Friday, January 22, 2016 8:37:24 AM
Very disturbing-to put it mildly!!
"In the third quarter of 2015 Sicilian Sun Limited and its subsidiary, Sicilian Sun Foods, began production of Gelato for its major US client. In spite of delays on certain raw materials, multiple containers were delivered in August and September.
Prior to this, critical banking facilities needed to manage payable and receivable cycles had been vowed by the company’s Italian bank. In spite of continual meetings and recommitments from the bank, in early September, the absence of the banking facilities began to affect production. Additionally, in early September, there was torrential flooding in Eastern Sicily that resulted in electrical damage at the factory and a “State of Emergency” for the region. As a result, production was halted and, as of January 21, 2016, the plant has not resumed operations.
While seeking other funding sources, the company also began negotiations with a potential partner that could bring needed resources. In Mid-November, a letter of intent was signed for the sale of Sicilian Sun Limited and Sicilian Sun Foods, with a targeted closing date of December 31st, 2015. Further negotiations resulted in a new closing date on, or before, February 5th, 2016. Details of the transaction will be revealed with the signing of the definitive agreement. Less
Sort: Newest | Old/b]
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM