Nesscap Energy Inc. Reports Record First Quarter Results for Ultracapacitor Products
28 Mai 2014 - 10:00PM
Marketwired
Nesscap Energy Inc. Reports Record First Quarter Results for
Ultracapacitor Products
SEOUL, SOUTH KOREA--(Marketwired - May 28, 2014) - Nesscap
Energy Inc. ("Nesscap") (TSX-VENTURE:NCE), a global leader in
research, development and manufacturing of ultracapacitor products,
reported its financial results for the first quarter ended March
31, 2014.
Revenue for the three-month period increased 66%, to US $5.3
million, compared to $3.2 million in the same period last year. The
increase in revenue is due to stronger demand from new and existing
customers. Gross profit margin for the quarter improved to 22%
compared to 11% in the same quarter last year and 21% for fiscal
2013.
Net loss for the quarter was $0.1 million or $0.001 per share
compared to a net loss of $0.6 million or $0.003 per share in the
same period in fiscal 2013. The improvement in net loss was mainly
due to increased sales volumes combined with reduced unit
production costs.
At March 31, 2014, the Company had cash and cash equivalents
equal to $3.7 million and working capital of $15.9 million.
"Our success in the first quarter was driven by a combination of
strong market demand and improved efficiencies in our factory,"
said Jim Zuidema, Acting Chief Executive Officer of Nesscap.
"Demand for Nesscap's products has strengthened over the past few
quarters and, as a result, we see an increasing need to invest in
production capacity and technology development to expand our share
of the growing market for alternative energy-storage
solutions."
The Company recently announced that it has engaged Marathon
Capital, LLC as exclusive advisor, in connection with a proposed
equity financing, and that I2BF Energy Limited and Arbat Capital
Group Ltd. have agreed to participate as lead investors, with a
minimum subscription amount of US $10 million. Nesscap has also
recently announced that it has renewed a $5.8 million convertible
loan and completed a bridge financing for up to $2.0 million.
Detailed terms of the loan and financing can be found in the
Company's March 19, 2014 press release as well as the fiscal 2013
MD&A.
Nesscap continues to focus on developing its largest regional
markets in Europe and China while strengthening its overall
position as a technology leader in the ultracapacitor industry. The
strategic focus for the Company includes transportation, renewable
energy, industrial applications and consumer electronics. Nesscap
plans to increase investments in technology, direct and indirect
sales channels, market development, and production capacity.
The Company is hosting its annual and general meeting of
shareholders on Tuesday, June 24, 2013, at 10:00 a.m. (Toronto
time) at the offices of Norton Rose Fulbright Canada LLP located at
Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto,
ON M5J 2Z4.
The financial statements for the first quarter of fiscal 2014
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. Nesscap products are
available in both cells and modules and are used to enhance the
performance of modern applications ranging from portable electronic
devices to high performance windmills and high-tech 'green' cars.
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.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) has in any way
approved or disapproved of the contents of this press
release.
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.Debbie BamforthCorporate
Communications905-599-3322dbamforth@nesscap.comNesscap Energy
Inc.Jim ZuidemaChief Executive Officer (Acting), Chief Financial
Officer845-652-0833jzuidema@nesscap.comwww.nesscap.com
Nesscap Energy Inc. (TSXV:NCE)
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