REGINA, SASKATCHEWAN--(Marketwire - May 29, 2009) - HTC Purenergy (the "Corporation" or "HTC") (TSX VENTURE:HTC) today announced its financial results for the first quarter period ended March 31, 2009.
HTC commercial business is the development, aggregation and commercialization of proprietary technologies relating to CO2 capture and storage as well as H2 production utilizing CO2.
Selected Financial information is summarized below. For details refer to the Interim Financial Statement and Management's Discussion and Analysis.
For the 3 month For the 3 month
period ended period ended
March 31, 2009 March 31, 2008
-------------- --------------
Revenue $ 100,231 $ 427,297
Net Loss for period $ (780,219) $ (193,362)
Common Shares outstanding as
of period end 17,775,451 14,448,837
Net Loss per Common Share(i) $ (0.05) $ (0.01)
Total Assets $28,909,726 $20,513,383
Shareholders' equity $28,485,163 $20,392,939
(i) Loss per common share for the periods has been calculated using the
weighted average number of common shares outstanding during the respective
periods. Diluted net loss per common share is not presented, for the balance
of the schedule as the effect of common share options would be
anti-dilutive.
For the three months ended March 31, 2009 (the "Period") the Corporation had operating revenue of $100,231 (2008 - $427,297). Revenues arose primarily from engineering and process design projects in Europe and the United States. Changes in Revenue for the period are attributable to the timing of revenue recognition on ongoing projects.
Commercialization, Product Development and Administrative expenses for the Period were $827,638 as compared to $439,076 for the same period in the previous year. The increase in 2009 is primarily attributable to the increase in salary expenses (additional engineering staff to resource up for upcoming projects), short term consulting and subcontractor expenditures necessary for investor relations and development of new collateral, and strategic project branding work.
Total assets were $28,909,726 for the Period, as compared to $20,513,383 as at March 31, 2008. The increase in total assets is primarily due to the injection of funds from the sale of shares which was reinvested in the short term deposits and long term investments as well as the acquisition of 10,000 common shares of Global Energy Inc. at a (non-cash) price of $2,017,260. These combined with amounts generated through operations result in a stronger overall asset position. Included in total assets for 2009 are short term investments totaling $8,871,106 in term deposits and accrued interest compared with $4,006,762 in the previous year. Also included are $358,055 relating to amounts receivable for government participants in the Hydrogen Demonstration Project as compared to $230,706 as at December 31, 2008.
For the Period shareholders' equity was $28,485,163 as compared to $20,392,939 as at March 31, 2008. Changes are due primarily to additional capital raised during the previous year and the effect of current operations.
Financial results have been prepared in accordance with generally accepted accounting principals in Canada.
The information and opinions expressed herein involve known and unknown risks and uncertainties that may cause the Corporation's actual results or outcomes to be materially different from those anticipated and discussed herein. In assessing forward-looking statements contained herein, readers are urged to read carefully all cautionary statements contained in this news release, and in those other filings with the Corporations' Canadian regulatory authorities as found in 'www.SEDAR.com'. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, levels or activity, performance or achievements or other future events. We are under no duty to update any of our forward-looking statements after the date of this news release, other than as required and governed by law.
HTC Purenergy corporate developments can be followed on www.htcenergy.com and is traded under the symbol HTC. |
