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Over 3m shares.
Looks like someone's trying to load the boat here. Several big buys in a row, the SP rockets up & the buying ceases allowing it to drift back down. This pattern has happened 3x in last several weeks......They keep trying to get the shares below $1.30. Looks poised to break out again.......
That's why I still have a ton of shares here.......
Nice lotto play.
2 solid days in a row.........wonder what's up? (other than the share price)
China Architectural Engineering to Acquire Majority Stake in Shanghai ConnGame
Last update: 12/14/2009 8:00:00 AM
ZHUHAI, China and NEW YORK, Dec 14, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- China Architectural Engineering, Inc. ("CAE" or the "Company") (CAEI), a leader in the design, engineering, fabrication and installation of high-end building envelope systems, today announced that it has signed a letter of intent ("LOI") to acquire 60% ownership in Shanghai ConnGame ("ConnGame"), a MMORPG game developer and operator in exchange for 25 million shares of the Company's common stock. Completion of the transaction is subject to negotiation of a definitive equity transfer agreement that will be subject to a number of closing conditions, including shareholder and regulatory approvals.
ConnGame, founded and led by seasoned experts with extensive previous success in China's online game industry, develops and operates MMORPGs in China. Leveraging its innovative game engines, scalable development platforms, and accomplished production teams, ConnGame focuses on self-developed MMORPGs game titles that are based on China's iconic characters and nostalgic epochs.
"This is a very exciting development for our company and an important move that we believe will ultimately benefit our shareholders," commented Mr. Ken Yi Luo, Chairman and Chief Executive Officer of China Architectural Engineering. "While at first glance CAE and ConnGame may appear to share few common grounds, we expect the acquisition of ConnGame will further expand CAE's core capabilities and accelerate our planned transformation into a high- end architectural design consultant and service provider, as we intend to leverage ConnGame's robust design engines and virtual applications to broaden our service capabilities and scope of architectural collaborations. We envision utilizing ConnGame's cutting-edge technology and innovative online platform to provide technical consulting and advisory services to architects, real estate developers and governments. We view CAE as prominent architectural engineers of physical landmarks and ConnGame as innovative architects of digital engines and creators of iconic virtual worlds. We believe our acquisition of ConnGame will enable CAE to not only continue to take greater advantage of our core architectural engineering and design market but also China's large and rapidly growing online game market."
In anticipation of issuing 25 million new shares of CAE's common stock upon the closing of this acquisition, CAE has withdrawn its previously announced common stock private placement of 17 million shares to certain investors, as the Company has terminated its LOI to purchase land from Zhejiang Nine Dragon Co. However, CAE continues to cooperate with Nine Dragon on its future construction projects which include a marine theme park, movie theatres, premium retail outlets, five-star hotels, and luxurious residential apartments.
About China Architectural Engineering
China Architectural Engineering, Inc. (CAEI) is a leader in the design, engineering, fabrication and installation of high-end curtain wall systems, roofing systems, steel construction systems, and eco-energy systems. Founded in 1992, CAEI has maintained its market leadership by providing timely, high-quality, reliable, fully integrated, and cost-effective solutions. Collaborating with world-renowned architects and building engineers, the Company has successfully completed nearly one hundred large, complex and unique projects worldwide, including numerous award-winning landmarks across Asia's major cities.
For further information on China Architectural Engineering, Inc., please visit
Forward-Looking Statements
In addition to historical information, the statements set forth above may include forward-looking statements that may involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results could differ materially from the expectations contained in forward-looking statements as a result of risks and uncertainties, including, but not limited to, the execution of a definitive acquisition agreement; satisfactory completion of due diligence; attaining shareholder and regulatory approvals; difficulties related to integration and management of the combined operations; reduction or reversal of the Company's recorded revenue or profits due to "percentage of completion" method of accounting and expenses; resolving the dispute with the master contractor on the Dubai Metro Rail Project; the Company's ability to obtain a modification for the Waiver agreement with the bondholders applicable to the proposed acquisition of ConnGame; increasing provisions for bad debt related to the Company's accounts receivable; fluctuation and unpredictability of costs related to our products and services; the Company's plans to enter into real estate development projects such as the Nine Dragons Project; adverse capital and credit market conditions; fluctuation and unpredictability of costs related to the Company's products and services; expenses and costs associated with its convertible bonds, regulatory approval requirements and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's reports and other filings with the Securities and Exchange Commission.
For more information, please contact: Investor Contact: ICR: Michael Tieu Tel: +86-10-6599-7960 Email: michael.tieu@icrinc.com Bill Zima Tel: +1-203-682-8200 Email: bill.zima@icrinc.com
SOURCE China Architectural Engineering, Inc.
NEWS?? Huge gain today!! Aweseome.
Let's hope we see something soon.
Another pump today??
Geez..........................
Action.........
I added the last couple of months. Made some money this year on a couple of other holdings & figured I may as well avg my position down on TRSI.
I've been here a while & noticed things firing up recently. Adding at .0002 doesn't cost much in order to pick up a million shares here and a million there. It WILL add up if it hits .001+
Just need them to put some effort back into the shell at this point. They cleaned it up & paid off previous debt. Just need to get moving again with the resources OR pursue the other direction they were looking into........
On fire today.......starting the next leg up? Impending news? Volume's picked up also.......
Finally out of this P.O.S.
Had my sell in at .0001 for probably a YEAR now and it finally filled. I hope the rest of you make some $$ - I'm just happy to get my money back so I can put it to USE somewhere else.
And I hope Steve quits lying to you guys. Amazing how they can say anything they want with NO repercussions.......
And boom.......it throws on the brakes. Wonder how many just made a double, triple or even more if they picked up shares at .0001??
Yeah, but share price is now going backwards......
This stock makes NO sense.
Look again today.
Holy shizelle!!! 27M already traded by 10am.
Took my profits this a.m., ProfitTaker.
The DOE news is due any day now though (given a 45-day DD period).
Verenium Completes 5.5% Convertible Notes Exchange
* Press Release
* Source: Verenium Corporation
* On Friday August 28, 2009, 9:09 am EDT
CAMBRIDGE, Mass., Aug. 28 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM - News) announced today that it has entered into privately negotiated exchange agreements with certain existing holders of its 5.5% Convertible Senior Notes due 2027 (the "5.5% Notes"). Pursuant to the agreements, existing holders of the 5.5% Notes have agreed to exchange approximately $28.5 million in aggregate principal of the 5.5% Notes, for approximately $12.8 million of 9% Convertible Senior Secured Notes due 2027 (the "New Notes"). Lazard Middle Market LLC acted as a financial advisor to the Company for this transaction.
Additional terms relating to the exchange of the original 5.5% Notes and the New Notes include:
* An exchange ratio of 45%, meaning that for each $1,000 of original 5.5% Notes exchanged, the holder will receive $450 of New Notes;
* The right to convert the New Notes into common stock of the Company at a conversion price of $.80 per share;
* An interest rate of 9% per annum, payable in cash or common stock at the Company's discretion;
* A security interest in certain assets of the Company as collateral for the New Notes, which security interest will be pari passu with a security interest being provided by the Company in the same collateral to holders of the Company's amended and restated 8% Convertible Senior Notes due 2012; and
* The New Notes permit the Company to incur unlimited additional debt, secured or unsecured, with up to $50 million of secured debt having priority in the collateral of the New Notes.
"Through this exchange we reduce our debt and create additional financial flexibility, which are critical as we continue to build a leading next-generation biofuels and specialty enzymes business," said Carlos A. Riva, President and Chief Executive Officer at Verenium.
"We are pleased to have taken this opportunity to further strengthen our balance sheet and create a more appropriate capital structure to support the Company's future growth and continued success," said James E. Levine, Chief Financial Officer at Verenium. "Reducing the face amount of the New Notes by 55% compared to the 5.5% Notes being exchanged, and creating the potential for further debt reduction through future conversions of the New Notes into equity at a premium to the current stock price, is an important step forward for Verenium."
The material terms of the exchange and the New Notes will be described in more detail in the Company's Current Report on Form 8-K, to be filed with the Securities and Exchange Commission as soon as practicable following finalization of the associated transaction documentation. This press release is not an offer to sell or the solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Verenium
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through a joint venture with BP, the Company is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of non-food feedstocks, including dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
Verenium's Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium's world class R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions. For more information on Verenium, visit http://www.verenium.com.
Forward Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to the Company's strengthening of its balance sheet and the impact on the exchange on future growth and success, the Company's financing flexibility or ability to obtain future financing, operations, capabilities, commercialization activities, target markets, cellulosic ethanol facilities, target markets and future financial performance, results and objectives, all of which are prospective. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's technologies, risks associated with the costs, labor requirements and labor availability associated with Verenium's demonstration plant, risks associated with Verenium's ability to obtain additional capital to support its planned operations and financial obligations, risks associated with Verenium's dependence on patents and proprietary rights, risks associated with Verenium's protection and enforcement of its patents and proprietary rights, technological, regulatory, competitive and other risks related to development, production, and commercialization of cellulosic ethanol and other biofuels and the commercial prospects of those industries, Verenium's dependence on existing collaboration, manufacturing, and/or license agreements, and its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies and timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, changes in the U.S. or global energy markets and laws and regulations applicable to them, and risks and other uncertainties more fully described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's annual report on Form 10-K for the year ended December 31, 2008 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and the Company expressly disclaims any intent or obligation to update these forward-looking statements.
Verenium Contacts:
Kelly Lindenboom Sarah Carmody
Vice President, Corporate Sr. Corporate Communications
Communications Associate
617-674-5335 617-674-5357
kelly.lindenboom@verenium.com sarah.carmody@verenium.com
Verenium Reports Financial Results for the Second Quarter 2009
- Progress made across the business setting the stage for future growth and development -
* Press Release
* Source: Verenium Corporation
* On Monday August 10, 2009, 4:01 pm EDT
CAMBRIDGE, Mass., Aug. 10 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM - News), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, today reported corporate accomplishments and financial results for the second quarter.
"This is an exciting and critical time for Verenium. We continue to make considerable progress toward developing and financing commercially-viable, next-generation cellulosic ethanol which we believe is an important component of America's future energy mix," said Carlos A. Riva, President and Chief Executive Officer of Verenium. "I am very encouraged by the increasing third-party support for alternative energy solutions - particularly from the federal government with DOE-sponsored grants and loan guarantees, which are vital catalysts for enabling commercial projects to come online quickly."
Company Highlights and Accomplishments
Since the beginning of 2009, Verenium has made significant progress and achieved several important milestones, including:
Corporate
* Continued to implement aggressive expense management initiatives to decrease operating expenses and conserve cash;
* Amended its 8 percent Senior Convertible Notes due April 1, 2012 to modify certain terms of the notes, an important step towards simplifying and improving Verenium's capital structure; and
* Announced key hires and shifts in management to lead the Company to the next phase of development, including the appointment of James E. Levine as Executive Vice President and Chief Financial Officer, and the consolidation the Company's R&D organization to include the Jennings, LA, pilot and demonstration-scale facilities under Gregory Powers, Executive Vice President of Research and Development.
Biofuels Business
* Vercipia, the Company's joint venture with BP, entered the due diligence phase of the U.S. Department of Energy's Title XVII Loan Guarantee Program for its first commercial cellulosic ethanol project in Highlands County, Florida; and
* Continued the optimization process at the 1.4 million-gallon-per-year demonstration-scale plant in Jennings, LA, including:
o Operated the plant on both sugarcane bagasse and energy cane feedstocks; and
o Scale-up of on-site enzyme production continued with reproducible levels of enzyme expression on target with development plans.
Specialty Enzymes Business
* Key products Phyzyme® XP and Fuelzyme®-LF have been impacted by challenging economic and market conditions but continue to maintain market share;
* Purifine(®) has gained traction at commercial-scale and has a strong pipeline of customer candidates, however, customer adoption rates and resulting sales have been slower to ramp than expected;
* Launched Veretase((TM)) alpha-amylase, a high-performance enzyme that improves the economics and efficiency of the sweetener and beverage alcohol production markets; and
* Executed a successful inventory management strategy as a cash management initiative.
Financial Position
* Ended the second quarter with unrestricted cash totaling $14.8 million, of which $4.9 million was held by Vercipia, the Company's joint venture with BP;
* Subsequent to June 30, 2009, received a payment of $14 million from BP as part of the Galaxy Biofuels Joint Development Agreement;
* Reduced specialty enzyme product inventory to appropriate levels, reducing working capital and conserving cash; this had a negative impact on reported product dollar gross margin as unused manufacturing capacity was expensed rather than being allocated to inventory; and
* Increased gross operating expenses, reflecting current investment in the development of cellulosic ethanol technology, however, net of BP's share of these expenses, Verenium's pro forma net operating expenses were lower than the second quarter of 2008.
"During the first half of the year Verenium took some important first steps to simplify and address our capital structure, including amending the terms of the outstanding 8 percent convertible notes that would have restricted the Company's future growth. In the near-term we will continue to manage expenses aggressively and will take the actions necessary to build an appropriate capital structure to support our strategy to be a leader in the commercialization of cellulosic ethanol and specialty enzymes," said James E. Levine, Executive Vice President and Chief Financial Officer.
Financial Results
Total revenues for the second quarter and six months ended June 30, 2009 were $16.3 million and $30.7 million, respectively, compared to $18.3 million and $33.5 million for the same periods in the prior year, with product revenues representing more than 60 percent of total revenues in both periods.
Product revenues for the second quarter and six months ended June 30, 2009 were $10.5 million and $21.1 million, respectively, compared to $13.4 million and $24.6 million for same periods in the prior year, representing a decrease of 22 percent for the second quarter and 14 percent decrease for the six months ended June 30, 2009, reflecting the impact of the current economic recession. Gross sales of Phyzyme, the Company's phytase for the animal feed industry sold to Danisco Animal Nutrition, increased during the first half of 2009, as compared to 2008. However, reported Phyzyme revenue in the second quarter of 2009 and six months ended June 30, 2009 was lower than reported revenue for the same period in 2008 due to a larger percentage of Phyzyme being manufactured by Danisco, for which the Company only recognizes the net profit share component in revenue pursuant to current accounting rules. The decrease in product revenue also reflects the Company's discontinuation of its Bayovac-SRS and Quantum product lines during early 2008. The decrease in product revenue from these sources was offset in part by an increase in revenue from Fuelzyme, the Company's alpha amylase for corn ethanol.
Product gross margin decreased in the second quarter of 2009, versus the same period in the prior year, due primarily to a strategic decision to reduce inventory, resulting in lower production volumes and a related decrease in fixed capacity utilization. This decision achieved the benefits of bringing inventory to an appropriate level and conserving cash, but had a negative impact on product gross margin as the fixed manufacturing costs associated with unused capacity were expensed in the quarter rather than being allocated to inventory.
Excluding cost of product revenues, total operating expenses increased from $24.0 million for the three months ended June 30, 2008, to $27.0 million for the three months ended June 30, 2009 and increased from $48.5 million for the six months ended June 30, 2008, to $54.0 million for the six months ended June 30, 2009. The year-over-year increase in total gross operating expenses (excluding cost of product revenues) relates primarily to the acceleration of biofuels development and commercialization efforts in 2009. Total operating expenses include gross expenses incurred to support ongoing development related to the Company's consolidated joint ventures with BP: Galaxy and Vercipia. BP's share of the Company's total operating expenses was $8.9 million and $16.8 million for the three and six months ended June 30, 2009, and is included below operating expenses as "Loss attributed to non-controlling interest in consolidated entities" on the Company's Condensed Consolidated Income Statement. On a non-GAAP basis, including BP's share of expenses, pro forma net operating expenses decreased as compared to prior periods, reflecting the Company's expense minimization efforts.
Net interest expense related almost exclusively to the cash and non-cash interest expense from the Company's convertible debt instruments. Of total net interest expense for the second quarter and six months ended June 30, 2009, $0.9 million and $2.3 million, respectively, represents non-cash interest expense related to the Company's 8 percent convertible notes, compared to $1.3 million and $1.8 million in non-cash interest for the same periods in 2008.
Net loss attributed to Verenium for the quarter and six months ended June 30, 2009 was $20.0 million and $16.6 million, respectively, compared to $15.4 million and $38.5 million for the same periods in 2008. Adjusted for the non-cash impact of accounting related to the 8 percent convertible notes, the Company's non-GAAP pro-forma net loss for the quarter ended June 30, 2009 was $12.5 million, as compared to $17.6 million for the same period in the prior year and $26.1 and $36.5 million for the six months ended June 30, 2009 and 2008. The Company believes that excluding the non-cash impact of these items provides a more consistent measure of operating results.
As of June 30, 2009, the Company had unrestricted cash and cash equivalents totaling $14.8 million, of which $4.9 million was held by the Company's consolidated joint venture with BP, Vercipia, to be used solely for the operations of Vercipia. Subsequent to June 30, 2009, the Company received a payment of $14 million from BP, which was the third transaction fee due as part of the Galaxy Biofuels Joint Development and License Agreement effective August 1, 2008.
Since January 1, 2009, a significant portion of the Company's 8 percent convertible notes have been converted by various noteholders in exchange for common stock, which decreased the face value of these notes.
About Verenium
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through a joint venture with BP, the Company is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of non-food feedstocks, including dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
Verenium's Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium's world class R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions. For more information on Verenium, visit http://www.verenium.com.
Forward Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to the Company's operations, capabilities, commercialization activities, target markets, cellulosic ethanol facilities, target markets and future financial performance, results and objectives, all of which are prospective. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's technologies, risks associated with the costs, labor requirements and labor availability associated with Verenium's demonstration plant, risks associated with Verenium's ability to obtain additional capital to support its planned operations and financial obligations, risks associated with Verenium's dependence on patents and proprietary rights, risks associated with Verenium's protection and enforcement of its patents and proprietary rights, technological, regulatory, competitive and other risks related to development, production, and commercialization of cellulosic ethanol and other biofuels and the commercial prospects of those industries, Verenium's dependence on existing collaboration, manufacturing, and/or license agreements, and its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies and timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, changes in the U.S. or global energy markets and laws and regulations applicable to them, and risks and other uncertainties more fully described in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's annual report on Form 10-K for the year ended December 31, 2008 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and the Company expressly disclaims any intent or obligation to update these forward-looking statements.
Contacts:
Kelly Lindenboom
Vice President, Corporate Communications
617-674-5335
kelly.lindenboom@verenium.com
Sarah Carmody
Sr. Corporate Communications Associate
617-674-5357
sarah.carmody@verenium.com
Verenium Corporation
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- ----------------------
2008 2008
2009 (Adjusted)(1) 2009 (Adjusted)(1)
-------- ------------- -------- -------------
Revenues:
Product $10,499 $13,375 $21,068 $24,576
Grant 4,474 987 7,032 1,546
Collaborative 1,318 3,941 2,582 7,416
-------- -------- -------- --------
Total revenue 16,291 18,303 30,682 33,538
-------- -------- -------- --------
Operating expenses:
Cost of product revenue 7,450 9,576 13,205 17,453
Research and development 16,132 14,920 33,947 29,781
Selling, general and
administrative 10,865 9,065 20,037 18,748
-------- -------- -------- --------
Total operating expenses 34,447 33,561 67,189 65,982
-------- -------- -------- --------
Loss from operations (18,156) (15,258) (36,507) (32,444)
Interest income, net 26 232 74 671
Interest expense (3,325) (2,595) (6,487) (4,754)
Loss on exchange of
convertible notes - - - (3,599)
Loss on debt
extinguishment 2,509 (36) 6,118 (84)
Gain (loss) on net change
in value of derivative
assets and liabilities (9,943) 2,274 3,366 1,710
-------- -------- -------- --------
Net loss $(28,889) $(15,383) $(33,436) $(38,500)
Loss attributed to
non-controlling interest
in consolidated entities 8,925 - 16,795 -
----- --- ------ ---
Net loss attributed to
Verenium $(19,964) $(15,383) $(16,641) $(38,500)
======== ======== ======== ========
Basic and diluted net
loss per share $(0.22) $(0.25) $(0.21) $(0.62)
======== ======== ======== ========
Shares used in computing
basic and diluted net
loss per share 90,559 62,048 80,404 61,724
======== ======== ======== ========
Verenium Corporation
Unaudited Condensed Consolidated Balance Sheet Data
(in thousands)
June 30, December 31,
2009 2008
(Unaudited) (Adjusted)(1)
----------- -------------
Cash, cash equivalents $14,816 $7,458
Accounts receivable, net 7,953 8,051
Inventory, net 4,034 2,432
Other current assets 3,117 2,938
Restricted cash 10,400 10,040
Property and equipment, net 112,835 117,271
Derivative asset - convertible
hedge transaction, net 51 163
Other noncurrent assets 4,128 5,270
-------- --------
Total assets $157,334 $153,623
======== ========
Current liabilities, excluding
deferred revenue 43,094 $41,247
Deferred revenue 3,614 3,397
Convertible senior notes, net of
discounts 115,830 130,391
Other long term liabilities 5,935 6,280
Noncontrolling interest in
consolidated entities 36,205 12,000
Stockholders' deficit (47,344) (39,692)
-------- --------
Total liabilities, noncontrolling
interests and
stockholders' deficit $157,334 $153,623
======== ========
(1) Prior year amounts adjusted due to the Company's adoption of FASB
Staff Position (FSP) Accounting Principles Board Opinions (APB) 14-1,
Accounting for Convertible Debt Instruments that May be Settled in
Cash upon Conversion (Including Partial Cash Settlement) (APB 14-1)
effective January 1, 2009. The adoption of APB 14-1 affects the
accounting for the Company's 8% Senior Convertible Notes issued in
February 2008 and Due April 1, 2012 ("2008 Notes"). Once adopted, APB
14-1 requires retrospective application to the terms of instruments as
they existed for all periods presented. For more information, refer
to the Company's Form 10-Q for the quarterly period ended June 30,
2009, which the Company filed with the Securities and Exchange
Commission on August 10, 2009.
Verenium Corporation
Unaudited Supplemental and Non-GAAP Pro Forma Financial Information
(in thousands, except per share amounts)
Product Gross Margin
-----------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ---------------------
2009 2008 2009 2008
------- ------- ------- -------
Product revenues $10,499 $13,375 $21,068 $24,576
Cost of product revenues 7,450 9,576 13,205 17,453
------- ------- ------- -------
Product gross margin $3,049 $3,799 $7,863 $7,123
======= ======= ======= =======
Non-GAAP Pro Forma Net Operating Expenses
-----------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- ------------------------
2009 2008 2009 2008
----------- ---------- ----------- ----------
(Unaudited) (Adjusted) (Unaudited) (Adjusted)
(1) (1)
Operating expenses
(excluding cost
of product
revenue) $26,997 $23,985 $53,984 $48,529
Adjustments:
------------
Loss attributed
to non-controlling
interest in
consolidated
subsidiaries (8,925) - (16,795) -
------- ------- ------- -------
Non-GAAP pro
forma net
operating
expenses $18,072 $23,985 $37,189 $48,529
======= ======= ======= =======
Non-GAAP Pro Forma Net Loss
--------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- ------------------------
2009 2008 2009 2008
-------- -------- -------- --------
(Unaudited) (Adjusted) (Unaudited) (Adjusted)
(1) (1)
Net loss attributed
to Verenium $(19,964) $(15,383) $(16,641) $(38,500)
Adjustments:
------------
Loss on exchange of
convertible notes - - - 3,599
(Gain) loss on debt
extinguishment (2,509) 36 (6,118) 84
(Gain) loss on net
change in value of
derivative assets and
liabilities 9,943 (2,274) (3,366) (1,710)
-------- -------- -------- --------
Non-GAAP pro forma
net loss $(12,530) $(17,621) $(26,125) $(36,527)
======== ======== ======== ========
Non-GAAP pro forma
net loss per share $(0.14) $(0.28) $(0.32) $(0.59)
======== ======== ======== ========
Shares used in
computing non-GAAP
pro forma net loss
per share 90,559 62,048 80,404 61,724
======== ======== ======== ========
In......5k @ .61
.0003's all day long, almost 7M of them, and no noise here?
Wonder what's up? Anybody heard anything lately?
Please add me to the email list - thank you!
fratboy72@gmail.com
Bought at $1.60 & $1.49...........sold out WAYYYYY too soon today @ $1.69
DAMN!!
SOME action here today.........
Anything going on here? I haven't posted here in probably a year or so, but that's b/c I haven't seen much action with the stock. Is it still trading? What is expected and how soon?
I've had this thing for about 2.5 yrs now. LOL........
And made a TON of money for THEMSELVES in the process....
:(
Tyche Energy Corporation Changes Company Name, Announces Reverse Split of Common Stock
Thursday April 9, 2009, 4:54 pm EDT
DALLAS, TX--(MARKET WIRE)--Apr 9, 2009 -- Tyche Energy Corporation's (Other OTC:TYEG.PK - News) (Frankfurt:T2Y.F - News) board of directors have approved the decision to change the company's name to Timberlake Energy Solutions Inc. In addition, the board of directors has approved a reverse split of the company's common stock at a 1 for 3000 ratio to raise venture seed capital. These corporate actions will take effect at the open of business 4/13/2009. The new company trade symbol on this date will be TLKE.
As a result of the reverse split, every three thousand shares of outstanding common stock will be changed into one share of common stock. All fractional shares shall be rounded up to the nearest whole number and shareholders of record on 4/13/09 are required to surrender their existing certificates to the company transfer agent.
The company is pleased to provide shareholders with the following corporate business activity to date:
-- Following the decision to approve the company name change and reverse
split, former company president Gino Denise has since resigned and the
company has appointed Mr. Bob Bowersock as Timberlake Energy Solutions
Inc.'s new president.
-- Mr. James Lewis has joined the company as an officer as secretary
effective March 2009.
-- Timberlake Energy Solutions Inc. has appointed Knightsbridge Assurance
Ltd. as the company's new transfer of record.
-- The company is re-constructing its website and has contracted an
investor relations firm to assist shareholders at this time.
-- Investor related concerns can be directed to timberlake.ir@gmail.com
or by contacting the Investor Corporate Solution Center at 303-657-2764.
About Timberlake Energy Solutions Inc.
Timberlake Energy Solutions Inc. is a junior exploration company focused on purchasing abandoned or under valued oil and gas leases in the United States. With an experienced technical team, these oil and gas wells are refurbished and outfitted with the latest in oil and gas recovery equipment. Timberlake Energy Solutions has advanced technology to reclaim and put these wells back into production, hence increasing the well value significantly. Timberlake operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Lambton, and Kent, Counties, Ontario. In addition to its main operating focus, the company is actively exploring projects in the Appalachian and Michigan Basins.
Contact:
Contact:
Bob Bowersock
President
Timberlake Energy Solutions Inc.
timberlake.ir@gmail.com
I sure hope it's not dormant much longer....... ;)
Thanks iblong.....
YOU should stay the mod as you've been doing a great job with it thus far. Funny thing is that Matt removed me as mod from about 10 other boards at the same time. LOL. I'm cool with it though as I don't have the time anyway.
And I agree that hearing SOMETHING is better than hearing NOTHING!!
Stay in touch.
iblong...sorry I never got back to you about mod position. i don't have PM any longer as I am now a "free" member. so that's fine about you taking it over.
as for this latest round of "news".......um, am I missing something? there was NOTHING in there of substance.
we're working on this and that, we expect this and that, but absolutely nothing about what is actually going on.
i am not basking this company....just asking our CEO, Joe Canouse, for a little bit more information. he is not going to attract new investors with such vague press releases.
just my 2-cents' worth.
thanks again for taking over the mod position. i haven't had time with work and family time.
This sucks........
F'in liars & cheats.
NO stock on this PLANET right now is meant to be "held". ALL stocks are merely flips.
DAMN!!
welcome iblong2 as asst mod on the board.
i've been out of the loop for a while.
5 months since my last post and NOTHING has changed......shocker!!
Geez.....I was on a roll until I got greedy with this POS. Was up 100% back in May 2006, then just sat and watched it evaporate over the last couple of years.
Live and learn I guess.
Good think I'm still making bank every day and I'm "well Diversified" (pun INTENDED) in my REAL investments.
OK, back to your regularly-scheduled programming:
"There's a PR coming soon"
"There's a deal in the works"
"The NEW CEO will blah, blah, blah...."
"To the moon"
"To infinity and beyond!"
"yada, yada, yada........"
What's L2 looking like? Reason I ask is that TDA is showing .0001 x .0008
My L2 shows 5 9M share trades from 3:57-4:02pm.
4 9M share trades at .0001 to close the day.
Thanks whoever you are - idiot!
239 posts to go........
Anything going on here?
Guess we're nearing 10,000 posts. Isn't that when we're supposed to take off?
I sure hope so.
Been invested here for what feels like forever and it's still sitting at .0001
Any action or new news in last couple months?
Thanks in advance.
Hilarious......he wouldn't respond to repeated email attempts over the last several months (and phone calls), but I received an email response at 3:47pm (within minutes of my previous post on here, iHub):
MY EMAIL IS NOT SHUT DOWN; RECEIVING FROM JPCCAPITAL AND THINKPINKLLC.COM
Interesting that he is reading what we write here on iHub................
So I guess if you want to leave him a parting message, do it here on this forum.