BOULDER CITY, NEV. (Nov. 23, 12:30 p.m. ET) — Polyurethane tire maker Amerityre Corp. said it has halted development work on automotive and composite tires because of funding problems.
The Boulder City-based company, which develops, manufactures and sells polyurethane tires, said in a stock filing that because of the company's “limited resources, tire projects which are contingent on additional development, such as composite and automotive tires, have been put on hold and will be revisited at a later date.”
Amerityre reported an operating loss of $184,345 on revenue of $1.35 million for the three months ended Sept. 30. That compares with an operating loss of $298,287 on revenue of $917,646 in the same period a year earlier.
Sales increased to $837,000 from $500,000, the company said, and Amerityre raised $40,000 from sales of equipment in the 2011 period.