In a release issued earlier today by EEStor (ZNNMF) (TSX-V:ESU) with the headline "EEStor Corporation Reports Fiscal First Quarter 2018 Results," please note the headline should read "Fiscal Second Quarter," not "Fiscal First Quarter" as previously stated. The corrected release follows:
EEStor Corporation Reports Fiscal Second Quarter 2018 Results
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- EEStor Corporation (TSX-V:ESU) (the “Company”) announced its unaudited financial results for the three months ended March 31, 2018. All amounts are expressed in Canadian dollars.
Financial Results
The net loss for the three months ended March 31, 2018, with the comparative results for the comparable period in the prior year, are summarized as follows:
Three months ended March 31, 2018 Three months ended March 31, 2017
Net loss $955,690 $1,238,281
Non-controlling interest $305,164 $278,488
Total loss $1,260,854 $1,516,769
Net loss per share $0.01 $0.01
Additional details are contained in the Company’s unaudited interim financial statements and related management’s discussion and analysis (quarterly highlights) which have been filed and are available for viewing and download at www.sedar.com.
Ian Clifford, Founder and CEO of the Company commented: “The last quarter has been a very busy one for the Company. After emerging from a period of stealth, during which our focus was entirely on increasing the performance of our various solutions, we have started a new phase in which EEStor will be informing public market participants on a more regular basis by issuing market-driven reports and informative corporate videos. We have already started doing so and will continue issuing clear and focussed technical disclosures. These efforts will target the significant markets our technology can address.”
To that end, the Company signed an agreement with Sparkpr, a public relations agency which is very active in the field of new technology. Sparkpr is involved, on a daily basis, with refining the Company’s message and positioning. As well, it is helping EEStor in placing its value proposition with multiple stakeholders across many media outlets and influencer communities.
Clifford continued: “Our comparative report on the benefits of EEStor technology for the Aluminum Electrolytic Capacitor (AEC) market, published on April 26, 2018, showed compelling evidence that EEStor’s technology can potentially disrupt the existing $4.6 billion (USD) AEC global market which is expected to grow to $5.5 billion (USD) by 2022. On May 11, 2018, the Company published a second report focussed on the potential for our technology to disrupt pricing and performance in the Renewable Energy (“RE”) market. The current global plastic film capacitor industry represents a $2.3 billion (USD) market and is projected to increase to $2.7 billion (USD) annually by 2023.
Licensees of our technologies will have access to EEStor’s proprietary materials and processes enabling them to manufacture capacitors for the replacement of AEC’s and next generation RE capacitor solutions in infrastructure, power supply, propulsion, wind, solar, wave and geothermal energy markets. The combined opportunity of the AEC and RE markets represent up to $6.9 billion (USD) of addressable markets for EEStor’s technology today.”
In addition, EEStor’s key capacitor industry consultant, Dennis Zogbi, is fully engaged in the development of the Company’s licensing initiatives for its proprietary technology and processes.
The Company continues to explore the development of improvements to it core technology and intends to update the market on an ongoing basis on this progress. It should be noted that incremental improvements within the various performance aspects of its technology, have the potential to further expand market opportunities in a significant way.
Clifford concluded: “I am personally very pleased with the progress of the Company during the past quarter. We’ve augmented our team with some new strategic hires and have expanded our consulting base strategically as well. We’ve embraced third-party validation by engaging three leading independent certification entities: Intertek, Radiant and MRA. A key focus of our technology and market disclosure is to clearly state where the Company is today in relation to incumbent solutions, and to track our ongoing progress, all based on third party verified results. We look forward to providing ongoing technical updates and potential market expansion implications as our results continue to advance.”
About EEStor Corporation
About EEStor Corporation:
EEStor is a developer of high energy density solid-state capacitor technology utilizing the company’s patented Composition Modified Barium Titanate (CMBT) material. The company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the completion of the various enhancement phases underway to warrant the anticipated licensing opportunities in the technology. Readers are directed to the "Risk Factors" disclosed in the Company’s public filings
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