"We are extremely proud of what the NXT team accomplished in 2012" noted George Liszicasz, NXT's President & CEO. "After several years of building our foothold in Latin and Central America, we achieved record revenues, and significant net profit and operating cash flow. With no debt, we are on sound financial footing, and are working diligently to expand our survey revenue opportunities for 2013 and beyond".
NXT conducted SFD® survey flight operations in six different countries in 2012, and the 2012 results reflect completion and delivery of our SFD® reports on four of those projects - in Colombia and Guatemala (for client Pacific Rubiales Energy), Argentina, and our largest project in Mexico (for PEMEX).
In addition, by the end of Q1-2013, NXT completed and delivered its recommendations for its US$ 2.66 million (revenue value prior to foreign withholding taxes) survey contract in Pakistan, and an additional small survey in Belize. The final progress billing of US $0.9 million for the Pakistan project is scheduled to be received by NXT in May, 2013.
Conference call update
A conference call update will be held at 12:00 PM MST (2 PM EST) on Wednesday. May 1, 2013 where NXT management will provide an update on matters of interest to investors including a discussion of our 2012 results, as well as current sales, intellectual property and other initiatives which are underway.
Interested parties can participate in this investor's conference call through one of these applicable numbers:
1-855-353-9183 (Toll Free Canada & USA)Calgary 403.532.5601Edmonton 780.429.5820Montreal 514.687.4017Ottawa 613.212.0171Toronto 416.623.0333Vancouver 604.681.8564
Participant access code: 58876 (followed by the "#" key)
To listen to the conference call on a Playback On Demand, please dial:
Dial 1-855-201-2300 from Canada or the USAEnter the 6 digit Conference Reference Number, 957778 #.Please also key in the Participant Access Code 58876 #
Conversion of preferred shares
NXT has a total of 10 million convertible preferred shares outstanding, which were issued in 2006 to the Company's President & CEO pursuant to a technology transfer agreement (the "TTA") covering the use of the SFD® technology. A total of 2 million of the preferred shares became convertible (on a one for one basis) into common shares upon issue in 2006. The remaining 8 million preferred shares are non-voting, and are convertible on or before December 31, 2015 at NXT's option, subject to earlier conversion under the TTA upon the reaching of defined cumulative revenue milestones. Mr. George Liszicasz, the holder of the preferred shares, has given NXT notice to formally convert the initial 2 million preferred shares effective April 30, 2013.
Following this conversion, Mr. Liszicasz will hold a total of 7,196,490 (17.3%) of NXT's then outstanding common shares.