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Nuvolt Corporation Announces the Deposit of its Annual Financial Results as Well as the Date of its Annual Meeting
By: Marketwire .
Nov. 23, 2012 02:03 PM
LEVIS, QUEBEC -- (Marketwire) -- 11/23/12 -- Nuvolt Corporation Inc. ("Nuvolt") (TSX VENTURE:NCO) announces the deposit of its audited financial results for the fiscal year ended on August 31, 2012.
"Our sales performance are an accurate representation of the difficulties experienced by the Company in 2011-2012." says Mr. Jacques Dion, President and CEO. "Following its launch, the SmartScan management software required important adjustments to make the system more user friendly. We have made the necessary corrections during the year. In addition, as outlined in our business plan, we have completed the validation of ShipScan and SmartScan Pro and proceed for production thereof. We received the finished products at the end of the fiscal year only, due to supply problems of some parts. In the fourth quarter, we took in hand the commercial launch of our products and we experienced a sales increase of 42% over the same quarter last year" concludes Jacques Dion.
-- Sales of 2011-2012 increased by 11% as compared to previous year. -- Net loss of $2,178,000 ($0.0163/share) for the fiscal year ended on August 31, 2012, as compared to $1,866,000 ($0.0246/share) for the previous year. -- SmartScan: Launching of the Optimum/Agrivolt marketing program. Sales of Smartscan represented about 19% of total sales of the fiscal year. -- SmartScan Pro and ShipScan: Process of production in Asia, distribution agreements signed for the industrial and commercial markets, collaboration agreements concluded to adapt the system to the needs of commercial building owners. First sales of SmartScan Pro recorded during the year. -- Financing: Closing of a private placement of $675,000 on July 6, 2012 and a note payable of $289,000 in August 2012, allowing the Company to plan a more important funding, expected to be closed for mid-December 2012.
The annual financial statements and the management report may be consulted in the electronic data, analysis and research system (SEDAR), accessible at the following address: www.sedar.com.
Finally, NUVOLT informs the public that its Annual General and Special Meeting will be held at 4 p.m. on December 18, 2012 at the offices of Langlois Kronstrom Desjardins, LLP, located at Complexe Jules-Dallaire, building 3T, 2820, Laurier Blvd. 13th Floor, Quebec QC, G1V 0C1. All shareholders are welcome to attend the meeting.
About Nuvolt Corporation Inc.
Nuvolt has developed a specialized expertise in the monitoring and the management systems for electrical failures, power quality, the detection and neutralization of leakage current for the agriculture, maritime, commercial and industrial markets. SmartScan is now available to the agriculture market. The SmartScan system has the ability to predict an electrical failure on equipment and electrical networks. It could prevent equipment failures and production downtime on production assembly lines and commercial buildings and also fire risks. The ShipScan, for the maritime market, and the SmartScan Pro, for the industrial market, have been launched to the market in September 2012.
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.
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