Nesscap Energy Inc. Reports First Quarter Financial Results
SEOUL, SOUTH KOREA--(Marketwired - May 28, 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 ended March 31, 2013.
Revenues for the first quarter ended March 31, 2013 were $3.2 million compared to $2.9 million for the same period one year ago, representing an increase of 12%. Quarterly revenue increased primarily as a result of stronger demand from the Company's Asian based customers.
Net loss for the first quarter of fiscal 2013 was $0.6 million or $0.003 per ordinary share compared to a net loss of $1.9 million or $0.01 per ordinary share for the previous year. The decreased loss is attributed to reduced SG&A expense as well as an increase in foreign exchange gain. At March 31, 2013, the Company had cash and cash equivalents equal to $4.4 million.
"We are seeing signs of improving business conditions in the industry," said Jim Zuidema, Acting Chief Executive Officer of Nesscap Energy Inc. "In the coming months we will continue taking both short and long term steps to position the Company for growth and success in this exciting market."
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 financial statements for the first quarter of fiscal 2013 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. 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.
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.
