ENERGY INFRASTRUCTURE ACQUISITION CORP. (a corporation in the development stage) SUMMARY CONDENSED BALANCE SHEETS June 30, December 31, 2008 2007 ------------- ------------- (Unaudited) ASSETS Current assets: Cash $ 52,928 $ 13,933 Money market funds - held in trust 218,290,663 217,023,161 Prepaid expenses 43,667 108,341 ------------- ------------- Total current assets 218,387,258 217,145,435 Deferred acquisition costs 2,592,544 1,065,043 ------------- ------------- Total assets $ 220,979,802 $ 218,210,478 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 1,171,207 $ 1,150,444 Amounts due to underwriter 2,557,614 2,531,656 Deferred interest on funds held in trust 1,861,279 1,156,315 Accrued interest payable to stockholder 16,395 40,489 Note payable to stockholder 900,000 -- Convertible loans payable to stockholder 2,685,000 2,685,000 ------------- ------------- Total liabilities 9,191,495 7,563,904 ------------- ------------- Common stock subject to possible redemption 64,619,129 64,619,129 Stockholders' equity: Total stockholders' equity 147,169,178 146,027,445 ------------- ------------- Total liabilities and stockholders' equity $ 220,979,802 $ 218,210,478 ============= ============= ENERGY INFRASTRUCTURE ACQUISITION CORP. (a corporation in the development stage) SUMMARY CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, ------------------------- ------------------------- 2008 2007 2008 2007 ------------ ------------ ------------ ------------ Operating expenses $ (3,060,678)$ (3,329,129)$ (6,263,625)$ (6,645,404) Interest income 738,547 1,885,132 1,620,501 3,662,353 Interest expense - stockholder (15,728) (27,177) (34,793) (54,120) ------------ ------------ ------------ ------------ Net loss $ (2,337,859)$ (1,471,174)$ (4,677,917)$ (3,037,171) ============ ============ ============ ============ Net loss per common share - basic and diluted $ (0.09)$ (0.05)$ (0.17)$ (0.11) ============ ============ ============ ============ Weighted average number of common shares outstanding - basic and diluted 27,221,747 27,221,747 27,221,747 27,221,747 ============ ============ ============ ============ Period from August 11, 2005 (Inception) to June 30, 2008 (Cumulative) ------------- Operating expenses $ (25,161,186) Interest income 11,131,293 Interest expense - stockholder (195,204) ------------- Net loss $ (14,225,097) ============= Net loss per common share - basic and diluted $ (0.70) ============= Weighted average number of common shares outstanding - basic and diluted 20,220,826 =============
Contact Information: Contact: Energy Infrastructure Acquisition Corp. 1105 North Market Street, Suite 1300 Wilmington, Delaware 19801 Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel: +1 212 661 7566 Email: nbornozis@capitallink.com www.capitallink.com