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Thermal Energy Announces Interim Financial Statement Filing Extension and Preliminary Guidance on Third Quarter Results
(via TheNewswire) OTTAWA, ONTARIO - TheNewswire - April 29, 2020 - In line with th...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Announces Interim Financial Statement Filing Extension and Preliminary Guidance on Third Quarter Results(via TheNewswire)\n\n \nOTTAWA, ONTARIO - TheNewswire - April 29, 2020 - In line with the coordinated relief provided by the Canadian Securities Administrators (\"CSA\"), Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV:TMG) (OTC:TMGEF), will not file its interim financial statements or management's discussion and analysis (\"MD&A\") for the quarter ended February 29, 2020 by the normal filing deadline of April 29, 2020, as required by parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations.\n\n\n \nIn light of the COVID-19 Pandemic and its effects, the CSA have provided coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020. Thermal Energy is taking advantage of this relief and expects to file its interim financial statements and MD&A for the quarter ended February 29, 2020 on or about May 27.\n\n\n \nWhile the Company has elected to postpone the preparation and filing of its third quarter financial results it can confirm that based on preliminary results, revenue for the third quarter and year to date period is expected to be higher than the same periods last year. Furthermore, the third quarter this year is expected to be the Company's fourth straight quarter of profitability and cash balances at the end of the quarter were approximately $3.8 million. \n\n\n \nPlease note these approximate preliminary financial results may be subject to final adjustments prior to filing on or about May 27.\n\n\n \nWilliam Crossland, CEO of Thermal Energy comments: \"Electing to postpone the preparation and filing of our third quarter financial results has provided the Company's management and finance teams time to focus on implementing measures to adapt during the period of disruption caused by the COVID-19 virus.\"\n\n \n \n\"Like many companies around the world we know that the COVID-19 pandemic will have a negative impact on the Company's revenues. However, this year's preliminary third quarter results indicate that we have entered this challenging time in the strongest possible position as we are continuing to fully support our staff, customers and suppliers. Full and final financial resul...