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Cray Inc. Message Board

greenangold 4 posts  |  Last Activity: Aug 29, 2014 12:01 PM Member since: Sep 20, 1999
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  • greenangold greenangold Jul 14, 2014 1:20 PM Flag

    In December 2013 and January 2014, Mr. Jinghui Wang, the sole shareholder of the potential buyer of BAK International, lent a total of $83.7 million (RMB520 million) to us which is secured by our 100% equity interest in BAK International, guaranteed by BAK International and us, bearing interest at 20% per annum and repayable by March 31, 2014. In April 2014, we received a notice from Mr. Wang claiming that we defaulted on repayment of loans and interest accrued up to March 31, 2014 totaling approximately $87.7 million (RMB545 million), demanding immediate payment. Prior to receipt of the notice from Mr. Wang, we had been negotiating with Mr. Wang for a settlement of amounts owed by us, and following receipt of the notice, we continue to work with Mr. Wang towards a settlement. We cannot, however, give assurance that we and Mr. Wang will be able to reach a mutually satisfactory settlement agreement. If no settlement is reached, Mr. Wang may foreclose on the ownership of BAK International, which constitutes a substantial portion of our total assets.

    In November 2013 and January 2014, Tianjin Zhantuo, the potential buyer of our Tianjin campus land use rights and properties, lent a total of $19.2 million (RMB119.5 million) to us pursuant to a loan agreement whereby Tianjin Zhantuo agreed to provide loan financing to us to the extent of $20.9 million (RMB130 million) to help us repay the bank loans upon maturities. The loans from Tianjin Zhantuo are interest-free, secured by the other receivable due from Tianjin Zhantuo amounting $6.4 million (RMB39.7 million) and repayable on demand.

    Starting from the three months ended December 31, 2014, we are also engaged in the business segment of property lease and management of our Research and Development Centre in Shenzhen, which was completed in July 2013.

    If these assets are disposed , we will retain BAK Asia and its subsidiaries, BAK Dalian and Dalian BAK Power. It is our understanding that the Dalian government will grant certain government subsidies to us, including but not limited to land use rights at a favorable price. During fiscal 2013, we received a subsidy of RMB150 million (approximately $24.1 million) from the Management Committee of Dalian Economic Zone, to finance our removal of operating assets from Tianjin to Dalian. We are building a new manufacturing site in Dalian with all the operating assets, primarily machinery and equipment, moved from BAK Tianjin, while retaining its customers, employees, patents and technologies. BAK Dalian will focus on the new energy high power battery business, for use in electric vehicles, light electric vehicles and other high power applications. We believe with the significant reduction of liabilities and disposal of the traditional low margin battery business, we can continue as a going concern and return to profitability.

  • Reply to

    Move on...

    by anilkoomar Jul 24, 2014 10:19 AM
    greenangold greenangold Jul 24, 2014 11:27 AM Flag

    You mean move on up! Best report so far. great conference call. The big boys want to see multiple great quarters. Now they have it. I more than doubled my position today.

  • AMOT has moved up to a 98 EPS and 95 RS. This will grab the attention of the IBD followers.

  • greenangold greenangold Aug 29, 2014 12:01 PM Flag

    Has anyone even looked at this stocks eps. I should say lack of earnings. Wait until the stock goes back to trading 1K shares in a day. Look at the chart. Longs will be stuck.

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