Press Release |
Nesscap Energy Inc. Reports First Quarter 2011 Financial Results
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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 email@example.com www.nesscap.com Copyright 2011, Market Wire, All rights reserved. -0-