the product of lower tonnage mined at lower grades during period as water limited access to resources until the end of the quarter.

Cost of sales, including depletion and amortization, increased by 13% compared to Q2 2016. A primary contributor to the increased cost of sales was a general increase in electricity prices from $0.06/kwh to $0.09/kwh. This increase resulted from (i) a Mexico–wide increase in fuel costs, which resulted in higher electricity costs and (ii) the appreciation in the Mexican peso, as electricity tariffs are denominated in pesos. The Company also increased electrical installation and supportive development more generally during the period compared to prior quarters as a new electrical line allowed increased electrical installation at the project. Increased pumping rates associated with mine optimization also resulted in nominal increases in electrical expense, though pumping efficiency increased by 36%. Due to pumping requirements, electricity has been, and will be going forward, a key input on mining costs at Platosa. The Company is currently applying to become a “qualified user” under the recent energy reforms in Mexico, which will allow it to access the private market for electricity and achieve lower costs per kWh.

General and administrative expenses of $0.8 million increased by 27% during Q2 2017 compared to $0.7 million in Q2 2016, primarily resulting from the grant and vesting of stock–based compensation to officers, directors and consultants. Cash corporate administrative expenses of $0.7 million in Q2 2017 increased compared to $0.5 million in Q2 2016, with the difference primarily resulting from three new officers and two new directors joining the Company and increased cash board compensation.

The Company spent $0.6 million on exploration in Q2 2017 (Q2 2016 – $0.2 million) as it continued the surface and underground drilling program at Platosa, with an additional 1,210 metres or surface and 2,725 metres of underground drilling. The Company has drilled a total of approximately 15,000 metres since the commencement of a 25,000 metre program in Q3 2016.

The Company recorded a net loss of $502,000 in Q2 2017 (Q2 2016 – net loss of $4.4 million). The Company's adjusted net loss of $2.2 million in Q2 2017 reflects the period's results before recording a $1.7 million fair value adjustment gain (Q2 2016 – $5.4 million loss) on embedded derivative and warrants relating to the Debentures in accordance with IFRS as the stock price decreased from $1.60 to $1.42 (Q2 2016 – an increase from $0.61 to $1.23). Further contributors to the adjusted net loss included: (i) decrease in revenues of 34%, (ii) 13% increase in cost of sales, (iii) 27% increase in corporate G&A, and (iv) increased exploration costs as drilling resumed at Platosa, all as further described above.

Cash costs net of byproducts per ounce payable (or Total Cash Costs) of $18.10 per ounce payable (Q2 2016 – $9.81/oz) increased due to increased cost of sales and a 29% decrease in by–product credits resulting from lower lead and zinc production, but improved from $22.44 per ounce payable in Q1 2017. These factors were partially offset by lower treatment charges and refining charges (“TC/RC”), resulting from lower delivered tonnes and materially improved offtake terms relative to Q2 2016. The Company expects total cash costs net of by–product revenues to vary from period to period as planned production and development accesses different areas of the mine with different ore grades and characteristics, with material improvements now expected as mine optimizations are now complete.

The Company's adjusted AISC per silver ounce payable of $28.80/ounce (Q2 2016 – $15.27) in Q2 2017 (excluding the one–time costs associated with the Optimization Plan), resulted from (i) lower metal grades and, consequently, metal produced, (ii) an increase in electricity costs and increased electrical consumption for pumping associated with the Optimization Plan, and (iii) increased exploration expenses. Non–adjusted AISC of $37.87/ounce in Q2 2017 (Q2 2016 – $19.27/oz) included significant one–time capital and development costs of $1.2 million associated with the Optimization Plan, primarily relating to the purchase of pumping equipment along with well–drilling and engineering costs. Adjusted and unadjusted AISC per ounce payable improved materially from Q1 2017 ($42.48 and $61.96, respectively) as Optimization Plan cap–ex decreased and mine production generally improved from May onward. With the completion of the Optimization Plan, the Company will eliminate the “Adjusted AISC” metric. Additionally, AISC is expected to decrease as dry mining conditions will allow for increased production at lower costs.

Excellon defines AISC per silver ounce as the sum of total cash costs (including treatment charges and net of by–product credits), capital expenditures that are sustaining in nature, corporate general and administrative costs (including non–cash share–based compensation), capitalized and expensed exploration that is sustaining in nature, and (non–cash) environmental reclamation costs, all divided by the total payable silver ounces sold during the period to arrive at a per ounce figure.

All financial information is prepared in accordance with IFRS, and all dollar amounts are expressed in U.S. dollars unless otherwise specified. The information in this news release should be read in conjunction with the Company's unaudited condensed interim financial statements for the three and six months ended June 30, 2017 and associated management discussion and analysis (“MD&A”) which are available from the Company's website at www.excellonresources.com and under the Company's profile on SEDAR at www.sedar.com.

The discussion of financial results in this press release includes reference to “cash flows from operations before changes in working capital items”, “cash cost per silver ounce payable”, “AISC per payable silver equivalent ounce”, “adjusted AISC cost per silver ounce payable” and “adjusted net income (loss)” which are non–IFRS performance measures. The Company presents these measures to provide additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three and six month periods ended June 30, 2017, for a reconciliation of these measures to reported IFRS results.

Production Highlights

Mine production for the periods indicated below were as follows:

                 
    Q2   Q2   6–Mos   6–Mos
    2017(1)   2016(1)   2017(1)   2016(1)
Tonnes of ore produced   10,840   13,929   22,904   26,706
Tonnes of ore processed   13,877   14,453   25,810   29,173
Ore grades:                  
  Silver (g/t)   394   536   358   509
  Lead (%)   3.48   5.09   3.21   4.94
  Zinc (%)   4.51   6.31   4.33   6.23
Recoveries:                  
  Silver (%)   89.8   90.0   89.8   90.9
  Lead (%)   80.4   81.2   80.8   82.5
  Zinc (%)   80.7   78.7   81.3   79.0
Production:                  
  Silver – (oz)   160,820   227,826   268,938   439,382
  Silver equivalent ounces (oz) (2)   289,566   368,568   494,880   732,120
  Lead – (lb)   850,111   1,313,197   1,460,144   2,632,113
  Zinc – (lb)   1,116,367   1,575,231   1,989,343   3,164,009
Payable: (3)                  
  Silver ounces – (oz)   139,428   209,422   255,555   402,936
  Silver equivalent ounces (oz) (2)   249,733   334,549   465,655   663,750
  Lead – (lb)   767,145   1,260,672   1,465,168   2,512,012
  Zinc – (lb)   922,953   1,321,337   1,760,686   2,666,350
Realized prices: (4)                
  Silver – ($US/oz)   16.67   17.43   17.06   16.76
  Lead – ($US/lb)   1.00   0.77   1.01   0.78
  Zinc – ($US/lb)   1.16   0.91   1.20   0.87
                   
(1) Period deliveries remain subject to assay and price adjustments on final settlement with concentrate purchaser. Data has been adjusted to reflect final assay and price adjustments for prior period deliveries settled during the period.
(2) Silver equivalent ounces established using average realized metal prices during the period indicated applied to the recovered metal content of the concentrates.
(3) Payable metal is based on the metals shipped and sold during the period and may differ from production due to these reasons.
(4) Average realized price is calculated on current period sale deliveries and does not include the impact of prior period provisional adjustments in the period.
   

Refer to the Company's press release dated July 20, 2017 for further discussion of Q2 2017 production.

During the third quarter, the Company expects to produce from the Rodilla Manto, increase production from the Guadalupe South Manto and commence production from the 623 Manto. Development is now driving towards the high grade 623 Manto directly from the Guadalupe South Manto along a recently identified connector zone of mineralization between the two mantos, targeting the area of drill holes EX16UG274, which intersected 662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au or 1,886 g/t AgEq over 13.00 metres, and EX17UG323, which intersected 886 g/t Ag, 8.8% Pb and 20.5% Zn or 2,318 g/t AgEq over 6.76 metres (see press releases dated October 27, 2016 and July 26, 2017, respectively).

About Excellon

Excellon's 100%–owned Platosa Mine in Durango has been Mexico's highest–grade silver mine since production commenced in 2005. The Company is focused on optimizing the Platosa Mine's cost and production profile, discovering further high–grade silver and carbonate replacement deposit (CRD) mineralization on the Platosa Project and capitalizing on the opportunity in current market conditions to acquire undervalued projects in Latin America.

Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.

Forward–Looking Statements

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward–looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward–looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward–looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the July 9, 2015 NI 43–101–compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Excellon Drills 2,318 g/t Silver Equivalent Over 6.76 Metres at Platosa

TORONTO, ON—(Marketwired – July 26, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (“Excellon” or the “Company”) is pleased to announce results from its ongoing exploration program at the Platosa Mine in Durango, Mexico.

Highlights

  • Multiple intersections of high grade mineralization potentially expanding the 623 Manto and connecting the 623 and Guadalupe South mantos, including:
    • 886 g/t Ag, 8.8% Pb and 20.5% Zn or 2,318 g/t Ag equivalent (“AgEq”) over 6.76 metres in EX17UG323;
    • 2,965 g/t Ag, 16.4% Pb and 0.9% Zn or 3,702 g/t AgEq over 1.45 metres and 1,171 g/t Ag, 9.3% Pb and 2.9% Zn or 1,713 g/t AgEq over 1.06 metres in EX17UG324;
    • 1,600 g/t Ag, 6.4% Pb and 8.7% Zn or 2,319 g/t AgEq over 3.70 metres in EX17UG325;
    • 3,574 g/t Ag, 28.2% Pb and 18.7% Zn or 5,727 g/t AgEq over 1.27 metres in EX14UG200; and
    • 1,238 g/t Ag, 5.3% Pb and 2.9% Zn or 1,611 g/t AgEq over 2.10 metres in PH17–27;
  • Dry conditions are facilitating efficient underground exploration around the Platosa mantos.

“Today's results confirm the potential to add significant high–grade mineralization to the 623 Manto and demonstrate continuity between the 623 and Guadalupe South mantos,” stated Ben Pullinger, Vice–President, Geology. “This mineralization is near mine workings and therefore has the potential to increase near term high–grade production. Our drilling program continues to successfully demonstrate the ability to expand Platosa's mineralized footprint around existing resources. Dry conditions are also providing easier and more efficient access to strategic areas for underground drilling around the Platosa mantos.”

Exploration Results

Approximately 15,000 metres have been completed in 120 drill holes from surface and underground in the ongoing drill program. Material intersections reported today are summarized below:

Hole ID   Interval(1)   Interval(2)   Ag   Pb   Zn   AgEq(3)
    From   To   meters   g/t   %   %   g/t
EX17LP1116   321.35   323.54   2.19   104   2.6   1.2   276
EX17UG310   7.80   11.25   3.45   124   5.2   5.2   616
EX17UG323   20.75   27.51   6.76   886   8.8   20.5   2,318
EX17UG324   73.82   75.27   1.45   2,965   16.4   0.9   3,702
and   78.64   79.70   1.06   1,171   9.3   2.9   1,713
EX17UG325   87.80   91.50   3.70   1,600   6.4   8.7   2,319
EX17UG326   90.90   92.70   1.80   316   3.2   0.9   496
and   97.70   99.00   1.30   287   6.3   0.6   584
EX14UG200   60.60   61.87   1.27   3,574   28.2   18.7   5,727
PH17–27   9.90   12.00   2.10   1,238   5.3   2.9   1,611

(1) From–to intervals are measured from the drill collar, with drill holes marked UG or PH drilled from underground stations.
(2) All intervals are reported as core length.
(3) AgEq in drill results assumes $16.50 Ag, $1.00 Pb and $1.25 Zn with 100% metallurgical recovery.

The Company commenced a 25,000–metre diamond drilling exploration program in Q3 2016. This program encompasses drilling from surface and from underground. The program is currently focused on definition and growth of the existing resource in areas that will be in production in 2017, and exploring for new manto mineralization accessible from mine workings above the water table.

Underground drilling in six holes has successfully delineated an area of approximately 100 metres by 25 metres that may expand the 623 Manto and connect the 623 and Guadalupe South mantos. EX14UG200 was a previously unsampled hole identified as mineralized through ongoing review of historical core. EX17UG323, EX17UG324, EX17UG325 and EX17UG326 followed up on EX16UG274, which intersected 662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au over 13.00 metres (see press release dated October 27th, 2016). These holes delineate a growing area of mineralization that runs from the Guadalupe South Manto, which is currently in production, to the upper level of the high–grade 623 Manto (M+I resources of 83,000 tonnes at 1,866 g/t AgEq) and may, therefore, be rapidly incorporated into existing mine plans. Mine operations are currently driving the 795 heading towards this area. Follow up drilling is underway to further delineate this connector zone.

Diamond drill hole EX17LP1116 targeted the extension of the NE–1 Manto and successfully increased the mineralized area of this manto by approximately fifteen metres. Above the mineralized horizon, EX171116 intersected what appears to be a flat thrust fault, which seems to be a control on mineralization as the system moves east. This fault will be modeled for follow–up later in the year.

Exploration for the remainder of 2017 will focus on defining high–grade manto mineralization around existing Platosa resources and will also continue to define structural controls within the resource that may lead to further discoveries of manto and feeder–style mineralization. Surface drilling is currently on hold, pending ongoing permitting of drill pads and is expected to re–commence later this year. The Company also continues to develop its regional exploration program for CRD/Source–style (skarn) mineralization.

Platosa drill core samples are prepared and assayed by SGS Minerals Services in Durango, Mexico. The lab is accredited to ISO/IEC 17025. The Company has a comprehensive QA/QC program, supervised by an independent Qualified Person.

Qualified Person

Mr. Ben Pullinger, P. Geo, Vice–President Geology, has acted as the Qualified Person, as defined in NI 43–101, with respect to the disclosure of the scientific and technical information relating to exploration results contained in this press release.

About Excellon

Excellon's 100%–owned Platosa Mine in Durango has been Mexico's highest–grade silver mine since production commenced in 2005. The Company is focused on optimizing the Platosa Mine's cost and production profile, discovering further high–grade silver and CRD mineralization on the Platosa Project and capitalizing on the opportunity in current market conditions to acquire undervalued projects in Latin America.

Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.

Forward–Looking Statements

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward–looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward–looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward–looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the July 9, 2015 NI 43–101–compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Malibu Launches New Version of Wakesetter 23 LSV, the World's Best-Selling Wakeboard Boat Ever

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Only Malibu

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Like all 2018 Malibu models, the 23 LSV is backed by the industry's best warranty, including lifetime hull coverage, and is available now at all authorized Malibu dealers.

About Malibu Boats

Based in Loudon, TN, Malibu Boats is the world's largest manufacturer of watersports towboats, selling one out of every two worldwide through a global dealer network. Malibu also designs and manufactures as the Axis Wake Research brand. With more than 500 employees and three manufacturing facilities, in California, Tennessee, and Australia, Malibu builds boats to help you live a #lifewithoutlimits on the water. [NASDAQ: MBUU] | @malibuboats | #evolutionproseries

Malibu Launches New Version of Wakesetter 23 LSV, the World's Best-Selling Wakeboard Boat Ever

LOUDON, TN—(Marketwired – July 24, 2017) – Malibu Boats™ (NASDAQ: MBUU), the global leader in watersports towboat sales, has introduced the new Wakesetter™ 23 LSV for 2018, the latest version of the world's best–selling wakeboard boat ever.

The 23 LSV™ offers luxurious seating for 15 in a beautiful traditional–bow design with easy access to the spacious front lounge area. Among the new advances in the 2018 23 LSV, a deeper hull provides additional storage space, and a new interior features a versatile WakeView™ bench seat with a backrest that easily changes from facing the riding action to facing forward.

“We're proud that our 23 LSV has been both our best–selling model, and the world's best–selling towboat boat ever,” said Eric Bondy, Vice President of Sales and Marketing, Malibu Boats. The 23 LSV combines Malibu's leadership in design, wake performance and luxury in a way that clearly works perfectly for so many watersports enthusiasts around the globe.”

Only Malibu

Only a Malibu offers the exclusive Integrated Surf Platform™ (ISP) that transforms the water into the ultimate wakeboarding or surfing experience. This comprehensive system of wake and wave technologies starts with the Wake Plus Hull™ that allows the 23 LSV to generate the biggest wakes and waves in its class. Adding three sport versatility to the 23 LSV, Malibu alone also offers the choice of the Diamond Multisport Hull™ that creates world–class slalom flats.

Another Malibu exclusive, the Power Wedge II™ hydrofoil lets you carve an even bigger wake by instantly add up to 1,500 pounds of additional wake–generating water displacement. The Power Wedge II™ offers the widest range of adjustment on the market to customize the size, length and shape of the wakeboard wake or surf wave, from Beginner to Advanced.

Controlling the ISP™ is incredibly intuitive using the Malibu Command Center™, the optional Sport Dash Rotary Dial™ or push button controls mounted on the Malibu Command Wheel™, all easily accessible from the helm. Additionally, a Malibu only innovation, the Surf Band Wrist Remote™, lets the rider adjust the Power Wedge II™, Surf Gate™, and boat speed right from the board and new for 2018, Surf Band™ also adjusts volume of the rear–facing tower speakers. Like Surf Gate, Surf Band has been imitated by competitors, but never equaled.

For wake surfing, nothing matches the wave–making power of Malibu's revolutionary Surf Gate. Tap on the Command Center™ to engage the high–speed, hydraulic Surf Gate to customize the wake into a big, barreling surf wave and with the touch of a button make a smooth transition from one side of the boat to the other.

Below deck, L–shaped ballast tanks hold more water, enabling the 23 LSV to carve an even bigger wake. When augmented by the optional plug–n–play ballast bags, the tanks integrate an industry–first gauging system that allows the driver to accurately measure and read ballast tank and plug–n–play levels with ease. The new system enables wake customization never seen in the industry.

The new 23 LSV leads with tech and luxury, including the G3.5™ or G4™ tower options that feature stainless–steel construction, plus an easy–to–use folding tower latch. Choose your color, add optional lighting and your choice of speakers to fully customize the tower. Malibu Soft Grip™ material for the flooring, transom pads, and swimboard enhances comfort and function in the cabin, and at the helm. A model specific, custom tuned audio system by Wet Sounds® features multi–zone volume control, a transom remote, and new Rev 10® tower speakers to maximize the listening experience.

Like all 2018 Malibu models, the 23 LSV is backed by the industry's best warranty, including lifetime hull coverage, and is available now at all authorized Malibu dealers.

About Malibu Boats

Based in Loudon, TN, Malibu Boats is the world's largest manufacturer of watersports towboats, selling one out of every two worldwide through a global dealer network. Malibu also designs and manufactures as the Axis Wake Research brand. With more than 500 employees and three manufacturing facilities, in California, Tennessee, and Australia, Malibu builds boats to help you live a #lifewithoutlimits on the water. [NASDAQ: MBUU] | @malibuboats | #evolutionproseries

D2L's Brightspace Summer17 Gives Instructors More Time to Reach Every Learner

LAS VEGAS, NV—(Marketwired – July 20, 2017) – FUSION 2017 D2L, a global learning technology leader, has unveiled the Summer17 release of Brightspace, its award–winning learning management system (LMS). With the Summer17 enhancements, instructors save time on common tasks to enable them to reach every learner.

“Our D2L teams have been working closely with instructors and learners of all ages in hundreds of design sessions. They made it clear they want to spend more time personalizing learning,” said John Baker, CEO of D2L. “We've listened to our customers and the new abilities in Brightspace make it easier for instructors — in schools, on campuses, and in workplaces — to connect with all of their learners and help them reach their potential.”

TIME–SAVING FEATURES FOR K–12 TEACHERS

“Designed to help K–12 educators reimagine blended learning, Brightspace helps instructors deliver a personalized experience for each student — with fewer headaches, and in less time,” said Ken Chapman, VP of Market Strategy at D2L. “Brightspace can be used by students, teachers, parents and administrators at any grade level. It's one central platform that's easy and mobile–ready.”

BRIGHTSPACE ACTIVITY FEED
Brightspace for K–12 is a game–changer for teachers as well as students. The new Activity Feed in Brightspace is designed like a social media platform, to be easy to use and set up. The Activity Feed provides a place on the course home page for teachers to communicate easily with students about reminders, upcoming assignments, new content or discussions in an engaging, familiar format to keep all their students on track. Teachers benefit from simple integration with Google Drive and the ability to easily link to YouTube, other videos, their favorite sites, and more.

BRIGHTSPACE LESSONS
Brightspace Lessons jumpstarts the classroom by loading content for teachers. It helps create an amazing blended learning experience using content from publishers, school–provided content, Open Educational Resources (OERs) and their own materials. The drag–and–drop features make it easy for teachers to add, change and arrange content. Suggested pacing helps them to see how the materials fall into their class calendar so they can adjust where necessary. Finally, Lessons provides useful visualizations to see how a course's content aligns to standards, and teachers can map their own custom content with just a few clicks. Setting up lessons for a classroom has never been easier, faster or more intuitive than in Brightspace.

MORE EFFICIENCY FOR HIGHER ED

“Data Access is a well–constructed series of datasets that will allow combining Brightspace data with other data sources,” said Cheryl Ainoa, COO of D2L. “We know that our customers want to do their own mashups so we're now offering smart access to data. D2L is the only LMS that includes it as part of the core offering and it's a part of Summer17.”

DATA ACCESS
Today D2L announces access to 50+ category–based datasets. This will enable customers to combine Brightspace data with their own data sources and achieve their organizational goals.

While some vendors provide visualizations and others provide data, Brightspace offers both — gorgeous visualizations and category–based data extracts for business intelligence tools. Institutions will be empowered with the information they need to make better decisions.

As the only LMS vendor included in the 2016 OVUM Student Success Report, D2L continues to lead the LMS industry in learning analytics and predictive analytics, and for designing Brightspace to put the key data in the hands of instructors or advisors when they can make the most impact for their learners. Instructors, as well as learners, can achieve better results such as improved retention, graduation rates, and completion rates when knowledge from data is connected to action.

BRIGHTPSPACE QUIZZING
It's now faster to create a quiz in Brightspace. Shuffling the order of quiz questions is a great way to improve the integrity of a quiz and keep it fresh, and now it's as easy as clicking a button. Within the new Quiz tool, instructors can save setup time by copying and pasting from other sources, such as Microsoft Word, and retain formatting and images when creating a quiz.

DAYLIGHT: THE INDUSTRY'S BEST VISUAL DESIGN
D2L's new any–device Daylight interface was created using cutting–edge responsive design so that the experience will be similar for learners regardless of the device they use, whether they're on a mobile phone, tablet, Chromebook™ or PC. Since not all families have access to the latest devices, this equalizes learning for all.

SIS INTEGRATIONS
D2L introduces new configuration options that will enable system administrators to set up integrations quickly and efficiently. For K–12, the recently Certified adapter for IMS OneRoster 1.1 creates an opportunity for integrating with any OneRoster 1.1 compliant SIS (or Integration as a Service Platform) that provides OneRoster 1.1 Rostering data via REST or CSV. This standards–based approach lowers the barrier to adoption for schools and districts. For Higher Education, The new adapter for Ellucian Intelligent Learning Platform (ILP), gives Colleague™ and Banner™ customers real–time provisioning of users, courses, enrollments and more. The instructor–driven grading workflows support sending last date of attendance, midterm and final grades back to the Student Information System (SIS), reducing redundant and error prone data re–entry by instructors.

A UNIFIED LEARNING EXPERIENCE FOR EMPLOYEES

“Brightspace gives the modern workforce the learning experience platform it requires — based on personalizing learning, easy content creation and curation, rich video support and valuable insights from data — to engage and grow employees,” said Koreen Pagano, Product Management Director, Corporate, D2L.

MANAGER DASHBOARD
With the new Manager Dashboard[1], managers can save time by easily managing course enrollment and tracking course completion for teams, organizational groups, and individual users. Managers can create and manage groups based on flexible attributes such as team, sales region, hire date, or other custom attributes.

Rules–based assignment makes it easy to automatically enroll employees based on attributes or reporting structures, ensuring that the right people are getting the right learning content. Activities such as onboarding new hires, skills development and coaching, and leadership development have never been so easy to manage.

D2L IS AN INNOVATOR
D2L's track record of innovation has been widely recognized. In March 2016, Fast Company Ranked D2L #6 on the Most Innovative Companies of 2016 list in the Data Science Category, amongst Google, IBM, Spotify, Costco and Blue Cross Blue Shield. eLearning Magazine rated D2L as #1 in Adaptive Learning, and Brightspace was recently named the #1 LMS in Higher Ed by Ovum Research.

To learn more about the features within Brightspace Summer17 please visit: www.D2L.com/seasonalrelease. To learn more about Brightspace, visit: https://www.D2L.com/brightspace.

ABOUT D2L
D2L is the software leader that makes learning experiences better. The company's cloud–based platform, Brightspace, is easy to use, flexible, and smart. With Brightspace, organizations can personalize the experience for every learner to deliver real results. The company is a world leader in learning analytics: its platform predicts learner performance so that organizations can act in real–time to keep learners on track. Brightspace is used by learners in higher education, K–12, and the enterprise sector, including the Fortune 1000. D2L has operations in the United States, Canada, Europe, Australia, Brazil, and Singapore. www.D2L.com

Twitter: @D2L

© 2017 D2L Corporation.

The D2L family of companies includes D2L Corporation, D2L Ltd, D2L Australia Pty Ltd, D2L Europe Ltd, D2L Asia Pte Ltd, and D2L Brasil Soluções de Tecnologia para Educação Ltda.

All D2L marks are trademarks of D2L Corporation. Please visit D2L.com/trademarks for a list of D2L marks.

[1] Currently available in North America for new clients only

Image Available: http://www.marketwire.com/library/MwGo/2017/7/20/11G142987/Images/img–summer17–pr–8167118b4733b72fa3ac0c4b99617b28.jpg

Envision Solar Adds a Major Japanese Auto Manufacturer to its List of Automotive Customers

SAN DIEGO, CA—(Marketwired – July 20, 2017) – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewably energized EV charging, outdoor media and energy security products company, announced that a major Japanese auto manufacturer has purchased the Company's EV ARC™ product. The EV ARC™ product is being used to provide clean solar powered electric vehicle (EV) charging for employees. Due to confidentiality requirements, the Company is unable to name the customer.

“We are very happy that another auto industry leader has selected EV ARC™,” said Envision Solar CEO, Desmond Wheatley. “The growth in EV sales and the opportunities around second life batteries make automobile OEMs very valuable strategic partners for us. We add this industry leader to our growing list of OEM customers which include BMW, General Motors and Fiat”

According to the Center for Sustainable Energy second–life battery research is important because electric vehicles (EVs) are entering the car market in increasing numbers. Although the batteries used in EVs usually only have a vehicle lifetime of 8–10 years, they still have significant capacity remaining for alternative uses. Finding secondary uses for the EV batteries reduces their up–front cost and provides benefits to. Envision Solar believes that significant future opportunities exist for the integration of second life batteries into its products for certain applications. Cost reductions and increased sustainability could be amongst the significant benefits derived by the Company.

Invented and manufactured in California, the EV ARC™ fits inside a parking space and generates enough clean, solar electricity to power up to 225 miles of EV driving in a day. The system's solar electrical generation is enhanced by EnvisionTrak™ which causes the array to follow the sun, generating up to 25% more electricity than a fixed array. The energy is stored in the EV ARC™ product's energy storage for charging day or night and to provide emergency power during a grid failure. Because the EV ARC™ product requires no trenching, foundations or installation work of any kind, it is deployed in minutes and can be moved to a new location with ease. EV ARC™ products are manufactured in the Company's San Diego facility by combat veterans, the disabled, minorities and other highly talented, mission driven team members.

About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company who's unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage and EnvisionMedia solar advertising displays.

Based in San Diego the company produces Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information visit www.envisionsolar.com or call (866) 746–0514.

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