Vubotics says private placements may be sought to meet cash needs in coming year

By Sheri Kasprzak

New York, Oct. 17 - Vubotics, Inc. may seek private placements as well as loans and debt financings to meet its cash needs for the coming fiscal year, according to a form 10-QSB filed with the Securities and Exchange Commission.

For the quarter ended June 30, Atlanta-based Vubotics posted a cash balance of $20,536 and total assets of $21,832.

"The company has financed its operations primarily through the sale of its common stock," said the earnings report. "The company believes that its cash needs for the next 12 months will be met by debt financings, loans from its directors, officers and shareholders, and private placements of company securities.

"However, there can be no assurances that the company will be successful in obtaining sufficient funds needed for the development of its business. If the company issues more shares of its common stock, its shareholders may experience dilution in the value per share of their common stock."

Vubotics reported a net loss of $875,505 for the quarter ended June 30, 2005, up from a net loss of $142,203 for the corresponding quarter of 2004.

Vubotics produces consumer electronic products like portable DVD players.

The company's stock last traded at $0.25 on Sept. 21.

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