Nesscap Energy Inc. Reports Second Quarter 2011 Financial Results
02 Septembre 2011 - 2:30PM
Marketwired
Nesscap Energy Inc. ("Nesscap") (TSX VENTURE: NCE), a global leader
in research, development and manufacturing of ultracapacitor
products, reported its financial results for the three and six
month period ended June 30, 2011.
Net sales for the three month period increased by 16% to $4.6
million (KRW 5.1 billion), compared to $3.9 million (KRW 4.4
billion) for the same period in 2010. Net income for the quarter
was $86,288 (KRW 96.1 million) or $0.00 per ordinary share compared
to a loss of $194,675 (KRW 216.9 million) or $0.003 per ordinary
share or the same period in 2010.
For the six months ended June 30, 2011, the Company reported a
sales increase of 32% to $8.5 million (KRW 9.4 billion) and a net
loss of $2.6 million (KRW 2.9 billion) or $0.02 per ordinary share.
This compares to sales of $6.4 million (KRW 7.1 billion) and a net
loss of $1.1 million (KRW 1.3 billion) or $0.01 per ordinary share
for the same six-month period last year. This increased net loss
for the six month period is mainly due to expenses related the
Company's listing on TSX Venture Exchange. Working capital at June
30, 2011 was $2.1 million (KRW 2.4 billion), including $1.5 million
(KRW 1.7 billion) in cash.
"Last year we had many new buyers purchasing small quantities of
our products to test our quality, we are excited to see that these
buyers are now full-fledged customers," said Dr. Sunwook Kim, Chief
Executive Officer of Nesscap Energy Inc. "Our growing customer base
is a testament to the quality and reliability of our ultracapacitor
products which provide end users with high power and efficient
energy storage solutions."
On April 14, 2011, the Company announced an agreement to supply
ultracapacitors valued at USD $3.2 million to Trainelec, a
subsidiary of CAF, a railway vehicle manufacturer based in Spain.
Nesscap's ultracapacitors will be used in trams serving major
cities in Spain and will enable light rail vehicles or trams to
travel without overhead power lines or catenary power. The
ultracapacitors capture braking energy when the tram stops and will
fully charge in about 25 seconds. The charged ultracapacitors
provide enough energy for the vehicle to reach the next stop on the
route. The agreement follows previous orders stemming from a
development contract with CAF in early 2007.
During the quarter, the Company announced a non-binding term
sheet with Open Joint Stock Company RUSNANO ("RUSNANO") to provide
debt and equity financing to Nesscap for its global expansion,
including expansion of facilities in Korea and the development of a
manufacturing facility in Russia.
For more information about Nesscap Energy's listing and the
Qualifying Transaction, please see the prospectus dated December
29, 2010 as well as its Annual Information Form, copies of which
are available on SEDAR at www.sedar.com.
The unaudited condensed consolidated interim financial
information and related MD&A can also be found on SEDAR at
www.sedar.com.
About Nesscap
Since its inception in 1999, Nesscap Energy Inc., has become an
award winning global leader in technology innovation and product
development of ultracapacitors. Attributes of the ultracapacitor
allow for the technology to be used in applications where power,
life cycle requirements or environmental conditions limit the
suitability of batteries or capacitors. Uniquely structured,
Nesscap products are used to replace or enhance the performance of
energy and power needs for modern applications ranging from
portable electronic devices to high-tech 'green' cars and are
available in both cells and modules. Nesscap features the widest
array of standard commercial products in the market from 3 farads
to 6,200 farads with industry recognized alternative organic
electrolytes. Customers of the Company include transportation,
power, and consumer markets. Technical and sales information can be
found at www.nesscap.com.
Forward-Looking Statements
Included in this news release are matters that constitute
"forward-looking" information within the meaning of Canadian
securities law. Such forward-looking statements may be identified
by words such as "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" or words of a similar nature. There
can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include among others, regulatory risks, risk inherent in
foreign operations, commodity prices and competition. Most of these
factors are outside the control of the Company. All subsequent
forward-looking statements attributable to the Company or its
agents are expressly qualified in their entirety by these
cautionary comments. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims
any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events
or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) has in any way
approved or disapproved of the contents of this press release.
Contacts: Nesscap Energy Inc. Debbie Bamforth Corporate
Communications 905-599-3322 dbamforth@nesscap.com
www.nesscap.com
Nesscap Energy Inc. (TSXV:NCE)
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