Rim Semiconductor announces $1M order
Written on June 5, 2008
Rim Semiconductor Co., which is developing technology for high-speed data transmission, said Wednesday it has received a $1 million order.
However, in the "forward-looking statements" section of its press release, Rim, a publicly traded company based in Southeast Portland, said it doesn't have the resources to fill the order.
"Rim Semi is currently seeking additional financing necessary to enable it to fulfill this order," said the company in the statement. "It will not recognize revenues from the order until it obtains such financing and builds and ships the ordered products."
As of January 31, Rim had $13,709 in cash and equivalents.
Rim Semiconductor has been operating for 10 years under different business names, but has never reported a profit bad credit payday loans.
At the end of January, Rim's accumulated capital deficit was $91 million. The company lost $4.3 million, or 1 cent per share, in the quarter that ended Jan. 31, its most recently reported quarter.
Rim (OTCBB: RSMI) has almost 708 million shares outstanding. It will soon have many more. The company was just authorized by a shareholder vote to increase its total available shares from 900 million to 4 billion.
Rim's stock, which is traded on the over the counter bulletin board, closed at half a cent on Wednesday. The stock's highest price over the past 52 weeks was 9 cents per share.
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