Business
VRB Power reports 2007 financial results
RICHMOND, BC, April 29 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today reported its financial r...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, April 29 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today\nreported its financial results for the 12 month period ended December 31,\n2007. The following is a summary of the key points for the period, updated to\nApril 25, 2008:\n\n\nFinancial Highlights:\n---------------------\n(Note - all dollars Canadian)\n\n- Sales revenue and other income was $747,525 for the year compared to\n $467,883 for 2006;\n- Operating expenses were $15,028,717 for the year compared to\n $11,205,275 for 2006;\n- Net loss of $14,281,192 for the period ($0.10 per share) compared to\n $10,752,392 ($0.10 per share) for 2006;\n\nSales Highlights:\n-----------------\n- In April 2008, the Company was identified by the U.S. Department of\n Energy (DOE) as part of a demonstration project to significantly\n reduce peak load and measurably improve power reliability at the\n Santa Rita Jail, in California. The project will integrate solar\n energy, fuel cell, energy storage and control systems.\n- The two 5kW x 4hr VRB Energy Storage System (VRB-ESS(TM)) sold to\n Winafrique Technologies Ltd., of Kenya were completed and delivered\n to the customer in December 2007 and scheduled for commissioning in\n late spring 2008 at two remote telecommunication sites;\n- The 15kW x 8hr (120kWh) VRB-ESS sold to Riso National Laboratory in\n Denmark was delivered in late 2007 and commissioned in February 2008;\n- California Energy Commission and the Sacramento Municipal Utility\n District awarded funding towards the purchase of a 20kW x 9hr VRB-ESS\n to be installed at a major U.S. telecoms service provider's\n telecommunication site in Sacramento, California;\n- The two 5kW x 4hr VRB-ESS sold to the University of South Florida in\n partnership with Progress Energy Florida were delivered in December\n 2007 and commissioned in March 2008 for integration with a solar\n project on the St. Petersburg campus;\n\nCorporate Highlights:\n---------------------\n- Mr. Justin Lacey joined the Company as the VP Sales and Marketing in\n March 2008 with Mr. Brian Beck appointed as VP of Business\n Development;\n- The Company opened its doors to investors in early spring for a\n presentation by CEO, Tim Hennessy and a guided tour of the\n manufacturing facility, with the presentation and audio clips posted\n on the Company's website for review;\n- Throughout 2007, sig...