Welcome!

News Feed Item

NXT Energy Solutions Announces Filing of 2013 Year-End Results and Appointment of Mr. Thomas Valentine as Corporate Secretary

CALGARY, ALBERTA -- (Marketwired) -- 04/29/14 -- 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...