VRB Power Systems Inc. (TSX-V: VRB) reported its financial results for the three month period ended March 31, 2006. Sales revenue and other income was $91,107 compared to $13,188 for the quarter ended March 31, 2005. Expenses were $2,485,517 compared to $1,504,799 for the quarter ended March 31, 2005. There was a net loss of $2,394,410 compared to a net loss of $1,491,611 for the quarter ended March 31, 2005.
"We achieved some significant milestones during the period," said Tim Hennessy, VRB Power CEO. "The completion of the outfitting of our new Richmond Facility for initial assembly of 5kW cell stacks and the fulfillment of the initial order from NRCC signified the commencement of the rollout plan for our small systems. The subsequent delivery of the unit to SOLON AG for solar applications in Germany continued this rollout process and we have additional 10kWh systems in various stages of the assembly process. This move into production combined with the addition of key personnel, consultants and agents has provided us with the ability to market our products and to take and fulfill orders."
"Our initial focus is strategic sales which are either high profile in nature and provide visibility for our technology or sales to those customers who have the potential to place significant follow-on orders. As we move through the remainder of 2006 we will continue to refine our assembly processes and to add additional capacity at our Richmond facility for 5kW cell stack assembly and to commence assembly of 50kW cell stacks. We are also focussed on refining our designs, widening our supply chain for our key components and making our assembly processes more efficient to ensure that we continue to remain on track to achieve our target cost base for our products," concluded Hennessy.
