Nesscap Energy Inc. Reports Year End Financial Results
SEOUL, SOUTH KOREA--(Marketwire - April 25, 2012) - 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, 2011.
Sales for the twelve month period increased by 15% to $15.9 million (Korean Won 'KRW' 18.0 billion), compared to $13.6 million (KRW 15.3 billion) for the same period in 2010. Net loss for the year was $4.8 million (KRW 5.4 billion) compared to a loss of $1.8 million (KRW 2.0 billion) in 2010. The Company has cash and cash equivalents equal to $1.6 million (KRW 1.8 billion).
"During this transitional year, we expect to maintain current revenue levels while we enhance our platform for growth," said Dennis Orwig, Chief Executive Officer of Nesscap Energy Inc. "New personnel have joined Nesscap and we will continue to add strength to accomplish our multi-faceted strategy of research and development, sales growth, and global expansion. We are focusing our existing strengths and resources on those market segments which we have identified as most promising and will position Nesscap as a leader in the ultracapacitor industry."
In April 2011, 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.), was fulfilled in 2011.
The China Quality Certification Centre ("CQC") approved Nesscap's 48V 166F ultracapacitor module for use in automotive applications in China. The CQC approval certifies that Nesscap's 48V166F modules fully comply with the QC/T 741 standard for electrical performance and mechanical durability for UC modules in automotive applications. With this certificate, Nesscap is able to begin full-scale participation in the Chinese HEV-bus market. Additionally, Nesscap has begun technical and commercial discussions with major wind turbine manufacturers in China regarding the use of Nesscap's ultracapacitors in their pitch control systems.
During the year, the Company obtained external equity financing of USD 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 TSX Venture Exchange on January 12, 2012.
Mr. Dennis Orwig was appointed to the position of Chief Executive Officer in September 2011. Mr. Orwig has extensive experience in power and technology development as a Chief Executive Officer and senior executive of private and public companies over the last 20 years. Prior to joining Nesscap, Dennis was Chief Executive Officer of Novatec Biosol AG, a solar power technology and manufacturing company. His senior management roles include the US Chief Executive Officer of ABB Power Generation and Chief Executive Officer of Catalytica.
Subsequent to the year-end, Mr. Jim Zuidema took the position of Chief Financial Officer. Prior to joining Nesscap, Jim Zuidema held a variety of senior financial positions in the global semiconductor industry. He began his financial career in 1996 with Intel, in California, where he held positions supporting sales and strategic planning. In 2000, Jim moved to Moscow, Russia where he headed the finance and administration functions for Intel's fast-growing EMEA emerging market region. In 2007, he helped start up and run finance operations at Numonyx, a vertically-integrated flash memory company founded by Intel and ST Microelectronics. Most recently, Jim held a senior financial role at Micron Technologies which acquired Numonyx in 2010. Jim holds both an MBA and BS Engineering degree from Cornell University.
The audited annual 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.