8-K: MIGRE Bd Directs Opers to Cease On or About 10/15
Wednesday, October 01, 2003 17:54 ET
Migratec Inc (OTCBB: MIGRE) filed an 8-K on 10/1, in which the Company reported that it failed to make an interest payment due September 30, 2003 to its secured debt holders and has advised the collateral agent for the secured debt holders of its financial condition.
While the ultimate success of the Company's sales efforts for non-exclusive source code licenses is unknown at this point, it is probable that the Company will not be able to repay the principal amount owed to the secured debt holders.
If the Company is unable to generate sufficient revenue from source code licenses over the next two weeks to repay the aggregate amount owed to the secured debt holders, management believes that the collateral agent will pursue all of its lawful remedies relating to the secured debt.
In view of the above and the fundamental lack of liquidity in the business, the Company's Board of Directors has concluded that the Company no longer possesses the ability to continue operations and has directed that operations cease effective on or about October 15, 2003.
As of that date the remaining employees will be terminated and any residual service obligations the Company has will be fulfilled by contractors.
Additionally, due to the Company's inability to meet its obligations with regard to the space it leased on Luna Road, in Dallas, Texas, effective immediately the offices of the Company have been relocated to temporary office space.
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