NXT Energy Solutions Announces Filing of 2013 Year-End Results and Appointment of Mr. Thomas Valentine as Corporate Secretary
29 April 2014 - 8:00PM
Marketwired
NXT Energy Solutions Announces Filing of 2013 Year-End Results and
Appointment of Mr. Thomas Valentine as Corporate Secretary
CALGARY, ALBERTA--(Marketwired - Apr 29, 2014) - NXT Energy
Solutions Inc. ("NXT" or the "Company")
(TSX-VENTURE:SFD)(OTCBB:NSFDF) advises that its financial and
operating results for the fiscal year ended December 31, 2013 have
been filed in Canada on SEDAR at www.sedar.com, at will be
available in the USA on EDGAR at www.sec.gov/edgar, and on NXT's
website at www.nxtenergy.com. All selected and referenced financial
information noted below should be read in conjunction with the
Company's 2013 audited consolidated financial statements and
related management's discussion and analysis ("MD&A").
NXT Energy also advises that Mr. Thomas E. Valentine been
appointed as NXT's Corporate Secretary, succeeding Mr. Glen Nazaruk
in this role. Mr. Valentine is a senior partner in the Calgary
office of Norton Rose Fulbright LLP, and is a member of that firms'
Global Resources Practice Group. He has served on NXT Energy's
Board of Directors since November 2007, and is currently a Board
member with two other Canadian public companies.
George Liszicasz, President and CEO of NXT, noted "we are
pleased to have Tom Valentine assume this additional role on our
Board, and wish to thank Glen Nazaruk for his past service to NXT".
Liszicasz also added, "The Company is in a strong financial
position, with over $8 million in cash and short-term investments,
and no debt. The 2013 results noted below do not reflect the US$
3.68 million of SFD® survey projects which we commenced in Florida
and Texas in December 2013. These two projects were completed in
February, and our Q1-14 results will include this revenue total. We
also are pleased to note that we continue to advance several
significant survey project opportunities in the USA, Mexico, South
Asia, and South America with existing and new clients."
Highlights of
Financial Results
Highlights of NXT's 2013 year-end financial statements (with
comparative figures for the year ended December 31, 2012) are as
follows:
| (all in Canadian $) |
2013 |
|
2012 |
|
| Survey revenues |
$ |
2,684,095 |
|
$ |
10,937,575 |
|
| Survey expenses |
|
1,632,159 |
|
|
3,633,645 |
|
| General & administrative expenses |
|
4,112,787 |
|
|
4,508,506 |
|
| Amortization and other expenses, net |
|
509,664 |
|
|
474,418 |
|
| Increase (decrease) in fair value of US$ Warrants |
|
1,371,500 |
|
|
(168,143 |
) |
|
|
|
|
7,626,110 |
|
|
8,448,426 |
|
| Income (loss) before income taxes |
|
(4,942,015 |
) |
|
2,489,149 |
|
| Income tax expense |
|
399,546 |
|
|
426,421 |
|
| Income (loss) for the year |
|
(5,341,561 |
) |
|
2,062,728 |
|
|
|
|
|
|
|
|
| Income (loss) per common share - basic |
|
(0.13 |
) |
|
0.05 |
|
| Income (loss) per common share - diluted |
|
(0.13 |
) |
|
0.04 |
|
|
|
|
|
|
|
|
| # of common shares outstanding as at end of the
year |
|
42,418,326 |
|
|
39,554,959 |
|
| Weighted average # of common shares outstanding for the
year |
|
41,660,190 |
|
|
40,453,392 |
|
|
|
|
|
|
|
|
| Cash provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) for the year |
|
(5,341,561 |
) |
|
2,062,728 |
|
|
|
Add back non-cash items, net |
|
1,951,731 |
|
|
225,732 |
|
|
|
|
|
(3,389,830 |
) |
|
2,288,460 |
|
|
|
Net change in non-cash working capital balances |
|
2,614,872 |
|
|
(1,495,468 |
) |
|
|
Net cash generated by (used in) operating activities |
|
(774,958 |
) |
|
792,992 |
|
| Financing activities |
|
1,077,456 |
|
|
3,203,443 |
|
| Investing activities |
|
(2,035,465 |
) |
|
(452,787 |
) |
| Net cash inflow (outflow) |
|
(1,732,967 |
) |
|
3,543,648 |
|
| Cash and cash equivalents, beginning of year |
|
5,052,594 |
|
|
1,508,946 |
|
| Cash and cash equivalents, end of year |
|
3,319,627 |
|
|
5,052,594 |
|
| Cash and cash equivalents |
|
3,319,627 |
|
|
5,052,594 |
|
| Short-term investments |
|
2,449,450 |
|
|
55,000 |
|
| Total cash and short-term investments |
|
5,769,077 |
|
|
5,107,594 |
|
NXT is a Calgary based company whose proprietary Stress
Field Detection ("SFD®") survey system utilizes
quantum-scale sensors to detect gravity field perturbations in an
airborne survey method which can be used both onshore and offshore
to remotely identify areas with exploration potential for traps and
reservoirs. The SFD® survey system enables our
clients to focus their hydrocarbon exploration decisions concerning
land commitments, data acquisition expenditures and prospect
prioritization on areas with the greatest potential.
SFD® is environmentally friendly and unaffected
by ground security issues or difficult terrain, and is the
registered trademark of NXT Energy Solutions Inc. NXT provides its
clients with an effective and reliable method to reduce time,
costs, and risks related to exploration.
Forward-Looking
Statements
This news release may include forward-looking statements.
When used in this document, words such as "intends", "plans",
"anticipates", "expects" and "scheduled", are forward-looking
statements. Forward-looking statements are subject to a wide range
of risks and uncertainties, and although the Company believes that
the expectations represented by such forward-looking statements are
reasonable, there can be no assurance that such expectations will
be realized. Any number of factors can cause actual results to
differ materially from those in the forward-looking statements.
Risk factors facing NXT are described in its most recent MD&A
for the year ended December 31, 2013 which has been filed
electronically by means of the System for Electronic Document
Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such
forward-looking statements are made as at the date of this news
release, and the Company assumes no obligation to update or revise
them, either publicly or otherwise, to reflect new events,
information or circumstances, except as may be required under
applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the OTC Exchange accept responsibility for
the adequacy or accuracy of this release.
NXT Energy Solutions Inc.Greg LeavensV-P Finance & CFO(403)
206-0805www.nxtenergy.comNXT Energy Solutions Inc.George
LiszicaszPresident & CEO(403) 206-0800kin communications
inc.Investor Relations(604) 684-6730 /
1-866-684-6730sfd@kincommunications.comwww.kincommunications.com
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