Business
VRB Power reports Q2 2007 financial results
VRB Power reports Q2 2007 financial results.
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Aug. 29 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today\nreported its financial results for the six month period ended June 30, 2007.\n\n\nThe following is a summary of the key points for the period, updated to\nAugust 28, 2007 (Note - all dollars Canadian)\n\n\n- Sales revenue and other income was $201,913 for the six months\n compared to $182,922 for the comparative period in 2006;\n\n- Operating expenses were $6,497,681 for the period compared to\n $5,248,689 for the comparative period in 2006;\n\n- Net loss of $6,295,768 for the period ($0.05 per share) compared to\n $5,065,767 ($0.05 per share) for the comparative period in 2006;\n\n- In August 2007, the Company completed the sale of 37,950,000 common\n shares at a price of $0.38 per share representing gross proceeds of\n $14,421,000 by way of a bought deal financing. Commissions were paid\n consisting of 6.5% cash ($937,365) plus 5% broker's compensation\n options, each option being exercisable to acquire one common share at\n $0.38 per share for a period of 18 months from closing.\n\n- In May 2007 the Company announced the supply of a 5kW x 4hr\n VRB-ESS(TM) to a large Canadian Telecommunications provider for\n assessment in a remote "off grid" telecommunications site on a trial\n to purchase basis;\n\n- In July 2007 the company announced that the University of South\n Florida, in partnership with Progress Energy Florida, purchased two\n 5kW x 4hr VRB Energy Storage Systems, which it will integrate with a\n solar project on the St. Petersburg campus of the University of South\n Florida. This project is aimed at evaluating the storage of\n intermittent solar photovoltaic energy and utilizing that energy at a\n time of maximum benefit to the customer and utility power systems.\n\n- The Company completed the construction of the 15kW x 8hr (120kWh)\n VRB-ESS ordered by Risø National Laboratory in Denmark ("Riso") which\n was announced in June 2006. Riso conducts research on new\n technologies that can create opportunities for Danish Society in\n general and Danish industry specifically. The system has been shipped\n to Denmark and is currently in the process of being commissioned.\n\n- Systems previously deployed continue to perform to expectations with\n good feedback from customers.\n\n\nThe consolidated financial statements of ...