Energy Visions To Report Lower Revenues
OTTAWA, Ontario --Dec. 31, 2001-- Energy Visions Inc. (OTCBB: NASD: "EGYV" and CDNX: "EVI.S") announces that the Board of Directors have approved the audited Consolidated Financial Statements of the Corporation for the year ended September 30, 2001 and anticipate filing such statements in the United States and in Canada in mid January 2002.
The Corporation will report consolidated revenues of U.S. $140,951, approximately 38% below the prior year's U.S. $226,221. The Corporation reports a consolidated net loss of U.S. $3,249,713 or U.S. $0.23 per share which compares to a consolidated net loss of U.S. $2,527,270 or U.S. $0.20 per share in the prior year. The Corporation prepares its statements in U.S. currency.
Energy Visions Inc., formerly Energy Ventures Inc., is a portable power technology developer and integrator with activities in direct methanol fuel cells and in rechargeable battery technologies. The Corporation changed its name in July 2001 to accommodate a listing on the CDNX exchange that occurred upon completion of the Canadian $3,000,000 IPO in August 2001. The Corporation continues to incur substantial costs respecting research and development of the Corporation's battery and fuel cell technologies. The manufacturing of prototype direct methanol fuel cell units has begun at EVI's Fuel Cell Research and Development facilities in Calgary, Alberta and in Graz, Austria. The Corporation anticipates that 20W prototype fuel cell units will be available in early 2002 and supplied to, amongst others, the Canadian and U.S. military for further evaluation as portable power units. And in early 2002, the Corporation also anticipates that trial samples of AA cells manufactured using the Corporation's proprietary Nickel Zinc technology and made in EVI's own pilot manufacturing facility, will be shipped to OEM manufacturers for testing purposes.
Statements in this release, other than statements of historical fact, may be regarded, in certain instances, as "forward looking statements" pursuant to Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934, respectively. "Forward looking statements" are based on expectations, estimates and projections at the time the statements are made that involve risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. There can be no assurance that such statements will ever prove to be accurate and readers should not place undue reliance on any such "forward looking statements" contained herein.
Neither The Canadian Venture Exchange nor NASD OTC Bulletin Board have reviewed or accept responsibility for the adequacy or accuracy of this release.
For further information please contact Wayne Hartford at (416) 733-2736 or the EVI Head Office - Ottawa (613) 990-9373. The Company's website is at http://www.energyvi.com/.
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