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13, 2007 we received a copy of a press release issued by Applied Tactical Technologies, Inc. stating that they had withdrawn and cancelled the purchase order.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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