SOURCE: Energy Infrastructure Acquisition Corp.

August 18, 2008 16:13 ET

Energy Infrastructure Acquisition Corp. Announces 2008 Second Quarter Preliminary Financial Results

WILMINGTON, DE--(Marketwire - August 18, 2008) - Energy Infrastructure Acquisition Corp. (AMEX: EII) (AMEX: EIIW) ("Energy Infrastructure" or the "Company") today announced preliminary financial results for its 2008 second quarter ended June 30, 2008.

For the six months ended June 30, 2008, the Company incurred a net loss of $4,677,917, or $0.17 per share and reported interest income of $1,620,501. For the same period in 2007, the Company reported a net loss of $3,037,171, or $0.11 per share and $3,662,353 of interest income.

The Company is in the process of completing the review of its financial statements for the six months ended June 30, 2008 and expects to complete such review and file its quarterly report on Form 10-Q before the end of August 2008.

About Energy Infrastructure

Energy Infrastructure is a blank check company that was formed for the specific purpose of consummating a business combination. Energy Infrastructure raised net proceeds of approximately $209.3 million, after partial exercise of the underwriter's over-allotment option, through its initial public offering consummated in July 2006.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by this press release. The words "believe," "expect," "intend," "estimate," "anticipate," "will," "project," "forecast," "outlook" and similar expressions identify some, but not all, of these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

                  ENERGY INFRASTRUCTURE ACQUISITION CORP.
                 (a corporation in the development stage)

                     SUMMARY CONDENSED BALANCE SHEETS

                                                  June 30,    December 31,
                                                    2008          2007
                                                ------------- -------------
                                                (Unaudited)
ASSETS
Current assets:
Cash                                            $      52,928 $      13,933
Money market funds - held in trust                218,290,663   217,023,161
Prepaid expenses                                       43,667       108,341
                                                ------------- -------------
  Total current assets                            218,387,258   217,145,435

Deferred acquisition costs                          2,592,544     1,065,043
                                                ------------- -------------
  Total assets                                  $ 220,979,802 $ 218,210,478
                                                ============= =============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses           $   1,171,207 $   1,150,444
Amounts due to underwriter                          2,557,614     2,531,656
Deferred interest on funds held in trust            1,861,279     1,156,315
Accrued interest payable to stockholder                16,395        40,489
Note payable to stockholder                           900,000            --
Convertible loans payable to stockholder            2,685,000     2,685,000
                                                ------------- -------------
  Total liabilities                                 9,191,495     7,563,904
                                                ------------- -------------

Common stock subject to possible redemption        64,619,129    64,619,129

Stockholders' equity:
  Total stockholders' equity                      147,169,178   146,027,445
                                                ------------- -------------
  Total liabilities and stockholders' equity    $ 220,979,802 $ 218,210,478
                                                ============= =============




                  ENERGY INFRASTRUCTURE ACQUISITION CORP.
                 (a corporation in the development stage)

          SUMMARY CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

                      Three Months Ended June 30, Six Months Ended June 30,
                       ------------------------- -------------------------
                           2008         2007         2008         2007
                       ------------ ------------ ------------ ------------


Operating expenses     $ (3,060,678)$ (3,329,129)$ (6,263,625)$ (6,645,404)
Interest income             738,547    1,885,132    1,620,501    3,662,353
Interest expense -
 stockholder                (15,728)     (27,177)     (34,793)     (54,120)
                       ------------ ------------ ------------ ------------

Net loss               $ (2,337,859)$ (1,471,174)$ (4,677,917)$ (3,037,171)
                       ============ ============ ============ ============
Net loss per common
 share - basic and
 diluted               $      (0.09)$      (0.05)$      (0.17)$      (0.11)
                       ============ ============ ============ ============
Weighted average number
 of common shares
 outstanding - basic
 and diluted             27,221,747   27,221,747   27,221,747   27,221,747
                       ============ ============ ============ ============


                              Period from
                             August 11, 2005
                               (Inception)
                            to June 30, 2008
                              (Cumulative)
                              -------------

Operating expenses            $ (25,161,186)
Interest income                  11,131,293
Interest expense - stockholder     (195,204)
                              -------------
Net loss                      $ (14,225,097)
                              =============
Net loss per common
 share - basic and
 diluted                      $       (0.70)
                              =============
Weighted average number
 of common shares outstanding
 - basic and diluted             20,220,826
                              =============

Contact Information

  • Contact:
    Energy Infrastructure Acquisition Corp.
    1105 North Market Street, Suite 1300
    Wilmington, Delaware 19801

    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel: +1 212 661 7566
    Email: nbornozis@capitallink.com
    www.capitallink.com