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UPDATE 1-Adaltis says seeking financing to continue operations
April 29, 2009 / 10:33 PM / 8 years ago

UPDATE 1-Adaltis says seeking financing to continue operations

April 29 (Reuters) - Canada’s Adaltis Inc ADS.TO said it is in talks with certain parties for additional financing to ensure continuing operations beyond May as its cash position has depleted significantly.

“No definitive agreements with potential investors have been reached yet and there can be no assurance that such agreements will be reached,” the company said in a statement.

The company also said it may not be able to continue as a going concern without raising additional financing.

Adaltis said the re-launch of its in vitro diagnostic system Eclectica in China, Mexico and Italy has taken longer than originally anticipated.

“This, coupled with a downturn in economic activity worldwide and the number of credit related issues, has resulted in a significant depletion of the corporation’s cash resources,” the company said in a statement.

Shares of the Montreal, Quebec-based company closed at 11.5 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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