BRIGHTON, Mich., July 01, 2015 (GLOBE NEWSWIRE) -- CGE Energy (McKenzie Bay International, Ltd.) (MKBY) (MKBY:OTCPink) has released its financial results for the six-month year ending March 31, 2015. The Consolidated Financial Statement in its entirety can be viewed at www.otcmarkets.com/stock/MKBY/filings.
The companies noted, “While the report is for a six-month financial period, the numbers speak only to business activities after January 31, 2015– when McKenzie Bay International merged with Clean Green Energy, LLC– through March 31, 2015.”
CGE Energy profited from gross sales that totaled $1,776,817. “We have had a very productive start to 2015 and our project pipeline is continuously growing,” said Gary Westerholm, CGE Energy’s Chairman of the Board and Vice President of Finance.
CGE Energy said long-term contracts are increasing substantially and will soon be the primary source of revenue for the Company. Future contract revenues yet to be realized are not reflected in current sales numbers reported in the financial statement. As of March 31, 2015, the unbilled revenue of all long-term contracts is $674,174.
The Company ended the fiscal year with cash and cash equivalents of $355,441. Depreciation and amortization expenses were $72,891.
“CGE Energy is very much a growth company, and the two-month results reflect that. Profits have been reinvested in the continual growth of the Company and acquiring long-term contracts,” said CGE Energy President and CEO Bryan Zaplitny. “We are continuing to build the foundations of our future growth through new investments, purchasing additional inventory, hiring new team members, furthering the R&D of the WIND•e20® wind turbine, and expanding our reach into new territories.”
Zaplitny concludes, “We are building a strong, long-lasting energy company. We believe we have the power to make a difference and are making the world a better place. Knowing why we do things is just as important as the financial results of what we do. To get a better understanding of our vision, I encourage those interested to read our ‘Company Vision Guide’.”
About CGE Energy
CGE Energy is a renewable energy and energy efficiency company headquartered in Brighton, Michigan. For more than 20 years, the company has provided energy solutions and is now offering Power Purchase Agreements. Today the company serves customers in the U.S. and abroad, using energy efficient technologies that include Cree® LED lighting, their patented WIND•e20® wind turbine and SolarWorld® solar generation. As of their January 31st merger with McKenzie Bay International, CGE Energy is now a publicly traded company. CGE will trade under the ticker symbol (MKBY:OTCPink) until FINRA approval.
Certain statements made in this letter constitute forward-looking statements and do not guarantee future performance. Actual results or developments may differ materially from the projections in the forward-looking statements.
Source: CGE Energy