Xebec Adsorption Releases Operational Update Regarding COVID-19 Impact
Xebec Adsorption Inc. (TSXV: XBC) has released an update regarding its current operations in Italy, China, and Canada amid the COVID-19 outbreak.
Given the current developent of the COVID-19 in Canada, the company’s Quebec manufacturing facilities are to remain fully operational, without any delays in deliveries. Given the recent contract announcements, Xebec is currently in the process of fulfilling various shipments across North America, and thus far is not anticipating a disruption.
The company is in the midst of projects in Genova and Sicily, but due to the mandatory lockdown of Italy, the company has suspended all construction. Xebec may have the potential to reinstate construction on April 3 – pending the outcome of the virus outbreak. Due to this disruption on the two projects, Xebec is expecting potential consequences on its first and second quarter financials.
Xebec also has a manufacturing facility in Shanghai China, which at the time of the exponential spread of COVID-19, was temporarily closed down for a duration of three weeks following the standard Chinese New Year holiday of two weeks. During the temporary cease of major operations, some of Xebec’s departments remained functional, but employees completed necessary customer contract work remotely. Full operations have since been reinstated, but Xebec is anticipating the disruption in operations has the potential to impact its first quarter 2020 financials.
Given the pandemic status of COVID-19, Xebec has implemented several new protocols to reduce the spread of the virus among its employees and associated personnel. The company has decreased in-person meetings, and introduced video and telephone and instant message conferencing accommodations. The company has also recently introduced a COVID-19 protocol which is to be followed by its employees and suppliers in North America- this protocol includes a significant increase in disinfecting working environments, as well as mandatory self-quarantines for those that have traveled abroad or are experiencing symptoms of illness.
Xebec is a company headquartered in Canada, and is focused on providing clean energy solutions in the form of filtration, gas generation, and purification for the renewable, industrial, and energy sectors.
Xebec Adsorption Inc is currently trading at $2.03 on the TSX-Venture.
Information for this briefing was found via Sedar and Xebec Absorption Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
