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o.k. lot things to follow. chat a lot on others.
I'm still learning, not very good at dd or technicals. I'll check around, see what I find, thanks.
as i read nothing is done yet. may want to check registration.
So is HIET done for good then? Shell means another company can start up using it right? What happens to the shares we had in HIET, do they convert one for one?
all i know is a shell.
what's going on with this stock?
this is a dark one that doesn't mean much. be careful here. just momo play.
i did awoke here from shakerzzz forum. he gave no support at da time.
You been watching this ?
its a shell right ?
haven t done any DD on it lately
MK
To 'Chartbreaker1', ya still feel this way. got some volume.
some trading today...very thinly traded as closing today.
MONSTER .....HUUUUUUUUUUGEEEEEEE......
HIET
Outstanding 71,300,000
Date as of: 8-Feb-07
Anyone got any more current numbers?
Maglich and crew are bums!
back from the dead?
I think that this is the end of HIET.
Yes, after all they’re bankrupt... DIP financing is crucial here so it confirm their viability. If, not it would point to some kind of fraud as we all accustomed here in penny land.. Very odd, with this kinda, timely product, that deemed to be functional…
So it is on the pink sheets now.
The Company is seeking debtor in possession financing" ... If they aint successful that would be the end of this bizarre story. Should they get it, it's wait and see how much of the new shares goes to old shareholders... Usually old shares are write offs, but you never know. We could get "dead cat" bounce on news like that or better... IMHO
What is happening here now?
There’s going to be some good news coming our way..
Well for your sake I sure hope so.
But in my opinion I don't think so...
But anthing is possible.
Good luck!!!!
Good for you. I'm thinking about averaging down yet again and trade myself out of the jam... There’s going to be some good news coming our way..
Don't own any shares.
Lawsuit against company at this point is worse for its shareholders, than bancrupcy process. JMHO. HI ENERGY has no money to settle, no financing in works before bankrupcy takes its course. For me eather the above is proposition of doom, but watchin other bancrupcies, we longs, could get more out of it through regular process than a lawsuit. Since I bet on HIET turnaround heavily I may follow their example and go banrupt... I still believe chapter 11 would be very benefitial for the company and could be a turning point after they clean up their balance sheet. Though they would isue a new shares afterwards and old shareholders are usually left out... At this point I don't care all that much, money seems to be gone. Thanks for your valuable input. Are you still long or you were lucky to get out before Chapter 11?
Have a read here and look around the whole site.
http://www.heinvestors.com/non.html
Let me know what you think.
Someone allready in the money making 100% just like that. Too bad it's not me stupid. Try to exit graciously: NO PANIC! please... GLTA EOM...
Nothing better than woke up to the stock that plundges 90% at opening. HI ENERGY TECHNOLOGIES in the spotlights today, too bad for the wrong reason. I still don't agree with panic selling early this morning since there is gonna be some good news on the way out from bankrupcy. Again company should benefit from it, it could be even requirement to financing that could start bringing their product into real life... It's not that it matters all that much for oldtimers...
It looks like this gamble didn't work out well. Chapter 11 should be good for the company, save some money for secured creditors, too bad shareholders are usually left out. Usually, that is, and I don't agree with panic selling this morning. We should get some good news that should give poor longs better opprtunity to unload... GLTA
March 10, 2007 - 8:00 PM EST
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HIET 0.06 -0.01
Today 5d 1m 3m 1y 5y 10y
HiEnergy Technologies, Inc. Announces Decision to Seek Bankruptcy Protection to Address Financial and Operational Challenges
IRVINE, Calif., March 10, 2007 (PRIME NEWSWIRE) -- HiEnergy Technologies, Inc. (OTCBB:HIET) announced today that its Board of Directors authorized the Company and its subsidiaries to file for voluntary protection under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Central District of California. Today's action was taken in order to protect the Company's operations and assets while it works to resolve its financial and business challenges and was approved unanimously by the Directors in attendance.
"While the decision to seek court protection was not an easy one, the Board of Directors determined that it was the best means of addressing our business and financial challenges. We also believe it is in the best interests of both HiEnergy and its creditors that we be afforded the time and protection necessary to stabilize the Company and to develop a long-term plan that will enable HiEnergy to meet those challenges," stated William A. Nitze, Chairman of HiEnergy Technologies.
The Company also announced that it is currently seeking debtor-in-possession (DIP) financing, which, subject to court approval, would be available to fund its continued operations under a plan of reorganization. As referenced in the Company's public filings, most recently in the quarterly report on Form 10-QSB for the period ending October 31, 2006, as filed with the Securities and Exchange Commission (SEC) on December 20, 2006, there can be no assurance that it will be successful in securing the appropriate financing in a timely fashion. The Company does not expect that it will timely file its quarterly report for the period ended January 31, 2007 by the anticipated deadline. The Company intends to announce any notice of delisting, upon which it will evaluate the trading of its common stock in the pink sheets.
Additional information about HiEnergy's filing and possible reorganization will be made available in subsequent releases and on the Company's Web site at http://www.hienergyinc.com.
ABOUT HIENERGY TECHNOLOGIES, INC.
HiEnergy Technologies, Inc. is the creator of the world's first "stoichiometric" diagnostic devices that can effectively decipher the chemical composition of unknown substances through metal or other barriers, almost instantly and without human intervention. HiEnergy's Atometer(tm) devices incorporate a proprietary interrogation process which activates a selected target with neutrons causing the contents to emit back gamma rays that contain unique signatures from which the chemical formulas are derived (www.hienergyinc.com).
Forward-Looking Statement
Certain statements made in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from the expected results described in the forward-looking statements. These forward-looking statements include and may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," or "intends" and similar words and phrases. There are a number of factors that could cause the Company's actual results to differ materially from the expected results described in the Company's forward-looking statements.
There can be no assurance that the Company's restructuring will be successful. Risk factors related to its restructuring efforts that could cause actual results to differ from these forward-looking statements include, but are not limited to, the following: the Company's ability to continue as a going concern; the Company's ability to obtain court approval for its DIP facility; court approval of the Company's motions filed with the bankruptcy court from time to time; the ability of the Company to operate under the terms of the Company's DIP facility; the ability of the Company to develop, confirm and consummate plans of reorganization; risks associated with third parties seeking and obtaining court approval to terminate or shorten plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the cases to chapter 7 cases; the potential adverse impact of the Chapter 11 cases on the Company's liquidity and results of operations; the ability of the Company to obtain and maintain trade credit and shipments and terms with vendors and service providers for future orders; the Company's ability to maintain contracts that are critical to its operations; the ability of the Company to attract and retain customers; the ability of the Company to attract, motivate and retain key executives and associates; and potential adverse publicity. In addition, the Company faces a number of risks with respect to its continuing business operations, including but not limited to: the Company's ability to execute its strategic initiatives, including expense reduction and ability to fund its licensing initiatives; the Company's ability to increase revenues.
Please refer to discussions of these and other factors in this news release, in the Company's Annual Report on Form 10-KSB for the fiscal year ended April 30, 2006, the Quarterly Report on Form 10-QSB for the quarter ended October 31, 2006, and other Company filings with the Securities and Exchange Commission. These statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly revise or update these forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: HiEnergy Technologies, Inc.
Sylvia Flournoy
(949) 757-0855
Fax: (949) 757-1477
info@hienergyinc.com
Another crazy day. Dismal start with all time low and all of the sudden reversal of fortune. Picked up 10k at 5 cents, too bad no more $$$ left. That big government contract very slow in coming (if ever) and it seems for some it takes too long for some to wait. Still holding my hopes up...
I agree with you there. If they ever sell some and actually deliver them.
I respectfully disagree. As you said, "The technology is great and it works" and government agencies slowly recognize just that. Why it takes forever? Could be bureaucracy, big government inertia, little exposure, or all of above plus things not mentioned, that makes it such a snail pace process. Once all of that is taken its coarse watch out! This thing shoots up BIG TIME and will be the train hard to catch. I believe Fridays trading is the beginning of that. HDNS in my books has a record of holding tomorrow’s winners down for whatever reason. Either MM's game to be able to load cheap or its just raising money before BIG EVENTS occur. In either case after adding to my positions yet again I'm comfortable with the future of it... But yet again it’s MHO...
Pennyking.
I don't think that HIET is gearing up for anything.
I have been concerened ever since Spillman took over as CEO.
And who exactly owns the Patents or the pending Patents?
I haven't been reading the SEC filings for a while now.
In my opinion if they were going to get a Govt contract they would have gotten one by now.
I still keep an eye on the trading and watch the news, 'Cause as you know anything can happen.
I haven't owned any shares for over a year now.
The technology is great and it works. But there is something wrong with the company.
Good luck!
Arctec thanks for your input. Do you think HI ENERGY is gearing up for the production of their fine products? Is that what today's shake out was all about. Prelude to obtaining financing of some sort? Can't wait for that big contract with some government agency that would make production feasable. For now I still startled by the fact that it's taking this long to implement these exciting HI ENERGY products into real world to make it safer place in this uncertain times... Hopefully we're getting close..
Good volume today. Too bad direction is wrong. HDSN has to be my enemy number 1, blocking ask side of all US stocks I own. I don't know what to think of today trading could be just shake out or some movements on financing front. Could be bad or good in case they are to raise money to set out production. Time will tell. Still holding...
It looks like HIET is taking right on a chin the departure of Arctec as a moderator of this fine board, LOL. Seriously though, this kind of action or lack of it, we going to have to deal with until some serious positive development reverses this sentiment. Me personally, I still believe that HIET will rise from ashes and gonna be a market darling. But that's only MHO and as today trading indicates, not everyone share my optimism. To me it is laying low, sitting tight for the time being, waiting for big announcement... GLTA
I should do well with both, I think. Thank you and good luck to you to.
You're the new moderator! Pennyking.
Good luck with the board and your investment!
Pennyking and Arctic,
I'm as frustrated as anyone...I first bought HIET at prices over $3.00 (somewhat embarrased to say that). I'm holding until this thing goes to zero, or we get the elusive big contract and finally see the promised land.
Either way, I read every post on this board.
Enjoy the rest of your weekend,
Geoff
I understand you frustrations perfectly. This is one kinda grinder, slow mover. As for moderator I’m not good at administrative task but since traffic is low: only me posting here for now LOL, sure I'm in.
I'm not going crazy.
Been following this co for years. Nothing has ever come out of it.
What gives?
Where are they going to get the money?
How come they haven't landed a Gov't contract yet?
I don't believe in this Company anymore.
I wish you luck in it though.
If you would like to take over as moderator of this board, just say so and I'll ask Matt to give the board to you.
You can't go crazy over 350K order. We need some serious contracts from US Govermnt,which is poised to make a move, or alike, to get this babe going... It's just a matter of time...
HiEnergy Technologies, Inc. ("we", "us" or the "Company") files this report on Form 8-K to report the following:
Item 1.01 Entry into a Material Definitive Agreement
On February 5, 2007, the Company executed Amendment 1 to the Confidential Settlement Agreement and Mutual Release (the "Amendment") dated January 30, 2007, between the Company, a former consultant, Yeffet Security Consultants, Inc., ("YSCI"), and YSCI's beneficial owner, Isaac Yeffet. (Collectively, YSCI and Mr. Yeffet are referred to as the "Claimants").
As reported in our Current Report on Form 8-K filed with the SEC on June 15, 2006, the Confidential Settlement Agreement and Mutual Release (the "Original Agreement") was executed by the Company and the Claimants on June 9, 2006 to provide for a mutual reconciliation of disputes between the parties which were in binding arbitration proceedings. Pursuant to the agreement, the Claimants released the Company from all claims to recover the $449,540,91, which YSCI was seeking for allegedly breaching a consulting agreement and YSCI forfeited its options to purchase up to 1,000,000 shares of Company common stock.
Under the Original Agreement, the Company was to have paid the Claimants the remaining balance owed under the agreement of $189,540,91 plus accrued interest by approximately December 6, 2006. The Amendment provides an extension for the payment of this balance and for the balance to be paid in installments over a six month period. The Company agreed to pay $100,000 to the Claimants in five equal monthly installments of $20,000 each (the "Installments") with the first payment due immediately after the execution of the Amendment and the remaining four installments due one or before the last business day of January, February, March and April 2007 respectively. The Company has already paid the first two installments to YSFI as required by the Amendment.
Payment of the Installments was personally guaranteed by William A. Nitze, our Acting CEO and our Chairman of the Board, by an Unconditional Guaranty executed by Mr. Nitze dated January 30, 2007.
In addition to the five installment payments of $20,000 each, on or before June 30, 2007, the Company is required to pay the Claimants $89,540.91 plus all accrued interest (including interest earned on the $100,000 subject to the Installment Payments). The Original Agreement provides that these amounts carry simple interest of 8% per annum commencing on June 9, 2006.
Pursuant to the Original Agreement, the Company issued 775,000 shares (the "Settlement Shares") of its common stock to Isaac Yeffet. The Settlement Shares have "piggyback registration rights" obligating the Company to include the shares on the next qualifying registration statement filed by the Company with the SEC. The Original Agreement provided that beginning on November 1, 2006, during each month that Mr. Yeffet is unable to sell his shares pursuant to an effective registration statement or pursuant to Rule 144, Mr. Yeffet could require the Company to repurchase up to $20,000 in Settlement Shares per month at a price per share of $0.33 (the "Repurchase Rights"). The Amendment provides that the Repurchase Rights shall commence on July 1, 2007 and shall not terminate until Mr. Yeffet has had the same number of day as he would have been entitled to take advantage of the Repurchase Rights as he would have been entitled if the Rights Obligations commenced on November 1, 2006.
3
--------------------------------------------------------------------------------
As consideration for entering into the Amendment and extending the settlement payment period set forth by the Original Agreement, the Company granted to Claimants an option to purchase 775,000 shares of Company common stock at an exercise price of $0.20 for a term of five years (the "Option") and are exercisable either by cash payment of the exercise price or by a "cashless exercise" through surrender to the Company of a number of shares equal to the exercise price. The shares underlying the Option have the same "piggyback registration rights" as the Settlement Shares, but are not subject to the Repurchase Rights.
The Company believes that the granting of the Option is exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended and/or Regulation D as Mr. Yeffet is an accredited investor.
Copies of the Amendment and the Unconditional Guaranty are respectively filed as Exhibits 10.162 and 10.163 to this Current Report.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The discussion under Item 1.01 of this Current Report is hereby incorporated into this Item 2.03.
Item 3.02 Unregistered Sales of Equity Securities
The discussion under Item 1.01 of this Current Report is hereby incorporated into this Item 3.01.
Item 9.01 Financial Statements and Exhibits.
10.162 Amendment No. 1 to the Confidential Settlement Agreement and Mutual
Release, dated January 30, 2007
10.163 Unconditional Guaranty, dated January 30, 2007.
In my opinion It is going to be a while, if ever before this company pulls its act together.
HiEnergy Technologies, Inc. ("we", "us" or the "Company") files this report on Form 8-K to report the following:
Item 8.01 Other Events
CANCELLATION OF PURCHASE ORDER
On December 10, 2006 we received a purchase order in the amount of $325,000 for one SIEGMA(tm) 3M3 Atometer(tm) suitcase-borne explosives detection system. This purchase order, made on behalf of a Middle Eastern government's security agency, provided for the system to be delivered within sixty days and was received through Applied Tactical Technologies, Inc. of New York, working in conjunction with Taylor Jordan and Associates, an authorized sales agent for HiEnergy Technologies.
As we noted in our press release announcing the purchase order, our ability to fulfill the order was dependent, in part, on raising additional funds to cover our manufacturing costs and we could provide no assurances that such funds would be available to us. We were not able raise sufficient funds to manufacture the system within the sixty days provided by the purchase order and Applied Tactical Technologies, Inc. has subsequently cancelled the order.
On February 13, 2007 we received a copy of a press release issued by Applied Tactical Technologies, Inc. stating that they had withdrawn and cancelled the purchase order. The press release quoted J. Parmerton, Applied Tactical Technologies' President, as stating, "Due to time constraints placed upon us to have a system up and running within the prescribed time frame dictated in our contract-to-provide, we have canceled our pending order with HiEnergy. We do however plan to revisit the program at a later date. We were very excited to offer to our client the SIEGMA(TM) system but the implementation window closed before we could take delivery of the product."
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