Sparta Capital Ltd. Releases Q1 2018 Financial Results
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Calgary, Alberta (FSCwire) - Sparta Capital Ltd. o/a Sparta Environmental Technologies (TSXV: SAY) (the “Corporation” or “Sparta”) announces its financial results for the three months ended December 31, 2017. Highlights in this news release should be read in conjunction with the Corporation’s financial statements and Management's Discussion & Analysis, which are available on SEDAR ( www.sedar.com).
Key Highlights for Q1 2018
The Corporation’s Illumineris division posted Q1’18 revenues of CDN $912,027 as compared to CDN $114,098 at December 31, 2016; much of this growth was attributed to the photoluminescent safety products and the comprehensive energy audit divisions.
Throughout Q1’18 the Corporation’s Illumineris division continued to foster its ongoing relationship with CWB Maxium Financial (“CWB”), which has enabled Illumineris to begin early stages of expansion into the Power-Factor mitigation (“ Energy Mitigation”) arena. Through its relationship with CWB, Illumineris is proud to now provide several new service offerings in the Energy Mitigation space, including a unique no-cost option to industrial and commercial clients, whereby previously wasted electrical energy can be utilized to fund the purchase of equipment while improving operational efficiencies and increasing the bottom line.
During Q1’18, the Corporation announced the expansion of its ReECO Tech division to include electronic waste recycling (or “e-waste”) which now allows ReECO Tech to assist industrial and commercial operations to safely dispose of electronic waste. This new avenue into the area of electronic waste has shown early indications of promise by posting CDN $543,538 in revenues during the quarter.
Despite cold winter months, ReECO Tech’s biomass recycling division, ReECO Tech Conversion Technologies, posted revenues of CDN $1,419,461 compared to CDN $1,185,482 at December 31, 2016; much of which was attributed to its environment-friendly hydro-excavation services.
Over all the Corporation saw an increase in total revenues from operations of CDN $2,875,026 for the three-month period ending December 31, 2017, compared to CDN $1,299,580 at December 31, 2016. This growth of business resulted in Sparta incurring a net loss from operations of CDN $599,536 (2016 – CDN $123,597) with a working capital deficit of CDN $2,077,666 (September 30, 2017 – CDN $1,078,610).
Throughout 2018 Sparta will continue working to source and build a suite of services and products that can meet the changing needs of the commercial and business landscape while fostering its existing suite of services. Increased focus put on our planet’s climate continues to challenge businesses to provide more socially responsible offerings and solutions for both home and business. But it also opens an ever-expanding landscape of opportunity where Sparta will look to capitalize. In 2018, Sparta will continue to focus on the following key initiatives: (i) expanding its Energy Mitigation offerings through Illumineris Power Systems; (ii) ReECO Tech will continue to expand its heavy equipment and environmental hydro-excavation services, as well it will further ramp up efforts in the e-waste space; and (iii) ReECO Tech Property Conversions will look to focus on the increasing opportunities arising in connection with net-zero community living.
Sparta Capital Ltd. fosters and distributes a range of energy efficient solutions. Following the acquisition of Canadian based Newport Environmental Technologies Ltd. (“Newport”) Sparta continued the process of securing several other licenses for technologies developed to save fuel, while reducing carbon emissions in various markets. Since the acquisition of Newport, Sparta established three new divisions: Sparta Technologies 4 Mining Ltd; to cater to the special needs of the mining industry, Illumineris, a division with a comprehensive suite of smart-building, energy-optimizing technologies; including a line of glow-in-the-dark safety products, and ReECO Tech; a materials conversion division. In addition, Sparta recently acquired Supernova Performance Technologies Ltd., a company that focuses on green initiatives for the transportation sector. For a closer look at the company profile, please visit: Sparta Environmental Technologies.
For further information please contact:
John O’Bireck, President
Telephone: (905) 751-8004
This news release contains “forward-looking information” within the meaning of applicable securities laws. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. In particular, this news release contains forward-looking statements relating to, among other things, statements pertaining to anticipated future operations of the Corporation and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, necessary financing and risks associated with the environmental technologies industry in general. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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.
To view the associated document to this release, please click on the following link:
Source: Sparta Capital Ltd. (TSX Venture:SAY)
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