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 March 31, 1999 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: June 10, 1999
BIOTEN GENERAL PARTNERSHIP
FIRST QUARTER 1999
(i) Financial information is provided only through December 31, 1998. EUA
anticipates the restructuring of BIOTEN to be effective January 1, 1999.
EUA BIOTEN has not yet been successful in completing its exclusive
negotiations with a third party investor, however, it is currently in
active negotiations with other potential investors in non-exclusive
discussions that would also allow the restructuring of BIOTEN Partnership
into a corporation. These various discussions are expected to continue
through June 30, 1999. If successful, EUA BIOTEN will transfer its
investment in BIOTEN Partnership into a preferred equity investment in a
new corporate entity. However, if EUA BIOTEN is unsuccessful in these
negotiations, the Company will pursue other options, including the sale
of its patented technology or exiting the business. Although management
remains cautiously optimistic regarding its investment in EUA BIOTEN, it
cannot predict the outcome of these negotiations. EUA BIOTEN's
investment in the BIOTEN Partnership is approximately $14.2 million as of
March 31, 1999.
(ii) EUA Energy Investment advanced $390,000 in loans to BIOTEN in the first
quarter of 1999. On a cumulative basis EUA Energy has invested
$14,242,543 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 December 31, 1998.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
December 31, 1998
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $13,143
Land 48
Total fixed Assets 13,191
Current Assets:
Cash and temporary Cash Investments 112
Prepaid expenses 37
Total Current Assets 149
Other Assets:
Intangible assets 776
TOTAL ASSETS $14,116
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 255
Accrued expenses 1,972
Total Current Liabilities 2,227
Other Liabilities:
Due to partners 8,257
Total Other Liabilities 8,257
Partners' Capital:
Partners' Capital - EUA Bioten 3,556
Partners' Capital - Bioten LLC 76
Total Partners' Capital 3,632
Total Liabilities and Partnership Capital $14,116
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date period ended December 31, 1998
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses 56 640
Total Operating Expenses 56 640
Operating Income (Loss) (56) (640)
Interest Expense, net 10 84
Net Income (Loss) ($66) ($724)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Twelve Months Ended December 31, 1998
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(724)
Net change in current assets and liabilities 786
Net Cash (used in) Operating Activities 62
Investing Activities:
Capital Expenditures (4,415)
Net cash (used in) Investing Activities (4,415)
Financing Activities:
Capital Contributions and working Capital notes 4,312
Net cash provided from Financing Activities 4,312
Net (decrease) in cash (41)
Cash at December 31, 1997 153
Cash at December 31, 1998 $112
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