CALGARY, June 1 /CNW/ - EmberClear Inc. (TSXV: EMB) ("EMB") today announced its unaudited financial results for the quarter which ended March 31, 2010.
EMB's net loss before other income (loss) for the three months ended was $1,677,076 which was a decrease of 9% compared to the same three months in 2009 of $1,834,966.
Revenue for three and nine month periods ending March 31, 2010 decreased 14% and increased 7% over the comparable periods in 2009, however quarter over sequential quarter revenue decreased 25%. More profitable sales led to an increase in gross margin from 54% to 66% for the nine months and 56% to 60% for the three months on a comparison over the same period in the prior year. Expenses were up 17% over the previous quarter and down 8% and 22% respectively over the same three and nine month periods last year. The net loss and comprehensive loss for Q3 2010 was $2,099,604 up 128% versus $921,148 in the previous quarter and was up 68% from Q3 2009 of $1,246,131.
As of March 31, 2010 the cash position of the company was $5,954,461 a change of $778,784 from $6,733,245, for the second quarter which ended December 31, 2009.
The Company focused on higher margin sales opportunities with revenue contribution coming from data licensing, mapping and services. Expenses are being carefully managed as the Company continues to evaluate changing market conditions.
At the March 3, 2010 Annual and Special Meeting of Shareholders the Company received shareholder approval for all resolutions put to shareholders. Included in the items voted on was the approval of the proposal that the company name be changed to "EmberClear Inc." and the reconstitution of the Board of Directors in preparation for the proposed spinout of the camera business. The proposed spinout of EMB's camera business is currently in the planning stage and EMB anticipates that if the transaction proceeds it will not occur until the fourth quarter ended June 30, 2010 at the earliest. EMB will keep the market informed of developments regarding the potential transaction as it unfolds. If the transaction proceeds, it would require numerous approvals, including TSXV approval and shareholder approval.
EMB's financial statements, management's discussion and analysis, and related information can be found on SEDAR at www.sedar.com.
About EmberClear Inc.
EmberClear Inc. ("EmberClear") is an investment company focused in the clean energy technology industry. EmberClear aims to accelerate the adoption of technologies enabling dramatic improvements in the efficiency and cleanliness of fossil fuel consumption. EmberClear's goal is to find economically viable business models with the potential to deliver reduced emissions of over 50% when compared to industry average results.
EmberClear has a strategic investment in Future Power Pennsylvania Inc. (FPPI). FPPI is a subsidiary of Future Fuels LLC of Houston, Texas. FPPI develops clean coal gasification projects and holds land, coal reserves, technology licenses and other project related assets. FPPI's Good Spring IGCC is one of the power projects being developed by Future Fuels, which is currently developing similar projects in other parts of the world. For more information please visit www.emberclear.com
As previously announced EmberClear proposes to spin out the camera business, Immersive Media, this is subject to numerous approvals and conditions, including TSX Venture Exchange approval. Immersive Media is the pioneer and leading provider of 360-degree, full-motion, interactive video experiences. Its one-of-a-kind geodesic camera and full production services - including rental equipment, training, filming, postproduction and distribution options - create high-resolution, immersive video for a variety of uses. From mapping and exploration to monitoring and surveillance to branding and entertainment, Immersive Media customers and agents produce the deepest, most engaging video experiences possible. For information please visit www.immersivemedia.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" and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: the business strategies and future plans of management, including EMB's intention to launch a hemispheric camera; and the benefits that EMB expects to derive from its relationships with its Certified Service Partners. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, our ability to finance our business strategies and future plans.
Although EMB believes 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 EMB's 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. These risks and uncertainties include, among other things: competition for, among other things, capital and skilled personnel; changes in customer markets; changes in demand for EMB's services and products; the inability of IMC to deliver services and products in a timely and cost-efficient manner; technological change; general economic conditions in Canada, the U.S. and globally; fluctuations in foreign exchange or interest rates; stock market volatility and market valuations; and the other factors described in EMB's public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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, EMB does 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
(C) 2010 EmberClear Inc. All rights reserved. All other trademarks are
the property of their respective owners.
SOURCE EMBERCLEAR INC.
For further information: For further information: David G. Anderson, Investor Relations, Tel: (866) 333-8817