alpha-En Corporation Reports Quarterly Results for March 31, June 30 and September 30, 2016

Pure Lithium Company Achieves Fully Reporting Status

News provided by

Jan 18, 2017, 07:00 ET

TARRYTOWN, N.Y., Jan. 18, 2017 /PRNewswire/ -- alpha-En Corporation (OTC PINK: ALPE), an innovative clean technology company focused on enabling next-generation battery technologies by producing high purity lithium metal and associated products, announced that on 01/17/2017 it filed with the United States Securities and Exchange Commission (SEC) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016. The three filings bring the Company to fully reporting status with the SEC.

The three quarterly filings on Form 10-Q can be found at www.sec.gov by searching for alpha-En company filings, or by following this link: https://www.sec.gov/cgi-bin/browse-edgar?company=alpha-En&owner=exclude&action=getcompany. They are also posted on the Company's website at www.alpha-Encorp.com and on various internet sites.

alpha-En Founder and Executive Chairman of the Board Jerome Feldman commented, "We are pleased to have achieved fully reporting status; the transparency of being fully reporting is valuable to our shareholders, market-makers and potential investors in our future. Although we are still pre-revenue, our technology is potentially disruptive to the entire lithium metal industry.

"The new alpha-En technology produces high purity lithium at room temperature, compared to the conventional method that has a large energy footprint. We believe that the benefits of our high purity technology will be most attractive to high-tech, transportation and energy companies that have become increasingly reliant on lithium batteries.

The Company has R&D collaboration agreements with CUNY and Argonne National Laboratories as well as Princeton University to explore scaling the technology to commercially viable quantities and to provide samples of the finished product to interested parties. To support the efficient production of samples the Company is in the process of establishing its own laboratory and commercial headquarters in a facility in Yonkers, NY, where it has rented an 8,000-square-foot-space. This facility should be in move-in condition in the first quarter of 2017.

The Company believes it can continue to finance operations by selling equity or debt securities, as it has done in the past. Management believes in the viability of the alpha-En plan and technology, and in the ability of the Company to raise additional funds by way of a private or public offering of equity and/or debt. Of course there can be no assurance of the success of a future offering.

About alpha-En Corporation
Alpha-En Corporation (OTC PINK: ALPE) is an innovative clean technology company focused on enabling next generation battery technologies by developing and bringing to market high purity lithium metal and associated products produced in an environmentally sustainable manner. For more information, please visit http://alpha-encorp.com.

Corporate Contact
Thomas Suppanz, Managing Director/Finance
[email protected]
914 418 2000

Joe Allen
DresnerAllenCaron
[email protected]
212 691 8087

Safe Harbor
Except for the historical information herein, the matters discussed in this news release may include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. alpha-En Corporation assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.

-- Financial Tables Follow --

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)

	March 31,	December 31,
	2016	2015

ASSETS
Current assets
Cash	$ 693	$ 730
Prepaid expenses	340	301
Due from related party	-	61
Total current assets	1,033	1,092

Property and equipment, net	36	2
Total assets	$ 1,069	$ 1,094

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$ 319	$ 341
Advances from related parties	92	62
Total current liabilities	411	403

Total liabilities	411	403

COMMITMENTS AND CONTINGENCIES

Stockholders' equity:
Preferred stock par value $0.01: 2,000,000 shares authorized; none issued or outstanding	-	-
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding	-	-
Common stock par value $0.01: 35,000,000 shares authorized; 33,423,026 and 32,235,525 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	334	322
Additional paid-in capital	11,692	10,705
Treasury stock at cost: 714,750 shares as of March 31, 2016 and December 31, 2015	(69)	(69)
Accumulated deficit	(11,134)	(10,169)
Shareholders' equity attributed to alpha-En Corporation stockholders	823	789
Non-controlling interest	(165)	(98)
Total stockholders' equity	658	691
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,069	$ 1,094

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)

	For the Three Months Ended March 31,
	2016	2015
Operating expenses
General and administrative	$ 583	$ 28
Legal and professional fees	49	7
Research and development	394	28
Total operating expenses	1,026	63
Net loss	(1,026)	(63)
Less: net loss attributable to non-controlling interest	(61)	(1)
Net loss attributable to alpha-En Corporation	$ (965)	$ (62)

Net loss per share attributable to alpha-En Corporation common stockholders
Basic and diluted	$ (0.03)	$ (0.00)

Weighted average shares outstanding:
Basic and diluted	32,448,987	30,285,525

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)

	June 30,	December 31,
	2016	2015

ASSETS
Current assets
Cash	$ 580	$ 730
Prepaid expenses	168	301
Due from related party	-	61
Total current assets	748	1,092

Property and equipment, net	115	2
Total assets	$ 863	$ 1,094

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$ 383	$ 341
Advances from related parties	92	62
Total current liabilities	475	403

Total liabilities	475	403

COMMITMENTS AND CONTINGENCIES

Shareholders' equity:
Preferred stock par value 0.01: 2,000,000 shares authorized; none issued or outstanding	-	-
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding	-	-
Common stock par value 0.01: 35,000,000 shares authorized; 33,640,214 and 32,235,525 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	337	322
Additional paid-in capital	14,031	10,705
Treasury stock at cost: 714,750 shares as of June 30, 2016 and December 31, 2015	(69)	(69)
Accumulated deficit	(13,569)	(10,169)
Shareholders' equity attributed to alpha-En Corporation stockholders	730	789
Non-controlling interest	(342)	(98)
Total stockholders' equity	388	691
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 863	$ 1,094

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)

	For the Three Months		For the Six Months
	Ended June 30,		Ended June 30,
	2016	2015	2016	2015
Operating expenses
General and administrative	$ 904	$ 25	$ 1,487	$ 53
Legal and professional fees	196	7	245	14
Research and development	1,509	52	1,903	80
Total operating expenses	2,609	84	3,635	147
Net loss	(2,609)	(84)	(3,635)	(147)
Less: net loss attributable to non-controlling interest	(174)	(1)	(235)	(2)
Net loss attributable to alpha-En Corporation	$ (2,435)	$ (83)	$ (3,400)	$ (145)

Net loss per share attributable to alpha-En Corporation common stockholders
Basic and diluted	$ (0.07)	$ (0.00)	$ (0.10)	$ (0.00)

Weighted average shares outstanding:
Basic and diluted	33,568,597	30,285,525	33,008,792	30,285,525

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)

	September 30,	December 31,
	2016	2015

ASSETS
Current assets
Cash	$ 460	$ 730
Prepaid expenses	114	301
Due from related party	-	61
Total current assets	574	1,092

Property and equipment, net	213	2
Total assets	$ 787	$ 1,094

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$ 723	$ 341
Advances from related parties	42	62
Total current liabilities	765	403

Total liabilities	765	403

COMMITMENTS AND CONTINGENCIES

Stockholders' equity:
Preferred stock par value 0.01: 2,000,000 shares authorized; none issued or outstanding	-	-
Class B common stock no par value: 1,000,000 shares authorized; none issued or outstanding	-	-
Common stock par value 0.01: 35,000,000 shares authorized; 33,902,089 and 32,235,525 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	339	322
Additional paid-in capital	13,411	10,705
Treasury stock at cost: 714,750 shares as of September 30, 2016 and December 31, 2015	(69)	(69)
Accumulated deficit	(13,349)	(10,169)
Stockholders' equity attributed to alpha-En Corporation stockholders	332	789
Non-controlling interest	(310)	(98)
Total stockholders' equity	22	691
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 787	$ 1,094

ALPHA-EN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2016	2015	2016	2015
Operating expenses
General and administrative	$ (89)	$ 75	$ 1,398	$ 128
Legal and professional fees	221	60	466	74
Research and development	(381)	132	1,522	212
Total operating expenses	(249)	267	3,386	414
Net income (loss)	249	(267)	(3,386)	(414)
Less: net income (loss) attributable to non-controlling interest	29	(8)	(206)	(10)
Add: Deemed dividend - inducement to exercise warrants	(378)	-	(378)	-
Net income (loss) attributable to alpha-En Corporation	$ (158)	$ (259)	$ (3,558)	$ (404)

Net income (loss) per share attributable to alpha-En Corporation common stockholders
Basic and diluted	$ (0.00)	$ (0.01)	$ (0.11)	$ (0.01)

Weighted average shares outstanding:
Basic and diluted	33,767,673	30,995,308	33,263,599	30,524,719