TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Jade Power Trust (“Jade Power” or the “Trust”) (TSXV:JPWR.UN) is pleased to report its third quarter 2020 financial results. All amounts are expressed in Canadian Dollars unless otherwise noted. Highlights1 * Record energy generation of 123,169 MW hours (“MWh”) for the nine months ended September 30, 2020; an increase of 7,899 MWh or 7% from the nine months ended September 30, 2019. * Energy generation of 34,713 MWh for the third quarter of 2020; an increase of 4,141 MWh or 14% from the third quarter of 2019. * Revenue of $4.8 million for the third quarter of 2020 compared to $4.0 million for the third quarter of 2019, an increase of 21%. Revenue of $15.5 million for the nine months ended September 30, 2020 compared to $13.0 million for the same period in 2019, an increase of 19%. * Adjusted EBITDA2 of $2.3 million or $0.01 per Unit for the third quarter of 2020, an increase of 15% from $2.1 million or $0.01 per Unit for the comparable quarter in 2019. Adjusted EBITDA of $8.4 million or $0.04 per Unit for the nine months ended September 30, 2020 compared to $6.1 million or $0.03 per Unit for the nine months ended September 30, 2019; an increase of 39%. (see reconciliation of adjusted EBITDA under “Non-IFRS Measures”) * Operating cash flows of $0.8 million or $0.00 per Unit after changes in net working capital for the third quarter of 2020 compared to $0.2 million or $0.00 per Unit for the third quarter of 2019. Operating cash flows of $4.4 million or $0.02 per Unit after changes in net working capital for the nine months ended September 30, 2020 compared to $7.5 million or $0.03 per Unit for the nine months ended September 30, 2019. Operating cash flows for the three and nine months ended September 30, 2020 reflect higher income from earned Green Certificates (“GCs”) relative to the cash proceeds from the sale of GCs compared to the three and nine months ended September 30, 2019. (see reconciliation of adjusted Operating cash flows per Unit after changes in net working capital under “Non-IFRS Measures”) * Net income of $0.9 million or $0.00 per Unit for the third quarter of 2020 compared to net income of $1.4 million or $0.01 per Unit for the third quarter of 2019. Net income for the comparative period included a $1.0 million unrealized foreign exchange gain relative to an unrealized foreign exchange loss of $0.1 million in the third quarter of 2020. Net income of $2.9 million or $0.01 per Unit for the nine months ended September 30, 2020 compared to $1.5 million or $0.01 per Unit for the nine months ended September 30, 2019.J. Colter Eadie, Chief Executive Officer of Jade Power commented “We are pleased with our third quarter and year-to-date results. Operations remain on target during this pandemic; a testament to the strength of our operating model and infrastructure. Our operations remain robust and continue to perform to expectations, while our balance sheet continues to strengthen.” For further information please contact:Ravi Sood Chairman +1 647-987-7663 firstname.lastname@example.orgJ. Colter Eadie Chief Executive Officer +40 736-372-724 email@example.comBetty Soares Chief Financial Officer +1 416-803-6760 firstname.lastname@example.org About Jade PowerThe Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a “mutual fund trust” under the Income Tax Act (Canada) (the “Tax Act”). The Trust will not be a “SIFT trust” (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any “non-portfolio property” (as defined in the Tax Act). All material information about the Trust may be found under Jade Power’s issuer profile at www.sedar.com.Forward-Looking StatementsStatements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2019, a copy of which is available on Jade Power’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.NON-IFRS MEASURESThe Trust has included certain non-IFRS measures to supplement its consolidated financial statements, which are presented in accordance with IFRS:The following is a reconciliation of adjusted EBITDA and adjusted EBITDA per Unit: For the three months ended September 30,For the nine months ended September 30, 2020 2019 2020 2019 Earnings (loss) for the period from continuing operations$ 882,379 $ 1,444,396 $ 2,853,401 $ 1,488,098 Add-back: Financing costs 382,905 382,905 2,341,541 2,106,141 Income tax expense (recovery) 35,677 (53,199 ) (54,450 ) 110,961 Depreciation 963,945 526,843 2,838,554 2,706,414 Warrant revaluation loss (gain) \- 2,458 \- (242,561) Gain on settlement of debt \- (107,986) \- (107,986) One-time business transaction and other expenses 50,821 - 40,980 - Adjusted EBITDA from continuing operations$ 2,315,727 $ 2,106,940 $ 8,420,026 $ 6,061,067 Adjusted EBITDA per Unit from continuing operations$ 0.01 $ 0.01 $ 0.04 $ 0.03 The following is a reconciliation of operating cash flow after changes in net working capital per Unit: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 Net used in operating activities from continuing operations$ 758,909 $ 227,388$ 4,440,113 $ 7,546,017 Weighted average number of Units 231,216,256 230,361,711 231,216,256 230,230,925 Operating cash flow from continuing operations per Unit$ 0.00 $ 0.00$ 0.02 $ 0.03 The Trust believes that these non-IFRS measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Trust. Non-IFRS financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other entities. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-IFRS and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. 42582739.11From continuing operations. 2 Includes foreign exchange gains (losses).