Manakoa Services seeks to raise $5 million in private placement

By Sheri Kasprzak

New York, Jan. 27 - Manakoa Services Corp. said it intends to raise $5 million in a private placement within the next year to satisfy its cash requirements.

"The company anticipates, based on currently proposed plans and assumptions relating to its operations, that this financing, or other sources of additional funding, will be essential for the company to satisfy its cash requirements for more than approximately 18 months," said the company's latest form 10-QSB filed with the Securities and Exchange Commission.

"In the event that the company's plans change, its assumptions prove to be inaccurate or its cash flow proves to be insufficient (due to unanticipated expenses, inadequate revenues, difficulties, problems or otherwise), the company may be required to obtain financing sooner than anticipated, seek further additional financing or curtail its activities."

The report said Manakoa intends to raise $5 million initially in a private placement to accelerate the development and market entry for its compliance software and for general administrative expenses.

There are no current financing plans in place, the company said in the report.

For the quarter ended Sept. 30, 2005, Manakoa reported a net loss of $694,263, compared with a net loss of $659,187 for the corresponding quarter of 2004.

Based in Kennewick, Wash., Manakoa develops compliance services and auditing services for the Sarbanes Oxley, Healthcare Insurance Portability and Accountability acts.

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