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News Breaks
November 21, 2012
17:10 EDTKITDKIT digital considers strategic alternatives, including sale
As 11/21, the company has approximately $10.6M of cash and cash equivalents, of which approximately $4M is restricted cash. The company also has approximately $11M outstanding under a secured loan facility and $2.5M under an unsecured related party note. The Company is currently up to date with the principal and interest payments due under those loans, however, as a result of the restatement, there is an Event of Default under the secured loan facility and the Company is in discussions with the lenders. As previously disclosed, the Company has also experienced substantial losses this year, including costs related to previously disclosed litigations and restructuring expenses and will also incur additional costs related to the restatement discussed above. As a result of these circumstances, and based on the Company's forecast, the Company expects to continue to incur significant cash expenditures. As a result of these challenges, the Company is considering a broad set of strategic alternatives including financing transactions as well as other strategic transactions including a sale of the Company or its assets. The Company continues to examine the reduction of working capital requirements to further conserve cash and may need to take additional actions in the near-term, which may include additional personnel reductions and suspension of certain development activities.
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