TORONTO, ONTARIO--(Marketwired - Feb. 29, 2016) - EEStor Corporation (TSX VENTURE:ESU) ("EEStor" or the "Company"), today announced its financial results for the three months ended December 31, 2015. All amounts are expressed in Canadian dollars.
The net loss for the three months ended was $661,526 (2014 - $941,463) with the amount of $536,867 (2014 - $699,432) attributable to the Company and $124,659 (2014 - $242,031) attributable to the minority owners of EEStor Inc. which incurred a loss for the three months ended of $231,023 (2014 - $485,032).
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.