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VANCOUVER, B.C., / TheNewswire / November 29, 2016 - Epic Fusion Corp (the "Company" or "Epic Fusion") today announced the results of operations for its third quarter ended September 30, 2016.
Below is selected information derived from the consolidated financial statements for the period ended September 30, 2016, which have been prepared in accordance with IFRS.
Quarter Ended Sep 30, 2016 | Quarter Ended Sep 30, 2015 | |
Revenue | $ - | $1,557 |
Cost of Sales | - | - |
Gross Margin | - | 1,557 |
Expenses | ||
General and administration | 66,563 | 50,248 |
Sales and marketing | - | - |
Product development | - | - |
Net finance costs | 29,069 | 75,875 |
95,632 | 126,123 | |
Other Income (Loss) Loss from joint venture Net Income (Loss) | - (95,632) | (96,223) (220,789) |
Gain (Loss) per share - Basic and diluted | $ (0.00) | $ (0.01) |
Detailed information including Management Discussion and Analysis and Financial Statements have been filed with SEDAR and will be accessible at www.sedar.com.
Completion of Private Placement
The Company is pleased to announce that it has completed a non-brokered private placement for the issuance of 2,000,000 common shares to a new investor at $0.20 per share for gross proceeds of $400,000, as initially announced on February 2, 2016. The shares will be subject to a hold period of four months plus one day.
About Epic Fusion
Epic Fusion is a technology company with business operations in Canada and the People's Republic of China. The Company has a minority investment in Epic-Hust Technology (Wuhan) Co., Ltd., a joint venture company formed by the Company with Huazhong University of Science & Technology that develops and markets manufacturing operations management systems for aerospace, automotive and heavy equipment manufacturers. Key customers in China include JAC Motors, JAC Navistar, AVIC Shenyang Aircraft Corp. and Shaanxi Heavy Truck.
More information about Epic Fusion is available at www.epicfusion.com. More information about Epic-Hust Technology is available at www.epichust.com.
Caution Regarding Forward-looking Statements
In this document and in other documents filed with Canadian regulatory authorities or in other communications, the Company may from time to time make written or oral forward-looking statements within the meaning of applicable securities legislation, including statements regarding the Company's business plans and financial objectives. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the forecasts, projections and other forward-looking statements will not be achieved or will prove inaccurate. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. The Company cautions readers against placing undue reliance on forward-looking statements when making decisions, as the actual results could differ considerably from the opinions, plans, objectives, expectations, forecasts, estimates and intentions expressed in such forward-looking statements due to various material factors. Among other things, these factors include fiscal and economic policies, changes in interest and foreign exchange rates, and general economic conditions, legislative and regulatory developments, competition and access to capital. The Company further cautions that the foregoing list of factors is not exhaustive. For more information on the risks, uncertainties and assumptions that would cause the Company's actual results to differ from current expectations, please also refer to the Company's public filings available at www.sedar.com. The Company does not undertake to update any forward-looking statements, whether oral or written, made by itself or on its behalf, except to the extent required by securities regulations.
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For Information contact:
Robert Nygren
President & CEO
604-218-5788
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