On the instructions of the Chairman of the Board, we advise that since December 15, 2006 the company is still experiencing severe cash flow problems and have been unable to meet its financial obligations namely:-
Payment of its statutory obligations
Payment of salaries and
Payment of its commercial debt
Additionally the company is not in a position to finalise its Unaudited Financial Statements for the quarter ending December 31, 2006 and also to retain its auditors to commence the Audited Financial Statements for the year ending 2006 due to its monetary problems.
With the resignation of three (3) of its Directors in December 2006, the remaining Directors have not had the opportunity to hold a meeting because of the aforesaid problems. The Company has advised the Exchange that it will further inform the Jamaica Stock Exchange of the company’s plan for the way ahead.
