21:44:37 EDT Thu 28 Mar 2024
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Naikun Wind Energy Group Inc
Symbol NKW
Shares Issued 53,480,604
Close 2015-02-27 C$ 0.17
Market Cap C$ 9,091,703
Recent Sedar Documents

Naikun Wind loses $400,000 in Q1 2015

2015-02-27 20:24 ET - News Release

Mr. Michael O'Connor reports

NAIKUN WIND RELEASES FIRST QUARTER FINANCIAL RESULTS

Naikun Wind Energy Group Inc. has released its financial results for the three months ended Dec. 31, 2014, a fiscal period in which the company continued to explore ways to forward the Naikun wind project while controlling its costs. A substantial restructuring was undertaken in the third quarter of fiscal 2010, and the company has maintained both the expense profile and the strategic efforts as laid out by the board of directors. Naikun Wind remains confident that this direction represents the best available opportunities to support the advancement of the project and maximize shareholder value.

For the three months ended Dec. 31, 2014, Naikun Wind incurred a net loss of $400,000 (one cent per share), compared with $400,000 (one cent per share) for the three months ended Dec. 31, 2014. As at Dec. 31, 2014, Naikun Wind had $1.9-million in cash and cash equivalents, compared with $2.5-million at the end of Sept. 30, 2014. These numbers are consistent with the company's planned operations.

For fiscal 2015, the company expects cash operating expenditures to be approximately $1.6-million. On this basis, the company has sufficient financial resources to sustain operations through 2015.

We seek Safe Harbor.

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