Battery Technologies 2nd Quarter In Line With Expectations; Cash Position Strong.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 16, 2000 Battery Technologies Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information .) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIOF) today announced the financial results for the second quarter 2000, and indicated that cash remains strong for the balance of the year while the major strategic initiatives previously announced are pursued. J. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Pope, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Battery Technologies Inc. said: "We continue to be in a good cash position with liabilities reduced by 20%. We can manage our day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. business; while undertaking the key tasks of gaining new financing through Groome capital.com, completing our marketing opportunities in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and developing further OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business for RAM."
In May, 2000, BTI announced that it had retired the Vengrowth debt of $2.0 million, that it had secured agreement from Merita Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , to convert all outstanding debt to equity and that it had entered into an agreement with Groome Capital.com to raise additional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to fund more aggressive business expansion plans. Mr. Pope commented "By the fourth quarter this year after the financing is complete, we anticipate being debt-free with the resources and plans to build RAM in Europe." As previously announced, Nuby has been actively booking orders for its converted Snap'N'Power(TM) products with the RAM(TM) technology and BTI has its technology being evaluated by OEMs for PDA/wireless use, which we expect will enhance future revenue generation. In this most recent quarter, Eleven Engineering, of Edmonton, Alberta, creator of AIRPLAY air·play n. The broadcasting of an audio or audiovisual recording on the air over radio or television. airplay Noun the broadcast performances of a record on radio (TM), a wireless controller for the Sony Playstation Sony Playstation - Playstation (R), designed their new second generation PS-2 controller with an optional 4-cell RAM(TM) battery pack. Many industry experts believe future console video games See video game console. will use solely wireless controllers. The quarter and year to date results approximated those recorded in 1999 before extraordinary items. However, overall earnings decreased, largely due to several non-recurring, one-time events amounting to in excess of $900,000 recorded in 1999, distorting the true quarter-to-quarter comparison. In addition, SG &A costs increased significantly primarily due to higher costs associated with professional fees and shareholder communications as the number of shareholders grew to in excess of 24,000 with large numbers in both Canada and the U.S. The balance sheet is further strengthened this year by increased cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. and a more than $2 million reduction in liabilities, primarily accounts payable and debt. Mr. Pope said: "We were very happy to see volume gains from licensees; the only disappointment on the revenue line relates to government grants which we expect will be renewed upon completion of our financing. The expense side of the business remains very much under control and we believe we are well positioned for our anticipated new business later in the year."
SUMMARIZED BALANCE SHEET (in 000's CDN dollars)
AS AT JUNE 30, 2000 AND DECEMBER 31, 1999
2000 1999
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Current
Cash and cash equivalents 667 35
Accounts receivable, prepaid expenses and deposits 586 884
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1,253 919
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Deferred charges 20 30
Capital equipment, net 559 621
RAM Technology - intangible assets 910 1,058
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Total Assets 2,742 2,628
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Current Liabilities
Accounts payable and accrued liabilities 702 1,295
Bank loans 8,003 9,431
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Total liabilities 8,705 10,726
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Shareholders deficit (5,963) (8,098)
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Total liabilities and shareholders' deficit 2,742 2,628
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SUMMARIZED STATEMENT OF LOSS (in 000's CDN dollars)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
2000 1999
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Revenue
Royalties and other income 350 438 *
Contract research revenue and government grants 89 206
License fees --- 303 *
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439 947 *
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Expenses
Selling, general and administrative 623 504
Research and development 391 383
Depreciation and amortization 295 310
Interest and other expenses 513 591
Gain on termination of Partnership agreement --- (492)*
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1,822 1,296 *
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Loss for the period 1,383 349 *
Loss per share $0.02 $0.01 *
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Loss for the period (net of Extraordinary items) 1,383 1,341
Loss per share (net of Extraordinary items) $0.02 $0.03
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*Contains Extraordinary one time items
Further detailed quarterly results will be available in the Report to Shareholders to be distributed within a few days. Battery Technologies Inc. holds 32 patents and is engaged in the worldwide commercialization of the RAM(TM) battery technology and other portable energy products. The Company's RAM(TM) licensees and licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. trademarks include: Rayovac Corporation, RENEWAL(TM); Young Poong Corporation, ALCAVA(TM); Grand Battery Technologies, GRANDCELL, and Pure Energy Battery Corporation, PURE ENERGY(TM). RAM(TM) battery products are available in AA, AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. , C and D sizes. BTI's press releases are available through the Company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Home Page: http://www.bti.ca Except for the historical statements contained herein, the matters discussed in this news release, including any revenue, expense and earnings expectations, are forward looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially include but are not limited to: the Company's ability to attract licensees with the financial and other resources to develop markets for RAM batteries, the Company's ability to attract new capital, variable economic conditions, the Company's reliance upon a single production line equipment supplier, disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of production at any of the Company's licensee's manufacturing facilities, political and other disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. developments, foreign currency restrictions and/or fluctuations, technological developments by competitors, a successful challenge to the validity of the Company's patents, or any of the other variables referenced in the Company's 20-F filing with the SEC, dated June 29, 2000. Readers are cautioned not to place undue reliance on forward looking statements Snap'N'Power(TM) is a registered trademark of Nuby Holdings Inc. Airplay(TM) is a registered trademark of Eleven Engineering Inc. Playstation(R) is a registered trademark of Sony Computer Entertainment Inc. RAM(TM) is a registered trademark of Battery Technologies Inc., Richmond Hill, Ontario Richmond Hill (2006 population 162,704) is a town in York Region north of Toronto, Ontario, Canada. It is part of the Greater Toronto Area. History The area was first surveyed by Lieutenant-Governor John Graves Simcoe in 1794 while he was constructing Yonge Street. , Canada. |
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