SEOUL, SOUTH KOREA--(Marketwired - April 22, 2015) - Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, reported its financial results for the year ended December 31, 2014.

Revenue for the year was USD 21.3 million representing a record for the Company and a 28% increase compared to fiscal 2013. Revenue for the three-month period ended December 31, 2014 increased 18% to USD 5.1 million compared to USD 4.4 million for the same period one year ago. The increase in revenue is primarily driven by European customers in the renewable energy and automotive sectors as well as renewable energy customers in Asia. Gross profit margin for the year improved to 22%, compared to 21% last year, due primarily to improved production efficiencies.

Net loss for the year was USD 4.1 million or $0.02 per share compared to a net loss of USD 3.3 million or $0.02 per share in fiscal 2013. The increase in net loss is due to a USD 1.2 million increase in net finance costs related to a restructuring of the Company's debt.

At December 31, 2014, the Company had cash and cash equivalents equal to USD 2.5 million and working capital of USD 12.6 million.

"We are pleased with our record-breaking results and will continue efforts to sustain long term growth," said Jim Zuidema, Acting Chief Executive Officer of Nesscap. "In 2015 we will continue focusing on strengthening our financial position, expanding production capacity and accelerating new products into the market."

Subsequent to the year-end, the Company returned USD 15 million of escrowed funds to Open Joint Stock Company RUSNANO under the terms of a Memorandum of Terms dated October 29, 2014. As consideration for the return of the escrowed funds, 33,970,000 common shares held by RUSNANO were returned to Nesscap and cancelled and the original September 29, 2011 Investment Agreement and all ancillary agreements between them were terminated. Concurrent with the completion of the transaction Mr. Dmitry Ozerskiy, RUSNANO's board representative, resigned as a director of Nesscap.

On February 4, 2015, I2BF and Arbat Capital elected to convert the USD 5.8 million principal amount outstanding under the 14% convertible notes of Nesscap held by them into 73,158,142 common shares of Nesscap. Nesscap further entered into agreements to issue shares to settle an accrued interest amount of USD 0.7 million owed to I2BF and Arbat Capital under the convertible notes. On April 4, 2015 the Company issued to I2BF and Arbat Capital 73,158,142 common shares for the conversion of the principal amount and 8,792,836 common shares for the settlement of the accrued interest, all at a deemed price of CAD 0.10 per share. These common shares are subject to resale restrictions until August 5, 2014.

On March 26, 2015, Nesscap entered into an agreement to issue 2,040,443 common shares to I2BF to settle accrued interest of USD 97,808 owed to I2BF in connection with the loan of USD 1 million made on April 4, 2014. These shares were issued to I2BF on April 9, 2015 and are subject to resale restrictions until August 10, 2015.

Finally, on March 27, 2015, Arbat Capital agreed to provide bridge financing to Nesscap in an amount of up to USD 1.5 million. The unsecured loan has a maturity date of April 1, 2016 bearing an interest rate of 10% per annum with such interest to be accrued and payable together with the principal amount on April 1, 2016. In connection with the advance of the loan, Nesscap agreed, subject to regulatory approval, to issue up to 6,258,500 bonus common shares to Arbat Capital at a deemed price of CAD 0.06. On April 9, 2015, Nesscap issued 3,129,250 bonus common shares to Arbat Capital which is equivalent to 20% of the initial tranche of USD 750 thousand which was received by Nesscap on March 31, 2015. These common shares are subject to resale restrictions until August 10, 2015.

As a result of the transactions described above I2BF now controls 101,000,529 common shares of Nesscap representing approximately 36.1% of the issued and outstanding common shares. If I2BF was to convert the Convertible Note of Nesscap held by it, the combined control of I2BF would represent a total of 112,236,529 common shares, or approximately 40.1% of such shares outstanding on a partially diluted basis, assuming only the conversion of the Convertible Note held by I2BF. I2BF acquired such common shares and Convertible Note for investment purposes and may increase or decrease its position in Nesscap depending on, among other factors, general market conditions.

Arbat now controls 68,583,949 common shares of Nesscap representing approximately 24.5% of the issued and outstanding common shares. Arbat acquired such common shares for investment purposes and may increase or decrease its position in Nesscap depending on, among other factors, general market conditions.

Nesscap continues to focus on developing its largest regional markets in Europe and China while strengthening its overall position as a technology leader in the ultracapacitor industry. Over the coming months, the Company plans to invest in new technology, direct and indirect sales channels, market development, and production capacity.

The Company is hosting its annual and general meeting of shareholders on Tuesday, June 23, 2015, at 10:00 a.m. (Toronto time) at the offices of Norton Rose Fulbright Canada LLP located at Suite 3800, Royal Bank Plaza, South Tower, 200 Bay Street, Toronto, ON M5J 2Z4.

The financial statements for fiscal 2014 and related MD&A have been filed on SEDAR and can be found at

About Nesscap

Since its inception in 1999, Nesscap Energy Inc. has become an award winning global leader in technology innovation and product development of ultracapacitors. Attributes of the ultracapacitor allow for the technology to be used in applications where power, life cycle requirements, or environmental conditions limit the suitability of batteries or capacitors. Nesscap products are available in both cells and modules and are used to enhance the performance of modern applications ranging from portable electronic devices to high performance windmills and high-tech 'green' cars. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6,200 farads with industry recognized alternative organic electrolytes. Customers of the Company include transportation, power, and consumer markets. Technical and sales information can be found at

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has in any way approved or disapproved of the contents of this press release.

Forward-Looking Statements

Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information:

Nesscap Energy Inc.
Debbie Bamforth
Corporate Communications

Nesscap Energy Inc.
Jim Zuidema
Chief Executive Officer (Acting)
Chief Financial Officer