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Enssolutions loses $2.3-million in 2015

2016-04-29 19:34 ET - News Release

Mr. James Staudohar reports

ENSSOLUTIONS GROUP ANNOUNCES FILING OF YEAR-END FINANCIAL STATEMENTS AND MD&A

Enssolutions Group Inc. has filed its audited consolidated financial statements for the 12 months ended Dec. 31, 2015, and the comparative 2014 year, along with management's discussion and analysis.

"Two thousand fifteen was a year of internal changes for us, and we were not able to fully recognize the benefits of the increased revenues due to unforeseen administrative expenses," stated James D. Staudohar, interim chief executive officer. He went on to say, "We have addressed several items of expense which have been eliminated and have identified potential new customers for 2016."

Financial results

Certain of the company's financial results for the 12-month periods ended Dec. 31, 2015, and 2014, are presented in the attached table.

                       FINANCIAL HIGHLIGHTS
                                               Year ended        Year ended    
                                            Dec. 31, 2015     Dec. 31, 2014 

Revenues                                       $2,531,447        $1,688,102 
Operating (loss)                               (1,539,728)       (1,441,871)
Net (loss)                                     (2,301,562)       (1,607,007)
Basic and diluted (loss) per                                                  
share                                                0.02              0.02 

Debra Zarbock, chief financial officer, said, "Although we are happy with the increased revenues in 2015, we hope to exceed this in 2016 and do a better job of controlling costs."

The company's consolidated financial statements and management's discussion and analysis for the year ended Dec. 31, 2015, are available at SEDAR.

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