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On January 3, 2008, after review of the Company’s financial situation and prospects, the Company’s inability to restructure the outstanding debts, the Company's inability to obtain necessary operational funding, and the decision of the SEC to file a lawsuit against the Company, which lawsuit contains claims which the Company believes to be without merit, the Board of Directors of the Company resolved that it is in the best interests of SpatiaLight, Inc. to file a voluntary petition in the United States Bankruptcy Court pursuant to Chapter 7 of Title 11 of the United States Code.
On January 3, 2008 David F. Hakala, as the Company’s representative, working with the Company’s bankruptcy counsel was authorized and directed to execute and deliver all documents and take all necessary actions to perfect the filing of a voluntary Chapter 7 bankruptcy case on behalf of SpatiaLight, Inc. |
