SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of September, 2008
IWI HOLDING LIMITED
(Exact name of registrant as specified in its charter)
3027 E. Sunset Road, #201, Las Vegas, Nevada 89120
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (702) 505-7588
BVI
0-25108
None
(State or other jurisdiction
(Commission File Number)
(IRS Employer Identification No.)
of incorporation)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-FX
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes
NoX
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes
NoX
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
FOR IMMEDIATE RELEASE
For Further Information:
Benjamin Hoskins
IWI Holding Limited
(702) 505-7588
IWI HOLDING LIMITED ANNOUNCES
SECOND QUARTER RESULTS
LAS VEGAS, NEVADA- September 17, 2008 -- IWI Holding Limited (OTCBB - IWIHF), a U.S. based shell company, today reported its results of operations for the six months ended ended June 30, 2008.
For the six months ended June 30, 2008, IWI reported a net loss of $47,000 or $0.02 per share on net sales of $0.
IWI is a shell company subsequent to the sale of its operating subsidiary and is seeking for a suitable acquisition. IWI cannot predict what industry the new business will be in, nor can it predict the terms of any acquisition, as such, the nature of future operations for the Company have not been determined.
IWI incurred a $47,000 loss from selling, general and administrative expenses incurred primarily for professional fees and transfer agent fees.
IWI HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
June 30, 2008 | December 31, 2007 | |
ASSETS | ||
Total Assets | $ - | $ - |
Current Liabilities | ||
Accounts payable – Trade | $ 26 | $ - |
Accounts payable to affiliated companies | 21 | - |
Total Current Liabilities | 47 | - |
Stockholders’ Equity (Deficit) | ||
Preferred stock - $1 par value; authorized 5,000,000 shares; issued and outstanding 3,644,880 shares | 3,645 | 3,645 |
Common stock No par value; authorized 10,000,000 shares; issued and outstanding 2,554,700 shares | - | - |
Additional paid-in capital | 12,446 | 12,446 |
Accumulated deficit | (16,138) | (16,091) |
Total Stockholders’ Equity | (47) | $ - |
Total Liabilities & Stockholders’ Equity | $ - | $ - |
IWI Holding 6-K
IWI HOLDING LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
IWI HOLDING, LTD
Consolidated Statement of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ending June 30, 2008 | Twelve Months Ending December 31, 2007 | |
Cash Flows from Operating Activities | ||
Net loss | $ (47) | $ (1,343) |
Adjustments to reconcile net (loss) to income net cash used in operating activities |
| |
Depreciation and amortization | 14 | |
Provision for doubtful accounts | 609 | |
Loss on sale of subsidiary | 83 | |
(Increase) decrease in Accounts receivable | (2,549) | |
Inventories | 2,927 | |
Prepaid expenses | (211) | |
Deferred income taxes | 156 | |
Increase (decrease) in Accounts payable – Trade | 1,649 | |
Accounts payable to affiliated companies | 26 | (807) |
Accrued liabilities | 21 | (733) |
Net Cash Used in Operating Activities | (205) | |
Net Cash Used in Investing Activities |
| |
Sale of subsidiary | (313) | |
Purchases of property and equipment | (37) | |
Net Cash Used in Investing Activities | (350) | |
Cash Flows from Financing Activities |
| |
Other | (283) | |
Borrowings from line of credit, net | 736 | |
Net Cash Provided by Financing Activities | 453 | |
Net Increase (Decrease) in Cash | (102) | |
Cash, Beginning of Year | - | 102 |
Cash, End of Year | $ - | $ - |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IWI HOLDINGS LIMITED
Date: September 17, 2008
By: /s/ Benjamin Hoskins
_________________________
Benjamin Hoskins
Chairman, President & Director
