https://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0755817001&sourceType=1https://media3.marketwire.com/docs/Nuvolt_200.jpg LEVIS, QUEBEC -- (Marketwire) -- 12/30/11 -- December 30, 2011. Nuvolt Corporation Inc. ("Nuvolt") (TSX VENTURE:NCO) announces the deposit of its audited financial results for the fiscal year ended on August 31, 2011.
"The fiscal year turnover presents just a slight increase as compared to the previous year but the situation is positive whereas the efforts for the year were mainly devoted to raising capital in order to bring the SmartScan to its marketing phase" mentioned Jacques Dion, President and Chief Executive Officer. "The availability of cash coming from the transactions concluded at the end of the year will enable Nuvolt to strengthen its working capital in order to aggressively pursue sales in agriculture, industrial, maritime and real-estate markets. The Company has accelerated the implementation of the commitments disclosed in its business plan." concluded Mr. Dion.
Highlights:
-- Sales of 2010-2011 increased by 4% as compared to previous year. -- Net loss of $1,921,000 (
.0253/share) for the fiscal year ended on August 31, 2011, as compared to $1,567,000 (
.0244/share) for the previous year.-- SmartScan: Approval of CSA certification, manufacturing set-up and beginning of sales in the agriculture market. SmartScan sales represented approximately 14% of total sales for the year.-- Markets development: Implementation of a technology showcase in one of the most important stevedoring companies in Canada. Development of a promotion program with Optimum Insurance.-- Financing: Closing of a private placement and conversion of advances in shares, totaling $3.5M, announced on August 23, 2011 and new agreements including 24 to 36-month moratoria on capital repayment of certain debts and debentures.
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 Meeting will be held at 4 p.m. on February 23, 2012 at the offices of Langlois Kronstrom Desjardins Avocats located at 801, Chemin Saint-Louis, bureau 300, Quebec City, QC G1S 1C1. All shareholders are welcome to attend the meeting.
About Nuvolt Corporation Inc.
Nuvolt has developed a specialized expertise in the management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.