BSE: CIC ENERGY
ROAD TOWN, Tortola, British Virgin Islands, Feb. 25 /CNW/ - CIC Energy Corp. ("CIC Energy" or the "Company") (TSX: ELC, BSE: CIC Energy) reported a loss for the year ended November 30, 2009 of $5,655,181 or $0.11 per share (basic and diluted), as compared to a loss of $8,299,056 or $0.15 per share (basic and diluted), for the period ended November 30, 2008.
The reduction in the loss was due to the incurrence of non-recurring impairment charges during the year ended November 30, 2008, as well as an increase in the foreign exchange profit for the year ended November 30, 2009.
Capitalized project costs amount to $166,557,215 with capitalized project costs for the year ended November 30, 2009 totaling $39,599,425.
Consolidated Audited Financial Statements for the year ended November 30, 2009 together with the related Management's Discussion and Analysis dated February 25, 2010 (the "MD&A") and the 2009 Annual Information Form, have been filed on SEDAR and are available at www.sedar.com.
As described more fully in the MD&A, in order to address the capacity requirements of the Republic of Botswana, as well as advance the development of the Mmamabula coalfield, the Company is exploring the possibility of developing a smaller power station, targeted at 300 MW (gross) primarily for domestic consumption in the Botswana market. This project has been given the designation of the "Mookane Domestic Power Project" (or "MDPP") in order to distinguish it from the Mmamabula Energy Project, which is the Company's 1320 MW (gross) power station project being targeted primarily for the export of power to the South African market.
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that CIC Energy believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of CIC Energy based on information currently available to CIC Energy. Such forward-looking statements include, among other things, statements relating to the development of the MDPP to supply electricity primarily to Botswana and the development of the MEP to supply electricity primarily to South Africa. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: the inability of the Company to develop the MDPP and/or the MEP on favourable terms or at all; the inability of the Company to raise the required debt or equity financing for the development of the MDPP and the MEP on favourable terms or at all; delays or failure in entering into other requisite agreements for the development and operation of the MDPP and MEP, including power purchase agreements, transmission agreements, partnership agreements and Engineering, Procurement and Construction contracts, on favourable terms or at all; the failure of the counterparties to such agreements to comply in all material respects with the terms and conditions of such agreements; or other factors (including the additional factors described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in the Company's Management's Discussion and Analysis dated February 25, 2010, which is available under the Company's profile on SEDAR at www.sedar.com).
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CIC Energy disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CIC Energy believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE CIC Energy Corp.
For further information: For further information: on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact: Erica Belling, CFA, P.Eng., VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email: firstname.lastname@example.org