EEStor Corporation Reports 2016 Third Quarter Results

EEStor Corporation
Toronto, Ontario, Canada
(TSXV: ESU)

 

EEStor Corporation Reports 2016 Third Quarter Results

 

Toronto, Ontario – August 29, 2016 – EEStor Corporation (TSX VENTURE:ESU) (“EEStor” or the “Company”) today announced its financial results for the three and nine months ended June 30, 2016. All amounts are expressed in Canadian dollars.

Financial Results

The net loss for the three months and nine months ended June 30, 2016, with the comparative results for the comparable periods in the prior year, are summarized as follows:

 

Three months

ended June 30, 2016

Three months

ended June 30, 2015

Nine months

ended June 30, 2016

Nine months

ended June 30, 2015

Net loss $679,567 $501,921 $1,810,733 $1,909,164
Non-controlling interest $6,767 $75,956 $169,110 $488,035
Total loss $686,334 $577,877 $1,979,843 $2,397,199
Net loss per share $0.01 $0.01 $0.03 $0.04

Operational Update

During the quarter, the Company was able to raise approximately $2.5 million with an additional follow-on financingof$0.5 millionraisedin July 2016 foratotalofapproximately$3.0 millionoffunding. Ian Clifford, CEO and Founder, added “This funding greatly supports our ongoing discussions surrounding licensing of EEStor, Inc.’s leading solid-state capacitor technology while also allowing the Company to expand

its efforts in our previously announced advanced polymer program to optimize the energy storage characteristics of that same leading technology.” The Company will provide updates on these two programs as they become available.

About EEStor Corporation

EEStor’s mission is to be the provider of leading edge solid-state 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 collaboration 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 solid-state 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 Management Information Circular 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.

 

Contact Information

EEStor Corporation
Ian Clifford
Chief Executive Officer
416-535-8395
ian.clifford@eestorcorp.com

 

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