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Prospector
Profile
07.1607
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| Sonic Environmental Solutions, Inc. |
NAICS |
562910 |
| 8765 Ash Street
Vancouver, British Columbia, Canada V6P 6T3 |
Description |
Remediation Services |
| (519) 574-1920 |
Employees |
22 |
| http://www.sesi.ca/ |
Revenue |
(mil) |
1.6650 |
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Income |
(mil) |
-7.2990 |
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Assets |
(mil) |
10.7740 |
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Liability |
(mil) |
2.5880 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
PricewaterhouseCoopers LLP states that conditions and events cast substantial doubt on the ability of Sonic Environmental Services, Inc. to continue as a going concern. The Company reported a net loss of $7,299,328 for the year ended December 31, 2006, higher than the net loss of $6,206,445 and $2,494,426 reported during the years ended December 31, 2006 and 2005, respectively. The Company's balance sheet at December 31, 2006 showed an accumulated deficit of $18,187,211.
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Intellectual Property:
The Coompany's Platform Technology is based on two patents, which has a number of key design claims that will inhibit competitors from producing a similar design. One of the patents relates to the electromagnetic drive system used in the Sonic Generator, while the other relates to a Grinding Method and Apparatus. These patents were extended to Canada, Germany and Japan. Sonic holds an additional three U.S. patents and two U.S. provisional applications related to the Terra-Kleen process. Sonic obtained a U.S. patent for its PCB de-chlorination Sonoprocess™ in July 2005, at which point it immediately filed a PCT application via the U.S. Patent and Trademark Office for application in 20 countries. Sonic has filed provisional patent applications in the United States relating to ground water treatment and ash conditioning. In 2006, Sonic filed a provisional patent application related to a Sonoprocess™ for use in oil sands primary separation. The Company has registered “Sonoprocess” as a trademark in Canada. [SEC Filing 20-F 07-02-07]
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Description:
The Company develops and markets new and improved, high-value processes utilizing the Company’s proprietary industrial-scale sonic energy generator technology
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Officers:
David E. Coe (Chair); Adam R. Sumel (Pres., CEO & Dir.); Lisa Sharp (CFO); James Hill (EVP); Larry Rodricks (VP); Richard Ilich (Dir.); Roderick O. McElroy (Dir.)
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Auditor:
PricewaterhouseCoopers LLP
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Securities:
Common Stock-Symbol SNV; TSX;
31,260,068 common shares outstanding as of December 31, 2006.
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