Business
VRB Power reports 2006 financial results
VRB Power reports 2006 financial results.
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, April 27 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today\nreported its financial results for the year ended December 31, 2006.\n\n\nThe following is a summary of the key points for the period, updated to\nApril 27, 2007 (Note - in 2005 the Company changed its financial year-end from\nJune 30 to December 31. The comparative amounts to December 31, 2005 are\ntherefore for a six-month period. All dollars are Canadian)\n\n\n - Sales revenue and other income was $467,883 for the year compared\n to $213,937 for 2005\n - Operating expenses were $11,205,275 for the year compared to\n $4,650,235 and other expenses were $15,000 compared to\n $283,660 in 2005\n - Net loss of $10,752,392 ($0.10 per share) for the year compared to\n $4,719,958 ($0.05 per share) for the comparative period\n - The Company announced its largest contract to date, the sale of a\n 2MW (3MW pulse) x 6hr VRB-ESS(TM) to Tapbury Management Limited\n ("Tapbury") for approximately (euro)7.4 million (US$10.1 million).\n This sale is subject to certain conditions, including execution of\n final contracts\n - The independent study commissioned by Sustainable Energy Ireland\n and Tapbury was released in March 2007 and validates the key value\n streams of the VRB-ESS and the sizing of the system being\n purchased by Tapbury\n - Additional sales of five 10kWh systems, one 15kW x 8hr system and\n one 5kW x 4hr system were made during the period with an\n additional 5kW x 4hr system sale since year end\n - Deliveries of six 10kWh systems and one 30kW x 2hr system were\n made pursuant to sales orders, and deliveries of three 10kWh\n systems were made pursuant to field trial arrangements, during\n the period\n - All of the systems delivered during 2006 have been commissioned\n and are either in laboratory or field testing. Feedback to date\n has been in line with expectations with the core technology\n performing well\n - Commercial 5kW multi hour systems will be available from mid 2007\n - Costs of the 5kW multi hour systems have been significantly\n reduced from the pre-commercial version, in line with expected\n cost reductions\n - The Company was granted three additional patents as part of its\n strategy of continuing to strengthen its worldwide intellectual\n property portfolio\n\n\n"2006 was a critical year in the development and position...