TORONTO, ONTARIO–(Marketwired – May 30, 2016) – EEStor Corporation (TSX VENTURE:ESU) (“EEStor” or the “Company”) today announced its financial results for the three months ended March 31, 2016. All amounts are expressed in Canadian dollars.
Financial Results
The net loss for the three months and six months ended March 31, 2016 with the comparative results for the comparable periods are summarized as follows:
| Three months ended March 31, 2016 |
Three months ended March 31, 2015 |
Six months ended March 31, 2016 |
Six months ended March 31, 2015 |
|
| Net loss | $594,299 | $707,812 | $1,131,166 | $1,407,243 |
| Non-controlling interest | $37,684 | $170,048 | $162,343 | $412,079 |
| Total loss | $631,983 | $877,860 | $1,293,509 | $1,819,322 |
| Net loss per share | $0.01 | $0.01 | $0.02 | $0.03 |
The Company also announces the grant of stock options to acquire an aggregate of 180,000 common shares to certain officers of the Company under the Company’s stock option plan. Each option is exercisable to acquire one common share at a price of $0.19. The options vest quarterly over a twenty four month period. These options will expire five years from the date of grant.
About EEStor Corporation
EEStor Corporation’s mission is to be the provider of leading edge capacitor and energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in high voltage capacitance and related energy storage will be the catalyst for positive environmental and economic change globally. The Company’s current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor, Inc. aligns the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor, Inc.’s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor, Inc.’s capacitor and energy storage technology and readers are directed to the “Risk Factors” disclosed in EEStor Corporation’s most recent Annual Information Form filed on SEDAR.
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.
