Battery Technologies Reports Year-End Financial ResultsMarch 02, 2000 by Jeff Shepard
Battery Technologies Inc. (Toronto, Canada) recently announced financial results for the year ended December 31, 1999. The company reported a loss for the year of $1.36 million, or $0.02 per share. Revenues for fiscal 1999 were $1.52 million, an increase of 39 percent compared to $1.09 million in 1998.
"The combination of higher revenues and continued tight control over spending has helped strengthen the company and allowed us to advance toward our goals of positive cash flow and earnings," said Bruce Pope, president of BTI. "We look forward to continuing improvement in our performance, and a stronger balance sheet in the year 2000. As well, assuming our current share price can be sustained through April, I anticipate that we will have virtually eliminated our debt obligation to Vengrowth, an important milestone in our financial restructuring."
BTI also announced that it has received a commitment from Nuby Interactive LLC (Peterborough, NH) to convert all of its Snap'n'Power power packs to BTI's RAM technology from the current NiCd format.
"We are extremely impressed with the extended performance, five-year shelf life and environmental aspects of RAM batteries in portable video game applications, and believe that consumers will prefer RAM's user-friendly characteristics, substantially enhancing our competitiveness in the market," said Bradley Brighton, president of Nuby.