|By Marketwired .||
|February 28, 2014 06:32 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/28/14 -- Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the Company"), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, has filed its Consolidated Financial Statements for the three month period ending December 31, 2013, along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.eguanatech.com.
During this Quarter, Sonnenbatterie GmbH began shipping and installing 8 Bi-Direx powered energy storage systems with scalable storage capacity from 2.5 kilowatt hours ("kWh") to 60 kWh. To the end of the Quarter more than 500 Bi-Direx inverters have been delivered since execution of the Supply Agreement in May, 2013. The Company has also been shipping inverters for trial purposes to developers of micro-grid systems and to leading developers of emerging large cell technologies which require a high efficiency low voltage inverter to achieve the scalability needed to optimize system cost and provide critical system redundancy.
Product sales revenues for the Quarter were $489,000 by comparison to $244,000 in the previous Quarter and $70,000 in Q1, 2013. The net loss for the Quarter after adjusting for non-cash items was 749,573 by comparison to 808,965 for the same Quarter in 2012.
The Company also announced that the requisite majority shareholders of each class of First Preferred Shares have approved an amendment to the terms thereof which would remove any obligation of the Company to redeem any First Preferred Shares. The amendment, which will be implemented upon final approval of the TSX Venture Exchange will result in a reclassification of the First Preferred Shares to senior equity and eliminate the annual charge to earnings for unpaid dividends for financial reporting purposes.
About EGUANA TECHNOLGIES INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the features of our energy storage inverter and its value for energy storage systems and the power electronics needs of large cell technologies.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the 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.