restructure should have seen this coming

Not happy - sounds like company in trouble. Obviously some people had some inside info hence the dumps at 8c.


RESTRUCTURING
Dear Sir
The Company provides an update to its quarterly activities report released on 30 April 2008.
For the Company to secure the commercial advantage that it has achieved in reducing the cost of
maintenance inspections for aircraft operators in the civil and military aerospace sectors by using
the Company’s accredited Comparative Vacuum Monitoring (CVM™) products, and to address
the shortfall between costs and the projected increase in sales revenues, it is necessary for the
Company to raise additional working capital in the near term.
To this end discussions are in progress with various parties regarding the funding of the required
capital and the Company will make further announcements on this in due course.
The Company has also implemented strategies to rationalise its cost structure, and will now focus
exclusively on activities associated with the sale and production of existing CVM™ products and
services.
Consequently the Company has suspended expenditure on its Research and Development
activities and has also reduced staffing levels in this area. The Company is also implementing a
range of other cost cutting initiatives.
The focus of the Company is now firmly on the commercialisation of its existing accredited
CVM™ products and services with a view to increasing its revenue.
Yours faithfully