Nuvolt Corp. Announces the Deposit of Its Quarterly Financial Statements as at November 30, 2013, the Date of Its Annual Meet...
January 30 2014 - 4:56PM
Marketwired
Nuvolt Corporation Announces the Deposit of Its Quarterly Financial
Statements as at November 30, 2013, the Date of Its Annual Meeting
as Well as the Appointment, on an Interim Basis, of...
...Mr. Pierre-Andre Meunier as President and Chief Executive
Officer
LEVIS, QUEBEC--(Marketwired - Jan 30, 2014) - Nuvolt Corporation
Inc. (« Nuvolt ») (TSX-VENTURE:NCO) announces the filling of its
quarterly financial statements, for the first quarter of the fiscal
year 2013-2014, ended November 30, 2013.
"The Company is pleased with sales in the agriculture market,
which tends to stability. Excluding the Legacy Farm project which
represented a turnover of $120,000 for the same quarter of the
previous year, sales performance for the quarter ended November 30,
2013 is the same as for the quarter ended November 30, 2012." says
Mr. Gilles Roy, Chief Executive Officer. "Actions taken during the
quarter to conclude new agreements with farm equipment distributors
and electrical contractors, in Canada and in the U.S, should bring
tangible results in the coming months." concludes Mr. Roy.
Highlights:
- Turnover decreased by 27% for the quarter, as compared to the
same quarter of last fiscal year;
- Net loss of $586,000 ($0.0399/share) for the quarter ended
November 30, 2013, as compared to $653,000 ($0.0445/share) for the
quarter ended November 30, 2012.
The quarterly financial statements and the management report can
be view on the System for Electronic Documents Analysis and
Retrieval (SEDAR), available at www.sedar.com.
NUVOLT informs the public that its Annual General and Special
Meeting will be held at 4 p.m. on March 13, 2014. All shareholders
are welcome to attend the meeting.
In connection with the expiration of the contract of the current
President and Chief Executive Officer of Nuvolt, Mr. Gilles Roy,
the Company has appointed, on an interim basis, Mr. Pierre-André
Meunier as President and Chief Executive Officer of Nuvolt,
effective on February 1, 2014, until the closing of the previously
announced non-brokered private placement of up to 40,000,000 units
of Nuvolt, at which time it is expected that Mr. Meunier will be
appointed on a permanent basis.
About Nuvolt Corporation Inc.
Nuvolt has developed a specialized expertise in the monitoring
and the management systems for electrical failures, power quality,
the detection and neutralization of leakage current for the
agriculture, maritime, commercial and industrial markets.
SmartScan is now available to the agriculture market. The
SmartScan system has the ability to predict an electrical
failure on equipment and electrical networks. It could prevent
equipment failures and production downtime on production assembly
lines and commercial buildings and also fire risks. The
ShipScan, for the maritime market, and the SmartScan
Pro, for the industrial market were launched in September
2012.
Certain statements contained in this press release
constitute forward-looking information. Such statements are based
on the current expectations of management. You are cautioned that
such statements can be subject to a multitude of risks and
uncertainties that could cause actual results, future circumstances
or events to differ materially from those projected in the
forward-looking information. The reader should not place undue
reliance on the forward-looking information included in this press
release given that (i) actual results could differ materially from
a conclusion, forecast or projection in the forward-looking
information, and (ii) certain material factors or assumptions were
applied in drawing a conclusion or making a forecast or projection
as reflected in the forward-looking information could prove to be
inaccurate. There is no guarantee that the proposed Private
Placement can be completed on the terms described in this press
release. The Private Placement is still subject to the entering
into of definitive agreements and various conditions, as described
in this press release. These statements speak only as of the date
they are made, and Nuvolt assumes no obligation to revise such
statements as a result of any event, circumstance or otherwise,
except in accordance with law.
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.
Gilles Roy, CEOPhone: (418) 833-0773(418) 833-4055