Ben-Abraham Technologies Announces 1999 Q2 Financial Results.LINCOLNSHIRE Lincolnshire (lĭng`kənshĭr), county (1991 pop. 573,900), 2,662 sq mi (6,895 sq km), E England, on the Humber estuary, the North Sea, and The Wash. The county seat is Lincoln. , Ill.--(BUSINESS WIRE)--Aug. 13, 1999-- Ben-Abraham Technologies Inc. ("B A Tech" (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BAI n. 1. a language spoken in the Dali region of Yunnan. Noun 1. Bai - the Tibeto-Burman language spoken in the Dali region of Yunnan Baic )), a U.S. pharmaceutical company, today announced its financial results for the six and three month periods ended June June: see month. 30, 1999. The financial statements were filed with the Alberta Stock Exchange and other Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The net loss per share for both the second quarters ended June 30, 1999 and 1998 was one cent. The net losses per share for the six month periods ended June 30, 1999 and 1998 were two and three cents, respectively. All references to dollars are in U.S. dollars. At June 30, 1999, the company's cash balance was approximately $6.0 million. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. are $322,000, a decrease of approximately $496,000 compared to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1998. The company has no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . In the second quarter, B A Tech closed a private placement of common shares with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of $4,372,500 excluding legal and filing fees. Subsequent to the close of the second quarter, the company held its Annual and Special Meeting. At this meeting, the company's shareholders approved amendments to its articles whereby the Class A shares, which carry ten votes per share, were reclassified as Class C shares, which carry one vote per share. The subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. , which are listed on the Alberta Stock Exchange, will now be called common shares. There were no changes in the total number of shares outstanding. Stephen M. Simes, president and chief executive officer, said, "Several notable milestones were achieved in the first half of 1999, including the successful closing of our private placement, the filing of three provisional Temporary; not permanent. Tentative, contingent, preliminary. A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. patent applications to improve and solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our patent protection, the addition of several new, quality investors, as well as the addition of several new directors who bring valuable investment expertise to our board and finally the continued progress in development of BA Tech's core nanoparticle technology." B A Tech is a pharmaceutical company. It is developing and commercializing a proprietary nanoparticle technology for novel vaccines, vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. adjuvants and drug delivery systems. The company intends to grow through developing its core technology and by in-licensing additional late-stage pharmaceutical products to expand its product portfolio. Certain statements in this news release may constitute forward looking statements which are not historical facts, and involve risks and uncertainties that could cause actual results to differ from those expected and projected. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -0-
Ben-Abraham Technologies Inc.
Condensed Statements of Operations - Unaudited
($000s except per share data)
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Period from
August 29, 1996
(date of incorp.)
Quarter Ended Six Months Ended to June 30,
June 30, June 30,
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1999 1998 1999 1998 1999
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Revenue $47 $31 $73 $43 $393
Expenses 326 532 721 1,123 5,927
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Loss before
other expenses (279) (501) (648) (1,080) (5,534)
Other expenses - - - - 5,910
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Net loss $(279) $(501) $(648) $(1,080) $(11,444)
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Weighted
average shares
outstanding 48,232 34,973 41,282 35,471 35,177
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Basic and diluted
net loss
per share $(0.01) $(0.01) $(0.02) $(0.03) $(0.33)
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Condensed Balance Sheets
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(Unaudited)
June 30, December 31,
1999 1998
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Cash and cash equivalents $5,960 $2,841
All other assets 559 608
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Total assets $6,519 $3,449
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Current liabilities $322 $818
Long-term debt - -
Stockholders' equity 6,197 2,631
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Total liabilities and
stockholders' equity $6,519 $3,449
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