Astralis Reviewing Strategic Alternatives and Change of Status of Officer
06 Octobre 2006 - 8:52PM
PR Newswire (US)
FAIRFIELD, N.J., Oct. 6 /PRNewswire-FirstCall/ -- The Board of
Directors of Astralis, Ltd. (OTC:ASTR) (BULLETIN BOARD: ASTR) has
determined that Astralis is unable to continue funding drug
development activities and is considering strategic alternatives
including a sale of the assets of the Company. On August 21 the
Company announced that, "As of the date of this press release, the
Company's liabilities exceed its cash. If the Company does not
acquire additional cash within days, it will be forced to cease
operations." During the last six months, the Company has been
unable to identify sufficient funds to finance its continuing
operations. By mutual agreement Michael Garone has agreed to resign
as the Company's interim Chief Executive Officer and Chief
Financial Officer. Mr. Garone has been appointed by the Board as a
consultant and financial advisor to assist in the analysis and
development of the Company's strategic plan. Interested parties can
call: Mike Garone on (973) 945-2229 or email . Or Dr. Jose O'Daly
on (973) 224-5723 or email . DATASOURCE: Astralis, Ltd. CONTACT:
Mike Garone, +1-973-945-2229, , or Dr. Jose O'Daly,
+1-973-224-5723, , both of Astralis, Ltd.
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