Amerityre lacks cash to meet working capital needs, expenses

By Lisa Kerner

Charlotte, N.C., Feb. 9 - Amerityre Corp. said it does not have adequate cash on hand to meet its current working capital, capital expenditure and other cash requirements through the end of its current fiscal year that ends June 30.

The company ended December 2006 with cash and cash equivalents of $884,709, and a retained deficit of more than $44 million, leaving just $3.7 million of stockholders equity, according to a 10-Q filing with the Securities and Exchange Commission.

Amerityre said it will attempt to raise more capital by issuing debt or equity securities through its effective shelf registration statement or one or more private placements.

While expenses and pricing are expected to remain stable, Amerityre is now obligated to pay Centurion $41,667 per month through September 2008 for marketing and capital raising assistance.

Amerityre is a manufacturer of flat-free specialty tires and tire-wheel assemblies based in Boulder City, Nev.

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