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01 Dec 2008 Register / Login F F F
02 May 2008

Millennium Cell makes stakeholder announcement

Hydrogen fuel cell developer Millennium Cell has released a statement to its shareholders detailing its current financial situation.

In a statement yesterday the company announced that it had been unable to secure enough funding to continue its business operations - and as a result "furloughed" all employees until further notice.

Millennium Cell's board of directors and senior managers are said to be in talks with third parties, which have "expressed interest in entering into a potential transaction with the company" and could provide short-term liquidity.

"The company cannot provide any assurances that it will be able to complete any of these potential transactions or, if such a transaction were not completed on reasonable terms, avoid a bankruptcy proceeding," Millennium Cell stated.

Based in New Jersey, the company currently has around 40 employees.

http://www.millenniumcell.com/fw/main/default.asp?DocID=92&reqid=1138721
http://www.millenniumcell.com/fw/main/Overview-12.html








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