- About Us
- Career Center
- Nano-Social Network
- Nano Consulting
- My Account
Ener1, Inc. (NASDAQ: HEV), announced today that the company will be restating its financial statements for the period included in an amended annual report on Form 10-K/A for the year ended December 31, 2010, as well as an amended Form 10-Q/A for the quarter ended March 31, 2011.
The company will restate its financial statements to reflect as of December 31, 2010 the impairments of its investment in Think Holdings (which had previously been recorded in the first quarter of 2011), its accounts receivable with Think Global and its loans receivable with Think Holdings, including accrued interest. The restatement will also reflect the corrected accounting for revenue recognized in connection with transactions with Think Holdings and Think Global during the year ended December 31, 2010 and the three months ended March 31, 2011, the impact these adjustments have on the fair value of financial instruments and to adjust the elimination of certain intercompany receivables.
All of the restatements involve non-cash items and will have no impact on the company's current or previously stated cash position or cash flows. A current report on Form 8-K that further describes the restatement of the company's financial statements has been filed and is available on the company's web site at www.ener1.com.
About Ener1, Inc.
Ener1, Inc. is a publicly traded (NASDAQ: HEV) energy storage technology company that develops compact, lithium-ion-powered battery solutions for the utility grid, transportation and industrial electronics markets. Headquartered in New York City, the company has nearly 700 employees with manufacturing locations in the United States and Korea. Ener1 also develops commercial fuel cell products and nanotechnology-based materials.
Safe Harbor Statement
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
For more information, please click here
MEDIA & INVESTOR RELATIONS CONTACT:
Copyright © PR Newswire Association LLC.If you have a comment, please Contact us.
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
|Related News Press|
News and information
50 years after the release of the film 'Fantastic Voyage,' science upstages fiction: Science upstages fiction with nanorobotic agents designed to travel in the human body to treat cancer August 25th, 2016
Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016
Nanobiotix revenue for Q2 2016 July 14th, 2016
Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage
Lehigh engineer discovers a high-speed nano-avalanche: New findings published in the Journal of Electrochemical Society about the process involving transformations in glass that occur under intense electrical and thermal conditions could lead the way to more energy-efficient glas August 24th, 2016
Lithium-ion batteries: Capacity might be increased by 6 times August 9th, 2016