Pure Energy Visions Corporation Reports Financial Results for First Quarter Ending October 31, 2010
December 30, 2010 at 16:23 PM EST
Pure Energy Visions Corporation Reports Financial Results for First Quarter Ending October 31, 2010
Toronto, Ontario CANADA, December 30, 2010 /FSC/ - Pure Energy Visions Corporation (PEV - TSX Venture, XYQ - FWB), today reported its financial results for the first quarter ending October 31, 2010. These financial statements and the Company's Management Discussion and Analysis can be found at www.sedar.com.
The Company currently has an approximately 35% ownership position in PureEnergy Solutions Inc, and receives monthly payments of $25,000 per month, which will continue through July 31st, 2011. Subsequent to the end of the quarter, on November 26th,2010, the Company announced that it had completed the initial closing of $500,000 of its previously announced private placement of up to $1,500,000 principal amount of unsecured convertible debentures. The debentures have an 18 month term, accrued interest of 8% payable semi-annually, and are convertible into common shares of the Company at $0.25 per share. The intended use of proceeds is to fund additional investments in PureEnergy Solutions, Inc and to fund PEV expenses.
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Summary financial information for the quarter ended October 31, 2010 and October 31, 2009
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October 31, 2010 October 31, 2009
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Other income $ - $ 14,145
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Net loss from $ (134,565) $ (467,656)
continuing operations
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Net income from $ - $ 16,559,075
discontinued operations
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Loss per share $ (0.001) $ (0.005)
(basic and diluted)
* continuing operations
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Earnings per share $ - $ 0.181
(basic and diluted)
* discontinued operations
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About Pure Energy Visions Corporation
Pure Energy Visions Corporation is an investment holding company with its principal investment being in Pure Energy Solutions Inc.
About Pure Energy Solutions, Inc
Pure Energy Solutions, Inc is a Boulder Colorado based company that is revolutionizing power delivery to portable electronics devices though its branded WildCharge wire-free power technology, and is a leading supplier of sustainable and environmentally responsible rechargeable battery products with its RAM cell Rechargeable Alkaline batteries. Pure Energy Solutions is the first company to offer commercially available wire-free charging technology that works with multiple devices across multiple brands, and carries the Eco Logo certification for its environmentally responsible battery designs and products. Through its technology licensing program and WildCharge mark of interoperability, Pure Energy Solutions allows partners the ability to create and manufacture products that integrate wire-free technology into their solutions and bring them to market quickly. Pure Energy Solutions enjoys a growing network of licensing partners and distributors, and its products are sold through more than 20,000 retail outlets in over 75 countries. For more information on investment opportunities with Pure Energy Visions Corporation, go to www.pureenergybattery.com or if you have interest in Pure Energy Solutions products and licensing opportunities, go to www.pureenergy.com
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions of management that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. We do not undertake any duty to update any forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release, and does not accept responsibility for the adequacy nor accuracy of this information.
Company and Investor Contact:
Paul W. Simmonds
President & CEO
647-400-0125
pwsimmonds@pevi.ca
Visit the Company's websites at http://www.pureenergybattery.com
Source: Pure Energy Visions Corporation (PEV-TSXV) (XYQ-FWB)
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