Negotiations on Ahtium's business projects and financing discontinued - The Company applies for bankruptcy
March 06 2018 - 1:28AM
Stock Exchange
Release
Ahtium Plc
6 March 2018
Negotiations on
Ahtium's business projects and financing discontinued
The Company
applies for bankruptcy
The Board of Directors of Ahtium
Plc ("Company") has decided to file the Company into bankruptcy.
The Company has, particularly since the completion of its corporate
reorganization proceedings on 2 June 2017, actively developed its
business projects in the field of circular economy and
energy-saving technology as well as sought new businesses, which
when combined with the Company's existing business projects and
core knowledge would have created a basis for acquiring new
financing. Despite the good progress made, the Company did not have
enough time to turn the projects into positive cash flow or to
reach an agreement on the acquisition of new businesses, sometimes
due to reasons outside the control of the negotiating
parties.
The Chairman of the Board Tapani Järvinen: "During
the last four years, the Company has been able to complete the
corporate reorganization proceedings and clean up its balance
sheet, but unfortunately developing the Company's own business
projects, acquiring new businesses and securing financing for these
actions proved an overwhelming task with the available time and
resources.
The Board of
Directors and the management of the Company have done, with fairly
limited resources, their utmost to diligently carry out the
numerous legal actions required under the corporate reorganization
proceedings and simultaneously to identify and develop new business
opportunities. No stone has been left unturned. The Board of
Directors and the entire staff of the Company have taken part in
substantial cost saving measures in order to continue developing
the Company's operations. The interest of the Company and its
stakeholders has all the time remained the most important driver of
the Company's Board of Directors and its management."
Enquiries
Ahtium Plc Tel +358 20 7129 800
Tapani Järvinen, Chairman of the Board of Directors
Ahtium applies for
bankruptcy
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ahtium Oyj via Globenewswire
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