EX-99.1 2 exh99_1.htm EXHIBIT 99.1 exh99_1.htm
 


Exhibit 99.1
 
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NXT ENERGY SOLUTIONS ADVISES OF COMMENCEMENT OF
BOLIVIA PROJECT AND FILING OF Q1 2015 RESULTS

CALGARY, ALBERTA, June 1, 2015 - NXT Energy Solutions Inc. (“NXT Energy” or the “Company”) (TSX-V:SFD; OTCQB:NSFDF) advises that its interim financial and operating results for the three month quarter ended March 31, 2015 (“Q1-2015”) have been filed in Canada on SEDAR at www.sedar.com, and will be available in the USA on EDGAR at www.sec.gov/edgar, and on NXT’s website at http://www.nxtenergy.com/.  All selected and referenced financial information noted below should be read in conjunction with the Company’s unaudited interim consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the Q1-2015 period.
 
A condensed summary from the Q1-2015 interim consolidated financial statements, with comparative figures for the three month period ended March 31, 2014 (“Q1-2014”) is given below.
 
George Liszicasz, President and CEO of NXT, noted “the Q1-2014 period reflected the completion of a survey project in the USA for new client.  While we did not have revenue activity in Q1-2015, we are excited that this week we are mobilizing to our new SFD® survey project in Bolivia.  This project, which has a contract value exceeding US $13 million, is with another new client, the national oil company of Bolivia, and will be our largest project to date.  We have received an initial deposit valued at US $3.1 million (secured by a bank letter of guarantee issued to the client), which will be applied against the initial progress billing to be earned on the project.”
 
Highlights of unaudited Q1 Interim Financial Results
 
(unaudited - all in Canadian $)
    Q1-2015       Q1-2014  
                 
Survey revenues
  $ -     $ 3,913,367  
                 
Survey expenses
    25,440       333,188  
General & administrative expenses
    1,124,562       947,528  
Amortization and other expenses, net
    368,170       46,918  
      1,518,172       1,327,634  
                 
Income (loss) before income taxes
    (1,518,172 )     2,585,733  
Income tax expense
    -       -  
Income (loss) for the period
    (1,518,172 )     2,585,733  
                 
Income (loss) per common share - Basic
    (0.03 )     0.06  
Income (loss) per common share - Diluted
    (0.03 )     0.05  
                 
# of common shares outstanding as at end of the period
    44,965,509       44,693,843  
Weighted average # of common shares outstanding for the period
               
Basic
    44,960,695       43,100,789  
Diluted
    44,960,695       52,527,312  
                 
Cash provided by (used in):
               
                 
Operating activities:
               
Net income (loss) for the period
    (1,518,172 )     2,585,733  
Add back non-cash items, net
    209,525       188,729  
      (1,308,647 )     2,774,462  
Net change in non-cash working capital balances
    (146,982 )     (3,807,608 )
Net cash (used in) operating activities
    (1,455,629 )     (1,033,146 )
Financing activities
    5,066       2,828,416  
Investing activities
    1,568,846       (1,009,685 )
Net cash inflow
    118,283       785,585  
Cash and cash equivalents, beginning of the period
    50,635       3,319,627  
Cash and cash equivalents, end of the period
    168,918       4,105,212  
                 
Total cash and short-term investments position:
               
Cash and cash equivalents
    168,918       4,105,212  
Short-term investments
    3,550,289       3,457,010  
Total cash and short-term investments
    3,719,207       7,562,222  

 
 
 
 

 

 
 
NXT is a Calgary based company whose proprietary Stress Field Detection ("SFD®") survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs.  The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential.  SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc.  NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
 
Forward-Looking Statements
 
This news release may include forward-looking statements. When used in this document, words such as “intends”, “plans”, “anticipates”, “expects” and “scheduled”, are forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.  Any number of factors can cause actual results to differ materially from those in the forward-looking statements.  Risk factors facing NXT are described in its most recent MD&A for the fiscal year ended December 31, 2014 which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com.  Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
 
Specific forward-looking statements include expectations related to the amount and timing of the Bolivia survey project.
 
For further information, please contact:
 
 Greg Leavens  George Liszicasz
 V-P Finance & CFO  President & CEO
 NXT Energy Solutions Inc.  NXT Energy Solutions Inc.
 (403) 206-0805  (403) 206-0800
 www.nxtenergy.com  
 
Investor Relations
kin communications inc.
(604) 684-6730 / 1-866-684-6730
sfd@kincommunications.com
www.kincommunications.com
 
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