CALGARY, Oct. 28, 2013 /CNW/ - EmberClear Corp. (TSXV: EMB) ("EMB" or
"EmberClear") today announced its audited financial results for the
twelve and three month periods ended June 30, 2013.
EMB's net loss for the twelve month period, including discontinued
operations, increased 307% to $47,428,820 from $11,217,307 for the same
period in the prior year.
Included in the net loss is an impairment charge of $43,777,581 relating
to the Company's coal asset and project development. The impairment
charge related to the coal asset was determined using recent
transaction prices for coal in the ground between third parties. The
recoverable amount for the power project was based on fair value less
costs to sell and was determined using best information available for
sale of a similar asset, between third parties. As of financial
statement approval date, there was inconclusive evidence to support the
fair value for transactions involving similar assets in the industry
and management has written down the carrying amount of the power
project to $nil.
As of June 30, 2013 the cash position of the company was $615,854 with a
negative working capital of $3,884,302, as compared to working capital
of $4,109,395 at June 30, 2012.
EMB's financial statements, management's discussion and analysis, and
related information can be found on SEDAR at www.sedar.com.
About EmberClear Corp.
EmberClear is an energy developer focused on low emission commercial
scale projects around the world. Developing facilities using coal or
natural gas as inputs to create electricity or transportation fuels
characterizes our plants. We utilize our proven expertise in
permitting, site-control, and engineering feasibility to leverage our
other assets including a license on IP, control systems, and equipment
procurement from Huaneng Clean Energy Research Institute (HCERI, a
subsidiary of the world's largest power company, Huaneng Power Group of
China). EmberClear also holds surface and mineral rights in Schuylkill
County, Pennsylvania. This property lies in the Southern Anthracite
coalfield of eastern Pennsylvania, USA. Mineral rights held by the
company include Anthracite/PCI coal suitable for the metallurgical
industry. EmberClear's shares are listed on the TSX Venture Exchange
under the trading symbol "EMB". For more information, please visit www.emberclear.com
Certain statements contained in this document constitute forward-looking
statements or information (collectively "forward-looking statements")
within the meaning of the "safe harbour" provisions of applicable
securities legislation. Forward-looking statements are typically
identified by words such as "anticipate," "continue," "estimate,"
"expect," "forecast," "may," "will," "project," "could," "plan,"
"intend," "should," "believe," "outlook," "potential," "target,"
"seek," "budget," "predict," "might" and similar words suggesting
future events or future performance. All statements other than
statements of historical fact may be forward-looking statements. In
particular, this document contains forward-looking statements
pertaining to the adoption of advanced energy solutions and the global
demand for clean technology. With respect to forward-looking statements
contained in this document, we have made assumptions regarding the
demand and political support for clean energy technologies and the
existence of coal resources or reserves on EmberClear lands. Although
we believe that the expectations reflected in the forward-looking
statements contained in this document, and the assumptions on which
such forward-looking statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct. Readers
are cautioned not to place undue reliance on forward-looking statements
included in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking statements
are based will occur.
By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties that contribute
to the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause our
actual performance and financial results in future periods to differ
materially from any estimates or projections of future performance or
results expressed or implied by such forward-looking statements. The
forward-looking statements contained in this document speak only as of
the date of this document. Except as expressly required by applicable
securities laws, we do not undertake any obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this cautionary
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
© 2013 EmberClear Corp. All rights reserved.
All other trademarks are the property of their respective owners.
SOURCE: EmberClear Corp.
For further information:
David G. Anderson
+1 (403) 264-8817