SHARC Energy Reports on Q3 2020

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the “Company”) has filed its financial results for the third quarter ended September 30, 2020 on www.sedar.com. All figures are in CDN unless otherwise noted.

Third Quarter and Year to date Financial Highlights:

• Revenue for the three months ended September 30, 2020 (“Q3 2020”) and the nine months ended September 30, 2020 (“YTD 2020”) was $0.426M and $0.594M, respectively, representing an increase of $0.348M and $0.470M from the three months ended September 30, 2019 (“Q3 2019”) and nine months ended September 30, 2020 (“YTD 2019”). This represented the largest revenue quarter for the Company in the past 8 most recent quarters and its largest since the quarter ended March 31, 2018.
  
  
• Loss from continuing operations for Q3 2020 is $1.042M compared to $0.907M for Q3 2019, an increase of $0.135M. Loss from continuing operations for YTD 2020 is $1.948M compared to $2.679M for YTD 2019, a decrease of $0.731M.
  
  
• Adjusted EBITDA¹ Loss of $0.422M in Q3 2020 compared to $0.482M in Q2 2019 and $1.312M YTD 2020 compared to $1.652M YTD 2019.
  
  
• As of November 30, 2020, the Company has Sales Pipeline² of $3.9M and Sales Order Backlog³ of $0.161M.
  
  
• The Company has $0.913M of working capital as of September 30, 2020.
  

Q3 2020 Accomplishments

• During Q3 2020, the Company delivered 2 PIRANHA units, representing the first PIRANHA shipment to the US and 2^nd to Australia which is the 1^st unit to be installed in a senior’s living facility. The Company also delivered and installed wastewater holding tanks to a site for a district energy project expected to commence and be fulfilled in 2021.
• On July 16, 2020, the Company hired Matt Engelhardt as its Chief Operating Officer.
• On July 29, 2020, the Company announced it has accelerated the expiry of 2,972,404 common share purchase warrants with an exercise price of $0.10. These warrants have been exercised in full and additional warrants have been exercised providing proceeds of $0.315M.
• On September 15, King County Council unanimously approved legislation allowing three wastewater heat recovery projects. SHARC Energy participated in the opportunity that King County provided for public consultation with regards to the development of the template contract that could be used for agreements with private parties (users) for sewer heat recovery. This is significant development for the industry of wastewater energy recovery in North America.

• During Q3 2020, the Company saw the conversion of $580,000 of convertible debt into 5.8M common shares.