SEOUL, SOUTH KOREA--(Marketwired - April 22, 2013) - 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 months and year ended December 31, 2012.
Revenues for the fourth quarter ended December 31, 2012 were $3.2 million compared to $2.8 million for the same period one year ago, representing an increase of 17%. The increased quarterly revenue is due mainly to a significant order shipped to a new customer. Revenues for the year were $11.0 million (USD) as compared to $16.2 million in fiscal 2011. The decrease is primarily due to overall soft demand at key accounts and the relative weakness of the European economy over the course of the year.
Net loss for the year was $7.2 million or $0.035 per ordinary share compared to a net loss of $4.9 million or $0.037 per ordinary share for the previous year. The increased loss is attributed to the reduced gross profit which itself was impacted by lower revenues compared to 2011. Net loss for the fourth quarter of fiscal 2012 was $2.7 million or $0.012 per ordinary share compared to a net loss of $1.1 million or $0.009 per ordinary share for the previous year. At December 31, 2012, the Company had cash and cash equivalents equal to $7.7 million.
"We clearly experienced a difficult year in 2012," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc., "However, we remain extremely optimistic about the coming opportunities we see in energy storage and Nesscap's ability to leverage its long heritage in ultracapacitor technology, products, and market presence to capitalize on this unique opportunity."
Nesscap is committed to continuing its efforts to develop "best in class" ultracapacitors to better serve the growing and increasingly diverse market for alternative energy storage and power delivery solutions. Over the coming months, the Company plans to increase investments in new technology, direct and indirect sales channels, market development, and production capacity. The Company will continue 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 audited financial statements for fiscal 2012 and related MD&A can be found on SEDAR at www.sedar.com.
Nesscap also announces that it has issued 443,664 common shares to settle an amount of $168,706 owed to Norton Rose Canada LLP. Such common shares were issued at a deemed price of $0.38/share.
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.
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.
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Nesscap Energy Inc.
Chief Executive Officer (Acting)