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2008-08-22 18:01:00
RICHMOND, BC, Aug. 22 /EMWNews/ - VRB Power Systems Inc. (TSX-V: VRB) today reported its financial results for the six month period ended June 30, 2008. The following is a summary of the key points for the period, updated to August 22, 2008:
Financial Highlights (Note - all dollars Canadian): - Sales revenue and other income was $299,393 for the period compared to $201,913 for the same period in 2007; - Operating expenses were $8,001,277 for the period, compared to $6,497,681 for the same period in 2007; - Net loss of $7,701,884 ($0.05 per share) for the quarter compared to a net loss of $6,295,768 ($0.05 per share) for the same period in 2007. Sales Highlights - VRB Power Systems Inc. announced the sale of two additional 5kW x 4hr VRB Energy Storage Systems (VRB-ESS(TM)) to customers in Europe and the Middle East. Summary of Q2 2008 Announcements - Progress Energy and University of South Florida's Power Center for Utility Explorations unveil two 5kW x 4hr VRB Energy Storage Systems as part of SEEDS project; this received good TV coverage. - Ben Gurion University of Negev in Israel purchased a 5kW x 4 hour VRB-ESS to assess the benefits associated with solar energy integration at the University's Blaustein Institute for Solar Energy; - A large, multinational engineering organization in Germany purchased a 5kW x 4 hour VRB-ESS to evaluate the system and determine which in- house application it can best be used (e.g. off-grid solutions, power quality); - VRB Power completed the commissioning of multiple 5kW x 4 hour VRB-ESS's, including two systems for Winafrique Technologies Ltd., of Kenya and one for Edison SpA of Italy; - Mr. Kieran O'Brien (ex MD of ESB) joined VRB as a consultant to assist in developing the Irish market. Summary consolidated financial statements of the Company for the period ended June 30, 2008 are set out below. The full consolidated financial statements and MD&A have been filed on SEDAR (http://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.
Caution regarding forward-looking statements: VRB Power's press
releases may contain forward-looking statements. These statements are based
on management's current expectations and beliefs which are subject to a
number of known and unknown risks and uncertainties (including, but not
limited to, the risk factors described in VRB Power's Annual Information
Form filed with the British Columbia Securities Commission and available at
http://www.sedar.com) that could cause actual results to differ materially from
those expressed or implied in our forward-looking statements. The Company
does not assume any obligation to update any forward-looking statements
contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Vince Sorace
President
See accompanying notes to the consolidated financial statements.
VRB Power Systems Inc.
Consolidated statements of operations and deficit
six months ended June 30, 2008 and 2007
Unaudited
Three months ended June 30 Six months ended June 30
2008 2007 2008 2007
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$ $ $ $
Revenue
Sales 90,211 57,263 150,462 57,263
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Expenses
General and
administrative 2,411,136 2,200,572 4,875,659 3,952,625
Research and
development 808,072 675,559 1,735,499 1,261,162
Amortization of
intangible assets 507,245 507,243 1,014,492 1,014,488
Amortization of
plant and
equipment 193,163 154,599 375,627 269,406
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3,919,616 3,537,973 8,001,277 6,497,681
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Operating loss (3,829,405) (3,480,710) (7,850,815) (6,440,418)
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Other items
Interest and
other income 54,983 59,494 148,931 144,650
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Net loss and
comprehensive loss (3,774,422) (3,421,216) (7,701,884) (6,295,768)
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Loss per share -
basic and diluted (0.03) (0.03) (0.05) (0.05)
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Weighted average
number of shares
outstanding -
basic and diluted 163,582,785 124,835,532 163,269,873 124,835,532
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VRB Power Systems Inc.
Consolidated statements of shareholders' equity
six months ended June 30, 2008 and year ended December 31,2007
Unaudited
Common shares Contributed
--------------------------
Shares Amount surplus
-------------------------------------------------------------------------
$ $
Balance at
Dec. 31, 2006 124,835,532 74,400,898 3,154,380
Net loss for the year - - -
Issued on private
placement 37,950,000 13,122,488 197,247
Stock-based
compensation - - 1,097,666
Exercise of stock
options 100,000 10,000
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Balance at
December 31, 2007 162,885,532 87,533,386 4,449,293
Net loss for
the period - - -
Stock-based
compensation - - 574,830
Exercise of stock
options 800,000 116,441 (36,440)
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Balance at
June 30, 2008 163,685,532 87,649,827 4,987,683
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VRB Power Systems Inc.
Consolidated statements of shareholders' equity
six months ended June 30, 2008 and year ended December 31,2007
Unaudited
Shareholders'
Deficit equity
------------------------------------------------------------
$ $
Balance at
Dec. 31, 2006 (58,511,844) 19,043,434
Net loss for the year (14,281,192) (14,281,192)
Issued on private
placement - 13,319,735
Stock-based
compensation - 1,097,666
Exercise of stock
options - 10,000
------------------------------------------------------------
Balance at
December 31, 2007 (72,793,036) 19,189,643
Net loss for
the period (7,701,884) (7,701,884)
Stock-based
compensation - 574,830
Exercise of stock
options - 80,001
------------------------------------------------------------
Balance at
June 30, 2008 (80,494,920) 12,142,590
------------------------------------------------------------
------------------------------------------------------------
VRB Power Systems Inc.
Consolidated balance sheets
as at June 30, 2008 and December 31, 2007
Unaudited
June 30, December 31,
2008 2007
-------------------------------------------------------------------------
$ $
Assets
Current assets
Cash and cash equivalents 3,865,298 1,544,426
Short-term investments 46,336 9,131,252
Accounts receivable 150,129 163,452
Deposits and other receivables 127,859 328,415
Inventory 1,770,274 1,542,740
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5,959,896 12,710,285
Raw material inventory 730,599 768,292
Plant and equipment 2,403,170 2,427,078
Intangible assets 3,640,974 4,655,466
Restricted cash 28,984 102,502
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12,763,623 20,663,623
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-------------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 621,033 1,473,980
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Shareholders' equity
Share capital 87,649,827 87,533,386
Contributed surplus 4,987,683 4,449,293
Deficit (80,494,920) (72,793,036)
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12,142,590 19,189,643
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12,763,623 20,663,623
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Approved on behalf of the Board
Signed - Vincent Sorace Signed - Timothy Hennessy
------------------------------ --------------------------------
Vincent Sorace, Director Timothy Hennessy, Director
VRB Power Systems Inc.
Consolidated statements of cash flows
six months ended June 30, 2008 and 2007
Unaudited
Three months ended June 30 Six months ended June 30
2008 2007 2008 2007
-------------------------------------------------------------------------
$ $ $ $
Operating activities
Net loss (3,774,422) (3,421,216) (7,701,884) (6,295,768)
Items not
affecting cash
Amortization 700,408 661,842 1,390,119 1,283,894
Stock-based
compensation 193,081 301,049 574,830 517,857
Change in non-cash
working capital
(Increase)/decrease
in accounts
receivable (1,127) 24,313 13,324 81,601
(Increase)/decrease
in deposits and
other receivables (8,363) (46,973) 200,556 5,634
Increase in
inventory (127,616) (301,804) (189,841) (471,159)
(Increase)/decrease
in accounts
payable 45,022 139,973 (852,947) 55,940
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(2,973,017) (2,642,816) (6,565,843) (4,822,001)
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Investing activities
Decrease in
short-term
investments 5,409,609 2,553,488 9,084,916 2,501,562
Purchase of plant
and equipment (226,028) (546,332) (351,719) (687,538)
Decrease in
restricted cash 26,938 61,236 73,518 132,084
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5,210,519 2,068,392 8,806,715 1,946,108
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Financing activity
Issuance of
common shares 55,000 - 80,000 -
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Net cash outflow 2,292,502 (574,424) 2,320,872 (2,875,893)
Cash and cash
equivalents,
beginning of
period 1,572,796 4,583,401 1,544,426 6,884,870
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Cash and cash
equivalents,
end of period 3,865,298 4,008,977 3,865,298 4,008,977
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Cash and cash
equivalents
consist of:
Cash 595,841 406,702 595,841 406,702
Short-term money
market
investments 3,269,457 3,602,275 3,269,457 3,602,275
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3,865,298 4,008,977 3,865,298 4,008,977
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