Trading & Placing Update

RNS Number : 1990J

CAP-XX Limited

03 August 2012

 



CAP-XX Limited

(the "Company" or "CAP-XX")

Trading & Placing Update

CAP-XX Limited, a world leader in the design and manufacture of revolutionary thin-form supercapacitors, announces that revenues for the year to 30 June 2012 are expected to be AUD $3.5m. Volume and average selling prices are up approximately 15% and 1% respectively compared with the previous year. The loss before tax for the year is expected to be broadly in line with the prior year.

The Company continues to make good progress in direct sales of its supercapacitor products, which considerably extend the performance of conventional battery power systems and, in many new applications, completely eliminates the need for batteries. During the period under review, our licensee, Murata, announced a new "DMG" series of products targeting applications such as Solid State Drives and Automated/Smart Meters for which longer operational life at higher temperatures are required. Royalty payments from Murata have built more slowly than forecast, but their continued investment in product line extensions and increased manufacturing capacity targeted to mobile phone and camera market opportunities supports the Boards' expectations of sales growth over the coming years.  

Good progress continues to be made in the development of large cell supercapacitors for automotive applications. Product specifications and requirements have been discussed with the major automotive OEMs and their Tier 1 suppliers, prototype samples provided to several for testing, and the design of a small scale production line completed.

Shipments recently commenced for an exciting new portable medical device to be launched by one of the world's leading diabetes management companies. Additionally new battery-free applications powered by ambient energy harvesters or quick charging systems continue to emerge and are predicted to grow substantially in the coming years. 

Although general trading conditions remain flat, the Board continues to view the future with confidence, as the Company's technology is embraced by a widening variety of customers and markets. 

Placing Update

As part of the recent placing of 10,945,333 new ordinary shares announced on March 12, a Chinese automotive component company agreed to subscribe for 1,700,000 of these new ordinary shares in the company, subject to Chinese Government approval.

The Company previously announced that the process of finalising this investment had been delayed. Although the Company continues to pursue this subscription and discussions are ongoing to complete the investment, the Board considers that there is no certainty that the subscription will be completed.  

As at June 30, 2012, the Company has AUD $3.8m of cash reserves.

For further information, please contact

CAP-XX Limited Anthony Kongats, Chief Executive Officer	[phone]
Seymour Pierce Ltd Freddy Crossley/Catherine Leftley (Nominated Adviser) David Banks/Paul Jewell (Corporate Broking)	[phone]
Kreab Gavin Anderson & Company (Financial PR) Robert Speed, Deborah Walter, Anthony Hughes	[phone]

 

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