Alloy Steel Inc. (fka AYSI)

[greasemonkeyshoes]

Here we go again.............

http://www.alloysteel.net/media/pdf/AYSI-Q1-2012.pdf

"".....The Company has during the quarter and up to the date of this announcement, funded the expansion from cash flow whilst it sought alternative funding opportunities. To date, the Company has been unable to finalise external funding (either debt or equity) on terms that are satisfactory to it and its major shareholder due to unacceptable requests for personal guarantees.

Given the erosion of gross margins referred to above, the Company is evaluating whether it can continue to fund the Indonesian expansion without external funding. The Company is presently evaluating all available options. Currently, budgeted costs for completion of the stage 1 facility are approximately USD 6million.

Barry Woodhouse, Director and CFO stated, “Despite the Company recording higher sales for the quarter compared to same period last year, overall profit was down as a result of continuing Gross Margin pressures. It is clear that this is an unattractive paradigm. Bringing the Indonesian facilities on line as quickly as possible is a strategic imperative at this stage.” ......""


ps- As long as the naked emperor is in charge,who in their right mind would be involved with Gene: NO ONE!!
f&&k me once,it is your fault;
f^^k me twice,it is my fault;
f**k me multiple times,need to the head(BIG) examined.