Chromos currently has some cash, certain business assets and positive working capital. The Company is reviewing its remaining business assets (which include the REM technology, certain rights to use the ACE System for gene therapy and transgenics, and its approximately 29% shareholdings in Agrisoma Biosciences Inc.) to develop a strategic plan for continued operations for the longer term.
"The Company continues to execute against its restructuring plan and as a part of the restructuring is reviewing a number of strategic options and will provide further announcements in due course." said Darrell Elliott, Chairman of the Board.
Risks and Uncertainties
Certain of the statements contained in this press release are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Chromos, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with Chromos' operations. Operating risks include (i) the continued availability of capital to finance Chromos' activities; (ii) Chromos' limited cash position, and (iii) Chromos' limited operations.
CONTACT: Roger Flowerdew, CA, CEO and President, (604) 985-7100, Email: firstname.lastname@example.org; or Jeff Charpentier, CA, Vice President Finance and CFO, (604) 985-7100, email: email@example.com
|SOURCE Chromos Molecular Systems Inc.|
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