TORONTO, CANADA / TheNewswire / August 28, 2018 – ONEnergy Inc. (“ONEnergy” or the "Company”) (TSXV: OEG), an energy management firm serving commercial, industrial, multi-residential and residential customers in Canada and the U.S. via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses today announced its financial results as at, and for the three and six-month periods ended June 30, 2018.  All amounts are in Canadian dollars unless otherwise noted.

For the three-month period ended June 30, 2018, revenues from continuing operations were $95,000 versus $914,000 during the corresponding period in 2017.   Loss from continuing operations was $77,000 compared to a loss of $1.2 million for Q2 2017.

For the six-month period ended June 30, 2018, revenues from continuing operations were $225,000 versus $1.6 million during the corresponding period in 2017.   Loss from continuing operations was $654,000 compared to a loss of $2.3 million for the six-month period ended June 30, 2017.

The Company’s Home Comfort and Gas & Power businesses are both classified as held-for-sale as of June 30, 2018 and December 31, 2017, and are presented as discontinued operations.  Home Comfort and Gas & Power are therefore excluded from the operating results reported above.

Cash as at June 30, 2018 totaled $0.4 million.

On August 8, 2018, Mr. Stephen J.J. Letwin, the Company’s Chairman, agreed to provide an additional unsecured loan to the Company in the amount of $50,000.  Mr. Letwin has provided a total of $400,000 of loans to the Company.  The loans are non-interest bearing, are repayable on demand and are not convertible for securities of the Company.

About ONEnergy Inc.

ONEnergy is an energy management firm serving commercial, industrial, multi-residential and residential clients via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses.  ONEnergy specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. 

ONEnergy serves customers in both Canada and the United States, with offices in Toronto and Stamford, CT.  ONEnergy common shares are listed on the Exchange under the symbol "OEG".

 

Material information about ONEnergy can be found on SEDAR under the Company’s issuer profile at www.sedar.com.  ONEnergy's corporate website may be found at www.onenergyinc.com and you can learn more about Sunwave’s offerings at www.gosunwave.com. 

 

For additional information please contact:

 

Stephen J.J. Letwin                                        Ray de Ocampo

Chairman                                                Chief Financial Officer

ONEnergy Inc.                                        ONEnergy Inc.

irinfo@onenergyinc.com                                irinfo@onenergyinc.com

                                                        +1 (647) 253-2534

 

Beverly Brooks

Brooks Communications

brooks.communications@rogers.com

+1 (416) 546-2336

  

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.