NEWS -- EEStor Corporation Reports Fiscal First Quarter 2019 Results
TORONTO, March 01, 2019 (GLOBE NEWSWIRE) -- EEStor Corporation (TSXV: ESU; the “Company” or “EEStor”) announced its unaudited financial results for the three months ended December 31, 2018. All amounts are expressed in Canadian dollars.
Financial Results
The net loss for the three months ended December 31, 2018, with the comparative results for the comparable period in the prior year, are summarized as follows:Three months ended December 31, 2018 Three months ended December 31, 2017
Net loss $ 514,496 $ 899,892
Non-controlling interest $ 447,485 $ 407,905
Total loss $ 961,981 $ 1,307,797
Net loss per share $ 0.00 $ 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.
Company Update
In order to address the Company’s limited resources, EEStor continues to pursue additional capital through the issuance equity, equity-like or debt securities.
Ian Clifford, Founder and CEO of the Company commented: “In anticipation of our ongoing joint venture due diligence requirements, the team spent the Fall of 2018 ensuring that we produced ample inventory of our most advanced CMBT formulations. As a result, the Company has implemented cost saving initiatives which have significantly reduced ongoing operating costs. The Company’s primary focus is to conclude its commercialization discussions with potential industrial joint venture partners.”
Clifford continued: “Finally, some very important shareholders have continued to support the Company by way of bridge loans. These funds continue to support our critical work today. The Company would like to thank all shareholders of EEStor for your continuing support of our efforts.”
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.
Forward-looking Statements
Certain statements and documents referred to in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties that face the Company; such statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, and may be based on management's current assumptions and expectations related to all aspects of the automotive industry, consumer demand for zero emission transportation solutions and the global economy. Risks and uncertainties that may face the Company include, but are not restricted to: EEStor may not be able to replicate test results in mass produced commercial products; the EEStor capacitor and energy storage technology may not be successfully commercialized at all, in a manner providing the features and benefits expected while under development, or on a timely basis or the Company may not be able to successfully incorporate this technology into its current or proposed products or the products of others; steps taken by the Company to protect its proprietary rights may not be adequate or third parties may infringe or misappropriate the Company's proprietary rights; the Company has a history of losses from operations and may not be able to obtain financing, if and when required or on acceptable terms due to market conditions or other factors, to fund future expenditures for general administrative activities, including sales and marketing and research and development, expansion, strategic acquisitions or investment opportunities or to respond to competitive pressures; competitors may develop products which offer greater benefits to consumers, have greater market appeal or are more competitively priced than those offered by the Company; the Company may be exposed to product liability claims which exceed insurance policy limits; the Company is dependent on the ability and experience of a relatively small number of key personnel; new products introduced by the Company may not be accepted in the market or to the extent projected; new laws and regulations may be enacted or existing ones may be applied or governmental action may be taken in a manner which could limit or curtail the production or sale of the Company's products; and the Company may be negatively affected by reduced consumer spending due to the uncertainty of economic and geopolitical conditions.
These risks and uncertainties may cause actual results to differ from information contained in this release, when estimates and assumptions have been used to measure and report results. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by applicable laws, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Readers are cautioned not to place undue reliance on any statements of forward looking information that speak only as of the date of this release. Additional information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's filings with the various Canadian securities regulators which are available online at www.sedar.com.
For additional information please contact:
Ian Clifford
Chief Executive Officer
EEStor Corporation
Tel. 416-535-8395 ext. 3
mailto://Ian.Clifford@EEStorCorp.com
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.
