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Nuvolt loss rises to nearly $2 million in fiscal 2011

By The Canadian Press  | December 30, 2011
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LEVIS, Que. - Nuvolt Corp. Inc. (TSXV:NCO) says it lost nearly $2 million in the 2011 financial year, but is well-positioned to pursue future sales of its electrical power management technology.

The loss of $1.9 million or 2.53 cents per share for the year ended Aug. 31, compared with a year-earlier loss of $1.57 million or 2.44 cents per share in fiscal 2010.

Jacques Dion, Nuvolt's president and chief executive officer, said most of the company's efforts were devoted to raising funds to bring its SmartScan technology to market.

Nuvolt specializes on the management of electrical failures, power quality, and electrical network monitoring systems.

"The availability of cash coming from the transactions concluded at the end of the year will enable Nuvolt to strengthen its working capital in order to aggressively pursue sales in agriculture, industrial, maritime and real-estate markets," Dion said Friday in a statement.

"The company has accelerated the implementation of the commitments disclosed in its business plan."

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