In light of the COVID-19 Pandemic and its effects, the CSA have provided coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020. Thermal Energy is taking advantage of this relief and expects to file its interim financial statements and MD&A for the quarter ended February 29, 2020 on or about May 27.
While the Company has elected to postpone the preparation and filing of its third quarter financial results it can confirm that based on preliminary results, revenue for the third quarter and year to date period is expected to be higher than the same periods last year. Furthermore, the third quarter this year is expected to be the Company’s fourth straight quarter of profitability and cash balances at the
end of the quarter were approximately $3.8 million. Please note these approximate preliminary financial results may be subject to final adjustments prior to filing on or about May 27.William Crossland
, CEO of Thermal Energy comments: “Electing to postpone the preparation and filing of our third quarter financial results has provided the Company’s management and finance teams time to focus on implementing measures to adapt during the period of disruption caused by the COVID-19 virus.
“Like many companies around the world we know that the COVID-19 pandemic will have a negative impact on the Company’s revenues. However, this year’s preliminary third quarter results indicate that we have entered this challenging time in the strongest possible position as we are continuing to fully support our staff, customers and suppliers. Full and final financial results for the period ending February 29, 2002 will be filed in the coming weeks.”
Other than as disclosed in the company's press releases, there have not been any material business developments since the date that last financial statements of the company were filed. The company confirms that its management and other insiders are subject to an insider trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 - Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions, such that they are in a blackout period until the commencement of the second trading day after the interim filings have been disclosed by way of a news release.