
>>> Emergency help needed! <<<
Date: Saturday, March 25, 2006 @ 15:36:38 UTC Topic: Investors
Overtone (Mark Goldes) writes: Magnetic Power Inc. is experiencing a serious, but very temporary, cash crisis. Sadly, it could require the closing of our Washington State development laboratory in a few days. This laboratory includes a temperature controlled room that has been converted into a Faraday shielded enclosure, and contains delicate, expensive, equipment. Closing this facility, in order to relocate, could set back, by several months, ongoing work that presently promises a near-term, solid-state, Demonstration Device that will provide definitive proof that extraction of energy from inexhaustible, pollution free, Virtual Photon Flux is a practical possibility.
Descriptions of solid-state generators that can power automobiles, and scale to a megawatt or more, are already in the patent office.
The Company is half a year behind in the rent, due to an investor not fulfilling a written agreement. This has primarily been the result of personal factors at his end. We presently believe we have to begin to exit that building by the end of the day, on Tuesday, March 28th, 2006. The landlord has been extremely patient, but eviction proceedings are close to termination, which is scheduled for the morning of Thursday, March 30th.
We are seeking emergency help.
The firm has a number of large transactions pending and a few are close to completion, but it is extremely unlikely one of these will release funds in time.
However, it is quite probable that one or more of these will provide significant capital within a matter of a few weeks.
Therefore, we are seeking bridge loans, from individuals, to cover this, and a few other modest, but urgent, working capital requirements without delay.
Anyone willing and able to assist, please contact me.
Thanks,
Mark
Mark Goldes Chairman & CEO Magnetic Power Inc.
Phone 707 829-9391 direct - anytime E-mail: magneticpower@gmail.com Website: magneticpowerinc.com
Note from Mark: As of today Mar 27, one of our existing investors has ended the crisis...Many thanks for your efforts on our behalf.
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