Blue Sphere Corporation (OTCMKTS:BLSP) Files An 8-K Regulation FD Disclosure
Item 7.01
Regulation FD Disclosure.
On June 23, 2017, our Rhode Island facility, owned by our
nonconsolidated affiliate, Orbit Energy Rhode Island, LLC (OERI),
in connection with testing the operations of the facility, was
connected to The Narragansett Electric Company d/b/a National
Grids system, and during this testing the facility generated and
transmitted 200kWh of electricity to the electrical grid.
Connecting the Rhode Island facility to the electrical grid marks
a significant milestone, and also triggers certain financial
changes for the Company. As a result of achieving this milestone,
the Company deferred revenues from joint ventures recorded on the
Companys balance sheet for the quarter ended March 31, 2017, as
reflected in the Form 10-Q, will now be recognized as an equity
and the liability on the Companys balance sheets as of December
31, 2016 and March 31, 2017, as filed with the U.S. Securities
and Exchange Commission in the Companys Annual Report on Form
10-K on February 15, 2017, as amended on June 8, 2017 and June
12, 2017, and in the Companys Quarterly Report on Form 10-Q on
May 15, 2017, respectively, will be eliminated.
The amount of deferred revenues, currently recorded on the
balance sheet asa currentliability,shallbe recorded as an equity
income from non-consolidated affiliates on the income statement
and result an increase in stockholders equity, by approximately
ofUSD $5.9 million. This change will be reflected in the Companys
Interim Condensed Consolidated Financial Statements for the
period ending June 30, 2017, to be filed in its Quarterly Report
on Form 10-Q.
The information furnished under this Item 7.01 of this Current
Report on Form 8-K, shall not be deemed to be filed for the
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section.
Item 8.01
Other Events.
The information in Item 7.01 is incorporated herein by reference
in its entirety.
About Blue Sphere Corporation (OTCMKTS:BLSP)
Blue Sphere Corporation is a global clean energy company. The Company develops, manages and owns waste-to-energy and other renewable energy projects. It is an international build, own and operate company (BOO) active around the world in the clean energy production and organics to energy markets. The Company is focused on approximately 10 projects related to the construction, acquisition or development of biogas facilities. It is carrying out a range of waste-to-energy projects around the world with capacities ranging between 1 to 5 megawatts. It has a waste to energy anaerobic digester of approximately 5.2 megawatts plant in Charlotte, North Carolina. The Company operates a waste to energy anaerobic digester of approximately 3.2 megawatts plant in Johnston, Rhode Island. The Company has a waste to energy anaerobic digester of approximately five megawatts plant in Ramat Chovav, Israel. As of September 30, 2015, the Company had not generated any revenues.
