Vancouver – (August 20, 2021) – SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) announces it has filed its financial results for the second quarter and the six months ended June 30, 2021. For complete financial information for the second quarter and the six months ended June 30, 2021, please see the Interim Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com. All figures are in Canadian Dollars unless otherwise stated and in accordance with IFRS.
Second Quarter and Year to date Highlights:
- As of August 20, 2021, the Company has Sales Pipeline1 of $3.77M and Sales Order Backlog2 of $2.82M. This represents a cumulative growth of $2.1M or 47% from previous disclosure on May 28, 2021.
- Revenue for the three months ended June 30, 2021 (“Q2 2021”) and six months ended June 30, 2021 (“YTD 2021”) was $0.11M and $0.3M, representing a decrease of $0.01M from the three months ended June 30, 2020 (“Q2 2020”) and an increase of $0.13M from the six months ended June 30, 2020 (“YTD 2020”).
- Loss for Q2 2021 and YTD 2021 was $1.01M and $1.86M, representing an increase of $0.78M from Q2 2020 and an increase of $0.76M from YTD 2020.
- Adjusted EBITDA3 Loss of $0.58M in Q2 2021 and $1.09M in YTD 2021 compared to $0.42M in Q2 2020 and $0.89M in YTD 2020, representing an increase of $0.16M from Q2 2020 and an increase of $0.20M from YTD 2020.
- The Company has $2.6M of working capital as of June 30, 2021. Management anticipates it has sufficient working capital to maintain its activities for the subsequent 12 months.
YTD 2021 Highlights and Subsequent Events
- $2.12 Million (M) raised through capital markets and security exercises. Since the beginning of 2021 to the date of the MD&A, the Company raised $0.45M (gross) through non-brokered equity and equity unit private placements, $1.43M through the exercise of stock options and warrants and 0.24M through the exercise of debenture warrants.
- WashOut Laundry Retrofit. The Company completed a retrofit installation of a PIRANHA T15 into WashOut Laundry, representing the first PIRANHA retrofit approved under the FortisBC Custom Performance Program. WashOut is projected to save over 2,100 gigajoules per year of natural gas, saving 105 tonnes of greenhouse gas emissions annually.
- National Western Center. The National Western Center is pioneering the largest scale wastewater district-energy innovation in North America to date. The National Western Center will rely on two SHARC™ wastewater recovery systems placed in the heart of its 3.8-megawatt (MW) district energy system, creating a low-carbon campus that is sustainable and regenerative. The first phase of development is expected to recover the thermal energy from 3,000 gallons of wastewater that would otherwise be wasted and go down the drain every minute which will prevent 2,600 metric tons of carbon dioxide from being emitted into the atmosphere.
- Congresswoman Marcy Kaptur visit to DC Water. U.S. House Representative Marcy Kaptur, Chairwoman of the House Appropriations Subcommittee on Energy and Water Development, toured the U.S. capital’s DC Water Headquarters (“DC Water HQ”) on March 9, 2021. “I have never seen a technology that could have as positive of an impact on energy as what I have seen at the DC Water HQ,” said Congresswoman Kaptur after her visit.
- ELLA. A 45-suite multi-family residential project in Vancouver, B.C. seeking to reduce its energy costs and carbon footprint, while future proofing against rising carbon tax, has installed a PIRANHA T10 HC. The unit is estimated to save the project 524 tonnes of CO2 emissions reduction over its lifespan.
- lelǝḿ. A 1,200 residential unit master planned development’s heating and cooling needs will be met by utilizing a SHARC Energy low-carbon wastewater energy exchange system as part of a centralized energy facility. The system is expected to ship and install in Q1 2022.
- Conversion of Convertible Debt Face Value of $1.28M. During YTD 2021 and subsequently to date, the Company has converted $1.28M of convertible debt.
About SHARC Energy
SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water production for commercial, residential and industrial buildings.
ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer