VRB Power reports Q3 2007 financial results
RICHMOND, BC, Nov. 27 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today
reported its financial results for the nine month period ended September 30,
2007.
The following is a summary of the key points for the period, updated to
November 21, 2007
(Note - all dollars Canadian)
<<
- Sales revenue and other income was $411,548 for the six months
compared to $226,842 for the comparative period in 2006;
- Operating expenses were $10,178,769 for the period compared to
$7,765,330 for the comparative period in 2006;
- Net loss of $9,767,221 for the period ($0.07 per share) compared to
$7,538,488 ($0.07 per share) for the comparative period in 2006;
- In November 2007, VRB announced that Winafrique Technologies Ltd.,
with Safaricom Limited, the leading mobile telephone operator in
Kenya purchased two 5kW x 4hr VRB Energy Storage Systems ("VRB-ESS")
to be deployed at two remote telecommunications sites in Kenya owned
by Telkom Kenya and Vodafone Group Plc. The sale marks the initial
phase for a potential roll out of multiple systems at cellular
telecommunications sites across East Africa, with 300 possible sites
identified in Kenya alone;
- In conjunction with the sale, VRB Power signed a distribution
agreement with Winafrique for the 5kW VRB-ESS in Kenya. Under the
terms of the agreement, Winafrique will sell, install and integrate
the systems at the chosen cellular sites; monitor and service the
systems once installed and also provide some of the electrical
components.
- In addition to its internal sales team, the Company now has sales
representatives in North America, India, Europe (covering territories
of Denmark, Slovenia, Hungary, Italy, Albania, Malta, Czech Republic
and Portugal) and Kenya;
- In November 2007, the Company partnered with Sartelco Energia Srl to
showcase the 5kW VRB-ESS(TM) at the World Energy Congress 2007 (WEC)
in Rome, Italy. The WEC is held every three years and is recognised
as the world's premier multi-energy event with over 5,000 delegates
from 100 countries;
- In October 2007, the Company consolidated its offices and moved its
headquarters from downtown Vancouver to the second floor of the VRB
Richmond Facility; and
- Within the last period, VRB Power Systems was featured in several
media publications including Renewable Energy World (Sept/Oct issue),
The New York Times (July 2007), Environmental Health Perspectives
(July 2007), Cooperative Research Network (July 2007) and The
Financial Times (June 2007).
>>
The consolidated financial statements of the Company for the period ended
September 30, 2007 and Management's Discussion and Analysis ("MD&A") thereon
were prepared in accordance with Canadian generally accepted accounting
principles and are presented in Canadian dollars. The Consolidated Balance
Sheets, Consolidated Statements of Operations and Deficit and Consolidated
Statements of Cash Flows are set out below. The full 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.
