May 31 (Reuters) - colorTV Ltd (CTV) : BOARD NOTED THAT CO WAS...

May 31 (Reuters) - colorTV Ltd (CTV) :

• BOARD NOTED THAT CO WAS PLACED INTO ADMINISTRATION WITHOUT CONSULTATION OR APPROVAL OF BOARD AT TIME
• SINCE THIS EVENT, EXTENSIVE TIME AND EFFORT HAS BEEN DEPLOYED BY DIRECTORS TO END ADMINISTRATION
• DIRECTORS CONTINUE TO UNDERTAKE REVIEW TOGETHER WITH PURSUING ALL AVENUES TO GAIN ACCESS TO BOOKS AND RECORDS OF CO AND ITS US UNITS
• DIRECTORS HAVE REDUCED OVERHEAD COSTS OF CO TO A MINIMUM, INCLUDING CEASING OF ALL DIRECTORS' PAYMENTS
• EXPLORING ALL LEGAL OPTIONS AND RECOVERY ACTIONS AVAILABLE TO IT TO RECOVER LOANS AND ASSETS