Nesscap Energy Inc. Reports Record Year End Financial Results
May 02 2011 - 8:00AM
Marketwired
Nesscap Energy Inc. ("Nesscap") (TSX VENTURE: NCE), a global leader
in research, development and manufacturing of ultracapacitor
products, today reported its financial results for the twelve month
period ended December 31, 2010.
Net sales for the twelve month period increased by 29% to $13.5
million (KRW 15.4 billion), compared to $10.5 million (KRW 11.6
billion) for the same period in 2009. Net loss for the year was
$1.8 million (KRW 2.1 billion) compared to a loss of $1.1 million
(KRW 1.3 billion) in 2009. The Company has cash and cash
equivalents equal to $1.0 million (KRW 1.1 billion).
"Nesscap continues to achieve record sales levels as the value
of ultracapacitors are recognized and the success of initial
commercial applications are undisputed," said Dr. Sunwook Kim,
President of Nesscap Energy Inc. "This was a milestone year for
Nesscap, highlighted by the public listing of Nesscap. Thanks to
our dedicated staff and commitment to our customers, we have
expanded our product offering and plan to further increase our
production capability to meet their power solution needs."
In October 2010, Nesscap was recognized as a Regional Leader in
the 2010 Global Cleantech Top 10 for the Asia Pacific region by
Cleantech Group LLC. The ranking is a component of the 2010 Global
Cleantech 100 Report, which highlights the most promising private
cleantech companies who are most likely to make a significant
market impact in the next five to ten years according to worldwide
experts in the cleantech sector.
During the year, the Company established a second facility in
Dongtan, South Korea, to expand its product offering with scalable
energy storage and power delivery systems for industrial and
automotive markets. The new products will support industry-leading
charge/discharge performance, high reliability and long operational
lifetime. The products were designed to meet the needs of Nesscap
customers' rigorous applications and to provide the unique power
solution that they require.
Subsequent to the year end, Nesscap signed an agreement with
Trainelec, a subsidiary of Spanish-based CAF, a world-class railway
vehicle manufacturer, to supply ultracapacitors for use in trams
serving major cities in Spain. The order, valued at $3.2-million
(U.S.), is to be fulfilled through 2011 and come with an option to
increase the order size by 20 per cent. The contract follows
previous orders stemming from a development contract with CAF in
early 2007. Ultracapacitor-based energy storage systems enable
light rail vehicles or trams to travel without overhead power lines
or catenary power. Specifically, this system allows electrical
power catenary to be installed locally at the passenger stops, and,
when the vehicle stops, the ultracapacitor energy storage system is
fully charged in about 25 seconds. This provides enough energy for
the vehicle to reach the next stop on the route with remarkable
traction and auxiliary power performances. Ultracapacitors can help
reduce the energy consumption of a light rail or metro system by up
to 30 per cent by storing the energy released when braking and
using this energy during the next acceleration of the vehicle.
Moreover, lower peak current demand means that fewer substations
are needed and they can be farther apart, which reduces
infrastructure investment.
Nesscap became a public company on Monday, January 24, 2011
through the exchange's Capital Pool Company (CPC) program. For more
information about Nesscap Energy's listing and the Qualifying
Transaction, please see the filing statement dated December 29,
2010, a copy of which is available on SEDAR at www.sedar.com.
The audited annual financial statements and related MD&A can
be found on SEDAR at www.sedar.com.
About Nesscap
Since its inception in 1999, Nesscap Energy Inc., has become an
award winning global leader in technology innovation and product
development of ultracapacitors. Attributes of the ultracapacitor
allow for the technology to be used in applications where power,
life cycle requirements or environmental conditions limit the
suitability of batteries or capacitors. Uniquely structured,
Nesscap products are used to replace or enhance the performance of
energy and power needs for modern applications ranging from
portable electronic devices to high-tech 'green' cars and are
available in both cells and modules. Nesscap features the widest
array of standard commercial products in the market from 3 farads
to 6,200 farads with industry recognized alternative organic
electrolytes. Customers of the Company include transportation,
power, and consumer markets. Technical and sales information can be
found at www.nesscap.com.
Forward-Looking Statements
Included in this news release are matters that constitute
"forward-looking" information within the meaning of Canadian
securities law. Such forward-looking statements may be identified
by words such as "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" or words of a similar nature. There
can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include among others, regulatory risks, risk inherent in
foreign operations, commodity prices and competition. Most of these
factors are outside the control of the Company. All subsequent
forward-looking statements attributable to the Company or its
agents are expressly qualified in their entirety by these
cautionary comments. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims
any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events
or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) has in any way
approved or disapproved of the contents of this press release.
Contacts: Nesscap Energy Inc. Debbie Bamforth Corporate
Communications 905-599-3322 dbamforth@nesscap.com
www.nesscap.com