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| | Business Summary: VeruTEK Technologies, Inc., through its VeruTEK Technologies, Inc. subsidiary, provides environmental remediation technical and consulting services. The company has developed new clean and green technologies that make use of food-grade surfactants and food additives to remove contaminants. | | | Address
65 West Dudley Town Rd.
Suite 100
Bloomfield
, CT 06002
Phone: 860-242-9800
Fax: 860-242-9899
Website: http://www.verutek.com
| | Auditor |
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Manning Elliott
Vancouver
Canada
| | Transfer Agent |
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Island Stock Transfer
| Employees: 12
ShareHolders: 136 | Founded: 2004
Domicile: Nevada | | | |
| | VeruTEK Technologies, Inc., through its VeruTEK Technologies, Inc. subsidiary, develops alternative technologies for environmental remediation. Its technologies are designed to achieve complete or near-complete cleanup of contaminated soils using an environmentally friendly approach. The company has developed new clean and green technologies to address soil, water and soil gas contamination without risk to humans or the environment. Its green solutions use plant-derived natural surfactants to remediate subsurface soil contamination as well as soil contamination at greater depths.
The company intends to apply its patent-pending technologies to the following areas: remediation of contaminated sites; the sale of green chemicals; licensing of its proprietary technology; laboratory services; and consulting services. Initially, the company expects to derive the majority of its revenues from in-place remediation work (cleanup of soils, sediments, and groundwater) at contaminated commercial/industrial and government sites, as opposed to the traditional dig/haul/landfill process involving costly removal of large quantities of contaminated soil.
In the area of green chemical development, the company has developed the VeruSOL line of green, biodegradable environmental cleaning solutions that it will market as earth-friendly solutions for the environmental market. The company expects to apply its laboratory services to high-end and specialty analysis of pollutants.
By combining surfactant and oxidant chemistries, the company has developed a controlled dissolution and desorption process with concomitant biological or chemical destruction processes. The company expects to replace generic site remedies with so-called designer surfactant/oxidation combinations that are environmentally safe and non-intrusive to the surrounding community. Its Surfactant-Enhanced In Situ Chemical Oxiation (S-ISCO) technology treats soil contamination in-place, and can target contamination deep in the subsurface of soils. Testing of its S-ISCO technology was successful in treating a specific contaminated site in laboratory testing, and in a field test, successfully treated contaminants such as tar saturated soils beneath buildings and other potential obstructions.
VeruTEK distributes its products through two channels: direct marketing, and through environmental consulting firms. It will also continue to patent site-specific remedies for system and license upgrades. | | History: INCORPORATED in Nevada Feb. 3, 2004 as Streamscape Minerals, Inc. Name changed to VeruTEK Technologies, Inc. Apr. 25, 2007.
May 9, 2007, acquired all of the 21,430 issued and outstanding shares of VeruTEK Technologies, Inc. (VeruTEK-Delaware) in exchange for 16,684,112 shares of the company's Common. Concurrent with the acquisition, the company issued $1,685,000 in convertible notes and warrants. VeruTEK-Delaware was incorporated on Feb. 1, 2006. | | | | Subsidiaries: |
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VeruTEK Technologies, Inc. (Delaware)
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Management
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| Officers | Position |
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| Douglas K. Anderson | Chairman | | John Collins | President & Chief Executive Officer | | Michael Vagnini | SR VP, Chief Accounting Officer & Chief Financial Officer | | Jim Carini | Investor Relations Contact |
| | Directors |
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| Mark S. Ain | | Douglas K. Anderson | | John Collins | | Carlos P. Naudon | | | |
| | | | Capitalization as of 06/30/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred $0.001 par | 10,000,000 | None | | Common $0.001 par | 150,000,000 | 27,019,278 |
| | | | LONG TERM DEBT: $15,846. | | | | Common $0.001 par | | | | INVESTMENT UNITS SOLD PRIVATELY: October 17, 2007, the company completed a private placement of 1,373,334 investment units at $1.50 per investment unit. Each investment unit was comprised of one Common share, a five-year warrant to buy one Common share at $1.80 per share, and a five-year warrant to buy one Common share at $2.10 per share. Net proceeds from the offering totaled apx. $1.9 million. | | | |
Stockholders:
01/15/2008,
136.
| | PRINCIPAL STOCKHOLDERS: January 15, 2008, George Hoag owned or controlled 45.5% of the Common, John Collins 15.5%, Nite Capital, L.P. 9.2%, and Peter Perakos 7.9%. | | | |
Transfer Agent: Island Stock Transfer
St. Petersburg
, FL | | | | OTC Bulletin Board( Primary): VTKT | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 5.0000 | 0.2000 | | OTC Bulletin Board | 2007 | 15.0000 | 1.0000 |
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| | | | DIVIDENDS: Common $0.001 par: None. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Net revenues | $616,331 | $1,650,143 | | Costs and expenses: |
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| | Cost of revenues | 1,101,303 | 2,313,609 | | Selling, general and administration | 2,679,316 | 361,298 | | Research and development | 167,618 | 3,178,805 | | Interest expense | 677,359 | 22,580 | | Derivative instrument expense | 1,878,767 | - | | Total costs and expenses | 6,504,363 | 5,876,292 | | Loss before income taxes | (5,888,032) | (4,226,149) | | Provision for income taxes | - | - | | Net loss | $(5,888,032) | $(4,226,149) | | Avge. shs | 18,818,130 | 14,255,067 | | Net loss per share - basic and diluted | $(0.31) | $(0.30) |
| | | | Balance Sheet | |
| 2007 |
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| ASSETS |
| | Current assets: |
| | Cash | $1,182,875 | | Accounts receivable | 126,043 | | Other current assets | 60,590 | | Total current assets | 1,369,508 | | Property and equipment, net | 321,756 | | Other assets, net | 85,583 | | Total assets | $1,776,847 | | LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) |
| | Current liabilities: |
| | Current portion of long-term debt | $68,504 | | Accounts payable | 206,730 | | Accrued payroll and benefits | 198,500 | | Due to officers / directors | 600,000 | | Derivative instrument liability | 2,167,000 | | Other current liabilities | 359,957 | | Total current liabilities | 3,600,691 | | Convertible notes , net | 1,366,140 | | Long-term debt, less current portion | 18,365 | | Total liabilities | 4,985,196 | | Stockholders' equity (deficiency): |
| | Common stock, $.001 par value | 21,305 | | Additional paid-in capital | 6,884,527 | | Accumulated deficit | (10,114,181) | | Total stockholders' equity (deficiency) | (3,208,349) | | Total liabilities and stockholders' equity (deficiency) | $1,776,847 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 160,000 | | 2008 |
2 | 110,000 | | 2008 |
3 | 180,000 | | 2007 |
3 | 110,000 | | 2007 |
4 | 50,000 | | 2007 |
Full Year
| 620,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 560,000 | | 2008 |
2 | (730,000) | | 2008 |
3 | (1,140,000) | | 2007 |
3 | (1,220,000) | | 2007 |
4 | (890,000) | | 2007 |
Full Year
| (5,890,000) | | 2006 |
Full Year
| (4,610,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | .02 | | 2008 |
2 | (.03) | | 2008 |
3 | (.04) | | 2007 |
3 | (.06) | | 2007 |
4 | (.04) | | 2007 |
Full Year
| (.31) | | 2006 |
Full Year
| (.30) |
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