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Nanotech Aegis Corp (OTCQX:NTSFF) Q4 2018 Antithesis Arrangement Alarm December 19, 2018 5:00 PM ET



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Executives

Doug Blakeway – Chairman and CEO

Troy Bullock – President and CFO



Monika Russell – VP Finance

Analysts

Gianluca Tucci – Echelon Wealth Partners

Ben Jekic – GMP Securities

William Gibson – ROTH Basic Partners

Jordan Steiner – Lester Asset Management

Operator

Good afternoon and acknowledge you for abutting us to altercate Nanotech Aegis Corp’s after-effects for the Fourth Division and Year-End concluded September 30, 2018.

On this alarm today, we accept Doug Blakeway, Nanotech’s Chairman and CEO; Troy Bullock, Nanotech’s President and CFO; and Monika Russell, Nanotech’s Vice President Finance. At this time, all participants are in a listen-only mode. Afterward the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to chain up.

I would now like to about-face the arrangement over to Monika Russell.

Monika Russell

Good afternoon anybody and acknowledge you for accessory our arrangement alarm for the fourth division and year concluded September 30, 2018. Doug Blakeway will activate the alarm today with an overview of our year and a abrupt altercation of our results. He will additionally accommodate capacity of the administering changes and alteration we arise today. I will afresh accommodate a abundant analysis of our cyberbanking achievement for the division and year. Afterward the cyberbanking review, Troy Bullock will accommodate an angle and our antecedent goals and expectations for 2019. Afterward the academic presentation, we would be admiring to booty questions.

However, afore we allocution about results, I’d like to admonish anybody that assertive statements in this alarm may be advanced in nature. These accommodate statements involving accepted and alien risks, uncertainties and added factors that could annual absolute after-effects to alter materially from those behest or adumbrated in our advanced statements. For caveats about advanced statements and accident factors, amuse see our MD&A for the year concluded September 30, 2018, which can be activate on our aggregation contour at sedar.com.

Also, as allotment of the Company’s business involves ambidextrous with aegis appearance for banknotes, you’ll acknowledge that we are actually bound in our adeptness to accommodate capacity about specific barter and prospects. That said, we will do our best to accommodate investors with accepted acknowledgment we are accepting from our customers, the industry, new opportunities that we are advancing and accord some accepted ambit on how these development affairs frequently beforehand into abounding deployment on aegis appearance on banknotes.

I’ll now canyon the alarm over to Doug Blakeway. Doug?

Doug Blakeway

Thanks, Monika. Acceptable afternoon everyone. Q4 was a able division for Nanotech. We arise almanac acquirement of over $3 actor in the quarter. Gross allowance was 78% and the Aggregation arise net assets of $770,000. This was additionally the sixth afterwards division of a absolute adapted EBITDA for the Company. We concluded the division and year with a able antithesis area with clamminess of $9.6 actor and no debt.

On an anniversary basis, we concluded budgetary 2018 with revenues up 25% year-over-year, and we generated adapted EBITDA of $2 million. This was in band with the guidelines that we accept provided at the alpha of aftermost year. Nanotech benefitted from several key developments in 2018 that accept adequate the Aggregation and set it up for approaching growth.

First we accomplished on our $30 actor development arrangement and it continues to beforehand as expected. This arrangement is to beforehand banknotes aegis appearance that absorb our KolourOptik and optical attenuate blur or OTF technology. We accept we are absolute able-bodied positioned with this chump and advanced this development assignment may beforehand to Nanotech accouterment aegis appearance on their approaching banknotes.

In 2018, we additionally started to alteration the Aggregation into a artefact and business company. We launched our aboriginal branded banknote product, entered into administering agreements for the Indian bazaar and added Joe Vosburgh to the Aggregation as Vice President Marketing. Mr. Vosburgh brings over 20 years acquaintance in the acknowledged development and commercialization of beforehand technologies.

In the third quarter, we apparent M2, our aboriginal KolourOptik artefact for the banknote market. This ultra-thin aegis affection which combines multi-directional movements with bright bright images and incorporates aerial analogue nano-text and nano-QR codes apparent by smartphone cameras, is a aboriginal in the market. Industry experts responded absolute agreeably at the artefact barrage and aback absolute the new product, we accept had absorption from both arising authorities and abeyant banknote partners.

We’re aflame about the bazaar abeyant for M2, decidedly as we accept accurate that we can aftermath it in formats and quantities that can be activated to any banknote substrate. We additionally attending to alter above the banknote bazaar this year. In Q2, we accomplished our accumulation and authorization agreements with our Indian ally Holostik and Kumbhat to initially abode the tax cast and biologic markets. Both Holostik and Kumbhat are slight — are currently bartering the Indian government with tax stamps and accept a cogent chump annual that includes biologic and chump artefact companies.

Kumbhat and Holostik are additionally advancing added opportunities in India alfresco of the tax cast bazaar appliance optical attenuate blur and KolourOptik products. Revenues from these ally which we initially advancing to arise in 2018 accept been delayed. Currently, these ally accept amorphous to bazaar Nanotech’s KolourOptik and optical attenuate blur technologies in chump proposals.

As abounding of you know, for the aftermost two years, we’ve been alive with our accomplice Hueck Folien to participate in volume, optical attenuate blur and licensing opportunities. While we abide to abutment Hueck Folien to beforehand the affection of their aerial aggregate production, we are no best actively aggravating to authorize as an optical attenuate blur supplier for the Chinese 100 Yuan banknote or added frequently accepted as the ample Asian chump opportunity. We are instead advancing added aggregate and licensing opportunities with Hueck.

We additionally fabricated cogent basic investments in 2018 including a advanced ebeam lithography arrangement acclimated in authoritative KolourOptik images forth with added development and assembly accessories for our KolourOptik and optical attenuate blur advancements. These investments will ensure we are able to abide to aggrandize analysis and development and calibration our centralized production.

I’m admiring with the after-effects and achievements in 2018 and accept the Aggregation is able-bodied positioned both financially and operationally to assassinate on its beforehand plans. 2018 was a alteration year for the Aggregation and as you saw arise today, the Lath and I accept adopted a assumption plan area I will alteration my responsibilities to our accepted President and CFO, Troy Bullock, able January the 2nd, 2019. Beneath this plan, I shall abide with the Aggregation as Founder and Chairman and will abetment the alteration through the afterwards few months.

What we accept accomplished aggregation so far has been tremendous. The abutting date of our change as a aggregation requires an accomplished operating controlling like Troy to apparatus our sales action and beforehand the alignment for approaching growth. I’m admiring to advertise that the lath has accustomed my advocacy of Troy to be that leader. I’m actually assured that he will beforehand our aggregation to added success.

In 2018, we additionally adequate the administering aggregation with the accession of Monika Russell as VP Finance. Monika has over 15 years of acquaintance in cyberbanking advertisement and authoritative acquiescence in accessible aggregation environments. Aback her appointment, she has excelled as a baton in our accounts administering and will now accept the role of acting CFO.

In closing, I would like to acknowledge our stakeholders in acknowledging our abiding eyes and the beforehand to-date and assurance they will abide their abutment through our abutting date of growth. I will now canyon the alarm to Monika Russell to accommodate the abundant cyberbanking after-effects for the fourth division and year end 2018. Monika?

Monika Russell

Thank you, Doug. Afore I begin, I would like to acknowledgment that all the dollar amounts I accredit to are in Canadian dollars unless contrarily stated.

Starting with our anniversary results, revenues for the fourth division of 2018 were 3.1 million, up 16% from the fourth division of 2017. This admission was primarily due to the timing of a alternating anniversary OTF adjustment which was accustomed in the fourth division of 2018 against the third division of 2017. Gross allowance for the fourth division was 78% which was 6 credibility lower than the fourth division of 2017 as a aftereffect of changes in our acquirement mix. Our operating costs for the fourth division of 2018 were in band with the fourth division of 2017. We were able to administer our costs alike afterwards abacus added agents and accretion our lab amplitude in 2018.

Net assets for the fourth division of 2018 was 770,000 compared to a net accident of 301,000 in the above-mentioned year. The aberration was primarily due to added acquirement and bargain abrasion and acquittal expenses, absorption the Company’s crumbling antithesis abrasion action and the abstract assets actuality actually amortized as of September 30, 2017. Adapted EBITDA for the fourth division of 2018 was 1.3 actor compared to 1.1 actor in the aforementioned aeon of 2017. The aberration is primarily due to added acquirement in the accepted quarter.

Turning to our anniversary cyberbanking performance, our 2018 acquirement was 25% college than the above-mentioned year as a aftereffect of broadcast development arrangement revenue. Gross margins for 2018 remained able at 78% compared with 81% in the aforementioned aeon aftermost year. Analysis and development expenditures of 1.4 actor for 2018 were 5% lower than 2017. This abatement was mainly due to a above allocation of salaries and added costs actuality allocated to costs of sales for paid development projects.

General and administering expenditures for 2018 added by 10% to 2.5 million. This admission was due to salaries, added trends and added expenditures accompanying to the amplification of our Burnaby lab facilities. Sales and business expenditures of 2 actor for 2018 were constant with the above-mentioned year spend. Abrasion and acquittal expenditures for 2018 were 1.5 actor compared to $2.8 actor in 2017. As acclaimed earlier, this reflects the Company’s crumbling antithesis abrasion action and the abstract assets actuality actually amortized as of September 30, 2017.

Other assets for 2018 was 372,000, an admission of 1.6 actor compared to added costs of 1.2 actor in 2017. The admission is primarily due to the claim of debt in the third division of 2017. Adapted EBITDA for 2018 was 2 actor compared to 1.2 actor during 2017. The beforehand reflects an admission in development arrangement revenues partially annual by an admission in accepted and administering expenditures.

Net accident for 2018 was 46,000. A cogent beforehand compared to a net accident of 4.8 actor during 2017. The beforehand in our basal band reflects the 25% acquirement growth, bargain absorption and lower acquittal expenses. The Aggregation charcoal debt chargeless and we concluded the year with a able clamminess position of 9.6 million. Overall, clamminess decreased by 1.3 actor over the year. Our operations generated banknote of 1.5 actor and we fabricated basic investments of 2.7 actor during the year. We additionally invested antithesis banknote in appellation deposits, apparent as abbreviate appellation investments on our antithesis area to accomplish added absorption income.

This concludes my comments on our 2018 after-effects for the fourth division and year end. I will now about-face the alarm over to Troy Bullock, to accommodate an amend on our angle for 2019. Troy?

Troy Bullock

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Thanks, Monika, and acceptable afternoon everyone. As you heard from Doug and Monika, 2018 was a solid year for Nanotech and we abide to strengthen the Aggregation and lay the foundation for approaching growth. I now appetite to altercate Nanotech’s angle and goals and initiatives that I will be focused on in the aboriginal nine months as CEO.

As Doug mentioned at the alpha of the call, Nanotech’s position in the banknote bazaar continues to strengthen. Our action to become a key supplier in the multi-billion dollar banknote aegis affection bazaar is on track. We are accepting acceptance from axial banks from our KolourOptik images, which accommodate a abounding spectrum of colors, customizable images and assorted types of motion. This is in abrupt adverse to the bound pilot and abecedarian motion of the industry arch articles today.

In the bartering markets, we abide to beforehand the accession of our KolourOptik technologies as an beforehand or backup to acceptable holograms. We are aflame about the abounding use cases that our KolourOptik technology makes accessible potentially accretion our addressable bazaar above aloof holograms. In 2019, we apprehend to acquaint new articles into both the banknote and bartering markets to accomplish cogent beforehand into architecture out our sales organization.

Management has accustomed the afterward goals for the 2019 budgetary year. First, we will actualize a absolute sales force to beforehand the sales action by absorption on absolute sales in accession to alive with key partners. The Aggregation will additionally put in abode a added scalable sales action that will focus on diversifying our chump abject and demonstrating our aggressive advantage to the banknote bazaar — sorry, the banknote artefact band sales and bartering sales.

Today, we are focused on ample opportunities, developing customized offerings on an accepted timeline. We will beforehand a added acceptable sales action with authentic articles targeted at both baby and ample barter by creating the all-important processes and admission development strategies required.

Second, in the banknote market, we accept two areas of focus, arrangement development activities and creating committed banknote artefact line. Currently, we accomplish best of our acquirement from development affairs with a distinct chump with a ambition of accumulation a Nanotech Aegis affection on their coffer note. This assignment is advanced absolute able-bodied and the chump has narrowed the ambit for their development activities which could see us move to accomplishment assembly aggregate samples in budgetary 2020.

We additionally plan to cast our currently unbranded articles such as OTF and extend the artefact curve with a new adaptation of M2. We accept that creating banknote products, a banknote artefact band we’ll be able to advertise the assorted applications for a technology in a address that our barter can calmly chronicle to.

These types of opportunities arise frequently on a approved abject and approved timeline. There are bound cardinal of aggressive variables which accommodate the spectrum of colors accessible with a customized angel can be acclimated and the types of motion available. We apperceive that we can attempt absolute agreeably on all three areas. Our artefact band will additionally accredit axial cyberbanking barter to accept a abounding card of options based on their needs and bulk parameters.

Third and affective on to the bartering market, we plan to barrage a new band of artefact offerings featuring our KolourOptik technology which will be accurately targeted at the bartering market. We’re additionally in the action of accepting a reliable and appropriate accomplishment band-aid for bartering admeasurement quantities of KolourOptik labels.

Previously, we relied on ample ally that were acutely big-ticket or took several months for delivery, authoritative affairs to abate bartering barter difficult. By implementing these strategies, we accept we will be able to advertise anon to a bartering chump and bear a complete affidavit characterization that will accredit the chump to advertise their cast identity.

Finally, we appetite to do a bigger job of bold off our articles and technology. We are focused on that both — sorry, we’ve activate that both our abeyant barter and abeyant investors crave advice visualizing how our articles fits with banknote and bartering goods. Rather than arise with a role of labels or images, we appetite to appearance KolourOptik articles congenital into the banknote itself or on the packaging itself. So bodies can actually see the use case. We additionally enhance — we additionally appetite to enhance our web attendance so that the barter and investors can see how our artefact compared to the competition.

I appetite to actually reiterate our aplomb in the composure and character of our technology and the cogent acquirement abeyant it has above abounding markets. We are assured that our M2 artefact and our development arrangement are on clue for the acknowledged assimilation of advocate aegis appearance on to a banknote which would beforehand to abiding alternating revenue.

Diversification into bartering markets is additionally accepted to advice antithesis revenues and earnings. However, in the short-term, while administering builds out a sales action and artefact offering, the Company’s cyberbanking achievement may be variable. Accustomed these initiatives, administering is forecasting the afterward for 2019.

First, based on our accepted afterimage and conservatively bold no added affairs that we would win during the year, acquirement may abatement by 10% to 20% compared to 2018. The Aggregation will abide to accomplish best of our 2019 acquirement from development affairs with our arch customer. While we’re accepting afterpiece to extensive the ambition of accumulation a Nanotech Aegis affection on this customer’s banknote, beforehand appear this ambition corresponds with the chump absorption the ambit of development activities with an ambition to baddest the final aegis feature. This alternative could see us move to accomplishment assembly aggregate samples in budgetary 2020.

While absorption on the aegis appearance is a absolute development because the ambit of assignment has been bargain all-embracing 2019 acquirement maybe somewhat abnormally impacted. We abide accomplish beneath an acceding to accommodate up to $30 actor of analysis and development services. As of September 30, 2018, alone 10.5 actor of this acquirement has been recognized, which leaves a added $20 actor accessible for the future.

We are currently forecasting an adapted EBITDA accident of about $1 actor for 2019. Abeyant crumbling revenues and added beforehand and broadcast sales efforts and artefact offerings are advancing to abate near-term profitability. As we admission into 2019, we are assured with our accession in the market. We accept a awful differentiated technology and are assertive to add the products, commitment and sales assets to capitalize on it.

With that, I would like to end my alarm or my allocation of the alarm by saying, I’m absolute aflame by Nanotech’s befalling and I appetite to acknowledge Doug, the Lath of Directors, and administering aggregation for the abutment and aplomb they’ve apparent in me. We are already able-bodied on into the beforehand of commercialization strategies, so 2019 should be a year of agitative developments.

With that, I’d like to canyon the alarm aback to the abettor James to accessible up the alarm for questions. James?

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] And we’ll booty our aboriginal catechism today from Gianluca Tucci with Echelon Wealth Partners.

Gianluca Tucci

I assumption aboriginal on the abrupt CEO announcement. What prompted this change and is there any change in action or eyes action advanced for the Company?

Doug Blakeway

Hi, Gian. It’s all centered about what we’ve accomplished as a aggregation so far, it’s been tremendous. We accomplished aboriginal date commercialization based on our able-bodied technology belvedere and our advancing R&D arrangement with an arising ascendancy is advanced well. We’ve got a agitating able antithesis area and accomplished absolute operating banknote breeze during this year. It’s consistently been the ambition that I transitioned above to a new CEO in the advancing months. And we acquainted because of these conditions, this was a absolute appropriate time to transition.

However, to accomplish the abutting date of change for the Company, we will annual from accepting that accomplished operating controlling like Troy to apparatus our sales action and beforehand the alignment for approaching growth. I’m actually admiring that the Lath has accustomed my recommendations of Troy and I’m actually assured that he will beforehand our aggregation to added success. So in adage that, it all centered about the altitude and affective into the abutting date of affective advanced and the altitude were all right, so the timing was absolute for this time.

Troy Bullock

And Gianluca, it’s Troy, I’ll aloof add to that. I beggarly Doug and I had a abundant advantage of alive with Doug for the aftermost four years, and we’ve been alive on the action and the administration calm and establishing area we appetite to booty the technology and the admission to the marketplace. I anticipate the change action advanced is now I’m action to be a bit — I’m action to be added actively complex in the sales ancillary of the alignment and active and active the acquirement line. Strategically, I don’t anticipate any absolute changes or any cogent changes. It’s actually action to be abacus to the execution, if you will to the to the auction ancillary of the organization, developing the articles and active against the beforehand for the Company.

Gianluca Tucci

Yes, so that what it seems like and it’s aloof on that point, it seems like you’re above relying heavily on your ally to advice advertise your technology and developing a absolute sales archetypal there. So how does this change the economics of how you accomplish your acquirement action advanced by action absolute as against to relying on ally advice to advertise your technology?

Troy Bullock

Yes, a acceptable question, and I wouldn’t say we’re action to not await on our partners. What we activate in the accomplished is that we were ever codicillary on those partners. And so, we’ve got abundant acceptability with abounding of the ample players in the industry. We advertise some artefact to them. We actually accomplice with them. We accommodated with them on a approved abject and they actually accept cogent absorption in our technology. However, they about accept their own technologies and for us to try and assignment with them, it’s we’re about at allowance as to accepting their abounding attention.

So what we appetite to advance advanced with and we would array of authorize that apparently 6 or 9 months ago and are aloof now starting to put it into aftereffect is that, we appetite to accept a bifold angled approach. One, area we appetite to accept our own sales force, we accept the adequacy to go anon to a axial coffer and accommodate them with a accomplished artefact or we can accomplice with an agent that can accommodate our technology into their artefact or aftermath article for us.

So, it’s not like we accept to go one against the other. We appetite to advantage those acceptable partnerships that we’ve already created, but we additionally appetite to accept the adeptness to bear absolute to the end chump as needed.

Gianluca Tucci

And afresh aloof one added and afresh I’ll hop aback in the queue. Advice for budgetary 2019 is alone bold alone the development affairs to one customer. How is it advancing and area are you at the India tax cast opportunities and all of the added verticals that you’re block and the chump appurtenances and the pharma specifically?

Troy Bullock

Yes, a few questions there. You’re right. I assumption aboriginal and foremost on the advice side, as I accent in the aperture remarks, we’re at a absolute acceptable date with the customer. We’ve been alive now with them for the bigger allotment of I assumption two and a bisected years, a little added than that I guess. And they’ve been attractive at a cardinal of altered technologies and attractive at what we adeptness be able to do with the technology for abeyant appliance for their banknotes.

I anticipate at this point, we’re actually assured now that they’re absorption the focus of that bottomward to a distinct specific set of technologies and the beforehand that we’re seeing by the axial coffer is absolute encouraging. I beggarly they’ve actually told us that they would like to put us advanced as a recommended aegis feature. We’re additionally now affair progressively with added chief bodies aural the departments of government.

Last year, our chump had us researching several altered technologies, featuring several altered technology features. Now, we accept narrowed that significantly. In this date for us, we’ll activate to authenticate our adeptness to aftermath aerial aggregate samples. So, it’s array of affective from an R&D date to added of a assembly and aggregate sample stage.

And this absorption of focus may aftereffect in near-term acquirement decline, but it’s a cogent beforehand in that we’ve accomplished a anniversary and positions us able-bodied to move advanced to get assimilate their banknote. So, it’s amazing what we’ve accomplished and there is a abbreviate appellation appulse on revenues, but it’s actually a above beforehand for us to move advanced assimilate that banknote.

Outside of the banknote, actually our admission is to you apperceive as we array of categorical in the aperture comments, is multifaceted. We appetite to booty what we’ve abstruse so far over the aftermost cardinal of years and analyze articles that we can bazaar both a specific set of articles to go into the banknote amplitude and a specific set of articles to go into the bartering space.

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And with those products, we’re afresh able to accept our own sales force but additionally assignment with ally and go in and advertise a specific artefact as against to a advanced alignment technology that we could actualize abounding altered things out of it. And by accepting added focus and a specific artefact offering, we’re able to advantage those articles to see added barter and alluringly alter our chump annual and body out a abundant broader sales funnel.

Gianluca Tucci

Okay, so the advice is excluding any appulse of added affairs anchored in 2019, budgetary 2019. Is, yes, that’s the bourgeois apprehension or a bourgeois admission to budgetary 2019, but is there a astute admission to budgetary 2019?

Troy Bullock

Yes, you know, it’s there. I mean, we still do accept some assignment to do to accomplish the acquirement anticipation that I outlined, but we’re not bold new contracts. Realistically, we’re architecture on our sales alignment you apperceive anon starting in January, and it is action to booty some time and either way as I attending advanced to this year, there’s a absolute 6 months — 6 to 9 months larboard in the budgetary year.

So, our adeptness to appulse are action to be limited, but there’s action to be a cardinal of things that we are intending to do behindhand of what the sales are action to be in the abreast term. We apprehend to accommodate cogent validation of our action through abacus a sales baton abreast appellation artefact launches, business materials, abacus some abate sales wins forth the way and demonstrating beforehand of the demand.

So it’s action to be a analytical admission to architecture out that alignment over the abutting six months. As you run that all bottomward to numbers, it’s adamantine to say, I’ve array of accustomed you a faculty for what we accept bright afterimage on now and now we’re action to go out and advance the added markets that, both the bartering bazaar and the banknote market, added players in the banknote bazaar to alter our chump base.

Operator

Next, we’ll apprehend from Ben Jekic with GMP Securities.

Ben Jekic

Good afternoon. I aloof accept a brace of questions Troy for you I guess. Aloof on architecture the sales force. Can you accommodate some — so I will array of ask a few sub questions aural it, so can you maybe accommodate some numbers as to like — are you action to bifold the bulk or how abounding bodies are you adding? And maybe the added one is. Are these action to be acclimatized professionals in the banknote and bartering bazaar or array of advancing from altered areas that are action to crave some time to get accomplished in your technology? Can you busy a little bit on that?

Troy Bullock

Sure. Thanks and yes. Let me see what I can add to that. One of the aboriginal things that I appetite to do and I plan is and afresh I plan to do it anon is to appoint an accomplished sales baton who can both actively participate in cogent annual sales, but additionally has the acquaintance and authoritative abilities to body out and run the sales team.

In accession to that, we’ll be hiring added sales abutment agents to abutment the individual. And afresh alone already we feel like we’ve created a repeatable sales arrangement will we go advanced and alpha abacus added sales staff, but I’m hopeful that that will booty amid 6 months to 9 months and we intend to be acutely focused on biting the market.

And the blazon of alone that I accept in apperception and we’re attractive for is actually an accomplished salesperson, not necessarily somebody from the industry. We’ve already got Igi LeRoux, who is our Chief Business Development Officer, who is abundantly able-bodied affiliated in the marketplace, has a amazing acceptability and can get us into any axial coffer about the world.

And so accepting a accomplice with him that is a accurate sales able is action to be acutely important for us to starting to catechumen our sales calls, if you will, our business development calls into absolute alternating sales but additionally into affiliation opportunities with these customers. And afresh from a bulk astute standpoint, Ben, currently we’re about 28 people, I array of I’m allotment at this date that by the end of the year we’ll be up afterpiece to 35 people. Actually the alone chief actuality that we accept in apperception at this date is the sales baton that would accompany the organization.

Ben Jekic

So that’s as a accomplished for the accomplished aggregation and added 7 people?

Troy Bullock

That’s correct.

Ben Jekic

Okay. And afresh my added catechism is aback you mentioned that the affectionate of clip of about-face of sales calls into revenues, can you afresh as specific as you can be — can you accord maybe a ambit between, are some of the projects you’re alive on article that can be converted, aural three months, six months, nine months, like what would be affectionate of this eventually akin of business and article that adeptness arise later? I’m aloof aggravating to barometer like, is there, a achievability that you actually beat your adequately bourgeois estimates for 2019?

Troy Bullock

I think, Ben, there’s actually affectionate of two abandon to the market, if you will. There’s the banknote ancillary and afresh there’s the bartering side. So aloof talking about in the banknote side, so one of the things that we’re seeing in the banknote amplitude is, we acclimated to acquisition maybe action aback a brace of years ago but it was actually a connected sales cycle, a connected period, a archetypal country would take, accept their banknote in apportionment for 7 or 8 years.

And depending on aback you got in acquaintance with them, you adeptness accept a adequately diffuse auction aeon afore you got on to that banknote. We’ve been seeing in the markets been seeing that appliance actually decidedly over the aftermost few years. And appropriate now, that’s apparently bottomward to afterpiece to four to bristles years.

Now, that doesn’t necessarily beggarly on a banknote ancillary that you accept to delay 4 to 5 years to get into that banknote. It aloof agency that that’s about the action of that agenda in the marketplace, and so, we’ve apparent examples where, actually on our, with some of our articles like the attenuate blur area we’ll be talking to somebody and they’re attractive for articles aural six months. And we’re behest on that, we’re alive with them, we’re aggravating to go to testing. But there are actually near-term opportunities that would arise aural a six months timeframe.

And at the aforementioned time in the banknote space, there’s added opportunities for things like commemorative banknotes which afresh accept a abundant beneath cycle, and there with a commemorative banknote, countries are attractive to bless some appropriate accident and they’re about abate volumes, but they’re additionally absolute accommodating to absorb new technologies.

And so as we attending into accretion our banknote market, the opportunities for us to barrage articles assignment anon with axial banks, assignment with our partners, accompany the commemorative banknotes, but additionally accompany the acceptable banknotes but through ally and affairs it as a artefact as against to a customized technology.

On the bartering ancillary of the business is actually different. The bartering ancillary of the business as we’ve talked in the past, we’ve got amazing appliance for our product. And one of our challenges in the accomplished is that we’ve met with such a ambit of altered abeyant barter that we we’re alms them a ambit of altered offerings. And we’ve abstruse a lot from that over the accomplished cardinal of years.

That’s accustomed us to accumulate that information, accompany it aback and assertive now clarify that advice into a distinct artefact alms that we anticipate would accept accumulation address into those bartering markets. We’re not action to be alms everything, but we’re action to be alms a distinct set of articles targeted accurately for the bartering market. And added chiefly or appropriately importantly, accepting the adeptness to bear that to them immediately.

And in that ancillary of the market, we could see the sales aeon there actuality several months 2, 3 months demonstrating a artefact accepting absorption from a chump and afresh carrying anon thereafter. Those sales adeptness be smaller, but some of those opportunities are actually ample as well. But accepting a absolute sales force and actuality able to alarm in on assorted barter and authenticate to them that we accept a complete artefact alms targeted at that bazaar is action to go a connected means to allowance that.

Ben Jekic

Okay. And the aftermost catechism I accept is in agreement of your ample chump for whom you’re accomplishing the development contracts. So you’re advertence that in 2020, you’re action to appoint in breeding assembly akin samples. Can you, that still not money in apportionment with your advised feature, is that correct? And how, like, what’s the affectionate of the best optimistic dejected sky book at which point you could, like if you are, if you win that mandate, aback will that affirmation in revenues?

Troy Bullock

So, Ben, let me accommodate a bit of blush to that. At this stage, we’re not acceptable to acknowledge the absolution date of the approaching banknotes. They are starting to acknowledge it to us, but we’re not in a position area we can acknowledge it publicly. What I can allege to about though, is how it may appulse our revenues. During budgetary 2019 due to the absorption of the development activities, we may see a decline.

But as we move into 2020, we would attending to apprehend to be accomplishment aggregate samples, which would beggarly cogent assembly action in our Thurso facility, which in about-face would beggarly cogent acquirement opportunity. I’d additionally add that in the banknote market, a arresting aegis affection like what we’re talking about actuality would about command about amid CAD7 actor and CAD15 actor for a billion banknote.

And so we haven’t appear to who our chump is but that gives you a bit of a faculty as to what that befalling is already you’re assimilate that banknote. And I assumption the point I’m additionally authoritative is that the acquirement admission and the acquirement admission up can arise and will arise decidedly afore that coffer agenda is in circulation.

Ben Jekic

And aloof if I can accelerate in one more, afresh aloof to reiterate. To my understanding, you are the alone aggregation in that process, like there is no — there are no alive with addition partner. I beggarly at which point they adeptness adjudge amid the two of you or the three of you?

Troy Bullock

That that is our compassionate that’s what we’ve been told explicitly.

Operator

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We’ll now apprehend from William Gibson with ROTH Basic Partners.

William Gibson

Thank you. Could you accord us a little added blush on the tax cast and pharma bazaar in India? Aloof how ample is that and actually what does that beset in tax stamps? It sounds accessible but what actually goes on there and what are they aggravating to prevent?

Troy Bullock

So the tax cast bazaar while about the world, if we allocution about it aloof about the apple aboriginal and foremost is they’re bearing about 140 billion tax stamps every year. And in a tax stamp, we see them every day. There will be a characterization that’s on your amalgamation of cigarettes or your liquor canteen to authenticate to the government that the taxes accept been calm on that item. And they ambit from a cardinal of altered sizes and are about acclimated in all countries about the world. The Indian bazaar is actually a cogent bazaar about in the adjacency of 20 billion to 40 billion tax stamps are actuality produced in India. And our admission to that bazaar is afresh to adeptness out and acquisition some bounded companies that are currently bearing tax stamps in that bazaar that capital to beforehand their technology.

And the two ally that we’ve active up, we’ve formed with them for the bigger allotment of 18 months, condoning them and ensuring that they could aftermath our technology in their assembly facilities. And that action has may be demography us a little best than we would accept hoped, but we are absolute annoyed and as are they that that assembly adequacy is in place. And we’re now at a date with them area they are business our articles to their barter and to added I assumption bigoted governments in India to win tax cast business but additionally pharma and packaging and antithesis accomplishment business, area they’re commonly putting on a holographic characterization of some array and they’re advance it to one of our KolourOptik technologies. That’s the business they’re behest on appropriate now.

Operator

Our abutting catechism comes from Jordan Steiner with Lester Asset Management.

Jordan Steiner

Just attractive at the columnist absolution that you talked about affective to college volumes of assembly with the ample development affairs starting in budgetary 2020. Would that betoken beneath that arrangement a footfall up in acquirement at that point against what you’re forecasting for ‘19 from that customer?

Troy Bullock

That’s what we’re anticipating. To be clear, we haven’t laid that out in a agenda for them and that’s article that we’re talking about now. As you go through that abutting date and you alteration to — that they appetite to actually analysis volumes, they actually alpha to attending at do we accept the adeptness to aftermath the quantities they’re attractive for, can we accomplish billions of these and run them through the area of testing that they would appetite to see to ensure it incorporates accurately into their banknote.

And so to do that, obviously, we would charge to appoint cogent a cardinal of bodies on the assembly band and accomplish the accessories and facility. I don’t appetite to say necessarily on a abounding time abject but a cogent bulk added than what we’re accomplishing now, which would acutely beforehand to decidedly added revenue.

Jordan Steiner

And afresh aloof cerebration historically and acutely you guys accept never been this far bottomward the alley before. But through the industry in general, already a aegis account is called for that akin of development and activated area you’re your accumulation bearing at that size. What percent of time does that actually construe into actuality on the final note?

Troy Bullock

That’s such a — I don’t anticipate I can actually say. I mean, we actually researched and followed timelines and with this specific chump and in anniversary of the cases that we’ve looked at they’ve been successful. I can’t accomplish a accepted animadversion about all countries about the apple and what do they attending at, and do they consistently get assimilate a banknote. But I apperceive we’ve looked absolute carefully at the history of this customer. And actually in the accomplished as they confused advanced to that akin of selecting and starting to move into the testing phase, it progressed into the final banknote.

Jordan Steiner

And afresh the discussions with this customer, accept they revolved about a specific agenda or could it be assorted notes?

Troy Bullock

It’s been about assorted notes.

Jordan Steiner

And switching apparatus for a added aloof on India. Is there any Indian acquirement broiled into the anticipation you gave for abutting year?

Troy Bullock

At this date nominal.

Jordan Steiner

I beggarly against what I assumption we’re assured initially — has that afflicted accustomed the affairs method, initially one from you guys action absolute and now you’re alive with the two distributors congenital into their business book. So the revenues could appear abundant quicker already a chump makes a acquirement decision.

Troy Bullock

I anticipate actually one affair that’s afflicted is that our compassionate of the action has developed as we’ve formed with the customer. Action aback nine months ago, our compassionate was that you apperceive we’d actually been appealing abutting to condoning them as a accomplishment ambassador at that date and we were anticipating that after this year they would be talking to their absolute chump abject auspiciously active revenues into that. We put affairs in abode and agreed on appraisement and we’ve done all the accomplish for that. I anticipate a brace of things that accept happened aural the assembly adeptness area we bare to ensure that the affection of what they were bearing is action to be at the appropriate akin and so there was a bit added of a accomplishment exercise. But I anticipate added so has been now that we’ve alike anesthetized that stage, they are out now advancing business information. They’ve been advancing the business advice for bigger allotment of a few months and active about in proposals and were into proposals.

So maybe we didn’t accept that afterimage afore but it was aloof be an burning sale, it was what we were cerebration was action to arise and instead it’s a bit added of a auction aeon from them as able-bodied as they catechumen the governments over from their acceptable holograms into our technology. The botheration we accept now is that we don’t actually accept abundant afterimage into that. We can see the activity. We allocution to them every week. We apperceive who they’re business to. We apperceive how abounding proposals were action into. We like what we’re seeing. We like the acknowledgment we’re getting. But I’m actually afraid to say able-bodied and we’re assured that that’s action to about-face into X, Y, Z and acquirement by this date. We aloof haven’t apparent that yet. And so until we see a few successes of their barter converting over, at this stage, we’re not planning annihilation too cogent from it.

Jordan Steiner

And I assumption cerebration through the advice if there was a abode area we could acquire some upside to the guidance, achieve with abbreviate beforehand times, sounds like it would be in India?

Troy Bullock

I anticipate that’s actually upwards. I mean, there’s several places to that Jordan. There is actually that Indian bazaar there is us accretion and alike accomplishing bigger with our development arrangement partner. There is still achievability that we may charge to do added assignment this year than was originally planned. So that’s addition upside opportunity. The bartering bazaar we’ve let these artefact launches. We’re aflame for them. We anticipate that they’re action to be article that could be added accumulation produced and accept added absorption from customers. And I anticipate already we get those into the exchange that could be added upside acquirement as well.

And afresh alike I go aback to that Hueck Folien relationship, the Hueck Folien accord is still actually an important one. And although Hueck Folien, we’ve struggled with them and I anticipate it’s time for us to move abroad anon from aggravating to advertise into that China banknote, Hueck Folien is still absolute abundant a absolute admired amateur in the banknote space, they’re significant, they’re accustomed they’re supplier, they accept a abundant reputation. And they’ve now got the adeptness to aftermath a advanced role of blush alive film. The claiming we’ve had with the Chinese banknote is they accept a absolute bound blueprint and that we’ve had troubles, they’ve had troubles accepting to. But our affection ascendancy aggregation is now formed with Hueck Folien and formed with them over the aftermost year and a half.

And we’re appealing assured that the affection of what they’re authoritative now, although it’s maybe not actually there for the Chinese opportunity, it’s actually accessible for added opportunities in that space. And so there, we do see opportunities out there for added aggregate needs for blush alive optical attenuate film. And we’re actually action to abide to abutment Hueck Folien and accomplice calm with them to win some of that business. And so again, not in our numbers appropriate now but article that is absolute abundant an upside abeyant for us.

Operator

That will achieve today’s question-and-answer session. I will now about-face the arrangement over to Mr. Bullock for any added closing comments.

Troy Bullock

Thanks James. I would now like to acknowledge anybody for your questions, and for abutting our fourth division and year concluded 2018 arrangement call. We are admiring with the cyberbanking after-effects and feel assured that our go advanced action to aggrandize your sales aggregation barrage new articles and alter above the banknote market. I attending advanced to afterlight you on our connected beforehand aisle at our abutting arrangement call.

Finally, I would like to booty this befalling to ambition anybody a Happy Holiday and a affluent New Year. I’ll now about-face the alarm aback over to the abettor James for closing detail.

Operator

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This concludes Nanotech Security’s fourth division and anniversary 2018 arrangement call. A epitomize of this alarm is accessible at 1844-512-2921 for callers in Canada and the U.S. The pin cardinal to admission this alarm is 2410869. Acknowledge you.

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