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
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, explored HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
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.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.