American Water Star Announces Filing Delay; Releases Preliminary Third Quarter Unaudited Operating Results
November 22 2005 - 8:00AM
Business Wire
American Water Star Inc. (AMEX: AMW), today announced that, as
discussed in its Form 12b-25 filed with the Securities and Exchange
Commission, it will delay the filing of its Form 10-QSB for the
period ended Sept. 30, 2005, due to additional work required in the
preparation and review of its financial statements. Subsequent to
the resignation of the company's CFO in July 2005, the company
moved its accounting department and records to its corporate
offices in Las Vegas contributing to the delay in the preparation
of the company's 2005 third quarter results. Because of the delay,
on Thursday, Nov. 17, 2005, the company's auditor advised that it
would not be able to complete its review to meet the filing
deadline. The final 2005 third quarter results are expected to be
completed this week to allow the company to file its 10-QSB by next
week. In the interests of providing information to its stockholders
with respect to the quarter ended Sept. 30, 2005, the company is
announcing the following financial results for that quarter. The
company cautions stockholders that all of these results are subject
to change, possibly materially, and that this information does not
represent all of the information that would be included in a
Quarterly Report on Form 10-QSB with respect to that quarter's
financial results. Revenues for the three months ended Sept. 30,
2005, were approximately $890,354 with a net loss of $1,775,860 or
($0.02) per share. Selling, General and Administrative expenditures
were approximately $2,991,549 for the third quarter of fiscal year
2005. The company's total assets as of Sept. 30, 2005, were
approximately $16,164,295 with total liabilities of $10,028,727 and
stockholder's equity of $6,135,568. By the end of fiscal year 2004,
the company began the initial test production runs in its three
facilities located in Jacksonville, Fla.; Magnolia, Miss.; and
Phoenix. Currently, the company's Arizona facility is producing
product and, due to the reduction in sales to the southern regions
affected by the hurricanes, the company's Florida facility is
producing limited quantities of its product. The company is in the
process of closing its facility in Mississippi and removing its
inventory and equipment which it plans to transport to its facility
in Jacksonville. Due to the devastation caused by the hurricanes to
the region, the company has no current plans to reopen a plant in
Mississippi. During the quarter the company announced that it had
reached an agreement with Lipsey Mountain Spring Water Co., the
exclusive provider of water for the Federal Emergency Management
Agency (FEMA) during presidentially declared disasters. Lipsey
agreed to utilize American Water Star's bottling facilities, among
others, to supply a portion of the water required by USACE, FEMA
and individual states for disaster relief. The company will
continue to supply water for disaster relief as needed and
requested by Lipsey. About American Water Star Inc. American Water
Star Inc. ("AMW") is a publicly traded company and is engaged in
the beverage bottling industry. Its product brands are licensed and
developed in-house, and bottled in strategic locations throughout
the United States. AMW's beverage products are sold by the
truckload, principally to distributors, who sell to retail stores,
corner grocery stores, convenience stores, schools and other
outlets. At AMW, we believe our great-tasting, new zero sugar, zero
calorie flavored water beverages have positioned us to capture a
large share of the market for healthy flavored waters. Our product
line consists of three branded beverages: Geyser Sport; Geyser
Fruit; and Geyser Fruta. Geyser Sport is a sugar-free,
calorie-free, carb-free fruit flavored beverage fortified with
vitamins and calcium, offered in eight different fruit flavors.
Geyser Fruit is a non-carbonated water with a low sugar content,
also offered in eight different flavors. Geyser Fruta is targeted
to the Hispanic market and includes authentic Latin flavored
beverages. Forward-Looking Statements: This press release may
contain statements that constitute "forward-looking statements" as
defined under U.S. federal securities laws. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate,"
"establish," "project" and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations or
projections. These risks include, but are not limited to, the
actual amount of annual sales of AMW water; changes in economic
conditions; changes in the non-alcoholic beverages business
environment, including actions of competitors and changes in
consumer preferences; our ability to capture market share; the
effectiveness of our advertising and marketing programs;
fluctuations in the cost and availability of raw materials or
necessary services; our ability to avoid production output
disruptions; our ability to achieve earnings goals; regulatory and
legal changes; our ability to penetrate developing and emerging
markets; litigation uncertainties; and other risks discussed in our
filings with the SEC, including our Annual Report on Form 10-KSB,
Quarterly Reports on Form 10-QSB, and Current Reports on Form 8-K,
which reports are available from the SEC. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. We undertake no obligation to publicly
update or revise any forward-looking statements to reflect current
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
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