Nesscap Energy Inc.
TSX VENTURE : NCE

Nesscap Energy Inc.

November 25, 2015 09:48 ET

Nesscap Energy Inc. Reports Third Quarter 2015 Results for Ultracapacitor Products

SEOUL, SOUTH KOREA--(Marketwired - Nov. 25, 2015) - Nesscap Energy Inc. (the "Company" or "Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, reported its financial results for the third quarter ended September 30, 2015.

Revenue for the three-month period was USD $4.8 million compared to $5.1 million in the same period last year. The decrease is primarily due to significant devaluation of the euro and lower demand from customers in the industrial sector. Gross profit margin for the three-month period was 13% compared to 21% for the same period in the previous year. The decrease is primarily due to significant devaluation of the euro as well as variation in the mix of products sold, relative to the same period in the previous year.

Net loss for the quarter ended September 30, 2015 was $0.7 million or $0.003 per share compared to $0.8 million or $0.004 per share in the same period last year, representing a slight reduction in net loss due to decreases in selling, general and administrative expenses and finance costs.

Revenue for the nine-month period ended September 30, 2015 was $12.7 million compared to $16.2 million in the same period one year ago. The decrease is primarily due to significant devaluation of the euro and decreased demand from customers in the industrial and heavy transportation sectors. Gross profit margin for the nine-month period was 11% compared to 24% for the same period one year ago. The decrease is due primarily to significant devaluation of the euro and lower factory utilization, relative to the same period in the previous year.

At September 30, 2015, the Company had cash and cash equivalents equal to $1.5 million and working capital of $1.9 million.

"Overall demand for our products has strengthened in the second half of 2015 and revenues are up sequentially every quarter this year," said Jim Zuidema, Acting Chief Executive Officer of Nesscap. "Going forward we see many opportunities for growth and are, therefore, actively seeking funding and partners to support our product development, marketing activities and manufacturing capacity."

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 financial statements for the third quarter of fiscal 2015 and related MD&A have been filed on SEDAR and can be found 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. 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 6,200 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

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