Nesscap Energy Inc. Reports First Quarter Financial Results and Notice of Annual Meeting

Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research,
development and manufacturing of ultracapacitor products, today reported its
financial results for the three month period ended March 31, 2012. Beginning
with this quarter, the Company has changed its reporting currency to US dollars.


Sales for the three month period decreased 26% to $2.9 million (USD), compared
to $3.9 million for the same period in 2011. The decrease was primarily due to
completion in the prior period of a series of orders from one of the Company's
largest customers. It is expected that these revenues will be replaced by other
orders during the remainder of the current year. Net loss for the quarter was
$1.9 million or $0.01 per ordinary share compared to a loss of $2.7 million or
$0.02 per ordinary share for the same period in 2011. The Company had cash and
cash equivalents equal to $2.5 million and working capital of $14.5 million at
the end of the quarter.


"We anticipate sales to increase throughout the year as a result of new
initiatives, additional sales and marketing resources, and upcoming product
releases from customers who have recently tested our products," said Dennis
Orwig, Chief Executive Officer of Nesscap Energy Inc. "Awareness and interest in
ultracaps continue to grow throughout the world and Nesscap has a strong
reputation to attract the attention of potential customers." 


During the quarter, the Company completed its external equity financing of $20
million from Open Joint Stock Company Rusnano, in Russia, and Vardimco
Enterprises Limited ("Vardimco"), an affiliate of I2BF Holdings Ltd., in the
British Virgin Islands. The equity financing was formally completed, with final
approval from the TSX Venture Exchange on January 12, 2012.


Nesscap Energy Inc. also announces that it granted incentive stock options to
the directors of the Company (with the exception of Mr. Georgy Kolpachev) to
purchase an aggregate of 700,000 common shares. Each of Dr. Sun-Wook Kim, Dr.
Sang-Gook Kim, Dr. Hyun-Jin Song, Jun-Hyung Kim, Ilya Golubovich, John D. Pennal
and Richard S. Sutin were granted 100,000 incentive stock options. Mr. Georgy
Kolpachev, a director of the Company, and Mr. Dmitry Gavva, an Observer to the
Board of directors, were each granted options to purchase 350,000 common shares.
All such options are exercisable at a price of $0.38 per common share, expire
five years from their date of grant and will vest in three equal yearly
instalments on the first, second and third anniversary of their date of grant.
The incentive stock options are subject to the terms and conditions of the
Company's Stock Option Plan and the policies of the TSX Venture Exchange.


Annual Meeting of Shareholders

Nesscap Energy will be hosting its Annual General Meeting on June 7, 2012 at
4:00pm. The meeting will take place in Toronto, Ontario at the offices of Norton
Rose LLP, Royal Bank Plaza, South Tower, Suite 3800, 200 Bay Street.


The unaudited financial statements and related MD&A can 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.
Nesscap Energy Inc. (TSXV:NCE)
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