Sustainable Energy Announces Nine-Month Results

September 16, 2004 by Jeff Shepard

Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada), a developer of power electronics for renewable energy applications, announced that it has filed its operating and financial results for the nine months ending June 30, 2004, with the Ontario, Alberta and British Columbia Securities Commissions.

During the nine months ending March 31, 2004, the company reported product sales revenue of $296,347, and a net loss of $1,284,445, or $0.033 per share. The operating loss for the nine-month period before charges for depreciation and amortization was $1,037,926. Working capital was $1,053,963 at March 31, 2004, versus $256,918 at September 30, 2003, an increase of $1,310,881.

"We are pleased with the continued sales of products to the stationary fuel cell industry in North America and Europe. Although this is currently a small market, with very few modules actually operating in the field, our grid-interactive fuel cell inverter is performing exceptionally well, as part of fuel cell demonstrations in Germany, Italy, the United Sates and Japan. On a stand-alone basis, the business is profitable, and our goal is to expand relationships, as more companies commercialize their fuel cell power modules," said President and CEO Michael Carten.