3D Signatures Announces Intention to File for Bankruptcy
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- 3D Signatures Inc. (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) (the "Company" or "3DS"), a personalized medicine company with a proprietary software platform (TeloViewTM) based on the three-dimensional analysis of chromosomal signatures, today announced its intention to assign itself into bankruptcy under the Bankruptcy and Insolvency Act (the “BIA”) and the layoff of its employees and contractors.
As a research and development stage company, 3DS is primarily dependent on funding from investors to continue as a going concern. While 3DS has been successful in reducing its overall cost structure, it has been unable to secure the additional financing required to fund its operations. As a result, the Company intends to assign itself into bankruptcy under the BIA. In addition, the Company has conducted a layoff of its employees and contractors. Subsequent to the filing of the assignment into bankruptcy, the Licensed Insolvency Trustee may request certain key employees to provide assistance with its administration. The Board of Directors of 3DS has not resigned and will cooperate fully with the Licensed Insolvency Trustee once they are retained in accordance with the resolution passed by the Board of Directors on May 30, 2018.
Third Quarter Financial Summary
The Company significantly reduced its cash monthly burn rate and recorded a net loss of $920,758 ($0.01 per Common Share) for the three months ended March 31, 2018 compared to $2,171,822 ($0.04 per Common Share) for the three months ended March 31, 2017.
As at March 31, 2018, the Company had cash resources of $618,411 compared to $1,200,395 as at June 30, 2017 and $2,552,822 at March 31, 2017. As at March 31, 2018 the Company had working capital of $390,689 compared to working capital of $1,329,408 as at June 30, 2017 and $3,215,197 at March 31, 2017.
The Company’s financial statements and management’s discussion and analysis are available on www.sedar.com.
3DS (TSX-V:DXD) (OTCQB:TDSGF) (FSE:3D0) is a personalized medicine company with a proprietary software platform, TeloView™, that is designed to predict the course of certain diseases and to tailor treatment options for the individual patient. The technology is based on the three-dimensional analysis of telomeres, the protective caps at the ends of chromosomes. 3DS’ TeloView™ software platform measures the organization of the genome and its correspondence to; the stage of a given disease, the rate of progression of the disease, how different diseases will respond to various therapies, and a drug’s efficacy and toxicity. 3DS’ proprietary imaging software is designed to go beyond identifying whether a patient suffers from a specific disease or condition. Instead, the TeloViewTM platform is designed to inform clinicians and patients with respect to how to personalize treatment and best manage an individual’s disease based on their unique TeloView ScoreTM.
For more information, visit the Company’s website at: http://www.3dsignatures.com
For further information, please contact:
CEO & Director
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward Looking Statements”). All statements included herein, other than statements of historical fact, are Forward-Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-Looking Statements. Often, but not always, these Forward-Looking Statements can be identified by the use of words such as “intends”, “expects” "estimates", "potential", "open", "future", "assumes", "projects", “anticipates”, “believes”, “may”, “continues”, "plans", "will", "to be", or statements that events "could" or "should" occur or be achieved, and similar expressions, including negative variations. Statements with respect to 3DS’ intention to file an assignment under the BIA, the expectation that the CEO and CFO will continue with the Company to assist with the bankruptcy proceedings, among others, are Forward-Looking statements.
Such Forward-Looking Statements reflect the Company’s current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by 3DS as of the date of such statements, are inherently subject to significant medical, scientific, business, economic, competitive, political and social uncertainties and contingencies. Many risk factors could cause the Company’s actual results, performance, achievements, prospects or opportunities to be materially different from any future results, performance or achievements that may be expressed or implied by such Forward-Looking Statements, including risks related to the filing of an assignment under the BIA by the Company, the expectation that the CEO and CFO will continue with the Company to assist with the bankruptcy proceedings, and the timing of the bankruptcy proceedings, as well as those risks discussed under the heading "Risk Factors" in the Company's annual management’s discussion and analysis dated October 23, 2017 and filed on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the Forward-Looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
In making the Forward-Looking Statements, the Company has made various material assumptions including, but not limited to, 3DS’ ability to complete the assignment under the BIA in a timely and orderly fashion.
3DS believes that the assumptions and expectations reflected in the Forward-Looking Statements in this press release are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-Looking Statements should not be unduly relied upon. This information speaks only as of the date of this press release, and 3DS will not necessarily update this information, unless required to do so by securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.