Elvictor Group, Inc 8-K, filed Dec 1, 2021
Elvictor Group, Inc. (ELVG)
About this 8-K
Elvictor Group, Inc filed this 8-K on December 1, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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Item 7.01 Regulation FD Disclosure
On December 1, 2021, Elvictor Group, Inc. (the “Company”) issued a press release announcing an update to its business and corporate strategy including financial highlights for the quarter ended September 30, 2021. The press release is attached hereto as Exhibit 99.1 under Item 9.01, Financial Statements and Exhibits and is incorporated by reference herein.
Additionally, on December 1, 2021, the Company posted presentation materials on its website which includes information on the Company’s business and management team, certain historical and projected financial information, the Company’s future business plans and certain investment highlights, including historical trading and market information relating to the Company’s common stock. The presentation materials are hereby furnished as Exhibit 99.2 under Item 9.01, Financial Statements and Exhibits and are incorporated by reference herein.
The information contained in this Form 8-K provided under Item 7.01 and Exhibits 99.1 and 99.2 attached hereto is furnished to, but shall not be deemed filed with, the Securities and Exchange Commission or incorporated by reference into the Company’s filings under the Securities Act or the Exchange Act.
Forward-Looking Statements
Exhibits 99.1 and 99.2 attached hereto contain, and may implicate, forward-looking statements regarding the Company, and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 99.1 | Press Release of Elvictor Group, Inc., dated December 1, 2021. |
| 99.2 | Presentation Materials of Elvictor Group, Inc. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Elvictor Group, Inc. |
| Date: December 1, 2021 | By: | /s/ Konstantinos Galanakis |
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Name: Konstantinos Galanakis Title: Chief Executive Officer |
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Exhibit 99.1
Elvictor Group Inc. Provides Corporate Strategy Update
New York, December 1, 2021 – Elvictor Group, Inc. (OTC Pink: ELVG) (“Elvictor” or the “Company”) following the filing of its financial and operating results for the third quarter ended September 30, 2021 on November 15, 2021, provided today the following update on its corporate strategy. The Company's Financial Statements are available on the Company's website at www.elvictorgroup.com and www.sec.com.
Update on Corporate Strategy
Konstantinos Galanakis, Chief Executive Officer of Elvictor stated, “Elvictor is a leader in crew management, offering one-stop shop crewing solutions to our clients servicing over 110 vessels. Our management’s track record, client relations and our distinct operating advantages based on the use of technology and AI, favorably position us to benefit from industry trends.
Crew management is a complex and highly fragmented industry with more than 1,500 companies globally. Taking advantage of the cost synergies Elvictor’s Cloud platform offers, we intend to expand to new locations through a combination of organic growth and selected value adding transactions. This will allow us to expand our access to the global pool of seafarers, further enhancing our capacity to provide tailor made crewing solutions to our clients and creating value for them.
Furthermore, given the industry’s strong focus on Environmental, Social and Corporate Governance (ESG) issues, as the only publicly listed crewing company, we hope to become the business partner of choice for a much wider circle of shipping companies which can thus benefit not only from our operational efficiency but also from our transparency and commitment to ESG issues.
While we will continue to focus on our core business, we will also seek potential opportunities through vertical integration in the broader maritime services ecosystem, such as ship management and selective asset acquisitions. These are expected to provide a proof of concept for our capability to provide quality ship management services at very competitive prices due to cost efficiencies generated by our platform and will improve the company’s profitability through chartering revenue and enhance our revenue sources.
To this effect, as already announced, our wholly owned subsidiary, Ultra Ship Management Inc., has received its DNV approved Interim Document of Compliance provided under the authority granted by the Government of the Republic of the Marshall Islands. Elvictor has also expanded the SaaS Platform of its Ship Management services to include commercial, technical, and operations management support.
This is a very exciting and transformative time for Elvictor and our shareholders as we set out to take full advantage of the opportunities ahead implementing the next phase of our growth strategy.”
A management presentation, describing the current business and the management’s strategy and priorities going forward has been uploaded to the Investor section of the company’s website. The updated corporate presentation can be also accessed through the below link.
http://elvictorgroup.com/downloads/Elvictor%20Corporate%20Presentation%20November%202021.pdf
Third Quarter 2021 Financial Highlights:
| · | Revenue of $608,614 |
| · | Gross profit of $355,058 |
| · | Net loss of $68,812 |
The Company reported total revenue and gross profit of $608,614 and $355,058, respectively, for the third quarter of 2021, an increase of 3,925.5% and 2,248.4%, respectively, compared to the third quarter of 2020, which derives from continued onboarding of new crewing and crew management clients. The Company had a gross profit margin of 58.3% for the third quarter of 2021.
The Company reported net loss for the three months ended September 30, 2021 of $68,812, 0.9% higher than the reported net loss of the third quarter of 2020. This loss is mainly attributable to the increased expenses for professional fees, as well as the increase in personnel to support growth and management's steps towards expansion.
Liquidity and Capital Resources
As at September 30, 2021, the Company had cash of $538,530 compared to $343,804 as at December 31, 2020, representing an increase of 56.6% and working capital of $456,017 compared to ($128,071) as at December 31, 2020, representing an increase of 456.1%.
Katerina Bokou, Elvictor's Chief Financial Officer, stated, “During fiscal 2021, to date, we have continued to increase our client base and our total revenue and gross profit have improved significantly for both the third quarter of 2021 and the nine months ended September 30, 2021, while costs we incurred have also increased as a result of our expansion.
Looking ahead, we remain focused on advancing our position in the business of crew & ship management and enhancing our global footprint through diversified services and new revenue streams. We are confident in our ability to create value for shareholders, continue successfully executing our strategy and drive profitability.”
Notes:
| 1. | Gross profit margin is calculated as gross profit (which equals total revenue less directly attributable cost of revenue) divided to total revenue. |
| 2. | Working capital is defined as current assets minus current liabilities. |
About Elvictor Group, Inc.:
Elvictor Group, Inc. (OTC Pink: ELVG), a Nevada corporation, is a technology centric company driving innovation and efficiencies in global ship management. Utilizing leading edge technologies, Elvictor is developing, deploying, and converging innovative technologies that can improve vessel and crew management performance. Technologies that drive specific solutions that improve the efficient operation of vessels with cost-effective, timely, and reliable solutions. Solutions that meet the complex global regulatory compliance requirements of global crew and ship management and ensure that our clients achieve their goals and objectives. For more information, visit http://www.elvictor.com.
Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. We have based these forward-looking statements largely on our current estimates of our financial results and our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs as of the date of this press release. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, including the adverse effects of the Covid-19 pandemic on our customers, suppliers and employees and our inability to predict or measure supply chain disruptions resulting from the COVID-19 pandemic and other drivers, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this press release, to conform these statements to actual results or to changes in the Company’s expectations.
The Company’s filings with the SEC are available to you and you should read the documents the Company has filed with the SEC for more complete information about the Company. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
CONTACTS:
Elvictor Group, Inc.
management@elvictorgroup.com
Investor Relations / Media Contact:
Nicolas Bornozis / Paul Lampoutis
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
Email: elvictor@capitallink.com
Exhibit 99.2
Inno v a t i v e Cr e w & S hi p M a n a g eme n t November 2021 ELVG
Saf e H a r bo r Stateme n t E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 2 This presentation contains forward - looking statements . All statements other than statements of historical facts contained in this presentation, including statements regarding Elvictor Group, Inc . ’s (“Elvictor” or the “Company”) future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward - looking statements . The Company has based these forward - looking statements largely on its current estimates of its financial results and its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, short term and long - term business operations and objectives, and financial needs as of the date of this presentation . These forward - looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in the Company’s filings with the Securities and Exchange Commission (the “SEC”) . Moreover, the Company operates in a very competitive and rapidly changing environment . New risks emerge from time to time . It is not possible for Company management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward - looking statements the Company may make . In light of these risks, uncertainties and assumptions, the forward - looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward - looking statements . You should not rely upon forward - looking statements as predictions of future events . Although the Company believes that the expectations reflected in the forward - looking statements are reasonable, the Company cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward - looking statements will be achieved or occur . Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward - looking statements . Except as required by law, the Company undertakes no obligation to update publicly any forward - looking statements for any reason after the date of this presentation, to conform these statements to actual results or to changes in the Company’s expectations . The Company’s filings with the Securities and Exchange Commission are available to you and you should read the documents the Company has filed with the SEC for more complete information about the Company . You may get these documents for free by visiting EDGAR on the SEC Web site at www . sec . gov .
Co m p a n y O v e r v i e w E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 3 ▪ Elvictor’s business was established in 1977 by Stavros Galanakis and has been active across various value adding activities of the shipping sector such as ship management, technical management, ship agency, crewing and crew management . The business was transferred to a U . S . publicly reporting company, in early 2020 . ▪ Having managed dry bulk vessels and chemical tankers over the past few decades, Elvictor’s management foreseeing the market downturn in 2008 exited their shipping interests and focused on offering crew management, crew manning and training services to the shipping world. ▪ Using proprietary technology developed within the Group, Elvictor is offering transparent crew management services always maintaining an economical and efficient operation, with the safety and security of personnel, the ship and its cargo and the protection of the environment as its top priority. ▪ Following its commencement of trading on the OTC Pink Open Market in 2020, Elvictor Group Inc is seeking to accelerate its expansion through acquisitions in geographies where the group has no presence and proceed into selective ship asset acquisitions to showcase its cloud platform’s cost efficiency advantages.
E l v i c t o r a t a G l anc e Sou r c e : ELV G M anage m en t E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 4
A w a r d s & G l oba l Recogn i t i o n E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 5 Source: ELVG Management as of 11/15/21
Stavros Galanakis Founder & Chairman Stavros is the Founder and Chairman of Elvictor Group . He has been a ship owner and manager, for over 20 vessels, of primarily bulk carriers and chemical tankers . He is widely recognized as a pioneer in the field of crewing, having set up the oldest crew services company in Greece, and leading the exploration of new markets when it comes to the supply of labor onboard, establishing himself as a highly respectable member in the global shipping value network . Mr . Galanakis studied at the University of Athens . Konstantinos Galanakis CEO Konstantinos joined Elvictor Group in 2001 . In his current capacity, he is responsible for controlling cross - national operations of the Group’s business units as well as orchestrating the smooth inter - functional coordination of its diverse value chain activities . He is widely recognized as one of the pioneers of information technology applications in shipping and is fully committed in promoting the agenda of quality and safety onboard ships . Konstantinos holds a B . B . A, M . B . A . and a master’s degree in Shipping . Konstantinos along with his father Stavros control the majority of company’s shares . Christodoulos Tzoutzakis COO Christodoulos joined Elvictor Group in 2002 . His focus v as the COO of the Group is technological innovations aiming to optimize crew selection and minimize human error . His involvement with a variety of projects has given him a wide knowledge base of the maritime industry . Christodoulos holds a B . Sc . in Computer Science and an M . Sc . in Information Management and Analytics . Katerina Bokou CFO Katerina joined Elvictor in 2021 . Prior to that, she held a finance executive role in the NYSE listed Aegean Marine Petroleum Network Inc . As part of her duties, she regularly coordinated and worked on SEC filings, debt and equity public offerings, valuations and investment appraisals . Before joining Aegean Marine in 2007 , she was a senior auditor with EY Greece . Katerina is a member of the Institute of Certified Public Accountants of Greece, holds an MSc in applied Accounting and Auditing, an MSc in International Banking and Financial services from the University of Reading and a BSc in Economic Science from the University of Athens . Fotios Tsopouroglou Technical Director Fotios is a Marine Engineer holding a degree from the National Merchant Marine academy and an M . Sc . from Plymouth University . Fotios has significant working experience in Fleet and Technical management in both dry and wet vessels having supervised several new building projects in Chinese shipyards and attended many vessels dry dockings and repairs worldwide . In his previous post with Seaways Shipping Co . , he was responsible for the vessels chartered under bareboat contracts to Cargill S . A . He is well known for his exceptional troubleshooting abilities . Sou r c e : ELV G M anage m en t E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 6 O u r M a n a g eme n t
O u r ES G P ri o ri t i e s Only crew & ship management company that offers transparency to its clients through its public status and enables them to further comply with their ESG standards. Environmental ▪ State of the art digital procedures that eliminate unnecessary use of paper. ▪ Employ e - learning for crew upskilling significantly reducing training CO2 footprint. Social ▪ Elvictor is a responsible employer, encouraging employees’ long - term loyalty and aims to build a socially inclusive and sustainable work environment. ▪ Health & Safety regulations and working conditions of seafarers are always a top priority. ▪ Together with the MTA, and BSMA, Elvictor established in Georgia, a Cadetship program for the development of the next generation of maritime professionals through scholarship grants and top - quality maritime education. Governance ▪ Transparent Group structure with all key operations, such as ship and crew management, maintained within the Group fully securing minority shareholders against leakages to third parties. ▪ US OTC market listing guarantees full access to key financial information to all involved stakeholders. In addition to it’s ESG priorities, Elvictor is also approaching the concept of sustainable development by aligning itself with UN’s sustainable development goals agenda. Sou r c e : ELV G M anage m en t E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 7
Source: ELVG Management ▪ Crew management incorporates a variety of tasks such as sourcing, recruitment, selection, deployment, scheduling, training, and on - going management of seafarers including administrative aspects, such as payroll services, travel arrangements, insurance etc . ▪ Sourcing of well - trained crew members is of vital importance from an operating perspective as more than 80 % of all accidents may be attributed to human element failures ▪ At the same time c v rew costs constitute more than 60 % of vessel Opex, making them the single largest cost item ▪ Currently the maritime shipping industry is facing significant challenges as: – demand for qualified seafarers greatly exceeds supply, and – continuously evolving regulations significantly increase reporting requirements putting more pressure to the bottom line. ▪ In Elvictor we know firsthand the impact of our role and that is why we strive for the highest quality standards and continuously adjust our business model to respond to the great industry challenges . To do that we have created a best - in - class crew management platform allowing to address all the above challenges effectively . O u r Bu s i n es s E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 8
v ▪ Throughout our history, we have been focused to process optimization aiming to offer a very high level of service while minimizing costs ▪ Through our proprietary cloud platform, we have managed to serve 4x as much vessels as we did pre - digitalization with the same headcount E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 9 ▪ Our platform has been designed to allow our personnel to collaborate with many different cultures in many different time zones with ever rising complexities, presenting a uniform service level to our principals regardless of the point of origin of the crew ▪ 44 years of experience have been encoded into the platform and effectively guide the operator through insights, alerts & information that up to now was a privilege of older more experienced operators. ▪ This innovation allows us to hire operators, who after only a short training procedure are able to serve our principals with high quality standards, helping Elvictor be cost effective while maintaining the highest possible service level. ▪ Our client interface platform is going to be part of our crewing and crew management service offering, creating a significant competitive advantage vs traditional manning agents. Our Cloud Crew & Ship Management Platform Source: ELVG Management data
M a i n O ff i c e I n t er f ac e Intranets – Cloud Platforms Listen to and Built by the Audience R e gion a l O ffi c e Int e r f ac e C li e nt’ s Int e r f ac e Cr e w M a n a g e r ’ s D i g i ta li z e d Op e r at i on s S eafa r e r ’ s I n te r fac e El v i ct o r ’ s Inno vat i v e C lou d T ool s E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 10
v F i n a n c i a l H i gh li gh t s in $’000 2020 9M 2021 2021E Revenue 467 1,782 2,484 Gross profit 98 977 1,364 SG&A (458) (960) (1,153) EBITDA (354) 43 210 Crew Management Revenue Metrics: ▪ Over 80% recurring annual revenue. ▪ Over 85% year over year customer retention. ▪ Double digit recurring annual growth. ▪ No one customer more than 25% of total revenue. ▪ No five customers more than 50% of total revenue Closing of transaction with Pubco E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 11 Elvictor Group revenue move to the Pubco ~$3.3m Annual run rate from Crew management services by 12/31/21. Source: ELVG Management data
T h e V i s i on T h e M i ss i o n Become a leading crew and ship management company, focusing on creating efficiencies based on constant innovation and relentless drive for improvement and be known as the most technologically innovative company in the industry. Deliver the most sophisticated, value adding and prominent framework of client solutions in shipping while maximizing shareholder value through an unparallel combination of expertise, passion, commitment and partnership . Key strategicobjectives Business development ▪ Accelerated organic expansion from new clients as the Elvictor brand gains wider recognition ▪ Increase of margins and unlocking of shareholder value from the cre v ation of a holistic offering under one brand (technical ma nagement, crew management, training) and one management team International expansion ▪ Expansion through acquisitions into new geographies where Elvictor has no presence ▪ Launching of offices in global strategic locations aiming to increase operational and business footprint Mergers & Acquisitions ▪ Creation of value from acquisition of maritime e - training & smart shipping technology companies that will allow vertical expansi on of our offering ▪ Accumulation of additional expertise through the acquisition of ship management companies ▪ Selective ship assets acquisitions to showcase our cost efficiency advantage Innovation ▪ Continuous investment in Artificial Intelligence focused HRM technologies, aiming to increase operational and economic effici ency ▪ Reduction in unit costs through the utilization of Seatrix Technologies across the entire Elvictor Group ecosystem O u r v i s i o n f o r t h e f u t u r e E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 12
Looking Ahead - Elvictor’s Structural Advantage Maximizing Profit across the shipping value chain V e r t icall y in t eg r a t e d ma r i t im e se r v ice s g r ou p ▪ 100% of value to Elvictor Group, Inc. shareholders ▪ Significant economies of scale ▪ No leakage to third party providers T r a i n i n g Ce n t e r s Ship Mgmt Service Owned V esse ls Crew Mgmt Service M a r i t i m e SaaS E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 13
I n v estme n t H i gh li gh t s E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 14 ▪ First time access through public markets to a global crew manager ▪ Our public listing satisfies our clients' enhanced ESG requirements ▪ Growth potential as ship owners move to outsourcing since business becomes more heavily regulated, cost intensive and technical ▪ High margins due to fully digitalized operations ▪ Fully scalable cloud platform secures significant economies of scale ▪ Creation of value from acquisition of maritime e - training & smart shipping technology companies that will allow vertical expansion of our offering ▪ Selective ship asset acquisitions to showcase the cost efficiencies created by our cloud platform, enhance profitability and differentiate revenue sources.
St o c k D at a LAST TRADE $0. 0 4 0 Source: ELVG Management data – 11/18/2021 $ 0 , 0 0 $ 0 , 1 0 $ 0 , 0 5 $ 0 , 1 5 $ 0 , 2 0 $ 0 , 3 0 $ 0 , 2 5 $ 0 , 3 5 Stoc k cha r t SHARES ISSUED 406,548,757 SHARES OUTSTANDING 406,548,757 MARKET CAPITALIZATION $16,261,950 52 WEEKS HIGH $0. 4 37 5 52 WEEKS LOW $0. 0 1 5 E L V G For m ore i n f or m a t i on, c on t ac t : m a n a g e m e n t @ el v i c t orgrou p . c om Visit: www.elvictorgroup.com Innovative Crew & Ship Management 15