LEVIS, QUEBEC--(Marketwired - Jan. 30, 2014) - Nuvolt Corporation Inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the first quarter of the fiscal year 2013-2014, ended November 30, 2013.
"The Company is pleased with sales in the agriculture market, which tends to stability. Excluding the Legacy Farm project which represented a turnover of $120,000 for the same quarter of the previous year, sales performance for the quarter ended November 30, 2013 is the same as for the quarter ended November 30, 2012." says Mr. Gilles Roy, Chief Executive Officer. "Actions taken during the quarter to conclude new agreements with farm equipment distributors and electrical contractors, in Canada and in the U.S, should bring tangible results in the coming months." concludes Mr. Roy.
- Turnover decreased by 27% for the quarter, as compared to the same quarter of last fiscal year;
- Net loss of $586,000 ($0.0399/share) for the quarter ended November 30, 2013, as compared to $653,000 ($0.0445/share) for the quarter ended November 30, 2012.
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.
NUVOLT informs the public that its Annual General and Special Meeting will be held at 4 p.m. on March 13, 2014. All shareholders are welcome to attend the meeting.
In connection with the expiration of the contract of the current President and Chief Executive Officer of Nuvolt, Mr. Gilles Roy, the Company has appointed, on an interim basis, Mr. Pierre-André Meunier as President and Chief Executive Officer of Nuvolt, effective on February 1, 2014, until the closing of the previously announced non-brokered private placement of up to 40,000,000 units of Nuvolt, at which time it is expected that Mr. Meunier will be appointed on a permanent basis.
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 were launched in September 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. There is no guarantee that the proposed Private Placement can be completed on the terms described in this press release. The Private Placement is still subject to the entering into of definitive agreements and various conditions, as described in this press release. 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.