IDAHO FALLS, Idaho, Feb. 23, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR), a renewable energy company (OTCBB:IESV), announces that an audited correction of the 25 March 2002 merger has led to an $8 million improvement in the retained earnings on their balance sheet.
Based upon a November, 2003 Securities and Exchange Commission inquiry, ITR was informed that the merger that occurred in March 2002 among the former Iron Mask Mining Company (IMKG), Intrepid Engineering Services (IES) and Western Technology & Management was incorrectly treated as a business combination and should have been recorded as a reverse merger/capital transaction with IES, not IMKG, as the accounting acquirer. As a result of correcting this error, the $8 million plus deficit in retained earnings that was originally carried forward on the balance sheet has been reduced to just over $200,000
The corrected financial sheets and more complete explanation of the changes are contained in Amended versions of the (March 2002) 8-KSB and 30 June 2003 10-KSB that were filed with the SEC on 19 Feb 2004 and are available for review on the SEC website.
This highly significant change in the Company's balance sheet, combined with five consecutive profitable quarters, has vastly improved their ability to secure financing and will now allow them to accelerate the execution of their biofuels business plan. ITR will begin immediately to shift more staff and resources to expanding their anaerobic digester base and developing an outlet market for the biogas produced from these facilities. ITR continues to review proposals for the sale of their Garnet Gold Mine. Any sale of this property would have a materially positive impact on ITR.
About Intrepid Technology: We are a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.