News: PET Phoslock Environmental Technologies Says Directors Resolve To Proceed With Potential...

Oct 31 (Reuters) - Phoslock Environmental Technologies (PET) :

• DIRECTORS RESOLVE TO PROCEED WITH POTENTIAL ASSET SALE AND WIND-UP OF COMPANY
• RESOLUTION FOLLOWS PROCESS TO IDENTIFY OPTIONS TO SECURE NECESSARY CAPITAL TO CONTINUE OPERATIONS OF CO
• WILL TAKE STEPS TO REDUCE COSTS AND WIND DOWN OPERATIONS
• DIRECTORS HAVE RESOLVED TO PROCEED WITH PROPOSED ASSET SALE AND TO SEEK DE-LISTING FROM ASX, WINDING-UP OF CO
• CURRENTLY NEGOTIATING WITH THIRD PARTY REGARDING POTENTIAL DIVESTMENT OF PET'S KEY ASSETS IN EXCHANGE FOR CASH
• WHILE THESE NEGOTIATIONS ARE INCOMPLETE AND THERE CAN BE NO GUARANTEE THAT A TRANSACTION WILL BE CONSUMMATED
• PET WILL CONTINUE TO MONITOR AND SATISFY COMPANY'S LIABILITIES INCLUDING COSTS ASSOCIATED
• PROPOSED DE-LISTING, AND BUSINESS WIND DOWN WILL HELP TO REDUCE ADMINISTRATION COSTS PENDING WINDING-UP OF CO
• DEPENDING ON PROCEEDS AND EXTENT OF LIABILITIES/COSTS, THERE MAY BE RETURN OF CAPITAL TO PET SHAREHOLDERS