Here is their current state of affairs from their website:
The directors of Grayling Wireless USA Inc. ("GRYW") had been in negotiation with the Company's principal banker ("PFK") for some time in an attempt to preserve some value for the Company's shareholders. In the midst of our negotiations an unforeseen event occurred whereby a receiver/manager has been appointed to manage the affairs of PFK effectively ending the ability to reach a successful conclusion on behalf of the shareholders.
Therefore, in accordance with long-standing, securitized loan agreements with our principal banker all of the assets of GRYW and its subsidiaries, ClearCalm and Stone Mountain, have been transferred and the debt has been extinguished. This essentially leaves GRYW with no assets, other than potential value from the future utilization of tax losses carried forward. However, unsecured debt remains in the Company and any future tax loss recovery would be directed toward partially satisfying the unsecured debt-holders, leaving no residual value for the common shareholders.
We do not know what fate awaits ClearCalm technology. We had attempted for several years to work with Scott Health & Safety to come up with the right product strategy to meet their needs, but unfortunately the clock ran out. That's not to say that ClearCalm won't have a life, but that will be up to the receiver/manager and will provide no future benefit to GRYW common shareholders.
We deeply regret having to pass along this very unfortunate news, we thank you for your patience and support over the years.
Board of Directors
January, 2011
