CALGARY, ALBERTA--(Marketwire - March 14, 2013) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD) (OTCBB:NSFDF) today provided an update on operations.
NXT is currently finalizing its recommendations on the US $2.66 million SFD® aerial survey recently conducted in South Asia for a major National Oil Company. Data acquisition operations were completed in early January, and NXT plans to deliver its final report on this project in the last week of March. Progress payments totaling US $1.7 million (US$ 1.5 million net of applicable in-country withholding taxes) have been received, with the remaining balance of US $0.9 million due upon final project completion.
"We are pleased that we were able to very rapidly conduct and will soon deliver this project with another new National Oil Company" noted George Liszicasz, President and CEO of NXT. "This survey represents the sixth country in which we conducted survey operations in the last 14 months, which builds on industry awareness of our technology, and our international expansion plans".
The Company had a record year in 2012 and will release its annual financial results for the year ended December 31, 2012 in late April. The current South Asia project will be recognized as revenue in 2013.
NXT is financially well positioned to execute its aggressive growth strategy for 2013. NXT has no debt, and approximately $4.7 million unrestricted cash on hand (and an additional $0.4 million of restricted cash), which is prior to the final US $0.9 million billing to be issued for the current survey project.
NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a survey method that 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 provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless an exemption from such registration is available.
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 are described in its most recent MD&A for the year ended December 31, 2011 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.
Specific forward-looking statements include the planned timing of completion of the South Asia survey project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTC Exchange accept responsibility for the adequacy or accuracy of this release.