Intercept Energy's Q3 revenues at $341,233
2013-11-08 12:58 ET - News Release
Mr. Randy Hayward reports
INTERCEPT ANNOUNCES ITS 3RD QUARTER REVENUE RESULTS
Intercept Energy Services Inc. (formerly Global Green Matrix Corp.) had an increase of $309,870 in its third quarter revenues compared with the same period last year. The gross revenue of $341,233 for the quarter reflects the addition of several new heating units operated by the company's wholly owned subsidiary Intercept Rentals. The units incorporate a highly efficient and proprietary technology that can be used to heat water required for the fracing process used by the many companies in the oil and gas industry throughout Western Canada.
The reported revenues are gross figures that have been invoiced from the operations of Intercept Rentals. The company will file its quarterly financial statements for the period ended Sept. 30, 2013, by Nov. 29, 2013, and they will be available on SEDAR or the company's website.
Intercept Energy also announces that it has taken delivery of a second tri-axle truck heating unit that has been fully outfitted with the latest generation of the patent-pending heating technology developed by Intelligent Energy LLC, giving the company four active heating units. The company has also entered into an agreement with Energy Manufacturing LLC, whereby it will receive 5.5 million common shares of IES for a deemed value of $412,500. The shares will contribute to the purchase of the company's fifth water heating unit. The completion of the purchase is subject to a final cash payment to be made by the company prior to delivery of the unit. The issuance of the shares is subject to TSX Venture Exchange approval.
Randy Hayward, president and chief executive officer, stated: "The months of July, August and September are traditionally slow with respect to drilling and fracing activity, mainly due to the warmer weather. We are therefore satisfied with our results and expect greater revenues during the upcoming winter months; with the new heating unit, the company will have five units to serve Western Canada."
Due to fluctuating market conditions, the company announces that the planned financing with Bayfront Capital Partners Ltd. will not proceed at this time.