Nuvolt Corporation Inc.

Nuvolt Corporation Inc.

March 16, 2011 08:24 ET

Nuvolt Corporation Announces a Bridge Financing, Strategic Milestones in the Marketing of SmartScan and the Granting of Stock Options

LEVIS, QUEBEC--(Marketwire - March 16, 2011) - Nuvolt Corporation Inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the conclusion of a bridge financing of $400,000 from members of its Board of Directors. This loan will be reimbursed without interest at the closing of the next round of financing.

«This bridge financing will secure the continuity of our operation while we conclude a strategic private placement to finance the marketing of SmartScan» says Mr. Jacques Dion, President and Chief Executive Officer of Nuvolt.

Moreover, Nuvolt announces the following milestones regarding the marketing and sales of SmartScan in target markets as per our business plan.

Agriculture market:

  • First sales of SmartScan performed by the subsidiary Agrivolt.
  • Validation test of SmartScan in the research center of a major US pig farm equipment distributor. The issue is a distribution agreement.

Maritime market:

  • Agreements concluded with the distributor Navware for the establishment of a showcase with one of the major ship owners of Quebec as well as with an electro technical maritime equipment distributor.

Industrial market:

  • Nuvolt established a showcase with one of the largest stevedoring companies in Canada.
  • The Company has also concluded an agreement to establish a showcase with one of a major food processor in Canada.

«The market reception to the SmartScan system makes us quite optimist for the future» concluded Jacques Dion.

Finally, Nuvolt announces the granting of a total of 1,050,000 stock options at an exercise price of $0.10 per share to members of the Board, managers and key employees. The stock options can be exercised up until March 14, 2016 following the approval of an increase to 9,000,000 in the number of shares reserved for issuance under the option plan at the last annual meeting of shareholders held on February 24, 2011.

About Nuvolt Corporation Inc.

Nuvolt has developed a specialized expertise in the management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.

Nuvolt has devoted a great deal of energy to and has made major investments in the development of the SmartScan project. The SmartScan system is a user-friendly product that can be distributed by independent distributors active in specialized sectors including the farming, commercial and industrial 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

  • Nuvolt Corporation Inc.
    Jacques Dion
    418-833-4055 (FAX)