Mr. Jim Zuidema reports

NESSCAP ENERGY INC. REPORTS THIRD QUARTER 2015 RESULTS FOR ULTRACAPACITOR PRODUCTS

Nesscap Energy Inc. has released its financial results for the third quarter ended Sept. 30, 2015. All amounts are in U.S. dollars unless otherwise stated.

Revenue for the three-month period was $4.8-million, compared with $5.1-million in the same period last year. The decrease is primarily due to significant devaluation of the euro and lower demand from customers in the industrial sector. Gross profit margin for the three-month period was 13 per cent, compared with 21 per cent for the same period in the previous year. The decrease is primarily due to significant devaluation of the euro, as well as variation in the mix of products sold, relative to the same period in the previous year.

Net loss for the quarter ended Sept. 30, 2015, was $700,000, or 0.3 cent per share, compared with $800,000, or 0.4 cent per share, in the same period last year, representing a slight reduction in net loss due to decreases in selling, general and administrative expenses and finance costs.

Revenue for the nine-month period ended Sept. 30, 2015, was $12.7-million, compared with $16.2-million in the same period one year ago. The decrease is primarily due to significant devaluation of the euro and decreased demand from customers in the industrial and heavy transportation sectors. Gross profit margin for the nine-month period was 11 per cent, compared with 24 per cent for the same period one year ago. The decrease is due primarily to significant devaluation of the euro and lower factory utilization, relative to the same period in the previous year.

At Sept. 30, 2015, the company had cash and cash equivalents equal to $1.5-million and working capital of $1.9-million.

"Overall demand for our products has strengthened in the second half of 2015, and revenues are up sequentially every quarter this year," said Jim Zuidema, acting chief executive officer of Nesscap. "Going forward, we see many opportunities for growth and are therefore actively seeking funding and partners to support our product development, marketing activities and manufacturing capacity."

Nesscap is committed to continuing its efforts to develop best-in-class ultracapacitor cells and modules to better serve the growing and increasingly diverse market for alternative energy storage and power delivery solutions. Over the coming months, the company plans to continue investments in new technology, direct and indirect sales channels, market development, and production capacity. The company will continue to focus on its largest current markets in Europe and China while working to develop the more emerging markets throughout the rest of the world. The company plans to increase its brand recognition and strengthen its position as one of the key technology leaders in the ultracapacitor industry.

The financial statements for the third quarter of fiscal 2015 and related management discussion and analysis have been filed on SEDAR.

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