May 31, 2018
Toronto, Ontario, Canada
EESTOR CORPORATION REPORTS FISCAL SECOND QUARTER 2018 RESULTS
Toronto, Ontario – May 31, 2018 – EEStor Corporation (TSXV: ESU; the “Company”) announced its unaudited financial results for the three months ended March 31, 2018. All amounts are expressed in Canadian dollars.
The net loss for the three months ended March 31, 2018, with the comparative results for the comparable period in the prior year, are summarized as follows:
|Three months ended March 31, 2018||Three months ended March 31, 2017|
|Net loss per share||$0.01||$0.01|
Additional details are contained in the Company’s unaudited interim financial statements and related management’s discussion and analysis (quarterly highlights) which have been filed and are available for viewing and download at www.sedar.com.
Ian Clifford, Founder and CEO of the Company commented: “The last quarter has been a very busy one for the Company. After emerging from a period of stealth, during which our focus was entirely on increasing the performance of our various solutions, we have started a new phase in which EEStor will be informing public market participants on a more regular basis by issuing market-driven reports and informative corporate videos. We have already started doing so and will continue issuing clear and focussed technical disclosures. These efforts will target the significant markets our technology can address.”
To that end, the Company signed an agreement with Sparkpr, a public relations agency which is very active in the field of new technology. Sparkpr is involved, on a daily basis, with refining the Company’s message and positioning. As well, it is helping EEStor in placing its value proposition with multiple stakeholders across many media outlets and influencer communities.
Clifford continued: “Our comparative report on the benefits of EEStor technology for the Aluminum Electrolytic Capacitor (AEC) market, published on April 26, 2018, showed compelling evidence that EEStor’s technology can potentially disrupt the existing $4.6 billion (USD) AEC global market which is expected to grow to $5.5 billion (USD) by 2022. On May 11, 2018, the Company published a second report focussed on the potential for our technology to disrupt pricing and performance in the Renewable Energy (“RE”) market. The current global plastic film capacitor industry represents a $2.3 billion (USD) market and is projected to increase to $2.7 billion (USD) annually by 2023.
Licensees of our technologies will have access to EEStor’s proprietary materials and processes enabling them to manufacture capacitors for the replacement of AEC’s and next generation RE capacitor solutions in infrastructure, power supply, propulsion, wind, solar, wave and geothermal energy markets. The combined opportunity of the AEC and RE markets represent up to $6.9 billion (USD) of addressable markets for EEStor’s technology today.”
In addition, EEStor’s key capacitor industry consultant, Dennis Zogbi, is fully engaged in the development of the Company’s licensing initiatives for its proprietary technology and processes.
The Company continues to explore the development of improvements to it core technology and intends to update the market on an ongoing basis on this progress. It should be noted that incremental improvements within the various performance aspects of its technology, have the potential to further expand market opportunities in a significant way.
Clifford concluded: “I am personally very pleased with the progress of the Company during the past quarter. We’ve augmented our team with some new strategic hires and have expanded our consulting base strategically as well. We’ve embraced third-party validation by engaging three leading independent certification entities: Intertek, Radiant and MRA. A key focus of our technology and market disclosure is to clearly state where the Company is today in relation to incumbent solutions, and to track our ongoing progress, all based on third party verified results. We look forward to providing ongoing technical updates and potential market expansion implications as our results continue to advance.”
About EEStor Corporation
About EEStor Corporation:
EEStor is a developer of high energy density solid-state capacitor technology utilizing the company’s patented Composition Modified Barium Titanate (CMBT) material. The company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the completion of the various enhancement phases underway to warrant the anticipated licensing opportunities in the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s public filings.
For additional information please contact:
Ian Clifford Kevin Spall
Chief Executive Officer Chief Financial Officer
EEStor Corporation EEStor Corporation
Tel. 416-535-8395 ext. 3 Tel. 416-535-8395 ext. 2
Senior Vice President
Certain statements and documents referred to in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties that face the Company; such statements may contain such words as “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, and may be based on management’s current assumptions and expectations related to all aspects of the power and energy storage industries, consumer demand for energy storage products and solutions and the global economy. Risks and uncertainties that may face the Company include, but are not restricted to: EEStor may not be able to replicate test results in mass produced commercial products; the EEStor capacitor and energy storage technology may not be successfully commercialized at all, in a manner providing the features and benefits expected while under development, or on a timely basis or the Company may not be able to successfully incorporate this technology into its current or proposed products or the products of others; steps taken by the Company to protect its proprietary rights may not be adequate or third parties may infringe or misappropriate the Company’s proprietary rights; the Company has a history of losses from operations and may not be able to obtain financing, if and when required or on acceptable terms due to market conditions or other factors, to fund future expenditures for general administrative activities, including sales and marketing and research and development, expansion, strategic acquisitions or investment opportunities or to respond to competitive pressures; competitors may develop products which offer greater benefits to consumers, have greater market appeal or are more competitively priced than those offered by the Company; the Company may be exposed to product liability claims which exceed insurance policy limits; the Company is dependent on the ability and experience of a relatively small number of key personnel; new products introduced by the Company may not be accepted in the market or to the extent projected; new laws and regulations may be enacted or existing ones may be applied or governmental action may be taken in a manner which could limit or curtail the production or sale of the Company’s products; and the Company may be negatively affected by reduced consumer spending due to the uncertainty of economic and geopolitical conditions.
These risks and uncertainties may cause actual results to differ from information contained in this release, when estimates and assumptions have been used to measure and report results. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by applicable laws, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change. Readers are cautioned not to place undue reliance on any statements of forward looking information that speak only as of the date of this release. Additional information identifying risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s filings with the various Canadian securities regulators which are available online at www.sedar.com.
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.