VANCOUVER, British Columbia, Aug. 20, 2021 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) announces it has filed its financial results for the second quarter and the six months ended June 30, 2021. For complete financial information for the second quarter and the six months ended June 30, 2021, please see the Interim Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com. All figures are in Canadian Dollars unless otherwise stated and in accordance with IFRS.
Second Quarter and Year to date Highlights:
- As of August 20, 2021, the Company has Sales Pipeline1 of $3.77M and Sales Order Backlog2 of $2.82M. This represents a cumulative growth of $2.1M or 47% from previous disclosure on May 28, 2021.
- Revenue for the three months ended June 30, 2021 (“Q2 2021”) and six months ended June 30, 2021 (“YTD 2021”) was $0.11M and $0.3M, representing a decrease of $0.01M from the three months ended June 30, 2020 (“Q2 2020”) and an increase of $0.13M from the six months ended June 30, 2020 (“YTD 2020”).
- Loss for Q2 2021 and YTD 2021 was $1.01M and $1.86M, representing an increase of $0.78M from Q2 2020 and an increase of $0.76M from YTD 2020.
- Adjusted EBITDA3 Loss of $0.58M in Q2 2021 and $1.09M in YTD 2021 compared to $0.42M in Q2 2020 and $0.89M in YTD 2020, representing an increase of $0.16M from Q2 2020 and an increase of $0.20M from YTD 2020.
- The Company has $2.6M of working capital as of June 30, 2021. Management anticipates it has sufficient working capital to maintain its activities for the subsequent 12 months.
YTD 2021 Highlights and Subsequent Events
- $2.12 Million (M) raised through capital markets and security exercises. Since the beginning of 2021 to the date of the MD&A, the Company raised $0.45M (gross) through non-brokered equity and equity unit private placements, $1.43M through the exercise of stock options and warrants and 0.24M through the exercise of debenture warrants.
- WashOut Laundry Retrofit. The Company completed a retrofit installation of a PIRANHA T15 into WashOut Laundry, representing the first PIRANHA retrofit approved under the FortisBC Custom Performance Program. WashOut is projected to save over 2,100 gigajoules per year of natural gas, saving 105 tonnes of greenhouse gas emissions annually.
- National Western Center. The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America to date. The National Western Center will rely on two SHARC™ wastewater recovery systems placed in the heart of its 3.8-megawatt (MW) district energy system, creating a low-carbon campus that is sustainable and regenerative. The first phase of development is expected to recover the thermal energy from 3,000 gallons of wastewater that would otherwise be wasted and go down the drain every minute which will prevent 2,600 metric tons of carbon dioxide from being emitted into the atmosphere.
- Congresswoman Marcy Kaptur visit to DC Water. U.S. House Representative Marcy Kaptur, Chairwoman of the House Appropriations Subcommittee on Energy and Water Development, toured the U.S. capital’s DC Water Headquarters (“DC Water HQ”) on March 9, 2021. “I have never seen a technology that could have as positive of an impact on energy as what I have seen at the DC Water HQ,” said Congresswoman Kaptur after her visit.
- ELLA. A 45-suite multi-family residential project in Vancouver, B.C. seeking to reduce its energy costs and carbon footprint, while future proofing against rising carbon tax, has installed a PIRANHA T10 HC. The unit is estimated to save the project 524 tonnes of CO2 emissions reduction over its lifespan.
- lel??. A 1,200 residential unit master planned development’s heating and cooling needs will be met by utilizing a SHARC Energy low-carbon wastewater energy exchange system as part of a centralized energy facility. The system is expected to ship and install in Q1 2022.
- Conversion of Convertible Debt Face Value of $1.28M. During YTD 2021 and subsequently to date, the Company has converted $1.28M of convertible debt.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA
ON BEHALF OF THE BOARD
Lynn Mueller
Chairman and Chief Executive Officer
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.
1 Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q2 2021 MD&A.
2 Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q2 2021 MD&A.
3 Adjusted EBITDA is a Non-IFRS measure. Please see discussion and reconciliation of Alternative Performance Measures and Non-IFRS measures in the Q2 2021 MD&A.
