And a pretty bad one, but as old as it is things may have changed but I doubt it. I'll call the Florida # tomorrow, and I've got a call in to St. Louis already. This is older than the announcement that they are going to be participating in that show though, and they did have some processes to license. Chapter 11 is a re-organization though, so things may be OK anyway.
Quadrex Corp. makes announcement
ST. LOUIS--February 6, 1995--Quadrex Corp. (OTC BB:QUAD) Monday announced that its board of directors has voted to sell all of its assets including its subsidiary, BioEnergy International L.C., in order to raise funds to meet creditor obligations.
The board concluded that there are no operating income opportunities for the company in the foreseeable future and therefore adopted this course of action.
The company will seek the services of an investment banking firm, or other professionals, to value and assist in the sale of BioEnergy.
The company does not currently know the value that the subsidiary might realize in a sale. Other assets of the company include rights to approximately 1,050,000 shares of the common stock of Perma-Fix Environmental Services Inc. (NASD:PESI), a closed ethanol facility at Floyd, Va., office and laboratory equipment located principally at its Gainesville, Fla. Research and Development facility and a contract for a low cost liquid starch feedstock for ethanol production in Minnesota.
The company feels that it is extremely unlikely that any proceeds will be available for distribution to equity holders.
The board has also authorized management to seek bankruptcy protection, if necessary or appropriate, to complete the orderly valuation and maximum sale value of the BioEnergy subsidiary and other assets.
Quadrex is traded on the OTC Bulletin Board under the symbol QUAD.
Looks like this one needed to be researched a little more before I jumped, but I didn't jump very deep at all. I'll keep you updated. |
