SHARC Energy Announces First Quarter 2021 Financial Results

VANCOUVER, British Columbia, Might 28, 2021 (GLOBE NEWSWIRE) — SHARC Worldwide Programs Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Vitality” or the “Firm”) declares it has filed its monetary outcomes for the primary quarter ended March 31, 2021. For full monetary info for the primary quarter ended March 31, 2021, please see the Interim Monetary Statements and Administration Dialogue and Evaluation (“MD&A”) filed on SEDAR at www.sedar.com. All figures are in Canadian {Dollars} except in any other case said and in accordance with IFRS.

First Quarter Highlights:

• Income for the three months ended March 31, 2021 (“Q1 2021”) was $0.19M representing a rise of $0.14M from the three months ended March 31, 2020 (“Q1 2020”).
• Loss for Q1 2021 is $0.85M in comparison with $0.87M for Q1 2020, a lower of $0.02M.
• Adjusted EBITDA¹ Lack of $0.51M in Q1 2021 in comparison with $0.47M in Q1 2021, a rise of $0.04M.
• As of Might 28, 2021, the Firm has Gross sales Pipeline² of $3.31M and Gross sales Order Backlog³ of $1.21M.
• The Firm has $4.2M of working capital as of March 31, 2021. Administration anticipates it has enough working capital to keep up its actions for the next 12 months.

Q1 2021 Highlights and Subsequent Occasions

• $1.86 Million (M) raised by capital markets and safety workouts. Because the starting of 2021 to the date of the MD&A, the Firm raised $0.45M (gross) by non-brokered fairness and fairness unit personal placements, $1.30M by the train of inventory choices and warrants and 0.11M by the train of debenture warrants.
• WashOut Laundry Retrofit. The Firm accomplished a retrofit set up of a PIRANHA T15 into WashOut Laundry, representing the primary PIRANHA retrofit authorized beneath the FortisBC Custom Performance Program. WashOut is projected to avoid wasting over 2,100 gigajoules per yr of pure gasoline, saving 105 tonnes of greenhouse gasoline emissions yearly.

• National Western Center. The Nationwide Western Middle is pioneering the biggest scale wastewater district-energy innovation in North America to this point. The Nationwide Western Middle will depend on two SHARC™ wastewater restoration techniques positioned within the coronary heart of its 3.8-megawatt (MW) district vitality system, making a low-carbon campus that’s sustainable and regenerative. The primary part of growth is anticipated to recuperate the thermal vitality from 3,000 gallons of wastewater that will in any other case be wasted and go down the drain each minute which is able to forestall 2,600 metric tons of carbon dioxide from being emitted into the ambiance.
• Congresswoman Marcy Kaptur visit to DC Water. U.S. Home Consultant Marcy Kaptur, Chairwoman of the Home Appropriations Subcommittee on Vitality and Water Improvement, toured the U.S. capital’s DC Water Headquarters (“DC Water HQ”) on March 9, 2021. “I’ve by no means seen a know-how that would have as optimistic of an impression on vitality as what I’ve seen on the DC Water HQ,” stated Congresswoman Kaptur after her go to.
• Conversion of Convertible Debt Face Worth of $1.06M. Throughout Q1 2021 and subsequently to this point, the Firm has transformed $1.06M of convertible debt.

About SHARC Vitality

SHARC Worldwide Programs Inc. is a world chief in vitality restoration from the wastewater we ship down the drain on daily basis. SHARC Vitality’s techniques recycle thermal vitality from wastewater, producing some of the vitality environment friendly and economical techniques for heating, cooling & sizzling water manufacturing for business, residential and industrial buildings.

SHARC Vitality is publicly traded in Canada (CSE: SHRC), the US (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you’ll find out extra on our SEDAR profile.

Study extra about SHARC Vitality: Website | Investor Page | LinkedIn | YouTube | PIRANHA

ON BEHALF OF THE BOARD

Lynn Mueller
Chairman and Chief Govt Officer

The Canadian Securities Alternate doesn’t settle for accountability for the adequacy or accuracy of this launch.

Ahead-Trying Statements

Sure statements contained on this information launch could represent forward-looking info. Ahead-looking info is usually, however not at all times, recognized utilizing phrases corresponding to “anticipate”, “plan”, “estimate”, “count on”, “could”, “will”, “intend”, “ought to”, and comparable expressions. Ahead-looking info entails recognized and unknown dangers, uncertainties and different elements which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking info. SHARC Vitality’s precise outcomes may differ materially from these anticipated on this forward-looking info on account of regulatory selections, aggressive elements within the industries wherein the Firm operates, prevailing financial situations, and different elements, lots of that are past the management of the Firm. SHARC Vitality believes that the expectations mirrored within the forward-looking info are cheap, however no assurance could be on condition that these expectations will show to be appropriate and such forward-looking info shouldn’t be unduly relied upon. Any forward-looking info contained on this information launch represents the Firm’s expectations as of the date hereof and is topic to alter after such date. The Firm disclaims any intention or obligation to replace or revise any forward-looking info whether or not due to new info, future occasions or in any other case, besides as required by relevant securities laws.

¹ Adjusted EBITDA is a Non-IFRS measure. Please see dialogue and reconciliation of Various Efficiency Measures and Non-IFRS measures within the Q1 2021 MD&A.
² Gross sales Pipeline is a Non-IFRS measure. Please see dialogue of Various Efficiency Measures and Non-IFRS Measures within the Q1 2021 MD&A.
³ Gross sales Order Backlog is a Non-IFRS measure. Please see dialogue of Various Efficiency Measures and Non-IFRS Measures within the Q1 2021 MD&A.