SHARC INTERNATIONAL SYSTEMS INC. 
SHARC Energy's innovative PIRANHA and SHARC WET systems continue to gain momentum with several new projects in submittals. This business represents an increase of 120% in Sales Order Backlog1, or an additional
The Company expects the Sales Pipeline2 to convert to Sales Order Backlog at an accelerated rate throughout the remainder of 2024. Projects range in size and scale from small commercial & residential buildings to larger Thermal Energy Networks (TENs) all over
Another noteworthy development is the substantial growth in PIRANHA sales within the increase in Sales Order Backlog, where the current units in submittals equates to nearly half of the twenty PIRANHA units sold to date. This surge is an indicator of the PIRANHA system’s gaining momentum which we expect to continue through 2024.
Submittals are the first stage of SHARC Energy’s progressive billing on a project which typically culminates with the shipping of equipment. The Company estimates a six-month timeline from an order being released for production to shipment, although project timelines may introduce variability.
SHARC Energy is also progressing in new sectors with promising opportunities developing with universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy's offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.
As the market continues to recognize the efficiency and environmental benefits of WET technology, SHARC Energy anticipates further growth and opportunities, both in
About SHARC Energy
SHARC Energy is publicly traded in
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ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
| For investor inquiries, please contact: Hanspaul Pannu Chief Financial & Operating Officer SHARC Energy Telephone: 604-475-7710 ext. 4 Email: hanspaul.pannu@sharcenergy.com | For media inquiries, please contact: Director of Marketing & IT SHARC Energy Telephone: 604-475-7710 Ext.109 Email: mike.tanyi@sharcenergy.com |
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Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.
1 Sales Order Backlog is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q3 2023 Management Discussion & Analysis.
2 Sales Pipeline is a Non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q3 2023 Management Discussion & Analysis.
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SHARC Energy Hits Pivotal Moment With Closed Business
SHARC Energy Hits Pivotal Moment With Closed Business
2024 GlobeNewswire, Inc., source
