SANTA ANA, Calif. – As 2013 comes to a close, SaviCorp® (PINKSHEETS: SVMI) is pleased to provide a comprehensive corporate update of the 2013 fiscal year in review.
“Looking back on 2013, SaviCorp® experienced tremendous success due to the hard work of our employees, partners and shareholders,” said Serge Monros, CEO of SaviCorp®, commenting on the company’s continued growth. “We have transitioned from a development stage company to one which has begun to generate meaningful revenue and we expect that trend to accelerate substantially over the near term.”
The past year has marked substantial headway for SaviCorp®, including a number of efforts to increase the company’s supply chain, as well as its connections to reputable sales outlets. Highlights of SaviCorp®’s growth include:
- Delivery of 3,000 DynoValve® units pursuant to the company’s SaviGreen initiatives in Dubai, which resulted in Q3 revenues of approximately $500,000 and meaningful revenues in Q4 as well. Discussions are ongoing for the purchase of additional units in even greater denominations.
- In 2013, SaviCorp® successfully tested the DynoValve® with the USPS. Again, the DynoValve® showed substantial fuel economy improvement, while reducing the carbon footprint of fleet vehicles. This test highlighted an impressive ROI for the buyer: approximately four months remuneration based on fuel savings alone. Dialogue is ongoing to further the relationship.
- Received a $500,000 equity investment from its Dubai partners, further validating their belief in the potential of DynoValve® technology.
- Introduced the DynoCap®, the patent pending new technology that complements the DynoValve® and greatly simplifies the installation process. This removes a significant obstacle the company has faced in the past. SaviCorp® has already witnessed a marked improvement in buyer discussions through this addition.
- SaviCorp® is nearing the completion on its efforts to bring all financial reporting up to date, having filed all 10-Q and 10-K reports for 2007, 2008, 2009 and 2010. The company expects to file 2011 and 2012 by early February and return to the Bulletin Board. There, SaviCorp® will have a much less restrictive trading environment, which should in turn improve stock liquidity. This represents a major step in positioning the company for its cumulative objective: a NASDAQ listing.
“We have had a truly phenomenal year and will enter 2014 in our strongest position ever. While we generated substantial revenue in the second half of 2013, we are only beginning to scratch the surface of our potential,” said Monros. “I want to thank our shareholders and partners for their support and our employees for their hard work and dedication. Without them, none of this would have been possible.”
SaviCorp® would like to remind interested parties that its Quarterly Report for September, 2013 may be found on theOTCMarkets.com website, under the “filings and disclosure” section. For more information regarding the company, its corporate plans or for information about its current and future productofferings, please visithttp://www.savicorp.com/.
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Many factors could cause actual results to differ materially from our forward-looking statements.