SEOUL, SOUTH KOREA--(Marketwire - May 25, 2012) - Nesscap Energy Inc. ("Nesscap") (NCE.V - News), 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.
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.
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.