For Immediate Release
Vancouver, B.C. – February 28, 2025 – Oceanic Wind Energy Inc. (TSXV-NEX: NKW.H) (“Oceanic” or “Company”) today announced its financial results for the first quarter ended December 31, 2024.
An overview of Oceanic’s quarterly results includes:
- As at December 31, 2024, Oceanic had $404,033 in cash, compared to $13,448 at September 30, 2024. On October 1, 2024 the Company received proceeds of $550,000 from the sale of its subsidiary NaiKun Wind Development Inc. and will be receiving proceeds of $475,000 on each of the 1st and 2nd anniversary of the October 1, 2024 closing of the transaction.
- For the three months ended December 31, 2024, Oceanic incurred a net income of $1.36 million ($0.02 per share), compared to a net loss of $0.1 million ($0.00 per share) for the three months ended December 31, 2023. Included in this quarter is the $1,500,000 value of the sale transaction noted above.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to several risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Michael O’Connor, President & CEO
Oceanic Wind Energy Inc.
Tel: 604-631-4483
Email: moconnor@oceanicwind.ca
