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20 Nov 2008 07:30
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20Β November 2008
MICROEMISSIVE DISPLAYS GROUP PLC
("MED" or "the Company")
Intention to appoint administrators
Following its statement issued onΒ 30 SeptemberΒ 2008,Β which inter alia states that cash resources were likely to be exhausted by mid-December 2008 should they not re-finance the business,Β the Board of MED regrettably announces thatΒ after extensive negotiations with potential funders,Β it has exhausted all strategic and financing options available to it.
As a consequence, the BoardΒ announces that it has resolved to file a notice of intention toΒ appoint administrators.
In light of the interest shown inΒ eyescreenTMΒ by a large number of industry participants, the Board continues to believe it is a compelling technology and product with market leading features.Β
Despite this interest, the severe slowdown in the demand for consumer electronics hasΒ negativelyΒ impacted the conversion of this interest to sales and revenue.
The CompanyΒ has therefore requestedΒ that trading in its shares on AIM be suspended with immediateΒ effect.
A further statement will be made in due course.
-ends-
For further information, please contact:
|
Microemissive Displays Bill Miller, Chief Executive Officer Graeme Walker, Chief Financial Officer |
0131 650 7764 |
|
Tavistock Communications Matt Ridsdale Andrew Dunn |
020 7920 3150 |
|
Arbuthnot Securities John Prior |
020 7012 2000 |
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