yes time to sell
SemBioSys to delist from TSX, terminates employees
2012-04-04 07:31 ET - News Release Shares issued 51,829,818 SBS Close 2012-04-03 C$ 0.065
Mr. James Szarko reports
SEMBIOSYS ANNOUNCES VOLUNTARY DELISTING FROM TORONTO STOCK EXCHANGE AND PURSUIT OF STRATEGIC ALTERNATIVES
SemBioSys Genetics Inc. has applied to voluntarily delist its common shares from the Toronto Stock Exchange. In addition, the company is taking immediate steps to execute on one or more strategic initiatives due to its current financial situation.
The company believes that it does not currently meet the continued listing requirements related to liquidity to maintain its TSX listing and therefore has taken the decision to voluntarily delist. The company's securities will remain listed on the TSX until the end of trading on May 1, 2012, to provide liquidity to its shareholders prior to delisting. The company is currently evaluating its ability to list on another Canadian stock exchange.
The current liquidity situation of the company has resulted in an orderly termination of the majority of its employees and contractors. The CEO and several other staff remain working for the company. The company is pursuing a number of strategic options available to it in parallel with the potential of an orderly wind down of the company's business. The company is undertaking these tough and painful measures in an effort to preserve its business, however, no assurances can be made that it will be successful. There is no assurance that any of the strategic alternatives, if successful, will provide any return to the shareholders.
On Oct. 10, 2011, the company signed a strategic partnership with Tianjin Tasly Pharmaceuticals Co. Ltd. and Tasly Pharmaceuticals Inc. This partnership has not resulted in any financial benefit to SemBioSys to date and, as a result, the company has not transferred any intellectual property to the newly formed joint venture as of this date.
"The board of directors and I are grateful to our talented and loyal staff, as well as SemBioSys's loyal and long-standing shareholders at this difficult time. We want to assure you that we have been working day and night to create the best possible outcome for the company and all of its stakeholders," stated James Szarko, president and chief executive officer.