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The company noted in its report that for the quarter ended September 30, the net loss attributable to common stockholders was $14,718,000, or $.33 per share, based on a weighted average number of common shares of 44,486,347, compared to a net loss attributable to common stockholders of $9,725,000, or $.29 per share, based on a weighted average number of common shares of 33,535,799, for the quarter ended September 30, 2007. For the nine-months ended September 30, the net loss attributable to common stockholders was $46,173,000, or $1.18 per share, based on a weighted average number of common shares of 39,269,275, compared to a net loss attributable to common stockholders of $28,843,000, or $.86 per share, based on a weighted average number of common shares of 33,473,240, for the nine-months ended September 30, 2007. Costs during the quarter and nine-months ended September 30, include Depreciation and Other Production Facility Costs of approximately $6,471,000 and $15,454,000, respectively, which include depreciation, labor, materials and components and other production facility costs.
Commenting on the report, Jose Mejia, the President and CEO of Medis Technologies, said, "This report for the third quarter marks the Company's transition from a development company to an operating business as we begin making and selling our initial Power Pack products in earnest. This is a traditional turning point for companies that have developed breakthrough technologies and are ready to take them to market. I am extremely enthusiastic about the potential for our products and our technology to provide power solutions in a broad range of applications. Medis' technologies to me represents where the future is going. I am reminded by my involvement in the data networking world of wireless and optical technologies, all of which have completely changed the way the world communicates. I believe Medis' scientists and their knowledge of these new ways of generating portable power and energy is among no others in the world and they have the patents to prove it. All of this and experiencing the Israel R&D center and our facilities in Ireland shaped my decision to join Medis as CEO."
Medis Technologies is a developer of fuel cell technology.
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