Norpac Technologies currently working on private placements

By Sheri Kasprzak

New York, Oct. 13 - Norpac Technologies, Inc. said it is in the process of negotiating at least one private placement of its securities.

According to a form 10-KSB from the Securities and Exchange Commission, Norpac had a working deficit of $404,237 and cash totaling $307 as of June 30. Given that the company's current monthly cash flow for operating expenses is $15,000, the form 10-KSB said the company's cash reserves will allow the company to operate only for one more month.

"We anticipate that any additional financing would be through the sales of our common stock or other equity-based securities," said the report.

"We are presently in the process of negotiating private placements of our securities to raise working capital to finance its operations. However, we do not have any arrangements in place for the sale of any of our securities and there is no assurance that we will be able to raise the additional capital that we require to continue operations.

"In the even that we are unable to raise additional financing on acceptable terms, we intend to reduce our product development efforts and may implement additional actions to reduce expenditures."

For the year ended June 30, Norpac reported a net loss of $506,354, compared to a net loss of $278,135 for the 12 months to the end of 2004.

The company, according to the report, has not received any proceeds from sales since its inception in April 1998.

Based in Vancouver, B.C., Norpac is in the process of developing self-chilling beverage containers.

On Oct. 12, the company's stock closed unchanged at $0.12.

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