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| Millennium Cell Inc. |
| 1 Industrial Way West, Eatontown, NJ 07724 * (732) 542-4000 |
| Business Description | The Company is an emerging technology company engaged in the development of a patented alternative energy source based on boron chemistry. |
| Offering Information Company has | |||
| Trading As | MCEL (NASNTL) | Industry | Service (SIC 8743) |
| Type of Stock Offered | Common Shares | Filing Date | 5/25/00 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 8/8/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 3,000,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.700 |
| Gross Proceeds | $30,000,000 | Selling | $0.400 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 27,520,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Morgan Keegan & Company, Incorporated | Lead Manager | (901) 529-5357 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/99 | 3/31/99 | 3/31/00 | ||||
| Revenues | - | - | - | - | 0.000 | 0.000 | 0.000 |
| Income from Oper. | - | - | - | - | -1.092 | -0.171 | -0.433 |
| Net Income | - | - | - | - | -1.081 | -0.171 | -0.431 |
| E.P.S | - | - | - | - | -0.050 | -0.010 | -0.020 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.95 | -0.12 | -0.39 | ||||
| Cash Flow - Inv. | -0.45 | -0.03 | -0.10 | ||||
| Cash Flow - Fin. | 1.44 | 0.93 | 0.50 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/00 | Financial Ratios | ||||
| Total Assets | 1.04 | Current Assets | 0.07 | Current Ratio | 0.19 |
| Total Liab. | 0.55 | Current Liab. | 0.36 | Debt Ratio | 53.04% |
| Total Equity | 0.49 | Working Cap. | -0.29 | Debt to Equity Ratio | 1.13 |
| Cash | 0.06 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to expand our research and product development efforts, including the construction of a pilot plant to manufacture sodium borohydride and a prototype battery manufacturing line, and for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Baker & McKenzie |
| Bank's Law Firm | Vinson & Elkins |
| Auditor | Ernst & Young |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| GP Strategies Corporation | 26.40 | |
| Note: represents ownership of 5% or more prior to the offering. | ||