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| | Business Summary: Angstrom Microsystems Corp. operates as a server manufacturer and power technology company in the United States. The company holds a perpetual license for two liquid cooling provisional patents, and acceleration software and software technology. | | | Address
25 Drydock Ave.
Boston
, MA 02210
Phone: 617-695-0137
Fax: 617-249-0132
Website: http://www.angstrom.com
| | Auditor |
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Danziger Hochman Partners LLP
Toronto | | Transfer Agent |
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Select Fidelity Transfer Services Ltd.
| Employees: 9
ShareHolders: 48 | Founded: 2005
Domicile: Nevada | | | |
| | Angstrom Microsystems Corp., formerly Angstrom Technologies Corp., operates as a server manufacturer and power technology company in the United States. The company holds a perpetual license for two liquid cooling provisional patents, and acceleration software and software technology. Its products include AMS LiquiCool, a hardware solution based on liquid cooling that reduces energy needed to drive the infrastructure for servers; Xfactor Plus, a software solution used to accelerate the performance of systems; Angstrom SuperBlades, which are build-to-order air-cooled blades; and Angstrom titan64 CreatorStations that are AMD Opteron workstations for the animation post production industry. The company was formerly known as Angstrom Technologies Corp. and changed its name to Angstrom Microsystems Corp. in April 2008. The company is headquartered in Boston, Massachusetts. | | History: INCORPORATED in Nevada Feb. 24, 2005, as Sanford Exploration, Inc.; name changed to Angstrom Technologies Corp. Feb. 19, 2008, through merger of a wholly owned subsidiary of the company; and to Angstrom Microsystems Corp. Apr. 21, 2008, also through merger of a wholly owned subsidiary of the company.
April 9, 2008, acquired Angstrom Microsystems, Inc. through merger of a wholly owned subsidiary of the company into Angstrom Microsystems. The company issued 6,927,815 Common shares in the merger. | | | | Subsidiaries: |
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Angstrom Microsystems, Inc.
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Management
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| Officers | Position |
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| Lalit Jain | President & Chief Executive Officer | | Alpha Pang | Secretary, Treasurer & Chief Financial Officer | | Bhavini Patel | Controller |
| | Directors |
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| Lalit Jain | | To-Hon Lam | | Alpha Pang | | Nandi Todi | | | |
| | | | Capitalization as of 12/31/2007: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 150,000,000 | 22,979,816 |
| | | | LONG TERM DEBT: None.
NOTE: The above Capitalization reflects the sale of units in a private placement that closed in January 2008, a 2-for-1 Common stock split Feb. 19, 2008, and the acquisition Apr. 9, 2008, of Angstrom Microsystems, Inc. | | | | Common $0.001 par | | | | UNITS SOLD PRIVATELY: January 25, 2008, the company closed a private placement of 2,100,000 Units (post split) at $0.04 per Unit (post split), for gross proceeds of $84,000. Each Unit consisted of one Common share and one Common share purchase warrant exercisable for a period of two years from closing at an exercise price of $0.06 (post split). | | | |
Stockholders:
03/23/2008,
48.
| | PRINCIPAL STOCKHOLDERS: April 10, 2008, Alpha Pang owned or controlled 17.2% of the Common, Lalit Jain 9.1%, Penn Investments Association Inc. 6.3% and Penson Financial Services Canada Inc. 6.1%. | | | |
Transfer Agent: Select Fidelity Transfer Services Ltd.
Toronto
, ON | | | | OTC Bulletin Board( Primary): AGMS | | | | Exchange | Year | High | Low |
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| TEST 1 | 2008 | 1.6100 | 0.0400 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 2-for-1, Feb. 19, 2008.
Common $0.001 par was split 2-for-1, ex-Feb. 19, 2008. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Cost & exps. | 139 | 77 | | Oper. income as calculated | (139) | (77) | | Interest exp. | -- | 1 | | Net income | (139) | (78) | | Share earns. basic | ($0.01) | ($0.01) | | Share earns. diluted | ($0.01) | ($0.01) | | Avge. com. shs. (Thou.) | 13,952 | 10,628 |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| Assets: |
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| | Cash & equiv. | 11 | 7 | | Other curr. assets | 7 | 6 | | Tot. curr assets | 18 | 13 | | Total assets | 18 | 13 | | Liabilities: |
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| | Accts. pay. & accruals | 213 | 87 | | Tot. curr. liabs. | 213 | 87 | | Com. stk. p.$0.001 | 14 | 14 | | Paid-in cap. | 91 | 91 | | Other stockholders equity | 17 | (1) | | Retained earns. | (317) | (178) | | Total liabs. | 18 | 13 | | Equity per Share14 | NM | NM | | Common Shares (Thou.) | 13,952 | 13,952 |
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14Not computed by Standard and Poor's because of deficit in stockholders' equity. | |
* On February 20, 2008, Sanford Exploration, Inc. (the Company) signed a letter of intent and, on February 25, 2008, reached an agreement in principle to acquire all of the issued and outstanding shares of Angstrom Microsystems, Inc. (AMI), a server manufacturer and power technology company located in Boston, Massachusetts, in exchange for 6,928,000 common shares of the Company. The Company incorporated a wholly-owned subsidiary, Angstrom Technologies Corp. (ATC), in the state of Nevada and merged with ATC under filings dated February 8, 2008. Under the same filings, the Company changed its name and will continue under the name Angstrom Technologies Corp.
The following results represent the operations and accounts of Angstrom Microsystems, Inc. | | | |
| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
01/01/2007 - 12/31/2007 |
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| | | Income Statement | |
| 2007 |
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| Revenues | 1,901 | | Cost & exps. | 2,485 | | Oper. income as calculated | (584) | | Other income | 1,189 | | Total income | 605 | | Interest exp. | 158 | | Net income | 447 | | Share earns. basic | $0.02 | | Avge. com. shs. (Thou.) | 22,980 |
| | | | Balance Sheet | |
| 2007 |
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| Assets: |
| | Cash & equiv. | 86 | | Accts. rec., net | 287 | | Inventories | 117 | | Other curr. assets | 11 | | Tot. curr assets | 501 | | Goodwill | 1,896 | | Total assets | 2,397 | | Liabilities: |
| | Loans pay. | 100 | | Accts. pay. & accruals | 2,156 | | Tot. curr. liabs. | 2,256 | | Com. stk. p.$0.001 | 23 | | Paid-in cap. | 437 | | Other stockholders equity | (1) | | Retained earns. | (318) | | Total liabs. | 2,397 | | Equity per Share | NM | | Common Shares (Thou.) | 22,980 |
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* Above pro forma results, give effect to the merger between the Company and Angstrom Microsystems, Inc., assuming the transaction had occurred at the beginning of the period presented. | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
2 | 30,000 | | 2008 |
3 | 40,000 | | 2007 |
Full Year
| 1,900,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (50,000) | | 2008 |
2 | (1,460,000) | | 2008 |
3 | (130,000) | | 2007 |
4 | 0 | | 2007 |
Full Year
| 450,000 | | 2006 |
Full Year
| (80,000) | | 2005 |
Full Year
| (120,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | Nil | | 2008 |
2 | (.06) | | 2008 |
3 | (.01) | | 2007 |
4 | .00 | | 2007 |
Full Year
| (.01) |
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