TORONTO, ONTARIO--(Marketwired - Jan. 30, 2017) - EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company") today announced its audited financial results for the three months and year-ended September 30, 2016. All amounts are expressed in Canadian dollars.
The net loss for the year amounted to $3,232,515 (2015 - $2,779,046, or including impairment charge in 2015 - $10,134,190). For the three months ended, the net loss for the period amounted to $1,252,672 (2015 - $381,847). The Financial Statements for the Company and the accompanying Management Discussion & Analysis can be found at www.sedar.com.
About EEStor Corporation
EEStor's mission is to be the provider of leading edge capacitor and energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in high voltage capacitance and related energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor, Inc. aligns the business of both companies and now allowed EEStor to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor, Inc.'s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor, Inc.'s capacitor and energy storage technology and readers are directed to the "Risk Factors" disclosed in EEStor Corporation's most recent Management Information Circular on SEDAR.
Neither TSX Venture not its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or accuracy of this release.