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Prospector
Profile
07.1285
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| Power Air Corp. |
NAICS |
334413 |
| 4777 Bennett Drive, Suite E
Livermore, CA 94551 |
Description |
Fuel Cell Mfg. |
| (925) 960-8777 |
Employees |
12 |
| http://www.poweraircorp.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-4.5080 |
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Assets |
(mil) |
1.2290 |
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Liability |
(mil) |
0.1170 |
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(for the year ended 2006-09-30) |
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Category:
Loss/Deficit
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Event:
Power Air Corp. reported a net loss of $4,009,255 for the third quarter ended June 30, 2007, much higher than the $1,877,827 net loss reported during the third quarter of last year. For the nine months ended June 30, 2007, the Company had a $6,060,270 net loss, more than double the $2,840,872 net loss during the same period last year. As a result of its recurring losses, the Company has an accumulated deficit of $17,298,978 at June 30, 2007.
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Intellectual Property:
The Company holds rights to the zinc air fuel cell (ZAFC) technology pursuant to a limited exclusive patent license agreement between Power Air Tech and the Regents of the University of California dated March, 2001. Under the terms of the License Agreement, the Regents granted to Power Air Tech an exclusive, non-transferable, royalty-bearing license to make, use, sell, offer for sale and import products that incorporate the licensed patents in the United States and worldwide where the patent rights to the technology exist. The technology is protected by two U.S. patents and three international patents. [SEC Filing 10-KSB 01-10-07]
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Description:
The Company manufactures, and markets fuel cell-based commercial products in the United States.
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Officers:
H. Dean Haley (Chair & COO); Remy Kozak (Pres. & CEO); Donald Ceci (VP); Donald M. Prest (CFO, Sec. & Treas.); Stephen Harrison (Dir.); William J. Potter (Dir.); Paul D. Brock (Dir.)
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Auditor:
Dale Matheson Carr-Hilton Labonte LLP
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Securities:
Common Stock-Symbol PWAC.OB; OTC BB;
66,453,675 common shares outstanding as of July 27, 2007.
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