SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
- ---------------------------------------------
In the Matter of :
:
EUA ENERGY INVESTMENT CORPORATION :
(EUA ENERGY) :
BOSTON, MA : Certificate of
: Notification
: Pursuant to Rule 24,
: Interim Report
:
(70-8617) :
:
(Public Utility Holding Company Act of 1935):
- ---------------------------------------------
In accordance with the terms and conditions of Rule 24 under
the Public Utility Holding Company Act of 1935, and the Orders of
the Commission dated April 16, 1998 Release No. 35-26858, November 14, 1996
Release No. 35-26604, June 21, 1995 Release No. 35-26314 (the "Orders")
authorizing transactions as more fully described in the Application-
Declaration as amended (the "Application"), the undersigned hereby encloses
herewith for filing pursuant to the above-referenced Orders the balance sheet,
the income statement, and the statement of cash flows of BIOTEN Partnership
for the period ended June 30, 1998 and other information required to be filed
by said Orders.
Very truly yours,
EUA ENERGY INVESTMENT CORPORATION
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: August 21, 1998
BIOTEN GENERAL PARTNERSHIP
SECOND QUARTER 1998
(i) In June 1998, EUA BIOTEN, Inc. increased each of its Profits Interest and
its voting interest in BIOTEN Partnership to 80%, and BIOTEN Partnership
became a subsidiary of EUA BIOTEN, Inc. for purposes of the Act.
In June 1998, the BIOTEN Partnership formed a special purpose offshore
company in Mauritius called BIOTEN GPM to serve as a Provider in
connection with BIOTEN Partnership's proposed Opportunity in India.
BIOTEN Partnership is currently installing the final components necessary
to commence start-up procedures by August 31, 1998 at its Tennessee
facility. EUA is currently seeking an investment partner to form a
strategic alliance for the continued development of the BIOTEN
Partnership's patented biomass-fired electric generation technology. EUA
has committed to continue to provide funding only through October 1998,
and is attempting to form an alliance by that time.
(ii) EUA Energy Investment advanced $1,025,000 in loans to BIOTEN in the
second quarter of 1998. On a cumulative basis EUA Energy has invested
$12,558,543 in BIOTEN, which includes amounts funded under the Research
and Development Agreement prior to the formation of the Partnership.
(iii) Services were provided by 3 EUA Service Corporation staff personnel in
the following areas:
a. Marketing and planning
b. Budgeting and funding requirements
c. Construction management & scheduling
(iv) BIOTEN's Financial Statements through June 30, 1998.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
June 30, 1998
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $11,410
Land 48
Total fixed Assets 11,458
Current Assets:
Cash and temporary Cash Investments 355
Prepaid expenses 33
Total Current Assets 388
Other Assets:
Intangible assets 773
TOTAL ASSETS $12,619
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 294
accrued expenses 1,603
Total Current Liabilities 1,897
Other Liabilities:
Due to partners 7,530
Total Liabilities 7,530
Partners' Capital:
Partners' Capital - EUA Bioten 3,117
Partners' Capital - Bioten LLC 75
Total Partners' Capital 3,192
Total Liabilities and Partnership Capital $12,619
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date period ended June 30, 1998
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 232 504
Total Operating Expenses 232 504
Operating Income (Loss) (232) (504)
Interest Expense, net 25 47
Net Income (Loss) ($257) ($551)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Year Ended June 30, 1998
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(551)
Net change in current assets and liabilities 393
Net Cash (used in) Operating Activities (158)
Investing Activities:
Capital Expenditures (2,679)
Net cash (used in) Investing Activities (2,679)
Financing Activities:
Capital Contributions and working Capital notes 3,039
Net cash provided from Financing Activities 3,039
Net decrease in cash 202
Cash at December 31, 1997 153
Cash at June 30, 1998 $355
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