Steam-based technology developer Pursuit Dynamics says that it is going to focus on its two main divisions and it is seeking partners for other operations.
Pursuit still has £6.1m in the bank but it needs to stem the cash outflow or that will not last long. Cost cutting, including the departure of the finance director, will reduce the cash outflow by £450,000 a month. Higher revenues would help but this year they are only expected to be £1m.
The failure to secure a significant contract from Procter & Gamble led to a collapse in the share price. At 12.25p a share, down 0.88p, Pursuit is valued at £10.6m. A recent rights issue raised £8.88m at 100p a share.
The focus will be the public safety and brewing and food operations. Pursuit is identifying potential investors or partners for the waste treatment and bioenergy operations.
Pursuit is still looking for a new chief executive.
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