Nuvolt Corporation Inc.
TSX VENTURE : NCO

Nuvolt Corporation Inc.

December 04, 2009 17:06 ET

Nuvolt Corporation Announces Its Annual Financial Results, The Closing of Its Private Placement, Appointments to Its Board of Directors and Its Sales Team and...

... Also the Date of Its Annual General Meeting

LEVIS, QUEBEC--(Marketwire - Dec. 4, 2009) - Nuvolt Corporation ("Nuvolt") (TSX VENTURE:NCO) announces today its audited annual financial results for the financial year ended August 31, 2009.

"Despite a difficult economic situation, where the agricultural sector has suffered important losses on the previous months, we are showing a satisfying sales increase" say Mr. Jacques Dion, Chief Executive Officer. "With our solutions to reduce production costs and with a new affordable product allowing a return on investment within a very short period of time, we are confident that Nuvolt will continue to show increasing sales results, particularly following the marketing of the SMARTSCAN."

Highlights:

- A 24% increase of revenues for the financial year 2008-2009 compared to the previous year. Total income increased from $1,4 M to $1,7 M.

- Agreement with a leading manufacturer of specialized lighting for the sales of filters. The integration of lighting solutions enables new opportunities for Nuvolt's solutions.

- I- nvestments of $494,000 during the year in the SMARTSCAN development. The expert system is in pre-commercial phase. Its launching is expected on March 2010.

- A distribution network for the Agrivolt Filters in the United-States has been established. More than forty distributors are currently in training. This same network will be used for the SMARTSCAN's distribution.

- Net loss of $452,000 ($0.0086/share) for the financial year ended August 31, 2009 compared to $692,000 ($0.0131/share) for the previous year.

- Cash flow of $46,000 as at August 31, 2009. A private placement completed during the first quarter of the current financial year fills the short term financial needs to complete the SMARTSCAN and to prepare its commercial launch. The Company is examining other sources of funding for the marketing of the SMARTSCAN.

The annual financial results and the MD&A can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR), available at the following address: www.sedar.com.

Moreover, following two closings, Nuvolt announces it is ending its private placement for which it has obtained from the TSX Venture Exchange an extension of the schedule until November 30, 2009. This placement has permitted to issue a total of 10,600,334 units at a price of $0.15 per unit, for a total product of $590,050.

In another vein, following the last meeting of its Board of Directors, held on November 17, 2009, Nuvolt announces departures and the following appointments, which are subject to approval of the TSX Venture Exchange:

- Resignation of Mr. Fernand Bois as a director of the Board of Directors. He will be replaced by Mr. Francis Bois who will be appointed at the Annual Meeting.

- Appointment of Mr. Pierre Gingras as a Director. Mr. Gingras succeeds to Mr. Marc Belanger, who died last August and who was a director and the president of the Governance Committee. Mr. Gingras is the President of Placements Moras, a real estate investment company. He also serves on the Board of Directors of Desjardins Financial Security and Fonds de placement immobilier Cominar.

- Appointment of Mr. Claude Dion as the Canada Sales/Marketing Manager of Agrivolt Inc., the US subsidiary of Nuvolt. Mr. Dion has extensive experience in the marketing of different products. He has also held key positions of Director and Vice President for Les Industries de la Rive-Sud for 12 years.

Nuvolt wishes to acknowledge the outstanding contribution of retiring directors and this, for several years. They believed in the Company's potential, even in difficult times.

Finally, Nuvolt informs the public that its Annual Meeting will be held on January 7, 2010, 14h00, at Langlois Kronstrom Desjardins Lawyers' office at 801, Chemin Saint-Louis, # 300, Quebec QC G1S 1C1. All shareholders are welcome to this meeting.

About Nuvolt

Nuvolt specialises in the electrical sector. The Company has developed a recognized expertise in electrical network management, power quality, detection and neutralization of leakage currents and electrical network monitoring systems.

Nuvolt is prepapring the marketing launch of its new product, the SMARTSCAN, a pioneering monitoring system that can predict electrical network failure. The SMARTSCAN is the backbone of Nuvolt's market diversification to industrial production lines and real estate sectors.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Jacques Dion, CEO
    418-833-0773
    418-833-4055 (FAX)