LEVIS, QUEBEC--(Marketwire - July 20, 2012) - Nuvolt Corporation Inc. (« Nuvolt ») (TSX VENTURE:NCO) announces the filling of its quarterly financial statements, for the third quarter of the fiscal year 2011-2012, ended May 31, 2012.
"Nuvolt has reduced its sales for the quarter, as compared to the same quarter of the previous year. However, the situation is still positive as the Company has increased sales of its traditional products and services." says Mr. Jacques Dion, President and Chief Executive Officer. "Incomes from SmartScan are less than expected. This is explained by deficiencies in the technical and marketing preparation of the distribution network in place in Canada and in the United States. Concrete measures have been put in place to resolve the situation. Improvements to the SmartScan software, the training program, as well as new marketing tools have already led to renewed interest in the product from the target customers." concludes Mr. Dion.
- Turnover decreased by 14.5% for the quarter and increased by 4% for the nine-month period ended May 31, 2012, as compared to the same periods of last fiscal year;
- A marketing and technical training has been given to Tosbec Distribution, a business unit of Delom Group;
- Presentations on ShipScan performed by the distributor of the maritime market with ship owners and other distributors in Canada and Europe;
- Closing of a private placement in the amount of $675,000 to allow the Company to put in place its marketing strategy.
The quarterly financial statements and the management report can be view on the System for Electronic Documents Analysis and Retrieval (SEDAR), available at www.sedar.com.
About Nuvolt Corporation Inc.
Nuvolt has developed a specialized expertise in the monitoring and the management systems for electrical failures, power quality, the detection and neutralization of leakage current for the agriculture, maritime, commercial and industrial markets. SmartScan is now available to the agriculture market. The SmartScan system has the ability to predict an electrical failure on equipment and electrical networks. It could prevent equipment failures and production downtime on production assembly lines and commercial buildings and also fire risks. The ShipScan, for the maritime market, and the SmartScan Pro, for the industrial market, are under manufacturing. Launching to the market will be in September 2012.
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.