| This is the home of resource information for representatives of the media. Here you'll find information about ClearLite® including press releases, videos, company overview and more. If you would like to publish an article concerning one of our products, our Media Team can assist you providing you with written information as well as high-resolution images suitable for print. For all media inquiries, please contact us via email at PR@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Your request will be routed to the appropriate person and returned promptly. And if you are a representative from the media and cannot find the information you're looking for on our site, you can also call our media team directly at 1-800-514-5500. Consumer inquiries should contact our customer service department at Support@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Financial analysts, please contact us at Investors@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . For solicitations, sponsorships, donation requests or similar inquiries regarding doing business with our company, please submit your proposal to: http://www.thewaveinvestors.com/Clear-Lite-Holdings--Inc--CLRH-.html Please keep in mind that all posts are opinion only. Moderators are not responsible for any investment decisions made by you. Please do your own DD!
    On May 1, 2011, Milton C. Ault, III resigned from his respective positions as Board Member, Chairman of the Board of Directors, Chief Executive Officer, and President of Clear-Lite Holdings, Inc. (the "Company"). His resignation was not the result of any disagreements with the Company on any matters relating to the Company's operations, policies (including accounting or financial policies) or practices. A copy of Mr. Ault's resignation letter is attached hereto as Exhibit 99.1 and incorporated herein in its entirety by reference. In connection with his departure, the Company has agreed to indemnify Mr. Ault for his actions during the time he served as an officer and director of the Company. Appointment of Chairman of the Board of Directors, President, and Chief Executive Officer On May 1, 2011, the board of directors of the Company appointed Michael Edwards as a member of the Board of Directors and as the Company's Chairman of the Board of Directors, President and Chief Executive Officer. The Company is preparing an employment contract with Mr. Edwards to define the terms and conditions of the agreement. The contract and terms and conditions will be released in an 8-K to be submitted within the next 30 days. Welcome to ClearLite
President and CEO Michael Edwards (according to most recent 8-K) | | | |
U.S.A.
Phone: 1-800-514-5500begin_of_the_skype_highlighting 1-800-514-5500 end_of_the_skype_highlighting Sales
Email: Sales@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it Customer Support
Email: Support@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it Investor Relations
Email: Investors@ClearLite.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it Media Relations Email: PR@ClearLite.com The ClearLite Mission In 2005, Tom Irvine and Lisa Niedermeyer wanted to make a big impact on the way people live their lives-an impact that would improve the quality of life for thousands of people while working to protect the planet they love. They weren't satisfied with just going into the eco-safe light bulb business. They wanted to create a compact fluorescent lighting (CFL) product that shines the natural lighting people want. And unlike other CFLs, they wanted to make their products safer for people as well as the environment. Together the two founded ClearLite®, a world leader in innovative, environmentally friendly compact fluorescent lighting products. Only ClearLite compact fluorescent lights use premium, earth-friendly components such as lead-free ECO bases and an amalgam alloy that replaces liquid mercury you'll find in many other CFLs. You'll also find that every product in our line today is designed to meet strict RoHS standards (Reduction of Hazardous Substances) and all of our current CFLs are ENERGY STAR® qualified. Today, tens of thousands of people enjoy the warm natural glow of energy-saving and money-saving ClearLite® products to light their homes and businesses. To help reduce carbon emission and save money on energy, take a look at the full line of ClearLite's products. To learn more about how you can help Tom and Lisa with their mission and make an investment in a cleaner world, click here. Look at the distributors: ClearLite Products Are Available at: Amazon.com OfficeDepot.com 1000bulbs.com Share Structure 154,517,684 OS 195AS http://www.otcmarkets.com/stock/CLRH/company-info Financials: http://www.otcmarkets.com/stock/CLRH/financials ![]() Clear-Lite Holdings, Inc. and Subsidiary Consolidated Balance Sheets | | | | | | | | | | | January 31, 2011 | | | July 31, 2010 | | | | | (unaudited) | | | | | | Assets | | | | | | | | | | | Assets: | | | | | | | | Cash | | $ | 394 | | | $ | 3,148 | | | Prepaid expenses | | | - | | | | 27,913 | | | Total Current Assets | | | 394 | | | | 31,061 | | | | | | | | | | | | | Equipment - net | | | 10,626 | | | | 11,726 | | | | | | | | | | | | | Debt issue costs - net | | | - | | | | 5,216 | | | | | | | | | | | | | Total Assets | | $ | 11,020 | | | $ | 48,003 | | | | | | | | | | | | | Liabilities and Stockholders' Deficit | | | | | | | | | | | | | Liabilities: | | | | | | | | | | Accounts payable and accrued expenses | | $ | 669,646 | | | $ | 211,411 | | | Loans payable - related parties | | | 58,085 | | | | 18,388 | | | Demand loans | | | 96,000 | | | | - | | | Convertible note payable - net of debt discount | | | 547,628 | | | | 658,930 | | | Accrued interest payable | | | 15,197 | | | | 5,600 | | | Derivative liabilities | | | 1,764,305 | | | | 2,298,159 | | | Total Current Liabilities | | | 3,150,861 | | | | 3,192,488 | | | | | | | | | | | | | Stockholders' Deficit: | | | | | | | | | | Preferred Stock, $0.001 par value, 5,000,000 shares authorized, | | | | | | | | | | no shares issued or outstanding | | | - | | | | - | | | Common stock, $0.001 par value, 195,000,000 shares authorized, | | | | | | | | | | 114,605,194 and 72,000,741 shares issued and outstanding, respectively | | | 114,605 | | | | 72,000 | | | Additional paid in capital | | | 27,956,310 | | | | 27,238,020 | | | Accumulated deficit | | | (31,210,756 | ) | | | (30,454,505 | ) | | Total Stockholders' Deficit | | | (3,139,841 | ) | | | (3,144,485 | ) | | | | | | | | | | | | Total Liabilities and Stockholders' Deficit | | $ | 11,020 | | | $ | 48,003 | | See accompanying notes to consolidated financial statements Clear-Lite Holdings, Inc. and Subsidiary Consolidated Statements of Operations (unaudited) | | | Three Months Ended | | | Six Months Ended | | | | | | | | January 31, 2011 | | | January 31, 2010 | | | January 31, 2011 | | | January 31, 2010 | | | | | | | | | | | | | | | | | Sales | | $ | - | | | $ | 152,821 | | | $ | - | | | $ | 457,934 | | | | | | | | | | | | | | | | | | | | | Cost of sales | | | - | | | | 119,832 | | | | - | | | | 338,585 | | | | | | | | | | | | | | | | | | | | | Gross profit | | | - | | | | 32,989 | | | | - | | | | 119,349 | | | | | | | | | | | | | | | | | | | | | General and administrative expenses | | | 239,166 | | | | 3,237,828 | | | | 653,889 | | | | 9,103,878 | | | | | | | | | | | | | | | | | | | | | Loss from operations | | | (239,166 | ) | | | (3,204,839 | ) | | | (653,889 | ) | | | (8,984,529 | ) | | | | | | | | | | | | | | | | | | | | Other income (expense) - net | | | | | | | | | | | | | | | | | | Other income | | | - | | | | 710 | | | | - | | | | 13,270 | | | Interest expense | | | (102,406 | ) | | | (557,617 | ) | | | (208,587 | ) | | | (729,720 | ) | | Change in fair value of derivative liability | | | (678,301 | ) | | | 4,707,922 | | | | 180,564 | | | | 2,596,900 | | | Derivative expense | | | - | | | | (1,012,770 | ) | | | (74,339 | ) | | | (11,228,987 | ) | | Total other income (expense) - net | | | (780,707 | ) | | | 3,138,245 | | | | (102,362 | ) | | | (9,348,537 | ) | | | | | | | | | | | | | | | | | | | | Net loss | | $ | (1,019,873 | ) | | $ | (66,594 | ) | | $ | (756,251 | ) | | $ | (18,333,066 | ) | | | | | | | | | | | | | | | | | | | | Net loss per Common Share - Basic and Diluted | | $ | (0.01 | ) | | $ | (0.00 | ) | | $ | (0.01 | ) | | $ | (0.33 | ) | | | | | | | | | | | | | | | | | | | | Weighted Average Number of Common Shares Outstanding | | | | | | | | | | | | | | | | | | Basic and Diluted | | | 101,420,380 | | | | 57,472,789 | | | | 89,667,760 | | | | 55,450,506 | |
See accompanying notes to consolidated financial statements Clear-Lite Holdings, Inc. and Subsidiary Consolidated Statements of Cash Flows (unaudited) | | | Six Months Ended | | | | | January 31, 2011 | | | January 31, 2010 | | | | | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | Net income (loss) | | $ | (756,251 | ) | | $ | (18,333,066 | ) | | Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | Depreciation | | | 1,100 | | | | 453 | | | Amortization of debt issue costs | | | 5,216 | | | | 18,564 | | | Amortization of debt discount | | | 193,764 | | | | 711,155 | | | Stock issued for services | | | 18,200 | | | | 5,311,000 | | | Warrants issued for services | | | - | | | | 2,852,383 | | | Change in fair value of derivative liability | | | (180,564 | ) | | | (2,596,900 | ) | | Derivative expense | | | 74,339 | | | | 11,228,987 | | | Changes in operating assets and liabilities: | | | | | | | | | | Increase (Decrease) in: | | | | | | | | | | Accounts receivable | | | - | | | | (643 | ) | | Prepaid expenses | | | 27,913 | | | | (14,691 | ) | | Increase in: | | | | | | | | | | Accounts payable and accrued expenses | | | 458,235 | | | | (3,652 | ) | | Accrued interest payable | | | 9,597 | | | | (710 | ) | | Net Cash Used in Operating Activities | | | (148,451 | ) | | | (827,120 | ) | | | | | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | Purchase of equipment | | | - | | | | (13,277 | ) | | Net Cash Used in Investing Activities | | | - | | | | (13,277 | ) | | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | Net Proceeds from loans payable - related parties | | | 39,697 | | | | 20,000 | | | Repayments of loans payable - related parties | | | - | | | | (12,121 | ) | | Payment of debt issue costs in cash | | | - | | | | (60,000 | ) | | Repayment of convertible note with embedded derivative | | | - | | | | (100,000 | ) | | Proceeds from issuance of convertible notes | | | 106,000 | | | | 910,000 | | | Net Cash Provided By Financing Activities | | | 145,697 | | | | 757,879 | | | | | | | | | | | | | Net Decrease in Cash | | | (2,754 | ) | | | (82,518 | ) | | | | | | | | | | | | Cash - Beginning of Period | | | 3,148 | | | | 83,587 | | | | | | | | | | | | | Cash - End of Period | | $ | 394 | | | $ | 1,069 | | | | | | | | | | | | | SUPPLEMENTARY CASH FLOW INFORMATION: | | | | | | | | | | Cash Paid During the Period for: | | | | | | | | | | Income taxes | | $ | - | | | $ | - | | | Interest | | $ | - | | | $ | - | | | | | | | | | | | | | SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | Debt discount recorded on convertible notes | | $ | 106,000 | | | $ | 910,000 | | | Original issue discount | | $ | - | | | $ | 182,000 | | | Issuance of stock for future services | | $ | - | | | $ | 599,500 | | | Conversion of debt to common stock | | $ | 209,066 | | | $ | - | | | Reclassification of convertible notes to demand notes | | $ | 122,000 | | | $ | - | | | Reclassification of derivative liability to additional paid in capital | | $ | 533,629 | | | $ | 1,429,545 | | See accompanying notes to consolidated financial statements Clear-Lite Holdings, Inc. and Subsidiary Notes to Consolidated Financial Statements January 31, 2011 (Unaudited) Note 1 Nature of Operations and Basis of Presentation The Company sells energy saving and environmentally friendly lighting products. The Company utilizes the services of multiple third party manufacturers to produce the Company's product line. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and judgments that may affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results may differ from these estimates under different assumptions or conditions. The financial information as of July 31, 2010 is derived from the audited consolidated financial statements presented in the Company's Annual Report on Form 10-K for the year ended July 31, 2010. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary (which are of a normal and recurring nature) for the fair statement of the results of the interim periods presented. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's audited financial statements for the year ended July 31, 2010 and 2009, as presented in the Company's Annual Report on Form 10-K. Operating results for the three and six months ended January 31, 2011 are not necessarily indicative of the results that may be expected for the entire fiscal year ending July 31, 2011. Note 2 Summary of Significant Accounting Policies Principles of Consolidation All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of these unaudited consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to valuation allowances on accounts receivable and valuation allowances on deferred income taxes. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected. 5 
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