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VRB Power reports fiscal Q3 2006 financial results and provides update on status of sale of 12MWH VRB-ESS to Tapbury Management Limited20 December 2006
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September 30, December 31,
2006 2005
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ASSETS
CURRENT
Cash and cash equivalents $ 11,631,699 $ 7,942,229
Deposits and other receivables 295,391 181,271
Inventory (Note 3) 722,410 139,642
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12,649,500 8,263,142
RAW MATERIAL INVENTORY (Note 3) 877,770 950,175
PLANT AND EQUIPMENT (Note 4) 1,750,277 789,876
INTANGIBLE ASSETS (Note 5) 7,192,811 8,702,224
RESTRICTED CASH (Note 5 (b)) 324,128 471,060
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$ 22,794,486 $ 19,176,477
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LIABILITIES
CURRENT
Accounts payable and accrued liabilities $ 630,894 $ 544,913
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SHAREHOLDERS' EQUITY
Share capital (Note 6 (a)) 74,400,898 64,027,192
Contributed surplus (Note 6 (d)) 3,060,634 2,363,824
Deficit (55,297,940) (47,759,452)
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22,163,592 18,631,564
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$ 22,794,486 $ 19,176,477
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APPROVED ON BEHALF OF THE BOARD:
(Signed) Vincent Sorace (Signed) Timothy Hennessy
----------------------------- -----------------------------
Vincent Sorace, Director Timothy Hennessy, Director
VRB POWER SYSTEMS INC.
Consolidated Statements of Operations and Deficit
Nine months ended September 30, 2006 and 2005 (Unaudited)
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Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2006 2005 2006 2005
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REVENUE
Sales (Note 7) $ 16,800 $ - $ 89,085 $ -
Interest and
other income 27,119 47,181 137,757 83,694
Bad debts
recovered - - - 205,000
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43,919 47,181 226,842 288,694
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EXPENSES
Amortization of
plant and equipment 95,042 26,742 240,460 77,835
Amortization of
intangible assets 507,245 506,685 1,520,613 1,133,894
General and
administrative 1,179,229 1,048,436 3,681,827 2,885,741
Research and
development
(Note 7) 723,775 236,075 1,833,567 953,486
Stock-based
compensation 11,349 463,015 488,863 694,741
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2,516,640 2,280,953 7,765,330 5,745,697
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OPERATING LOSS (2,472,721) (2,233,772) (7,538,488) (5,457,003)
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OTHER ITEMS
Loss on shares
issued by Pinnacle
VRB Ltd - - - (6,797)
Gain on disposal of
subsidiary, Pinnacle
VRB Ltd - - - 4,467,050
Gain on disposal of
investment - 100,100 - 100,100
Non-controlling
interest (Note 2 (a)) - - - 101,767
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- 100,100 - 4,662,120
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NET LOSS (2,472,721) (2,133,672) (7,538,488) (794,883)
DEFICIT, BEGINNING
OF PERIOD (52,825,219) (43,039,494) (47,759,452) (44,003,283)
CANCELLATION OF
ESCROW SHARES - - - (375,000)
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DEFICIT, END OF
PERIOD $(55,297,940) $(45,173,166) $(55,297,940) $(45,173,166)
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LOSS PER SHARE -
BASIC AND FULLY
DILUTED $ (0.02) $ (0.02) $ (0.07) $ (0.01)
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WEIGHTED-AVERAGE
NUMBER OF SHARES
OUTSTANDING 107,335,531 93,151,147 107,208,030 93,645,637
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VRB POWER SYSTEMS INC.
Consolidated Statements of Cash Flows
Nine months ended September 30, 2006 and 2005 (Unaudited)
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Three months ended Nine months ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2006 2005 2006 2005
-------------------------------------------------------
OPERATING
ACTIVITIES
Net income
(loss) $ (2,472,721) $ (2,133,672) $ (7,538,488) $ (794,883)
Items not
affecting cash
Amortization 602,287 533,427 1,761,073 1,211,729
Non-controlling
interest - - - (101,767)
Loss on shares
issued by
Pinnacle VRB Ltd - - - 6,797
Gain on sale of
subsidiary,
Pinnacle
VRB Ltd - - - (4,467,050)
Stock-based
compensation 11,349 463,015 488,863 694,741
Other - - - 106,134
Change in non-cash
working capital
Decrease (increase)
in deposits and
other
receivables 3,358 (21,120) (114,120) (44,651)
Increase in
inventory (73,445) - (510,363) -
Increase (decrease)
in accounts
payable (609,579) (294,173) 85,981 (377,750)
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(2,538,751) (1,452,523) (5,827,054) (3,766,700)
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FINANCING ACTIVITIES
Increase in loans
payable - - - 108,718
Issuance of common
shares, net of
issue costs 10,581,653 9,605,473 10,581,653 9,524,473
Shares issued by
subsidiary to
non-controlling
interest - - - 13,217
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10,581,653 9,605,473 10,581,653 9,646,408
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INVESTING ACTIVITIES
Acquisition of
technology licence (11,200) - (11,200) (312,500)
Decrease in cash on
disposal of subsidiary - - - (26,516)
Purchase of plant
and equipment (247,246) (165,447) (1,200,861) (333,786)
Decrease (increase)
in restricted cash 48,241 47,675 146,932 (512,601)
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(210,205) (117,772) (1,065,129) (1,185,403)
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FOREIGN EXCHANGE GAIN
(LOSS) ON CASH HELD
IN FOREIGN CURRENCY - - - 40
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NET CASH INFLOW 7,832,697 8,035,178 3,689,470 4,694,345
CASH, BEGINNING
OF PERIOD 3,799,002 2,012,021 7,942,229 5,352,854
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CASH, END OF
PERIOD $ 11,631,699 $ 10,047,199 $ 11,631,699 $ 10,047,199
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Source: prnewswire
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