Welcome!

News Feed Item

Eguana Files Interim 6 Month Financial Statements & Provides Update

CALGARY, ALBERTA -- (Marketwired) -- 06/02/14 -- Eguana Technologies Inc (TSX VENTURE: EGT), ("Eguana" or the Company") a leading supplier of high performance power management for "edge of grid energy storage applications has filed its Interim Consolidated Financial Statements for the six month period ending May 31, 2014, along with Management's Discussion and Analysis thereof. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com and on the Company's website at www.eguanatech.com.

Highlights


1.  Unit demand forecasts in Europe are up sharply beginning in July of this
    year. Firm orders under the Company's Supply Contract with
    Sonnenbatterie GmbH ("Sonnenbatterie") will increase Eguana revenues to
    approximately $1 million per month by mid-summer.

2.  Revenues for Q2 (March 31, 2014) were $396,357, down slightly from Q1,
    due to variability in demand mix which is to be expected in an emerging
    market. Unit volumes are up for the current Quarter, and revenues for Q3
    (June 30, 2014) will be more than double Q2 revenues at an estimated $1
    million.

3.  Eguana's high volume manufacturing line with TQS in Durach, Germany is
    now in production with a capacity to produce 1,000 units per month. This
    capacity is incremental to the 1,000 unit per month production capacity
    at the Calgary plant and is adequate to meet forecast demand for the
    balance of the year. Working capital needed to ramp production to higher
    production levels is minimal.

4.  Eguana continues to record design wins with multiple battery companies
    demonstrating Bi-Direx' value as a "universal" platform to allow next
    generation technologies to access the higher growth "edge of grid"
    storage markets. The design wins are expected to convert to commercial
    revenues from sources in Japan and the US during the second half of this
    year and into 2015.

5.  Under an announced letter of intent with Sonnenbatterie, Eguana will
    move from supplying a power electronics sub-assembly to supplying a
    higher value integrated power management module that will accommodate a
    wide range of battery options. This change will increase revenues and
    margins per unit to Eguana and is targeted to become effective in Q1
    2015 (CY - Q4).

6.  Under the same letter of intent, Sonnenbatterie Eguana will supply power
    management modules to Sonnenbatterie exclusively for the US residential
    market. Sonnenbatterie has already secured first US purchase orders for
    Eguana powered energy storage systems and the Company has visibility on
    revenues from other sources in the US later in this year and into 2015.

Michael Carten, CEO of Eguana commented: "The potential for solar + storage, especially in the distributed or 'edge of grid' market is exceptional. Driven by fundamental change in the cost structure of solar electricity, solar + storage is beginning to offer a competitive cost alternative conventional grid supplied electricity. So significant is this change that Barclay's recently (May 20, 2014) downgraded the entire electric sector of the U.S. high-grade corporate bond market based on what it sees as long-term challenges from solar + storage over the coming decade. See: http://blogs.barrons.com/incomeinvesting/2014/05/23/barclays-downgrades-electric-utility-bonds-sees-viable-solar-competition/

"Eguana's value proposition in this segment of the market is to enable system integrators and suppliers of integrated product solutions to optimize next generation battery technologies in the lower power ratings which are needed to achieve the scalability and redundancy needed by this market at a much lower cost and with much higher efficiencies than conventional inverters.

"Eguana has designed its platform for "universality" so that customers can achieve and maintain cost leadership by easily moving to the optimum battery for the application without changing their basic power management control strategies. Multiple design wins in the past six months are demonstrating that Eguana's technology is raising the power electronics bar for next generation batteries in this market."

About EGUANA TECHNOLGIES, INC:

Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.

To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.

Forward-Looking Information

The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning revenues for Q3 and revenues expected to be earned this summer; statements concerning the features of our energy storage inverter and its value for energy storage system, statements concerning the potential for securing commercial relationships with battery manufacturer; statements concerning the potential for energy storage in global markets; and statements concerning the potential for new business in the US and Japan.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's Management Discussion and Analysis related to its 2013 Annual Financial Statements. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Neither the 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.

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
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, 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. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of 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, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that VAI, a leading ERP software 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. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...