Nuvolt Corporation Inc.
TSX VENTURE : NCO

Nuvolt Corporation Inc.

February 29, 2012 10:00 ET

Nuvolt Corporation Announces the Deposit of its Quarterly Financial Results as at November 30, 2011

LÉVIS, QUÉBEC--(Marketwire - Feb. 29, 2012) - Nuvolt Corporation inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the first quarter of the fiscal year 2011-2012.

"The establishment of the strategic plan of Nuvolt following the closing of the last private placement has occupied most of the human and financial resources during the quarter." says Jacques Dion, President and Chief Executive Officer. "Sales, even higher than last year, may seem far below expectations. However, we must reposition ourselves in the last quarter of 2010-2011, where we put all efforts in search of funding, to fully understand the results. The marketing plan will show results on the turnover depending on how quickly we hire the essential resources in marketing / sales for the targeted markets." concludes Mr. Dion.

Quarterly Highlights :

  • First financial statements presented under International Financial Reporting Standards ("IFRS");
  • Turnover for the quarter ended November 30, 2011 shows a 30% increase as compared to the same quarter of last year. This increase comes mainly from SmartScan's sales;
  • Official launch of SmartScan promotional program with Optimum Farm Insurance;
  • Hiring of an additional resource to the R&D team and as well as an interim General Manager;
  • Manufacturing of the first units of ShipScan and SmartScan Pro;
  • First sale of SmartScan Pro concluded with St. Laurence Stevedoring.

The quarterly financial statements and the management report can be view on the System for Electronic Documents Analysis and Retrieval (SEDAR), available at www.sedar.com.

About Nuvolt Corporation Inc.

Nuvolt has developed a specialized expertise in the monitoring and the management systems for electrical failures, power quality, the detection and neutralization of leakage current for the agriculture, maritime, commercial and industrial markets.
SmartScan is now available to the agriculture market. The SmartScan system has the ability to predict an electrical failure on equipment and electrical networks. It could prevent equipment failures and production downtime on production assembly lines and commercial buildings and also fire risks. The ShipScan, for the maritime market, and the SmartScan Pro, for the industrial market, are under manufacturing. The first deliveries to customers are planned for May 2012.

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
    CEO
    (418) 833-0773
    (418) 833-4055 (FAX)