Nesscap Energy Inc. Reports Record Year End Financial Results
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SEOUL, SOUTH KOREA, May 02 (MARKET WIRE) -- Nesscap Energy Inc. ("Nesscap") (TSX VENTURE: NCE), a global leader in research, development and manufacturing of ultracapacitor products, today reported its financial results for the twelve month period ended December 31, 2010. Net sales for the twelve month period increased by 29% to $13.5 million (KRW 15.4 billion), compared to $10.5 million (KRW 11.6 billion) for the same period in 2009. Net loss for the year was $1.8 million (KRW 2.1 billion) compared to a loss of $1.1 million (KRW 1.3 billion) in 2009. The Company has cash and cash equivalents equal to $1.0 million (KRW 1.1 billion). "Nesscap continues to achieve record sales levels as the value of ultracapacitors are recognized and the success of initial commercial applications are undisputed," said Dr. Sunwook Kim, President of Nesscap Energy Inc. "This was a milestone year for Nesscap, highlighted by the public listing of Nesscap. Thanks to our dedicated staff and commitment to our customers, we have expanded our product offering and plan to further increase our production capability to meet their power solution needs." In October 2010, Nesscap was recognized as a Regional Leader in the 2010 Global Cleantech Top 10 for the Asia Pacific region by Cleantech Group LLC. The ranking is a component of the 2010 Global Cleantech 100 Report, which highlights the most promising private cleantech companies who are most likely to make a significant market impact in the next five to ten years according to worldwide experts in the cleantech sector. During the year, the Company established a second facility in Dongtan, South Korea, to expand its product offering with scalable energy storage and power delivery systems for industrial and automotive markets. The new products will support industry-leading charge/discharge performance, high reliability and long operational lifetime. The products were designed to meet the needs of Nesscap customers' rigorous applications and to provide the unique power solution that they require. Subsequent to the year end, Nesscap signed an agreement with Trainelec, a subsidiary of Spanish-based CAF, a world-class railway vehicle manufacturer, to supply ultracapacitors for use in trams serving major cities in Spain. The order, valued at $3.2-million (U.S.), is to be fulfilled through 2011 and come with an option to increase the order size by 20 per cent. The contract follows previous orders stemming from a development contract with CAF in early 2007. Ultracapacitor-based energy storage systems enable light rail vehicles or trams to travel without overhead power lines or catenary power. Specifically, this system allows electrical power catenary to be installed locally at the passenger stops, and, when the vehicle stops, the ultracapacitor energy storage system is fully charged in about 25 seconds. This provides enough energy for the vehicle to reach the next stop on the route with remarkable traction and auxiliary power performances. Ultracapacitors can help reduce the energy consumption of a light rail or metro system by up to 30 per cent by storing the energy released when braking and using this energy during the next acceleration of the vehicle. Moreover, lower peak current demand means that fewer substations are needed and they can be farther apart, which reduces infrastructure investment. Nesscap became a public company on Monday, January 24, 2011 through the exchange's Capital Pool Company (CPC) program. For more information about Nesscap Energy's listing and the Qualifying Transaction, please see the filing statement dated December 29, 2010, a copy of which is available on SEDAR at www.sedar.com. The audited annual financial statements 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. 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 firstname.lastname@example.org www.nesscap.com Copyright 2011, Market Wire, All rights reserved. -0-