VANCOUVER, British Columbia, March 10, 2023 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the "Company"), is pleased by recent trends noted in its business activity and would like to provide its stakeholders with an update on these recent signals.
As part of SHARC Energy’s commitment to continuous improvement, the Company has leveraged in-house technology to make key infrastructure advances that have increased overall business intelligence and visibility into Sales and Operational performance. The improvements impact interdepartmental communication, better forecasting and capacity planning, improved quote turnaround time, and granularity of opportunity tracking.
During 2022, the Company performed 68 project assessments (leads), representing a trend of ~6 leads generated per month. Of these 68 technically qualified sales leads, 37 have requested a formal quote (deal) representing a conversion rate of over 50%. Once a deal enters a detailed design stage (Sales Pipeline1), it becomes probable that the deal will convert into a purchase order (Sales Order Backlog2) within the next 24 months of entering Sales Pipeline.
The growth in leads and deals has materially accelerated in the first two months of 2023 with 65 total leads created—of which 36 have already been converted into deals. Also, there are currently 36 leads pending conversion to deals which SHARC Energy expects to either convert to deals or removed from lead status within 90 days. The Company believes the growth in leads and deals is due to several factors including increasing regulation and policy supporting the adoption of Wastewater Energy Transfer (“WET”) technology and the dedicated work of its internal team and partners presenting SHARC Energy solutions in the market.
Furthermore, the Company increased Sales Pipeline and Sales Order Backlog more than 75% in 2022 from 2021. With the strong start to the year in lead and deal generation, the Company anticipates it will be able to maintain and potentially accelerate Sales Pipeline and Sales Order Backlog growth during 2023.
In addition to these growth signals, SHARC Energy recently attended the International District Energy Association (IDEA) conference, the largest yearly conference related to district energy, a key market for SHARC Energy. Jodi Guthrie, Global Director of Sales, presented at the conference. Feedback from the conference was positive and well-received and the conference agenda directly confirmed that district energy developments embracing WET for heating & cooling are on the rise, having penetrated municipal conversations as a key component for decarbonization.
Finally, since the beginning of the year, insiders have invested $332,000, purchasing 1.5M shares through warrant exercises and public market acquisition, as well as converting $200,000 in convertible debt. This insider activity demonstrates insider confidence in SHARC Energy and its mission to revolutionize the WET industry.
"We are thrilled with the recent increase in market activity, the positive feedback from the IDEA conference, and the increased support of insiders," said Hanspaul Pannu, CFO of SHARC Energy. "We remain committed to providing sustainable WET technology solutions and believe that our continued growth is a testament to the hard work of our team and the faith of our shareholders."
About SHARC Energy
SHARC International Systems Inc. is the world leader in energy transfer with wastewater. SHARC Energy's systems recycle and reject thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling and 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 Series | SHARC Series
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 because 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 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 applicable.
1 Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q3 2022 MD&A.
2 Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q3 2022 MD&A.
