NXT Energy Solutions Inc.

NXT Energy Solutions Inc.

November 14, 2016 09:00 ET

NXT Energy Solutions Advises of Filing of Q3-2016 Results

CALGARY, ALBERTA--(Marketwired - Nov. 14, 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 September 30, 2016 ("Q3-2016") 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 Q3-2016 interim consolidated financial statements, with comparative figures for the three month period ended September 30, 2016 ("Q3-2015") is given below.

George Liszicasz, NXT Energy's President and CEO, noted "we continue to work on strengthening our pipeline of opportunities, particularly with the Sri Lankan project, the progress of which is proceeding as expected".

NXT Energy advises that it will host a brief investor and media conference call, hosted by George Liszicasz, on Wednesday, November 16, 2016 at 9.00 am MT (11:00 am ET), to discuss the Q3-2016 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: 4351500
Operator assisted, toll-free, dial-in number:
Canada & USA 1-888-789-9572
International 1-416-695-7806

Highlights of unaudited Q3 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 Q3-2016 period.

(unaudited - all in Canadian $) Q3-2016 Q3-2015
Survey revenues $ - $ -
Survey expenses, net 200,443 -
General & administrative expenses 1,128,847 1,306,017
1,329,290 1,306,017
Non-cash expenses
Amortization expense 521,945 146,828
Stock based compensation expense 218,000 169,000
739,945 315,828
Foreign exchange and other expenses, net 6,892 (229,413 )
Total expenses 2,076,127 1,392,432
Loss before income taxes 2,076,127 1,392,432
Income tax expense 66,707 485,778
Net loss for the period 2,142,834 1,878,210
Net loss per common share - Basic and diluted (0.04 ) (0.04 )
# of common shares outstanding as at end of the period 53,699,009 53,306,109
Weighted average # of common shares outstanding for the period
Basic and diluted 53,660,944 47,801,957
Cash provided by (used in):
Operating activities:
Net loss for the period (2,142,834 ) (1,878,210 )
Add back non-cash items, net 741,446 404,914
(1,401,388 ) (1,473,296 )
Net change in non-cash working capital balances (600,194 ) 5,354,966
Net cash (used in) operating activities (2,001,582 ) 3,881,670
Financing activities 257,169 240,380
Investing activities 335,831 (169,479 )
Net cash inflow (1,408,582 ) 3,952,571
Cash and cash equivalents, start of the period 1,873,304 1,292,163
Cash and cash equivalents, end of the period 464,722 5,244,734
Total cash and short-term investments position:
Cash and cash equivalents 464,722 5,244,734
Short-term investments 2,845,053 1,544,920
Total cash and short-term investments 3,309,775 6,789,654
Net working capital balance 3,149,664 632,991

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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