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Atelis

• BY: Andrew Hore |
• POSTED: 17/06/2008 |
• COMMENTS: Add yours

Atelis has asked for its shares to be suspended.

The telecoms software developer says that it won’t be able to issue it’s 2007 annual report by the end of June, when its shares would have been suspended anyway. Sales that have been negotiated have not been completed and the financial outlook for the business is uncertain. Management is trying to secure the finance that will give the company a future.

The shares were suspended at 0.73p, which values Atelis at £180,000.

Atelis joined Aim on 9 May 2006 when it raised £1m - £700,000 net - at 20p a share. It was valued at £5m at the placing price. Atelis has developed software that can replace traditional switchboards and allows telephone calls to be made and received over the internet.

Atelis lost £137,000 on revenues of £248,000 in the six months to June 2007. It had less than £3,000 in the bank. Back in November Atelis said that revenues were covering operating costs. 

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