NXT Energy Solutions Inc.

NXT Energy Solutions Inc.

August 11, 2016 17:00 ET

NXT Energy Solutions Advises of Filing of Q2-2016 Results

CALGARY, ALBERTA--(Marketwired - Aug. 11, 2016) - NXT Energy Solutions Inc. ("NXT Energy" or the "Company") (TSX:SFD) (OTCQB:NSFDF) advises that its interim financial and operating results for the three month quarter ended June 30, 2016 ("Q2-2016") have been filed in Canada on SEDAR at www.sedar.com, and will be available in the USA on EDGAR at www.sec.gov/edgar, and on NXT's website at http://www.nxtenergy.com/.

A condensed summary from the Q2-2016 interim consolidated financial statements, with comparative figures for the three month period ended June 30, 2015 ("Q2-2015") is given below.

George Liszicasz, NXT Energy's President and CEO, noted "our recent efforts to increase our pipeline of future business have produced some very exciting and positive results and we are confident that some of them will come to fruition this year".

NXT Energy advises that it will host a brief investor and media conference call, hosted by George Liszicasz, on Friday August 12, 2016 at 9.00 am MST (11:00 am EST), to discuss the Q2-2016 results, and recent business development initiatives. Interested parties are invited to participate in this call, using one of the applicable numbers as follows:

Conference Code: 62883800
Operator assisted, toll-free, dial-in number:
Canada & USA 1-855-336-7594Â FREE
International 1-682-888-5377

Highlights of unaudited Q2 Interim Financial Results

All selected and referenced financial information should be read in conjunction with the Company's unaudited interim consolidated financial statements and the related management's discussion and analysis ("MD&A") for the Q2-2016 period. Amortization expense for Q2-16 includes $421,000 related to the Intellectual Property asset which was acquired in 2015.

(unaudited - all in Canadian $) Q2-2016 Q2-2015
Survey revenues $ - $ -
Survey expenses, net 157,365 228
General & administrative expenses 1,833,326 951,870
1,990,691 952,098
Non-cash expenses
Amortization expense 520,493 18,830
Stock based compensation expense 135,000 228,000
655,493 246,830
Foreign exchange and other expenses, net 29,156 310,000
Total expenses 2,675,340 1,508,928
Loss before income taxes 2,675,340 1,508,928
Income tax expense (31,402 ) 78,063
Net loss for the period 2,643,938 1,586,991
Net loss per common share - Basic and diluted (0.05 ) (0.04 )
(unaudited - all in Canadian $) Q2-2016 Q2-2015
# of common shares outstanding as at end of the period 53,458,009 45,065,509
Weighted average # of common shares outstanding for the period
Basic and diluted 53,371,138 44,969,905
Cash provided by (used in):
Operating activities:
Net loss for the period (2,643,938 ) (1,586,991 )
Add back non-cash items, net 655,264 247,330
(1,988,674 ) (1,339,661 )
Net change in non-cash working capital balances (585,609 ) 1,260,604
Net cash (used in) operating activities (2,574,283 ) (79,057 )
Financing activities 136,976 90,500
Investing activities (1,089,471 ) 1,111,802
Net cash inflow (3,526,778 ) 1,123,245
Cash and cash equivalents, start of the period 5,400,082 168,918
Cash and cash equivalents, end of the period 1,873,304 1,292,163
Total cash and short-term investments position:
Cash and cash equivalents 1,873,304 1,292,163
Short-term investments 3,114,890 2,261,060
Total cash and short-term investments 4,988,194 3,553,223
Net working capital balance 4,303,335 2,050,858

NXT Energy is a Calgary based company whose proprietary Stress Field Detection ("SFD®") survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT Energy provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Forward-Looking Statements

This news release may include forward-looking statements. When used in this document, words such as "intends", "plans", "anticipates", "expects" and "scheduled", are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of factors can cause actual results to differ materially from those in the forward-looking statements. Risk factors facing NXT Energy are described in its most recent MD&A for the year ended December 31, 2015 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTC QB Markets accept responsibility for the adequacy or accuracy of this release.

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