World News: 13:30 GMT Wednesday 17th April 2019. [Xebec Adsorption via Globe Newswire via SPi World News]
MONTREAL, April 17, 2019 (GLOBE NEWSWIRE) -- ("Xebec"), a global provider of clean energy solutions announces its 2018 fourth quarter and full year financial results. A new accounting policy method regarding revenue recognition – IFRS15 – has been applied. As a result, the financial statements reflect the impact of the change, with and without the IFRS15 Standard.
As at December 31, 2018, the Company had $2.4 million of cash on hand and working capital improved to $5.3 million for a current ratio of 1.6:1 compared with a working capital of $1.8 million and a 1.3:1 ratio in December 31, 2017.
Organizational scale-up is one of the important activities for 2019 in order to assure future growth of the company.
The first acquisition, Compressed Air International (CAI) in Ontario, closed on January 1, 2019, and Xebec is currently working on its next two acquisitions. Xebec expects to close the second acquisition by mid-year and the third acquisition toward the end of 2019.
The complete financial statements, notes to financial statements and Management’s Discussion and Analysis for the three-month and twelve-month periods ended December 31, 2018, are available on the Company’s Website at and on the SEDAR Website at .
Xebec Adsorption Inc.Sandi Murphy, Director, Investor Relations and Communications+1 450.979.8718
Kurt Sorschak, President and Chief Executive Officer+1 450.979.8701
Globe Newswire: 13:30 GMT Wednesday 17th April 2019
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