Is this the prelude to the final curtain?
SOURCE: Neuromedical Systems, Inc.
NSI Netherlands, B.V. Enters Moratorium Period; Ceasing of German Operations
UPPER SADDLE RIVER, N.J., March 16 /PRNewswire/ -- Neuromedical Systems, Inc. (NSI) (Nasdaq: NSIX - news) today announced that a Netherlands court has granted NSI Netherlands, B.V.'s application for a moratorium, and has appointed an administrator. During the moratorium, NSI Netherlands, B.V. will evaluate its options, including whether to continue operations or to commence insolvency proceedings. NSI Netherlands B.V. serves as the Company's base of European operations.
''Due to disappointing 4th quarter results, we felt it was necessary to reassess our opportunities in Europe, and the moratorium allows us to do so,'' said Paul R. Sohmer, M.D., President and CEO of NSI. In connection with this reassessment, the Company has also decided to cease its operations in Germany. |
