Nesscap Energy Inc. Reports First Quarter 2011 Financial Results

Fri Jun 10, 2011 4:07pm EDT

* Reuters is not responsible for the content in this press release.

  SEOUL, SOUTH KOREA, Jun 10 (MARKET WIRE) -- 
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 month period ended March 31,
2011.

    Net sales for the three month period increased by 58% to $3.8 million
(KRW 4.3 billion), compared to $2.4 million (KRW 2.8 billion) for the
same period in 2010. Net loss for the quarter was $2.6 million (KRW 3.0
billion) compared to a loss of $0.92 million (KRW 1.1 billion) for the
same period in 2010. This increased net loss for the quarter in 2011 is
mainly due to expenses related to the Qualifying Transaction with Asian
Resource Global Strategies Inc. through the TSX Venture Exchange CPC
program.

    "We are excited to see our sales growth continue to increase and the
pipeline for orders is growing as we work with clients to develop
ultracapacitor products," said Dr. Sunwook Kim, Chief Executive Officer
of Nesscap Energy Inc. "The market for ultracapacitors is experiencing
strong demand given the diversified applications that they can be
utilized in. The result provides end users with solutions to enhance
efficiencies while reducing operational costs." 

    On January 24th, 2011, the Company completed its listing on TSX Venture
Exchange and became the first Korean company to trade on one of Canada's
leading exchanges. To celebrate the listing, Nesscap Energy was invited
to open trading on April 6th this year. 

    During the quarter, 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.

    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
www.sedar.com. 

    The unaudited condensed consolidated interim financial information and
related MD&A can also 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
dbamforth@nesscap.com
www.nesscap.com

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