TORONTO, ONTARIO–(Marketwired – Aug. 29, 2016) – EEStor Corporation (TSX VENTURE:ESU) (“EEStor” or the “Company”), today announced its financial results for the three and nine months ended June 30, 2016. All amounts are expressed in Canadian dollars.
Financial Results
The net loss for the three months and nine months ended June 30, 2016, with the comparative results for the comparable periods in the prior year, are summarized as follows:
| Three months ended June 30, 2016 |
Three months ended June 30, 2015 |
Nine months ended June 30, 2016 |
Nine months ended June 30, 2015 |
|
| Net loss | $679,567 | $501,921 | $1,810,733 | $1,909,164 |
| Non-controlling interest | $6,767 | $75,956 | $169,110 | $488,035 |
| Total loss | $686,334 | $577,877 | $1,979,843 | $2,397,199 |
| Net loss per share | $0.01 | $0.01 | $0.03 | $0.04 |
Operational Update
During the quarter, the Company was able to raise approximately $2.5 million with an additional follow-on financing of $0.5 million raised in July 2016 for a total of approximately $3.0 million of funding. Ian Clifford, CEO and Founder, added “This funding greatly supports our ongoing discussions surrounding licensing of EEStor, Inc.’s leading solid-state capacitor technology while also allowing the Company to expand its efforts in our previously announced advanced polymer program to optimize the energy storage characteristics of that same leading technology.” The Company will provide updates on these two programs as they become available.
About EEStor Corporation
EEStor’s mission is to be the provider of leading edge solid-state 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 collaboration 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 solid-state 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 Management Information Circular 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.
