InterTechnology/Solar Corp reported massive losses for the past nine months and said it could not continue its present operations unless it quickly gets additional financing.
The company said it lost $621,000 on revenues of $760,000 for the nine months ended Nov. 25, compared with a loss of $53,000 on revenues of $1 million the previous year.
InterTechnology/Solar is a solar and alternative energy consulting and research firm that last year began diversifying by opening what it called "an energy store." Its headquarters are in Warrenton.
That venture produced sales of $200,000, but engineering services volume was [WORD ILLEGIBLE] by $525,000, said Dr. George C. Szego, president.
Szego said in a statement the company is "faced with a cash shortfall" and expects operating losses to continue until next summer.
"Continuation of our operations on the present scale depends upon early and successful completion of on-going negotiations to obtain additional financing," said Szego.
Szego and other ITC/Solar executives could not be reached for comment yesterday.
The company's financial straits already have led many of its researchers to look for other jobs, trade sources reported yesterday.
ITC/Solar blamed its difficulties on the cost of changing from a software consulting company to a hardware sellar, to decreases and delays in getting government contracts and to the development cost of a new venture.
Szego is a well-known energy researcher who started his own solar energy firm a few years ago then took it public last February, with an initial offering of stock and warrants which are traded over the counter.
With a National Science Foundation grant the company built a successful demonstration solar heating system at Fauquier High School and markets other kinds of solar gear.