American Water Star (AMEX:AMW)
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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.