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VRB Power reports second quarter 2008 financial results
RICHMOND, BC, Aug. 22 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today reported its financial re...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, Aug. 22 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) today\nreported its financial results for the six month period ended June 30, 2008.\nThe following is a summary of the key points for the period, updated to August\n22, 2008:\n\n\nFinancial Highlights (Note - all dollars Canadian):\n- Sales revenue and other income was $299,393 for the period compared\n to $201,913 for the same period in 2007;\n- Operating expenses were $8,001,277 for the period, compared to\n $6,497,681 for the same period in 2007;\n- Net loss of $7,701,884 ($0.05 per share) for the quarter compared to\n a net loss of $6,295,768 ($0.05 per share) for the same period in\n 2007.\n\nSales Highlights\n- VRB Power Systems Inc. announced the sale of two additional 5kW x 4hr\n VRB Energy Storage Systems (VRB-ESS(TM)) to customers in Europe and\n the Middle East.\n\nSummary of Q2 2008 Announcements\n- Progress Energy and University of South Florida's Power Center for\n Utility Explorations unveil two 5kW x 4hr VRB Energy Storage Systems\n as part of SEEDS project; this received good TV coverage.\n- Ben Gurion University of Negev in Israel purchased a 5kW x 4 hour\n VRB-ESS to assess the benefits associated with solar energy\n integration at the University's Blaustein Institute for Solar Energy;\n- A large, multinational engineering organization in Germany purchased\n a 5kW x 4 hour VRB-ESS to evaluate the system and determine which in-\n house application it can best be used (e.g. off-grid solutions, power\n quality);\n- VRB Power completed the commissioning of multiple 5kW x 4 hour\n VRB-ESS's, including two systems for Winafrique Technologies Ltd., of\n Kenya and one for Edison SpA of Italy;\n- Mr. Kieran O'Brien (ex MD of ESB) joined VRB as a consultant to\n assist in developing the Irish market.\n\n\nSummary consolidated financial statements of the Company for the period\nended June 30, 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 economically store and supply large amounts of electricity on\nde...