SEOUL, SOUTH KOREA — (Marketwire) — 09/02/11 — 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 .
The unaudited condensed consolidated interim financial information and related MD&A can also be found on SEDAR at .
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 .
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
You must be logged in to post a comment Login