Cornerstone Sustainable Energy Announces Second Quarter Results
04 Septembre 2013 - 5:34PM
Receivable Acquisition & Management Corporation (OTCBB:RCVA)
d/b/a/Cornerstone Sustainable Energy ("CSE"), has just announced
financial results for the quarter ended June 30, 2013.
Tom Telegades, Chief Executive Officer of CSE, commented, "Our
results for Q2 2013 show promise for the new direction the Company
has embarked upon. We have experienced substantial growth in our
energy infrastructure advisory, oversight and management business,
and we believe the Company is poised to take full advantage of its
exclusive license in the green energy arena."
Q2 2013 RESULTS
Second quarter 2013 revenue increased 67.6% to $235.6 thousand
from $140.5 thousand in Q2 2012. The higher revenue was
attributable to growth in business, as CSE acquired Columbia
University as a client in late 2012.
Net income in second quarter 2013 was $8.9 thousand, or 3.8% of
revenue, as compared to $36.9 thousand, or 26.2% of revenue, in Q2
2012. Net income for Q2 2013 included growth in expenses
associated with its advisory, oversight and management activities
as the Company adjusted to its increased business, as well as
substantial expenses relating to the recent merger, effective May
15, 2013.
Total assets increased to $699.7 thousand by the end of the
second quarter 2013, an increase of 68.1% over total assets of
$416.2 thousand at the end of Q2 2012. A substantial part of
this increase is attributable to the value of an exclusive license
for a green energy engine technology which converts heat to other
forms of energy, a technology with wide application in geothermal
and other areas where available heat levels are only moderate.
About Cornerstone Sustainable Energy
Cornerstone Sustainable Energy ("CSE") is focused on energy
infrastructure development projects and delivering alternative
energy solutions to a wide range of commercial and not-for-profit
customers.
CSE's Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act,
as amended: with the exception of the historical information
contained in this release, the matters described herein contain
forward-looking statements that involve risks and uncertainties
that may individually or mutually impact the matters herein
described for a variety of reasons that are outside the control of
the Company, including, but not limited to, its ability to raise
sufficient financing to implement its growth strategy, and its
ability to successfully develop and commercialize its proprietary
products. Readers are cautioned not to place undue reliance on
these forward-looking statements as actual results could differ
materially from the forward-looking statements contained herein.
Readers are urged to read the risk factors set forth in the
Company's most recent report on Forms 10-Q, 8-K and other filings
made with the SEC. Copies of these reports are available from the
SEC's website or without charge from the Company.
CONTACT: Cornerstone Sustainable Energy
Thomas Telegades, info@cseindustries.com
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