Sinoenergy Corporation , developer and operator of retail compressed natural gas filling stations in the Peoples' Republic of China, and a manufacturer of CNG transport truck trailer, CNG filling station equipment and CNG fuel conversion kits for automobiles, today announced losses of $2.5 million, or $0.15 per share (basic and diluted) for the three months ended June 30, 2009 and $3.6 million, or $0.22 per share for the nine months ended June 30, 2009.
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The Company's operations continue to face the problems arising out of the global economic downturn. Although the government of China has announced a stimulus program that continues to advocate the use of fuels other than gasoline, our sales declined significantly during the three and nine months ended June 30, 2009 compared with the comparable periods in 2008. As a result of our decline in sales and margins and our loss, we were not in compliance with the covenants relating to the $30 million convertible and fixed rate notes which were issued in September 2007. Although the noteholders granted as waiver, because of (i) the failure of the Company to be in compliance at June 30, 2009 with covenants that were amended in May 2009, (ii) the limited nature of the waiver, (iii) the likelihood that the Company will not be in compliance at September 30, 2009 and (iv) the uncertainty that the noteholders will grant a further waiver, notes in the aggregate principal amount of $25.2 million have been classified as current liabilities at June 30, 2009. As a result, at June 30, 2009, the Company had a working capital deficiency of $11.9 million.
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