IDMoS shares suspended

Feb 29 2008

Bleak outlook as directors scramble to get a buyer

FINANCIALLY stricken IDMoS has asked for its shares on the AIM to be suspended.

The specialist in disease detection and monitoring technology is desperately seeking a buyer as it rapidly runs out of cash.

A statement issued said it can only continue commercial operations beyond March 1 for a short period.

The company said: "Discussions currently being held with a number of interested parties concerning a range of possible transactions are progressing such that, following advice, the Directors have decided the Company should continue its operations for a short period to attempt to secure a transaction, which may include an offer for the entire share capital of the Company.

"While discussions with potential counter parties have progressed, the Directors reconfirm that they are actively pursuing all such opportunities including seeking buyers for the entire issued share capital of the Company, although there can be no certainty that an offer or any other transaction will be forthcoming.

"As a result of the above financial uncertainty, the Directors have requested that trading in the Company's shares be suspended, pending further updates from the Company as discussions progress."