11:38:56 EDT Thu 28 Mar 2024
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Naikun Wind Energy Group Inc
Symbol NKW
Shares Issued 64,792,630
Close 2018-05-17 C$ 0.075
Market Cap C$ 4,859,447
Recent Sedar Documents

Naikun has cash, cash equivalents of $270,000 at Q2 end

2018-05-23 02:25 ET - News Release

Mr. Michael O'Connor reports

NAIKUN WIND RELEASES SECOND QUARTER FINANCIAL RESULTS

Naikun Wind Energy Group Inc. has released its financial results for the three months ended March 31, 2018, 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 March 31, 2018, Naikun Wind incurred a net loss of $200,000 (0.3 cent per share), compared with $300,000 (0.3 cent per share) for the three months ended March 31, 2017. As at March 31, 2018, Naikun Wind had $270,000 in cash and cash equivalents, compared with $410,000 at the end of Sept. 30, 2017. These numbers are consistent with the company's planned operations.

Naikun Wind Energy Group, based in British Columbia, is a renewable energy company. Located on B.C.'s northwest coast, where the wind resource is one of the strongest and most consistent in the world, Naikun Wind's 396-megawatt offshore wind project would generate enough energy to provide electricity to 200,000 B.C. homes. If the project does proceed, it is expected to result in an estimated 500 jobs during construction, 50 permanent jobs for maintenance and operations, and over $400-million in direct expenditures in the province during construction, of which $250-million will benefit North Coast communities.

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