Aero Marine Engine, Inc. Supplies Unaudited Financial Statements of Aero Marine Engine Corporation
TORRANCE, Calif.--(BUSINESS WIRE)--Sept. 18, 2003--Aero Marine Engine, Inc., (OTCBB:ARMR - News) a developmental stage company which acquired the rights to the Dyna-Cam engine, a proprietary internal combustion engine, is supplying financial information about Aero Marine Engine Corporation, a wholly-owned subsidiary of Aero Marine Engine, Inc., formerly Princeton Ventures, Inc.
About Aero Marine Engine Corporation
The Dyna-Cam engine is an internal combustion engine where the pistons drive a cam to generate power to the main shaft. The main shaft is in a parallel direction to piston movement, without connecting rods or crankshaft. The engine has approximately 50% fewer moving parts than a conventional internal combustion engine, has a greater power to weight ratio, produces high torque at low rpm, operates with less vibration, and is lighter than the competition.
AERO MARINE ENGINE CORPORATION
Balance Sheet
(Unaudited)
As of June 30, 2003
ASSETS
CURRENT
Cash on hand $ 1,045,301
Prepaid expenses 39,542
-----------
$ 1,084,843
===========
LIABILITES
CURRENT $ --
SHAREHOLDERS' EQUITY
SHARE CAPITAL
Issued 2,000 common shares at $10 each 20,000
CONTRIBUTED CAPITAL 1,064,843
-----------
1,084,843
-----------
$ 1,084,843
===========
(The unaudited financial statements provided below were prepared by
management as if payments were made in connection with the Dyna-Cam
transaction as of June 30, 2003)
AERO MARINE ENGINE CORPORATION
Balance Sheet
(Unaudited)
As of June 30, 2003
ASSETS
CURRENT
Prepaid expenses $ 116,834
Inventory 266,589
-----------
383,423
-----------
FIXED
Furniture, fixtures, equip, & tools 100,000
Computer software 55,000
-----------
155,000
-----------
OTHER
Trademarks, copyrights, etc 386,420
Patent & patent pending 40,000
Engineering plans - designs 100,000
Marketing rights 20,000
-----------
546,420
-----------
$ 1,084,843
===========
LIABILITES
CURRENT
Accounts payable $ 80,000
SHAREHOLDERS' EQUITY
SHARE CAPITAL
Issued 2,000 common shares at $10 each 20,000
CONTRIBUTED CAPITAL 984,843
-----------
1,004,843
-----------
$ 1,084,843
===========
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Aero Marine Engine, Inc. takes no obligation to update or correct forward-looking statements and also takes no obligation to update or correct information prepared by third parties which is not paid for by the Company. Readers should be cautioned that the balance sheet may be substantially revised after an audit is conducted and that the unaudited balance sheets provided do not reflect any financial information of Aero Marine Engine, Inc., formerly Princeton Ventures.
CONTACT:
Investor Contact for Aero Marine Engine, Inc.
FOCUS Partners LLC
212-752-9445
ARMR@focuspartners.com
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