Just looked them up at EDGAR. They reported on 10q as of May 1999.
following extract is from that source:
essence is they are out raising money in a private placement, and if they don't get it by September, then they may liquidate. I am troubled by the fact they tried for $5mm and only got $3.2mm. That means the people they went to were not impressed. I think we may have a capital loss for tax purposes here. Does anyone have insights into how they are doing with commercializing the technology? As in within the next few months?
===============================================================
The Company is a development stage enterprise, and its efforts from
January 1, 1992, through March 31, 1999, have been devoted to the research,
development, and commercialization of Platinum Fuel Catalysts ("PFCs"), some of
which are licensed to the Company by Fuel Tech, and nitrogen oxide ("NOx")
reduction technologies for diesel engines.
During 1998, the Company began a shift in emphasis from research and
development toward commercialization of its technologies. Commercialization of
the Company's technologies will depend upon the success of field tests and
governmental regulations, principally by the US Environmental Protection Agency,
and corresponding foreign and state agencies. In December 1997, the Company
decided to seek additional financing of $5 million to aid in its
commercialization efforts. As noted above, the Company received net proceeds of
approximately $3.2 million in 1998 through private placements. The
accomplishment of the Company's objectives to commercialize its products will
require at least the remainder of the additional capital identified in 1997.
Consequently, the Company is currently actively seeking an additional $1.8 -
$2.5 million through a private placement of its equity securities. See "Going
Concern" below for additional information.
Going Concern
The financial statements have been prepared assuming that the Company
will continue as a going concern and do not include any adjustments to reflect
the possible future effects on the recoverability and classification of assets
and the amount and classification of liabilities that may result from the
possible inability of the Company to continue as a going concern.
As a result of the Company's recurring operating losses, the Company has
been unable to generate a positive cash flow. In addition to the $3.2 million
funding raised in 1998, the Company will require additional capital in the
future in order to fund its operations. The Company's current cash position,
coupled with expected revenues and/or proceeds from joint development
agreements, will not be sufficient to fund the Company's operations until it
generates a positive cash flow. The Company is, however, actively seeking
additional financing of $1.8 - $2.5 million through a private placement of its
equity securities in order to fund its commercialization efforts. Without any
further funding or revenues from sales, demonstration programs, or license fees,
the Company expects to be able to fund operations into September 1999. Although
the Company believes that it will be successful in its capital-raising efforts,
there is no guarantee that it will be able to raise such funds on terms that
will be satisfactory to the Company. The Company has developed contingency plans
in the event its financing efforts are not successful. Such plans include
reducing expenses and selling or licensing the Company's technologies.
Accordingly, at March 31, 1999, there is substantial doubt as to the Company's
ability to continue as a going concern. See "Management's Discussion and
Analysis of Financial Condition and Results of Operations -- Liquidity and
Sources of Capital" elsewhere herein for additional information.
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end of extract from CDTI 10q filed May 99.
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