Energy Infrastructure Acquisition Corp. Announces 2008 Second Quarter Preliminary Financial Results
SOURCE:
Energy Infrastructure Acquisition Corp.
2008-08-18 15:13:00
WILMINGTON, DE–(EMWNews – August 18, 2008) – Energy Infrastructure Acquisition Corp.
(
announced preliminary financial results for its 2008 second quarter ended
June 30, 2008.
For the six months ended June 30, 2008, the Company incurred a net loss of
$4,677,917, or $0.17 per share and reported interest income of $1,620,501.
For the same period in 2007, the Company reported a net loss of $3,037,171,
or $0.11 per share and $3,662,353 of interest income.
The Company is in the process of completing the review of its financial
statements for the six months ended June 30, 2008 and expects to complete
such review and file its quarterly report on Form 10-Q before the end of
August 2008.
About Energy Infrastructure
Energy Infrastructure is a blank check company that was formed for the
specific purpose of consummating a business combination. Energy
Infrastructure raised net proceeds of approximately $209.3 million, after
partial exercise of the underwriter’s over-allotment option, through its
initial public offering consummated in July 2006.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning
of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements in this press
release include matters that involve known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from
results expressed or implied by this press release. The words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “will,” “project,”
“forecast,” “outlook” and similar expressions identify some, but not all,
of these forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
ENERGY INFRASTRUCTURE ACQUISITION CORP.
(a corporation in the development stage)
SUMMARY CONDENSED BALANCE SHEETS
June 30, December 31,
2008 2007
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash $ 52,928 $ 13,933
Money market funds - held in trust 218,290,663 217,023,161
Prepaid expenses 43,667 108,341
------------- -------------
Total current assets 218,387,258 217,145,435
Deferred acquisition costs 2,592,544 1,065,043
------------- -------------
Total assets $ 220,979,802 $ 218,210,478
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 1,171,207 $ 1,150,444
Amounts due to underwriter 2,557,614 2,531,656
Deferred interest on funds held in trust 1,861,279 1,156,315
Accrued interest payable to stockholder 16,395 40,489
Note payable to stockholder 900,000 --
Convertible loans payable to stockholder 2,685,000 2,685,000
------------- -------------
Total liabilities 9,191,495 7,563,904
------------- -------------
Common stock subject to possible redemption 64,619,129 64,619,129
Stockholders' equity:
Total stockholders' equity 147,169,178 146,027,445
------------- -------------
Total liabilities and stockholders' equity $ 220,979,802 $ 218,210,478
============= =============
ENERGY INFRASTRUCTURE ACQUISITION CORP.
(a corporation in the development stage)
SUMMARY CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Operating expenses $ (3,060,678)$ (3,329,129)$ (6,263,625)$ (6,645,404)
Interest income 738,547 1,885,132 1,620,501 3,662,353
Interest expense -
stockholder (15,728) (27,177) (34,793) (54,120)
------------ ------------ ------------ ------------
Net loss $ (2,337,859)$ (1,471,174)$ (4,677,917)$ (3,037,171)
============ ============ ============ ============
Net loss per common
share - basic and
diluted $ (0.09)$ (0.05)$ (0.17)$ (0.11)
============ ============ ============ ============
Weighted average number
of common shares
outstanding - basic
and diluted 27,221,747 27,221,747 27,221,747 27,221,747
============ ============ ============ ============
Period from
August 11, 2005
(Inception)
to June 30, 2008
(Cumulative)
-------------
Operating expenses $ (25,161,186)
Interest income 11,131,293
Interest expense - stockholder (195,204)
-------------
Net loss $ (14,225,097)
=============
Net loss per common
share - basic and
diluted $ (0.70)
=============
Weighted average number
of common shares outstanding
- basic and diluted 20,220,826
=============
| Contact: Energy Infrastructure Acquisition Corp. 1105 North Market Street, Suite 1300 Wilmington, Delaware 19801 Investor Relations / Financial Media: |
|
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