February 26, 2018 / 6:30 PM / 3 months ago

BRIEF-Annidis Says To Lay Off Majority Of Co's Employees, Employ Other Similar Cost Cutting Measures

Feb 26 (Reuters) - Annidis Corp:

* ANNIDIS CORPORATION ANNOUNCES POOR SALES, DEBT DEFAULTS, LACK OF FINANCING, EMPLOYEE LAYOFFS AND RESIGNATION OF DIRECTOR AND CHIEF FINANCIAL OFFICER

* ANNIDIS CORP - AT PRESENT TIME ANNIDIS HAS VERY LIMITED CASH RESERVES AND HAS DEFAULTED ON A NUMBER OF OUTSTANDING DEBT OBLIGATIONS

* ANNIDIS CORP - CO ‍”ABILITY TO CONTINUE TO MEET ITS FINANCIAL OBLIGATIONS AND OPERATE AS A GOING CONCERN HAS BECOME INCREASINGLY IMPROBABLE”​

* ANNIDIS CORP - ANNOUNCES RESIGNATION OF BRIAN BAKER FROM HIS POSITION AS CFO

* ANNIDIS CORP - ‍NO UNITS HAVE BEEN ORDERED TO DATE IN 2018​

* ANNIDIS CORP - ‍CO INTENDS TO REVIEW ALL STRATEGIC FINANCING ALTERNATIVES, INCLUDING FINDING A “STRATEGIC” PARTNER​

* ANNIDIS CORP - ‍DURING Q4 2017 ONLY 6 UNITS WERE SOLD AND SHIPPED​

* ANNIDIS - BOARD TAKEN ACTION TO REDUCE CO’S OPERATING COSTS BY LAYING OFF MAJORITY OF CO’S EMPLOYEES, BY EMPLOYING OTHER SIMILAR COST CUTTING MEASURES

* ANNIDIS - I‍NTENDS TO REVIEW ALL STRATEGIC FINANCING ALTERNATIVES, INCLUDING COMPLETING A DEAL WITH A STRATEGIC PARTNER AND/OR SELLING BUSINESS

* ANNIDIS - INTENDS TO CONSIDER, PURSUE ALL AVAILABLE STRATEGIC ALTERNATIVES INCLUDING SELLING BUSINESS, INCLUDING ALL INTELLECTUAL PROPERTY ASSETS

* ANNIDIS - ‍RESIGNATION OF MICHAEL CROWLEY FROM POSITION AS DIRECTOR EFFECTIVE FEB 8, 2018​ Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below