Business
VRB Power reports first quarter 2008 financial results
RICHMOND, BC, May 30 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today reported its financial res...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, May 30 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today\nreported its financial results for the three month period ended\nMarch 31, 2008. The following is a summary of the key points for the period,\nupdated to May 29, 2008:\n\n\nFinancial Highlights (Note - all dollars Canadian):\n- Sales revenue and other income was $154,199 for the quarter compared\n to $85,156 for the same period in 2007;\n- Operating expenses were $4,081,661 for the quarter, compared to\n $2,959,708 for the same period in 2007;\n- Net loss of $3,927,462 ($0.02 per share) for the quarter compared to\n a net loss of $2,874,552 ($0.02 per share) for the same period\n in 2007.\n\nSales Highlights\n- The Company installed a total of five 5kW x 4hr VRB Energy Storage\n Systems (VRB-ESS(TM)) and one 15kW x 8hr VRB-ESS to Riso National\n Laboratories in Denmark.\n\nSummary of Q1 2008 Announcements\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- 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; and\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\n\nSummary consolidated financial statements of the Company for the period\nended March 31, 2008 are set out below. The full consolidated financial\nstatements and MD&A have been filed on SEDAR (www.sedar.com).\n\n\nAbout VRB Power\n\n\nHeadquartered in Richmond, Canada, VRB Power Systems Inc. is an energy\nstorage technology developer which is marketing, selling and manufacturing\nproducts utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The\nVRB-ESS can econom...