Large Scale Biology Corporation Ceases Operations in the Ordinary Course, Stock to be Delisted
22 Dezember 2005 - 8:09PM
PR Newswire (US)
VACAVILLE, Calif., Dec. 22 /PRNewswire-FirstCall/ -- Large Scale
Biology Corporation (NASDAQ:LSBCD) announced that, as a result of a
lack of cash and liquid assets, it is ceasing its operations in the
ordinary course effective on December 23, 2005. LSBC is notifying
all of its employees that it is not able to continue to fund
payroll and that, as a result, their employment will terminate on
Friday, December 23, 2005. "Despite our efforts to generate
revenue, obtain debt and equity funding, and sell or license
selected assets at reasonable prices, our revenue and liquid assets
are not sufficient to sustain our current operations," said Kevin
J. Ryan, President and Chief Executive Officer of the Company.
Added Ryan, "We are taking steps to preserve our assets for the
benefit of our creditors and stockholders." "Our ongoing
discussions with potential acquirers and licensees, for significant
product collaborations and for partnering initiatives have not
ripened in time to provide cash for current operations or to meet
Nasdaq Capital Market continuing listing requirements," said Ronald
J. Artale, the Company's Chief Operating Officer and Chief
Financial Officer. "These discussions continue, and the Company is
actively exploring alternatives." Trading of Large Scale Biology
Corporation's stock on the Nasdaq Capital Market was halted pending
this announcement. The Company will not appeal the Nasdaq Stock
Market's determination to delist the Company's stock from the
Nasdaq Capital Market at the opening of business on December 27,
2005. Accordingly, the Company's stock will cease trading on the
Nasdaq Capital Market at the end of the trading day tomorrow,
Friday, December 23, 2005. CONTACT: Ronald J. Artale, Chief
Operating Officer and Chief Financial Officer of Large Scale
Biology Corporation, +1-707-446-5501, ext. 320 DATASOURCE: Large
Scale Biology Corporation CONTACT: Ronald J. Artale, Chief
Operating Officer and Chief Financial Officer of Large Scale
Biology Corporation, +1-707-446-5501, ext. 320 Web site:
http://www.lsbc.com/
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