Nuvolt Corporation Inc.
TSX VENTURE : NCO

Nuvolt Corporation Inc.

January 13, 2011 12:04 ET

Nuvolt Corporation Announces its Quarterly Financial Results and the Granting of Stock Options

LEVIS, QUEBEC--(Marketwire - Jan. 13, 2011) - Nuvolt Corporation Inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the first quarter of the fiscal year 2010-2011.

"The difficult economic situation continues to affect the Company's sales for its traditional products" says Mr. Jacques Dion, President and Chief Executive Officer. "However, we note an increase in request for Agrivolt Filters among the U.S. and Canadian distribution networks set up last year for which we have pursued the strategic recruitment of distributors in order to be ready for SmartScan sales. It is the same for the Technology Showcases, which are the basis of the product's marketing strategy for industrial sectors. The Showcases will begin January 2011" concludes Mr. Dion.

Quarterly highlights :

  • There was a 27% decline in earnings for the quarter ended November 30, 2010 as compared to the same quarter of the previous year. However, we noted a major jump in OEM filter sales;
  • Investments in the development of SmartScan and in test benches set up test benches to ensure quality control on each of the components of SmartScan represented respectively $293,000 and $150,000;
  • A private placement of $225,500 and a temporary loan obtained from Investissement Quebec allow the Company to meet its short-term cash flow needs, to deliver the first order of SmartScan and to place the product in the distribution network.

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.

Moreover, the Company announces that it has granted a total of 1,050,000 stock options at an exercise price of $0.10 par share to members of the Board, managers and employees. The stock options can be exercised up until January 11, 2016.

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