Tuesday April 29, 4:00 pm ET
RICHMOND, BC, April 29 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB - News) today reported its financial results for the 12 month period ended December 31, 2007. The following is a summary of the key points for the period, updated to April 25, 2008:
Financial Highlights:
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(Note - all dollars Canadian)
- Sales revenue and other income was $747,525 for the year compared to
$467,883 for 2006;
- Operating expenses were $15,028,717 for the year compared to
$11,205,275 for 2006;
- Net loss of $14,281,192 for the period ($0.10 per share) compared to
$10,752,392 ($0.10 per share) for 2006;
Sales Highlights:
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- In April 2008, the Company was identified by the U.S. Department of
Energy (DOE) as part of a demonstration project to significantly
reduce peak load and measurably improve power reliability at the
Santa Rita Jail, in California. The project will integrate solar
energy, fuel cell, energy storage and control systems.
- The two 5kW x 4hr VRB Energy Storage System (VRB-ESS(TM)) sold to
Winafrique Technologies Ltd., of Kenya were completed and delivered
to the customer in December 2007 and scheduled for commissioning in
late spring 2008 at two remote telecommunication sites;
- The 15kW x 8hr (120kWh) VRB-ESS sold to Riso National Laboratory in
Denmark was delivered in late 2007 and commissioned in February 2008;
- California Energy Commission and the Sacramento Municipal Utility
District awarded funding towards the purchase of a 20kW x 9hr VRB-ESS
to be installed at a major U.S. telecoms service provider's
telecommunication site in Sacramento, California;
- The two 5kW x 4hr VRB-ESS sold to the University of South Florida in
partnership with Progress Energy Florida were delivered in December
2007 and commissioned in March 2008 for integration with a solar
project on the St. Petersburg campus;
Corporate Highlights:
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- Mr. Justin Lacey joined the Company as the VP Sales and Marketing in
March 2008 with Mr. Brian Beck appointed as VP of Business
Development;
- The Company opened its doors to investors in early spring for a
presentation by CEO, Tim Hennessy and a guided tour of the
manufacturing facility, with the presentation and audio clips posted
on the Company's website for review;
- Throughout 2007, significant product development milestones were
achieved related to the small and large cell stack design resulting
in the streamlining of processes and considerable cost reductions;
and finally,
- The Company continued to build its suite of patents that are
strategically designed to overlap and interlock characteristics of
the technology related to the design, chemistry, process, system,
components and specific application. For a detailed list and
description of VRB patents, please visit the company's website
(posted under 'The Technology/Intellectual Property').
Summary consolidated financial statements of the Company for the period ended December 31, 2007 are set out below. The full consolidated financial statements and MD&A have been filed on SEDAR (www.sedar.com).
About VRB Power
Headquartered in Richmond, Canada, VRB Power Systems Inc. is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS can economically store and supply large amounts of electricity on demand and is focused on stationary applications. It is a long life, cost effective, low maintenance, efficient technology that allows for the scalability of power and storage capacity independently. The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand.
The VRB-ESS is well suited for a variety of applications. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load levelling (peak shaving) applications. The VRB-ESS is also capable of providing backup power solutions including applications for utility sub-stations and telecommunication sites. The VRB-ESS is characterized by having the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on substances such as lead or cadmium.
