GlobeNewswire | January 04, 2024
CoTec Holdings Corp. and Mkango Resources Ltd. are pleased to announce that CoTec and Maginito Limited ("Maginito") have formed a 50/50 joint venture entity which will roll out HyProMag Limited’s (“HyProMag”) Hydrogen Processing of Magnet Scrap (“HPMS”) recycling technology into the United States. The newly formed joint venture company, HyProMag USA, LLC (“HyProMag USA” or the “Joint Venture”), plans to develop a low cost, low carbon, sustainable rare earth magnet recycling and production business underpinned by HPMS. HyProMag has sublicenced the HPMS technology to HyProMag USA.
HyProMag is 100 per cent owned by Maginito, which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec, and is commercialising rare earth magnet recycling in the UK, Germany and United States. Revenue from the Joint Venture is targeted for 2025/2026.
HyProMag USA will initially focus on completing a bankable feasibility study (“Feasibility Study”) through a hub and spoke model using three HPMS vessels and one magnet manufacturing hub (together the “US Project”).
The Joint Venture has recently initiated a “Request for Proposal” process from leading Engineering, Procurement and Construction Management (“EPCM”) providers and has ordered three HPMS reactors to expedite the development of the US Project. Following completion of the Feasibility Study, CoTec and Mkango will make a joint decision as to whether the Joint Venture will proceed with the construction of the US Project.
Julian Treger, CoTec CEO commented: “HyProMag is supported by the Minerals Security Partnership1 and we are looking forward to working with leading EPCM providers to design and build these facilities using HyProMag’s considerable experience from the plants being developed in the UK and in Germany. CoTec and Mkango are focused on delivery and will be exploring US Government funding and strategic partnerships for feed supply and rare earth element (“REE”) magnet offtake in the first half of 2024.
“We look forward to working and collaborating with local, state and federal stakeholders targeting the completion of the feasibility study”.
Will Dawes, Mkango CEO commented: “We see the United States as a core component of our growth strategy and look forward to progressing the US feasibility study over the course of the year, in parallel with further development of operations in the UK, Germany and other jurisdictions.
HyProMag’s recycling technology has major competitive advantages versus other recycling technologies and is a key enabler for cost effective and energy efficient separation, recycling and production of rare earth magnets with a significantly reduced carbon footprint. We are receiving strong interest for recycled magnets from potential customers and for recycling solutions from original equipment manufacturers (“OEMs”), and automotive and recycling companies.”
HPMS technology was developed at the University of Birmingham, underpinned by approximately US$100 million of research and development funding, and has major competitive advantages versus other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of liberating magnets from end-of-life scrap streams –HPMS provides the solution.
Maginito is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec. It is focused on developing green technology opportunities in the rare earths supply chain, encompassing neodymium (NdFeB) magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies.
Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito’s convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, and a 100 per cent interest in Mkango Rare Earths UK Ltd (“Mkango UK”), a company focused on long loop rare earth magnet recycling in the UK via a chemical route.
About Mkango Resources Ltd.
Mkango's corporate strategy is to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. In parallel with development of its mining assets, Mkango plans to become a market leader in the production of recycled rare earth magnets and alloys via its interest in Maginito. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector. Mkango is listed on the AIM and the TSX-V.
Mkango is developing its flagship Songwe Hill rare earths project (“Songwe”) in Malawi with a Definitive Feasibility Study completed in July 2022 and an Environmental, Social and Health Impact Assessment approved by the Government of Malawi in January 2023. Discussions regarding the Mine Development Agreement (“MDA”) for Songwe Hill are ongoing with the Government of Malawi.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading chemical manufacturer have agreed to work together towards development of a rare earth separation plant at Pulawy in Poland (the Pulawy Separation Plant) to process the purified mixed rare earth carbonate produced at Songwe Hill.
Mkango also has an extensive exploration portfolio in Malawi, including the Mchinji rutile exploration project, the Thambani uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt project.
About CoTec Holdings Corp.
CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange (“TSX- V”) and the OTCQB and trades under the symbol CTH and CTHCF respectively. CoTec is an environment, social, and governance (“ESG”)-focused company investing in innovative technologies that have the potential to fundamentally change the way metals and minerals can be extracted and processed for the purpose of applying those technologies to undervalued operating assets and recycling opportunities, as it transitions into a mid-tier mineral resource producer.
CoTec is committed to supporting the transition to a lower carbon future for the extraction industry, a sector on the cusp of a green revolution as it embraces technology and innovation. It has made four investments to date and is actively pursuing operating opportunities where current technology investments could be deployed.
Government Business, Cybersecurity
PR Newswire | January 04, 2024
Synack has achieved the Moderate "Authorized" designation from the U.S. Federal Risk and Authorization Management Program (FedRAMP), demonstrating Synack's premier security testing platform meets the cloud compliance framework's rigorous requirements at the Moderate level.
The milestone approval means additional U.S. agencies can deploy Synack's best-in-class penetration testing and vulnerability management solutions – even in systems that process Controlled Unclassified Information and other official or sensitive data.
"This achievement is a gamechanger for our federal clients," said Dr. Mark Kuhr, Synack CTO and co-founder. "It also sends a clear message to all our customers: You can trust Synack to keep your data secure as we deliver pentesting of the highest caliber."
The Government Accountability Office has warned that "malicious actors are becoming more willing and capable of carrying out cyberattacks" on federal targets, with the potential to seriously harm national security. FedRAMP is a cornerstone of the U.S. government's efforts to realize that vision and combat threats as agencies continue to shift critical data to the cloud. Additionally, White House requirements such as Memorandum 22-09 require agencies to adopt a zero trust architecture strategy by September 2024.
Operating dedicated application security testing programs is a critical component of a zero trust strategy, and Synack proudly empowers agencies to conduct such services in a FedRAMP Moderate Authorized environment.
"This FedRAMP designation clears the way for Synack's premier security testing platform to protect more government systems," said Synack vice president for public sector Catherine Bowen. "We are doubling down on our goal to improve the security posture of agencies and companies handling mission-critical government applications, internally and externally."
To qualify as Moderate Authorized from FedRAMP, Synack successfully enforced 325 security controls and underwent extensive third-party vetting of its security infrastructure.
Achieving full authorization reflects Synack's ongoing commitment to making the world more secure by providing on-demand access to the Synack security testing platform and the 1,500-plus vetted security researchers who make up the global Synack Red Team.
The U.S. Department of Health and Human Services (HHS) sponsored Synack's successful bid for FedRAMP authorization. Today's announcement builds on Synack's FedRAMP Moderate "In Process" designation achieved in 2022, when Synack was first listed on the FedRAMP marketplace.
Synack has worked with HHS and dozens of other federal agencies to test internal assets and elevate their security postures. The company participated in the Defense Department's inaugural "Hack the Pentagon" program in 2016, helping find and fix high-impact vulnerabilities in a range of military networks. DoD would go on to host a follow-up initiative featuring Synack, aimed at normalizing a trusted, crowdsourced approach to security testing.
Synack's premier on-demand security testing platform harnesses a talented, vetted community of security researchers and smart technology to deliver continuous penetration testing and vulnerability management, with actionable results. We are committed to making the world more secure by closing the cybersecurity skills gap, giving organizations on-demand access to the most trusted security researchers in the world. Headquartered in Silicon Valley with regional teams around the world, Synack protects federal agencies and a growing list of Global 2000 customers, uncovering over 13,000 vulnerabilities for clients in 2023 alone.
GlobeNewswire | January 09, 2024
On Monday January 8th, Godspeed Capital Management LP (“Godspeed”), a lower middle market Defense & Government services, solutions, and technology-focused private equity firm, announced the acquisition of Cyberspace Solutions, LLC (“CSS” or “the Company”), a provider of all-source intelligence gathering, analysis, and systems development solutions for national security missions, by its intelligence, AI/ML, and Data Analytics platform, Crimson Phoenix. CSS was formerly owned by Illuminate Operations, Inc.
Chertoff Capital, LLC, the investment banking subsidiary of The Chertoff Group, served as the exclusive investment banking advisor to Illuminate Operations, Inc.
CSS is a provider of all-source intelligence gathering, analysis, and systems development solutions, including data and analytical support services for the Intelligence Community and U.S. Special Operations Command. CSS combines decades of intelligence expertise to deliver actionable insights that enable its national security customers to make fast and informed decisions. The Company now joins with Crimson Phoenix to support its intelligence strategy and national security objectives.
Jason Kaufman, Chertoff Capital president said, “CSS is a trusted provider of all-source intelligence data and analytical support services for national security missions. The acquisition of CSS by Crimson Phoenix not only optimizes portfolio value for our client but also propels the Company towards a future marked by innovation and market leadership. We are pleased to have served as the trusted advisor to Illuminate and look forward to Crimson Phoenix’s future success.”
Ryan Hoffman, Chertoff Capital principal said, “CSS aligns perfectly with Crimson Phoenix’s national security objectives. It brings a talented workforce and coveted customer relationships to the platform. This transaction reflects our dedication to delivering strategic value for mission-oriented companies. We are thrilled to have advised Illuminate on the sale and are excited for Crimson Phoenix’s promising future.”
Tameika Hollis, CEO of Illuminate Operations, Inc., said, “Chertoff Capital provided excellent advice throughout the entire transaction process. They were instrumental in crafting a clear description of the value proposition of the business being divested, identifying the relevant set of potential suitors, soliciting interest, shepherding the process of selecting the acquirer, navigating the challenges of bringing the transaction to a successful conclusion, and ultimately finding a great new home for the business. We appreciate their hard work and wise insights.”
About Chertoff Capital
Chertoff Capital is the investment banking subsidiary of The Chertoff Group, a specialized advisory firm that helps organizations achieve their business and security objectives in a complex risk environment. As an industry leading investment bank serving high growth, mission-focused companies in the defense technology, government services and cybersecurity markets, Chertoff Capital provides clients with a highly differentiated advisory offering that brings together transaction expertise and unparalleled business strategy insights. Chertoff Capital professionals have advised on well over 100 transactions over the last 20 years. Chertoff Capital is an SEC registered broker dealer and a member of FINRA.
About Cyberspace Solutions
Cyberspace Solutions, LLC, is a leading provider of all-source intelligence, gathering, analysis, and systems development solutions for Intelligence Community, Defense, and Law Enforcement customers. CSS customizes solutions and provide actionable intelligence for targeting and other vital mission priorities.
About Crimson Phoenix
Crimson Phoenix is a leading digital, data, and intelligence analysis and solutions platform designed to support the critical mission requirements of the U.S. Intelligence Community and U.S. Special Operations Command. Headquartered in the DC/Virginia area, Crimson Phoenix offers a differentiated suite of mission-critical capabilities and solutions in artificial intelligence & machine learning, cybersecurity, digital and data enablement, software development, and intelligence targeting and analysis.
About Godspeed Capital Management
Godspeed Capital is a lower middle-market defense & government services, solutions, and technology focused private equity firm investing alongside forward-thinking management teams that seek an experienced and innovative investment partner with unique sector expertise, operational insight, and flexible capital for growth. While a typical investment will involve companies generating approximately $3 million to $30 million of EBITDA, Godspeed Capital has significant support to complete larger transactions through strategic co-invest relationships. The firm focuses on control buyouts, buy-and-builds, corporate carve-outs, and special situations.