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

Published 2018-02-26, 01:28 p/m
© Reuters. BRIEF-Annidis Says To Lay Off Majority Of Co's Employees, Employ Other Similar Cost Cutting Measures
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Feb 26 (Reuters) - Annidis Corp RHA.V :

* 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

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