Nesscap Energy Inc.
TSX VENTURE : NCE

Nesscap Energy Inc.

May 26, 2016 16:00 ET

Nesscap Energy Inc. Reports First Quarter 2016 Results for Ultracapacitor Products

SEOUL, SOUTH KOREA--(Marketwired - May 26, 2016) - Nesscap Energy Inc. (the "Company" or "Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, today reported its financial results for the quarter ended March 31, 2016.

Revenue for the three-month period improved to USD 3.8 million, compared to USD 3.4 million in the same period last year. The increase in revenue is primarily due to increased demand from European industrial and automotive sectors.

Net loss for the quarter was USD 0.6 million or USD 0.002 per share compared to a net loss of USD 1.1 million or USD 0.005 per share in the same period in fiscal 2015. The improvement in net loss was mainly due to an increase in gross profit margin and a decrease of finance costs, compared to the same period last year.

At March 31, 2016, the Company had cash and cash equivalents equal to USD 2.0 million and working capital of USD 5.1 million.

"Our Q1 business was up ten percent year-on-year and we are encouraged by growth in the automotive and wind segments," said Jim Zuidema, Acting Chief Executive Officer of Nesscap. "Our recently launched XP™ product line is tracking well and we are committed to continue bringing new products to market, expand production capacity in select areas, and enhance our financial position."

The financial statements for the first quarter of fiscal 2016 and related MD&A have been filed on SEDAR and can be found at www.sedar.com.

Outlook

Nesscap is committed to continuing its efforts to develop "best in class" ultracapacitor cells and modules to better serve the growing and increasingly diverse market for alternative energy storage and power delivery solutions. Over the coming months, the Company plans to continue investments in new technology, direct and indirect sales channels, market development, and production capacity. The Company will continue to focus on its largest current markets in Europe and China while working to develop the more emerging markets throughout the rest of the world. The Company plans to increase its brand recognition and strengthen its position as one of the key technology leaders in the ultracapacitor industry. The Company is actively seeking further funding to ramp its production capacity and research and development efforts.

Annual Meeting of Shareholders

The Company is hosting its annual general meeting of shareholders on Thursday, June 16, 2016, at 10:00 a.m. (Toronto time) at the offices of Miller Thomson LLP located at Scotia Plaza, 40 King Street West, Suite 3100, Toronto, Ontario, Canada.

Rights Offering

Subsequent to the end of the quarter, the Company announced a Rights Offering. For additional information, please refer to the press release issued by the Company on May 16, 2016.

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. Nesscap products are available in both cells and modules and are used to enhance the performance of modern applications ranging from portable electronic devices to high performance windmills and high-tech 'green' cars. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6200 farads with industry recognized alternative organic electrolytes. Customers of the Company are active in the transportation, renewable energy, industrial, and consumer markets. Technical and sales information can be found at www.nesscap.com.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has in any way approved or disapproved of the contents of this press release.

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.

Contact Information

  • Jim Zuidema
    Chief Executive Officer (Acting)
    Chief Financial Officer
    Nesscap Energy Inc.
    845-652-0833
    jzuidema@nesscap.com