Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada) announced that it will report annual earnings of $247,793 for the fiscal period ending September 30, 2002. Cash flow from operating activities for the period is $522,934. Working capital was increased by $893,312 from $358,540 at the end of the 2001 fiscal period, to $534,772 at September 30, 2002.
The company has since raised an additional $405,000, and will receive $100,000 under a previously announced agreement with Natural Resources Canada, effective as of August 2, 2002. During the year, the company also received $1,083,158 as a contribution to non-recurring engineering related to the commercialization of its power inverter technology. In accordance with generally accepted accounting principles, the contributions were applied to reduce capitalized product development costs.
"This is a significant achievement," stated Michael Carten, president and CEO of Sustainable Energy. "We have dramatically reduced our operating costs, while, at the same time, meeting all our product development targets. The company is now much better positioned to introduce its products to the renewable energy industry."
