April 29 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