Intercept Energy Services Inc IESCF

Energy Oil & Gas Equipment & Services

Intercept Energy Services Inc is an oilfield services company in Canada. It engages in providing heated water used by oil and gas exploration and production companies in the fracturing process in Canada and the United States. It uses HE Heaters to reduce fuel consumption and emissions. The company also provides equipment to support the oil industry with products that focus on efficiency as well as safety for the workers.

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Intercept Energy Services Inc > New Financing Hurts existing shareholders

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Comment by Stoogeon Sep 19, 2013 11:49am

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Post# 21751663

RE:New Financing Hurts existing shareholders

GGX pays a royalty of 10% to former shareholders of Intercept Rentals.

GGX also paid $1.3 million in excess of the identifiable assets it acquired.

As a result of GGX's poor financial position our auditor has raised the question of the company's ability to continue. Their ability to obtain funds is very limited.

Without qualifying our opinion, we draw attention to Note 1 of these financial statements, which states that Global Green Matrix Corp. incurred significant loss from operation, negative cash flows from operating activities and has an accumulated deficit. This, along with other matters as described in Note 1, indicated the existence of a material uncertainty which may cast doubt about the ability of Global Green Matrix Corp. to continue as a going concern.