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 statement.
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.
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SOURCE: EmberClear Corp.
For further information:
David G. Anderson
+1 (403) 264-8817