Nuvolt Corporation Inc.
TSX VENTURE : NCO

Nuvolt Corporation Inc.

July 29, 2011 11:59 ET

Nuvolt Corporation Announces its Quarterly Financial Results as at May 31, 2011

LEVIS, QUEBEC--(Marketwire - July 29, 2011) - Nuvolt Corporation Inc. (« Nuvolt »)(TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the third quarter of the fiscal year 2010-2011.

"The quarter was devoted to raising capital" says Mr. Jacques Dion, President and Chief Executive Officer. "The delay in reaching adequate funding has slowed the pace of implementation of the objectives of the business plan of the Company. The cash flow situation has not prevented the sales team to show encouraging results. Moreover, strategic elements for market diversification have continued to evolve. The speed of development of Nuvolt will resume at the closing of the current private placement, planned for the beginning of August" concludes Mr. Dion.

Quarterly highlights:

  • The sales figure of the quarter ended on May 31, 2011 shows a 24% increase in comparison with the quarter ended on May 31, 2010. This increase comes from sales of SmartScan products and OEM Filters. The Company shows its best quarterly results since November 30, 2009;
  • A technology showcase has been put in place for the maritime market in order to adapt the SmartScan to a ShipScan product;
  • Announcing of a private placement of a maximum of $3.5M;
  • The program with Optimum Farm Insurance for the establishment of joint promotion of the SmartScan is nearing completion
  • Conclusion of a verbal agreement with Investment Quebec for a moratory of capital repayment on the current debts.

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 management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.

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.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. 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 news release.

Contact Information

  • Nuvolt Corporation Inc.
    Jacques Dion, CEO
    (418) 833-0773
    (418) 833-4055 (FAX)