1 unchanged sentence
RISKS RELATING TO CONTINUATION OF OUR BUSINESS
−Removed: We have indicated that we need to raise an additional $2.5 million in working capital with proceeds from one or more private placements of our securities, some type of financial transaction or a combination of both.
−Removed: However, in light of the current economic climate, we believe it is unlikely that we will be able to complete such a transaction on a timely basis without further interruptions in our operations.
−Removed: Without new working capital during our current quarter we will have to either, suspend all operations to provide additional time to try to complete an equity transaction or cease our operations and liquidate our assets.
−Removed: In the event of liquidation we do not expect any proceeds would be available after payment of liabilities for distribution to our shareholders.
+Added: To develop products under the licensed technology and bring products to market, we estimate that we will require approximately $2.5 million of new working capital.
+Added: We are looking to obtain this working capital with proceeds from one or more private placements of our securities, some type of financial transaction or a combination of both.
+Added: On January 14, 2009, we completed a series of transactions in order to generate additional working capital.
+Added: See Item 5 in this Form 10-Q for a full description of the transactions.
+Added: As a result of these transactions, we anticipate we will have sufficient cash resources into the middle of our fiscal 4 th quarter, i.e., approximately April 15, 2009, at which time we will need to seek additional working capital.
+Added: We anticipate the amount of such additional working capital could be in the range of approximately $350,000 to $500,000 but cannot predict or estimate such amount with certainty as the ultimate amount will depend on many variables, such as potential third party development or licensing fees, the pace and success of our product development and sales, and cash generated the by the transactions described in Note 9.
+Added: In the event we are unable to secure additional working capital we will have to curtail our operations accordingly, thus slowing down our product development and marketing efforts.
+Added: Any curtailment of our operations could have a material adverse effect on our operations and financial position.
Risks Related to Our Business
CONTINUING OPERATING LOSSES
−Removed: We have a history of incurring significant operating losses, including an operating loss of $333,721 for the three-months ended August 31, 2008.
+Added: We have a history of incurring significant operating losses, including an operating loss of $775,783 for the six-months ended November 30, 2008.
We anticipate that we will continue to incur operating losses until such time as we are able to successfully commercialize our newly licensed technology.
3 unchanged sentences
On September 2, 2008 we organized a wholly owned subsidiary named Advanced Plasma Products, Inc.
−Removed: (APP) to conduct the Companys plasma products line of business.
+Added: ("APP") to develop our 'plasma products line of business.
APP has no history of operations or experience in commercialization of technology.
We believe that our new senior management will be able to provide the necessary expertise to manage the commercialization of the technology, including the identification, acquisition and retention of the necessary resources.
−Removed: In addition, we will need $2.5 million of working capital to execute our operating plan.
−Removed: However, there can be no assurances that we will be successful in these undertakings or that these undertakings will occur in a timely manner.
−Removed: FLIGHT SAFETY TECHNOLOGIES, INC.
−Removed: AND SUBSIDIARY
+Added: However, we estimate we will need approximately $2.5 million of working capital to execute our operating plan.
+Added: There can be no assurances that we will be successful in obtaining this working capital at all or in a timely manner.
GOVERNMENT APPROVAL OF OUR PRODUCTS
2 unchanged sentences
LOSS OF KEY PERSONNEL
−Removed: The future success of APP depends to a significant degree on the skills, experience and efforts of certain key employees of APP and of the Company.
+Added: The future success of APP depends to a significant degree on the skills, experience and efforts of Messrs.
+Added: Wood and Rosenfeld and certain key employees of APP and of the Company.
The loss of any one or more of those individuals for any reason could have a material adverse impact on the operations of APP and the Company.
17 unchanged sentences
Future acquisitions could result in issuances of equity securities that would reduce our stockholders' ownership interest.
−Removed: FLIGHT SAFETY TECHNOLOGIES, INC.
−Removed: AND SUBSIDIARY
Risks Related to Investment in Our Securities
6 unchanged sentences
A penny stock is defined generally as any non-exchange listed equity security that has a market price of less than $5.00 per share, subject to certain exceptions.
−Removed: We are now trading on the Over-the-Counter pink sheet market.
+Added: Shares of our common stock are now trading over-the-counter.
RISKS RELATING TO SHAREHOLDER DILUTION
−Removed: We have indicated that we need to raise an additional $2.5 million dollars in working capital.
+Added: We have indicated that we need to raise an additional approximately $2.5 million dollars in working capital.
+Added: The transactions we describe in Item 5 to this Report on Form 10-Q result in substantial dilution to our shareholders.
With the trading range of the share price of our common stock between approximately $.02 and $.50, any future issuance of securities will significantly dilute the position of current shareholders.
3 unchanged sentences
In making a decision to invest in our securities, you should not rely upon any of these statements , information or opinions and should only rely upon, consider and carefully evaluate the information and risks contained I this Form 10-Q and our current SEC filings.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: Not applicable
−Removed: Defaults Upon Senior Securities
−Removed: Not applicable
−Removed: FLIGHT SAFETY TECHNOLOGIES, INC.
−Removed: AND SUBSIDIARY
−Removed: Submission of Matters to a Vote of Security Holders
−Removed: Not applicable
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.