Thermal Energy Announces Interim Financial Statement Filing Extension and Preliminary Guidance on Third Quarter Results
OTTAWA, ONTARIO – April 29, 2020 – In line with the coordinated relief provided by the Canadian Securities Administrators (“CSA”), Thermal Energy International Inc. (“Thermal Energy or the “Company”) (TSXV: TMG), will not file its interim financial statements or management’s discussion and analysis (“MD&A”) for the quarter ended February 29, 2020 by the normal filing deadline of April 29, 2020, as required by parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations.
In light of the COVID-19 Pandemic and its effects, the CSA have provided coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020. Thermal Energy is taking advantage of this relief and expects to file its interim financial statements and MD&A for the quarter ended February 29, 2020 on or about May 27.
While the Company has elected to postpone the preparation and filing of its third quarter financial results it can confirm that based on preliminary results, revenue for the third quarter and year to date period is expected to be higher than the same periods last year. Furthermore, the third quarter this year is expected to be the Company’s fourth straight quarter of profitability and cash balances at the
end of the quarter were approximately $3.8 million.
Please note these approximate preliminary financial results may be subject to final adjustments prior to filing on or about May 27.
William Crossland, CEO of Thermal Energy comments: “Electing to postpone the preparation and filing of our third quarter financial results has provided the Company’s management and finance teams time to focus on implementing measures to adapt during the period of disruption caused by the COVID-19 virus.
“Like many companies around the world we know that the COVID-19 pandemic will have a negative impact on the Company’s revenues. However, this year’s preliminary third quarter results indicate that we have entered this challenging time in the strongest possible position as we are continuing to fully support our staff, customers and suppliers. Full and final financial results for the period ending February 29, 2002 will be filed in the coming weeks.”
Other than as disclosed in the company's press releases, there have not been any material business developments since the date that last financial statements of the company were filed. The company confirms that its management and other insiders are subject to an insider trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a blackout period until the commencement of the second trading day after the interim filings have been disclosed by way of a news release.
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Devin Crockett or Liz Fisher
Thermal Energy International Inc.
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President and CEO
Thermal Energy International Inc.
About Thermal Energy International Inc.
Thermal Energy International Inc., ranked as one of Canada’s Top Growing Companies in 2019, is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include many Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is a fully accredited professional engineering firm, and by providing a unique mix of proprietary products together with process, energy, and environmental engineering expertise, we can deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include: GEM™ - Steam Traps, FLU-ACE® - Direct contact condensing heat recovery, HEATSPONGE – Indirect contact condensing heat recovery systems, and DRY-REX™ - Low temperature biomass drying systems.
Thermal Energy has engineering offices in Ottawa, Canada, Pittsburgh, USA, as well as Bristol, UK, with sales offices in Canada, UK, USA, Germany, Poland, Italy, and China. TEI’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
For more information, visit our website at www.thermalenergy.com and follow us on Twitter at twitter.com/GoThermalEnergy.
This press release contains forward-looking statements relating to, and amongst other things, based on management’s expectations, estimates and projections, the anticipated effectiveness of the Company’s products and services and the timing of revenues to be received by the Company. Information as to the amount of heat recovered, energy savings and payback period associated with Thermal Energy International’s products are based on the Company’s own testing and average customer results to date. Statements relating to the expected installation and revenue recognition for projects, statements about the anticipated effectiveness and lifespan of the Company’s products, statements about the expected environmental effects and cost savings associated with the Company’s products and statements about the Company’s ability to cross-sell its products and sell to more sites are forward looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, some of which are outside of the Company’s control, could cause events and results to differ materially from those stated. Fulfilment of orders, installation of product and activation of product could all be delayed for a number of reasons, some of which are outside of the Company’s control, which would result in anticipated revenues from such projects being delayed or in the most serious cases eliminated. Actions taken by the Company’s customers and factors inherent in the customer’s facilities but not anticipated by the Company can have a negative impact on the expected effectiveness and lifespan of the Company’s products and on the expected environmental effects and cost savings expected from the Company’s products. Any customer’s willingness to purchase additional products from the Company is dependent on many factors, some of which are outside of the Company’s control, including but not limited to the customer’s perceived needs and the continuing financial viability of the customer. The Company disclaims any obligation to publicly update or revise any such statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.