In the news release, "Energy Infrastructure Acquisition Corp.
Announces 2008 Second Quarter Preliminary Financial Results,"
issued earlier today by Energy Infrastructure Acquisition Corp.
(AMEX: EII) (AMEX: EIIW), we are advised by the company that the
third paragraph should read "The Company is in the process of
completing the review of its financial statements for the six
months ended June 30, 2008 and expects to complete such review and
file its quarterly report on Form 10-Q before the end of August
2008" rather than "The Company is in the process of completing the
review of its financial statements for the six months ended June
30, 2008 and will file its quarterly report on Form 10-Q as soon as
such review is complete" as originally issued. Additionally, a
"Forward-Looking Statements" paragraph has been added above the
financial tables. Complete corrected text follows.
Energy Infrastructure Acquisition Corp. Announces 2008 Second
Quarter Preliminary Financial Results
WILMINGTON, DE -- August 18, 2008 -- Energy Infrastructure
Acquisition Corp. (AMEX: EII) (AMEX: EIIW) ("Energy Infrastructure"
or the "Company") today announced preliminary financial results for
its 2008 second quarter ended June 30, 2008.
For the six months ended June 30, 2008, the Company incurred a
net loss of $4,677,917, or $0.17 per share and reported interest
income of $1,620,501. For the same period in 2007, the Company
reported a net loss of $3,037,171, or $0.11 per share and
$3,662,353 of interest income.
The Company is in the process of completing the review of its
financial statements for the six months ended June 30, 2008 and
expects to complete such review and file its quarterly report on
Form 10-Q before the end of August 2008.
About Energy Infrastructure
Energy Infrastructure is a blank check company that was formed
for the specific purpose of consummating a business combination.
Energy Infrastructure raised net proceeds of approximately $209.3
million, after partial exercise of the underwriter's over-allotment
option, through its initial public offering consummated in July
2006.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include matters that involve known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from results expressed or
implied by this press release. The words "believe," "expect,"
"intend," "estimate," "anticipate," "will," "project," "forecast,"
"outlook" and similar expressions identify some, but not all, of
these forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement.
ENERGY INFRASTRUCTURE ACQUISITION CORP.
(a corporation in the development stage)
SUMMARY CONDENSED BALANCE SHEETS
June 30, December 31,
2008 2007
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash $ 52,928 $ 13,933
Money market funds - held in trust 218,290,663 217,023,161
Prepaid expenses 43,667 108,341
------------- -------------
Total current assets 218,387,258 217,145,435
Deferred acquisition costs 2,592,544 1,065,043
------------- -------------
Total assets $ 220,979,802 $ 218,210,478
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 1,171,207 $ 1,150,444
Amounts due to underwriter 2,557,614 2,531,656
Deferred interest on funds held in trust 1,861,279 1,156,315
Accrued interest payable to stockholder 16,395 40,489
Note payable to stockholder 900,000 --
Convertible loans payable to stockholder 2,685,000 2,685,000
------------- -------------
Total liabilities 9,191,495 7,563,904
------------- -------------
Common stock subject to possible redemption 64,619,129 64,619,129
Stockholders' equity:
Total stockholders' equity 147,169,178 146,027,445
------------- -------------
Total liabilities and stockholders' equity $ 220,979,802 $ 218,210,478
============= =============
ENERGY INFRASTRUCTURE ACQUISITION CORP.
(a corporation in the development stage)
SUMMARY CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Operating expenses $ (3,060,678)$ (3,329,129)$ (6,263,625)$ (6,645,404)
Interest income 738,547 1,885,132 1,620,501 3,662,353
Interest expense -
stockholder (15,728) (27,177) (34,793) (54,120)
------------ ------------ ------------ ------------
Net loss $ (2,337,859)$ (1,471,174)$ (4,677,917)$ (3,037,171)
============ ============ ============ ============
Net loss per common
share - basic and
diluted $ (0.09)$ (0.05)$ (0.17)$ (0.11)
============ ============ ============ ============
Weighted average number
of common shares
outstanding - basic
and diluted 27,221,747 27,221,747 27,221,747 27,221,747
============ ============ ============ ============
Period from
August 11, 2005
(Inception)
to June 30, 2008
(Cumulative)
-------------
Operating expenses $ (25,161,186)
Interest income 11,131,293
Interest expense - stockholder (195,204)
-------------
Net loss $ (14,225,097)
=============
Net loss per common
share - basic and
diluted $ (0.70)
=============
Weighted average number
of common shares outstanding
- basic and diluted 20,220,826
=============
Contact: Energy Infrastructure Acquisition Corp. 1105 North
Market Street, Suite 1300 Wilmington, Delaware 19801 Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel: +1
212 661 7566 Email: nbornozis@capitallink.com
www.capitallink.com
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