Powertech releases FY2007 financial statements:
No operating revenue, $4.9 mil loss for year, accumulated losses of $15.8 mil, $17.8 mil of common stock sold
Company discloses uncertainty whether its uranium reserves are "economically recoverable"
Excerpt:
POWERTECH URANIUM CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2007 and 2006 (Stated in Canadian Dollars)
Note 1
Nature of Operations The Company was incorporated in British Columbia on February 10, 1984. The Company’s shares are publicly traded on the TSX Venture Exchange and the Frankfurt Stock Exchange. The Company’s business is the exploration and development of uranium properties located in South Dakota, Wyoming, Colorado and New Mexico, USA.
The Company is in the process of exploring its properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of the amount shown for resource property interests is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete exploration and development of the reserves, and upon future profitable production or proceeds from disposition of the properties.