Eguana Reports 3rd Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - Aug. 24, 2016) - Eguana Technologies Inc. (TSX VENTURE:EGT)(OTCQB:EGTYF) today announced that it has filed its Interim Consolidated Financial Statements for the Quarter (Q3 '16) ending June 30, 2016. The Consolidated Financial Statements and the Management Discussion and Analysis thereof are available on SEDAR at www.sedar.com, and on the Company's website at www.eguanatech.com.

Highlights:

• Eguana completes acceptance testing with German Automotive partner and transitions to field trials.

• Bi-Direx showcased at Intersolar Munich with Ampere Energy.

• Hawaiian Electric completes Molokai site assessments, AC Battery installations planned in September.

• Electric Power Research Institute (EPRI) completes commissioning of Fontana NZE residential community.

• Eguana expands into Electric Vehicle charging applications in Hawaii and California.

• Eguana completes $6.9 million financing to expand supply chain and development capabilities.

• Revenue increased from $176,272 in Q2 to $284,980 in Q3 with positive gross margin of 7.2%.

The company achieved a number of milestones throughout the quarter highlighted by acceptance testing and completion of the custom power control solution by our German automotive partner and by the reintroduction of the Bi-Direx platform in the Ampere Sphere at Intersolar Munich. "We remain on track with our European recovery as we transition to field trials in Germany," stated Justin Holland, CEO of Eguana. "Our development team continues to execute with a top global automotive company, creating a product we are confident will set a new standard for energy storage."

North American AC Battery revenue was up slightly, however orders decreased across the quarter as a result of application approval delays at the Hawaiian Electric Company (HECO) causing permitting and installation delays in Hawaii. "NextEra's cancelled bid for HECO should facilitate the permitting process and kick start installations on the islands," commented Holland. "We remain well positioned with our partner E-Gear to reach our 30% market share objectives, but the net result of the HECO delays will cause a delay in our calendar year-end profitability target."