Battery Technologies Inc. Announces Positive Cash Flow And Strong Cash Position For First Quarter.Business Editors TORONTO--(BUSINESS WIRE)--May 11, 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.OB) today announced that the financial results for the first quarter 2000 generated a positive cash flow and sufficient cash to fund the next 12 months operations at current monthly expenditure rates. 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 are in a much more positive cash position now than at any time in the past 3 years. Combined with the announcements of May 1 regarding our anticipated debt-free balance sheet and our financing through Groome Capital.com; we are well positioned to embark on Verb 1. embark on - get off the ground; "Who started this company?"; "We embarked on an exciting enterprise"; "I start my day with a good breakfast"; "We began the new semester"; "The afternoon session begins at 4 PM"; "The blood shed started when the partisans the strategic growth plan we have been working towards for some time." On May 1, 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. Significant funds were received in the quarter as a result of the exercising of options and warrants, chiefly by Limited Partners in BTILP which was terminated in 1999. This contributed over $1 million to corporate treasury. Operating results for the first quarter were in line with expectations. Net royalties increased, on the strength of results reported by Rayovac and Pure Energy, however total revenue declined as the 1999 revenue reflected a one-time payment for historical royalties and a third party research contract lapsed LEGACY, LAPSED. A legacy is said to be lapsed or extinguished, when the legatee dies before the testator, or before the condition upon which the legacy is given has been performed, or before the time at which it is directed to vest in interest has arrived. Bac. Ab. Legacy, E; Com. Dig. in the quarter. It is expected the contract will be renewed later in the year. Spending and earnings remained relatively flat versus 1Q 1999 generating a $0.01 loss for the quarter; the only expense increases of any significance versus prior year relate to expenses for filing broader European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. patent protection for the RAM(TM) technology and to increased communication costs arising from the almost doubling in the number of our shareholders. Battery Technologies Inc. holds 32 patents and is engaged in the worldwide commercialization of the RAM(TM) battery technology and other portable energy products. BTI's trademark for its own brand of RAM batteries is MultiCell(TM). 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(TM), 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. Other products sold by the Company include Game Buddy(TM) Power pack a portable plug-in rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re RAM(TM) battery pack for Nintendo(R)'s Game Boy(R) Pocket and Color products.
SUMMARIZED BALANCE SHEET (in 000's CDN dollars)
QUARTERS ENDED MARCH 31, 2000 AND DECEMBER 31, 1999
2000 1999
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Current
Cash and cash equivalents $ 1,038 $ 35
Accounts receivable, prepaid expenses
and deposits 505 884
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Total Current Assets 1,543 919
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Deferred charges 23 30
Capital equipment, net 584 621
RAM Technology - intangible assets 984 1058
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Total Assets 3,134 2,628
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Current Liabilities
Accounts payable and accrued liabilities 665 1,295
Bank loans 9,633 9,431
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Total liabilities 10,298 10,726
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Shareholders deficit (7,164) (8,098)
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Total liabilities and shareholders' deficit $ 3,134 $ 2,628
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SUMMARIZED STATEMENT OF LOSS (in 000's CDN dollars)
QUARTERS ENDED MARCH 31, 2000 AND 1999
2000 1999
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Net revenue $233 $344
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Expenses
Selling, general and administrative 225 218
Research and development 185 180
Depreciation and amortization 131 155
Interest and other expenses 189 316
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730 869
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Loss for the period (497) (525)
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Loss per share ($0.01) ($0.01)
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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 July 14, 1998. Readers are cautioned not to place undue reliance on forward looking statements. BTI is not licensed to produce products for Nintendo of America Inc. Nintendo(R), Game Boy(R) Color and GameBoy(R) Pocket are trademarks of Nintendo of America Inc. RAM(TM), Game Buddy(TM) and Game Buddy(TM) Color Power pack are registered trademarks 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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