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TORONTO, ONTARIO--(Marketwired - Feb 3, 2016) - EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company"), today announced its audited financial results for the three months and year-ended September 30, 2015. All amounts are expressed in Canadian dollars. Due to a late start in the annual audit and a longer than expected audit process, the Company was unable to meet the deadline for the filing of its annual financial statements and related documents; accordingly the securities of the Company were ceased traded by the Ontario Securities Commission and halted by the TSX Venture Exchange. The Company has now completed the annual filings and expects the cease trade to be lifted and the trading in its shares to resume shortly.
The loss for the year from continuing operations attributable to the Company amounted to $2,212,248 (2014 - $2,537,207) before its share of an impairment charge against the assets of EEStor, Inc. in the amount of $3,694,891 (2014 - $Nil) resulting in a total loss from continuing operations of $5,907,139 (2014 - $2,573,207). Final net loss for the year totaled $10,134,190 (2014 - $3,201,925) with $5,887,251 (2014 - $2,601,207) attributable to the Company and $4,246,939 (2014 - $600,718) attributable to the minority interest in the subsidiary.
For the three months ended, the loss from continuing operations attributable to the Company amounted to $324,084 (2014 - $728,986) before its share of an impairment charge against the assets of EEStor, Inc. in the amount of $3,694,891 (2014 - $Nil) resulting in a total loss from continuing operations for the quarter of $4,018,975 (2014 - $728,986). Final net loss for the three months ended was $7,736,992 (2014 - $925,548) with the amount of $3,978,088 (2014 - $735,986) and attributable to the Company and $3,758,904 (2014 - $189,562) attributable to the minority interest in the subsidiary.
About EEStor Corporation
EEStor Corporation's mission is to be the provider of leading edge capacitor and energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in high voltage capacitance and related energy storage will be the catalyst for positive environmental and economic change globally. The Company's current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor, Inc. aligns the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
EEStor, Inc.'s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as EEStor, Inc.'s capacitor and energy storage technology and readers are directed to the "Risk Factors" disclosed in EEStor Corporation's most recent Annual Information Form filed on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer