Negotiations on Ahtium's business projects and financing discontinued - The Company applies for bankruptcy
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
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