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Prospector
Profile
07.1489
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| Profile Technologies, Inc. |
NAICS |
237120 |
| 2 Park Avenue, Suite 201
Manhasset, NY 11030 |
Description |
Pipeline Services |
| (516) 365-1909 |
Employees |
4 |
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Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-1.8240 |
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Assets |
(mil) |
0.1440 |
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Liability |
(mil) |
1.1900 |
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(for the year ended 2007-06-30) |
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Category:
Loss/Deficit
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Event:
Peterson Sullivan PLLC raised doubts on the ability of Profile Technologies, Inc. to continue as a going concern after auditing its financial statements for the year ended June 30, 2007. The auditor points out that the Company has incurred cumulative losses of $14,661,970 and had negative working capital of $1,062,803 at June 30, 2007.
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Intellectual Property:
The Company has developed a patented, non-destructive and non-invasive, high speed scanning process, using electro magnetic waves to remotely inspect buried, encased and insulated pipelines for corrosion. As of June 30, 2007, the Company had 11 issued U.S. patents, 3 issued foreign patents, 1 U.S. patent application pending, 4 foreign patents pending, 1 U.S. provisional patent application and 1 PCT International patent application. The Company believes that it owns and has the right to use or license all proprietary technology necessary to license and market its EMW process under development. [SEC Filing 10-KSB 09-27-07]
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Description:
The Company engages in inspecting pipelines for corrosion in the United States.
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Officers:
Henry E. Gemino (CEO, CFO & Dir.); Robert C. Geib (COO); Murphy Evans (Dir.); Richard L. Palmer (Dir.)
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Auditor:
Peterson Sullivan PLLC
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Securities:
Common Stock-Symbol PRTK.OB; OTC BB;
13,625,150 common shares outstanding as of September 15, 2007.
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