Re: Wonder When
in response toby
Edit this title from the Fast Facts Section
Guess you missed the Aug 3 update. Not that it matters much as even the Nuvilex side looks mighty bleak, at best.
"Nuvilex, Inc. Outlines Fiscal 2011 Business Plans
Cherry Hill, NJ, Aug 03, 2010 (PRWeb.com via COMTEX) -- Nuvilex, Inc. (OTC Bulletin Board: NVLX) announces today its broad business plan outline for fiscal 2011 (May 1, 2010 through April 30, 2011).
With an overall goal of long-term growth, Nuvilex, Inc., over the past six months has been stabilizing its financial position. The Company's financial stability program includes three primary components:
1. Reduction of the Company's cash burn rate to breakeven or better. As of the end of July 2010, the Company is approaching cash breakeven operations with the exclusion of its debt service costs.
2. The sale or lease of the Cherry Hill, NJ property. The Company has actively been working with its lender to eliminate this burden from its balance sheet and anticipates that this will be finalized within the next 60 days.
3. The Company has been amicably working with its creditors to resolve any outstanding debt without litigation, especially the payment or elimination of all remaining short-term debt and trade payable obligations associated with Freedom 2. The Company should have final agreements within the next 60 days.
In short order, the Company hopes to post a balance sheet with increased cash assets and no debts. It is important to note that the Company's financial stability program does not presently include the issuance of stock to settle any outstanding debts, nor does the Company and its Board of Directors plan to reverse split its Common Stock now or in the future.
As the Company enters its fiscal 2nd quarter, Nuvilex will again begin pursuing a growth and acquisition strategy. "
Terms like 'hope' 'amicably' and 'breakeven except debt service costs' does not leave much to the imagination. Not surprised to see current .0072 trades. I expect lower yet.
It will be interesting to see the developements 'within the next 60 days'.
go (disclosure: sold all a while back)