UPDATE 1-Xtent board approves liquidation

Fri May 15, 2009 5:47pm EDT

* Xtent board approves plan of dissolution

* To hold shareholders meeting to seek approval

May 15 (Reuters) - Xtent Inc XTNT.O said its board approved a plan to liquidate the company's assets, after considering potential strategic alternatives.

Xtent intends to hold a special meeting of the shareholders to seek approval of the plan of dissolution.

The plan of dissolution contemplates an orderly wind down of the company's business and operations.

"Although the company's board of directors has approved the plan of dissolution, it will continue to consider any reasonable alternative strategic proposals presented to the company," Xtent said.

Shares of the company closed at 99 cents Friday on Nasdaq.

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