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Prospector
Profile
07.1651
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| SmarTire Systems, Inc. |
NAICS |
334513 |
| 13151 Vanier Place, Ste. 150
Richmond, British Columbia, Canada V6V 2J1 |
Description |
Tire Pressure Monitoring Systems |
| (604) 276-9884 |
Employees |
30 |
| http://www.smartire.com/ |
Revenue |
(mil) |
3.6610 |
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Income |
(mil) |
-19.6210 |
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Assets |
(mil) |
4.3330 |
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Liability |
(mil) |
23.0970 |
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(for the year ended 2007-07-31) |
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Category:
Audit Concerns
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Event:
BDO Dunwoody LLP raised substantial doubt about the ability of SmarTire Systems, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company had an accumulated deficit of $124,796,374 and a working capital deficiency of $15,039,083 as of July 31, 2007. The Company had a net loss of $19,621,808 for the year ended July 31, 2007, much lower than the $28,829,105 reported during the previous fiscal year.
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Intellectual Property:
The Company holds seven patents for its current technologies, including its tire monitoring product, abnormal tire condition warning system, data logging tire monitor with condition predictive capabilities and integrity checking, and a wheel component with a cavity for mounting a housing for measurement apparatus. In October 2006, the Company filed a patent application in the United States for an external valve sensor used in its tire pressure monitoring systems. In addition to the patents, it also has access to a number of other patents under a license agreements with TRW, Inc. [SEC Filing 10-KSB 11-08-07]
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Description:
The Company develops and markets tire pressure monitoring systems for the transportation and automotive industries that monitor tire pressure and tire temperature.
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Officers:
Robert Rudman (Chair); Leif E. Pedersen (Pres. & CEO); Jeff Finkelstein (CFO); Martin Gannon (Dir.); Johnny Christiansen (Dir.); William Cronin (Dir.)
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Auditor:
BDO Dunwoody LLP
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Securities:
Common Stock-Symbol SMTR.OB; OTC BB;
541,715,706 common shares outstanding as of October 17, 2007.
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