Compositech Ltd. Files for Voluntary Bankruptcy.Business Editors RONKONKOMA, N.Y.--(BUSINESS WIRE)--July 13, 2001 Compositech Ltd. (CTEK), a developer of high tech laminates for the printed circuit board industry, today reported that on July 11, 2001, the Company filed a voluntary Chapter 11 petition in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Eastern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Case No. 01-85428. The Company is continuing as a debtor in possession debtor in possession n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor with its prior management, pursuant to Section 1107 of Title 11 of the United States Code Title 11 of the United States Code outlines the role of Bankruptcy in the United States Code.
The Company ceased its manufacturing operations at the end of 1999 and since then has been engaged in a program to license its technology. The negotiations with a potential licensee announced in January 2001 are still continuing as well as discussions with other potential licensees. The Company believes that progress has slowed due to the downturn in the technology sector. The pressure of debts incurred during its manufacturing operations brought the Company to take this action. The Company is working on a plan which it intends to file in the near future. Forward Looking Statement The statements made in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the Company's SEC reports and filings, including, but not limited to, its report on Form 10-QSB for the quarter ended September 30, 2000 and its report on Form 10-KSB for the year ended December 31, 1999, may affect the results achieved by the Company. |
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