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Odyne Retains Advisor to Evaluate Strategic Alternatives Including Sale
20 October 2008
Odyne Corporation, a developer of plug-in hybrid propulsion systems, has retained Matrix USA, LLC as its financial advisor to evaluate the company’s strategic alternatives, including a possible sale of the company, a strategic partnership, a technology licensing agreement, or an additional raise of equity capital.
Odyne said there can be no assurance that any transaction will occur or, if one is undertaken, its terms or timing. Odyne will not provide updates on its progress or disclose developments with respect to the assessment of strategic alternatives unless the Board of Directors has approved a definitive transaction on terms that the Board of Directors believes will be in the best interests of the shareholders of Odyne.
As the demand for clean technologies in the automotive and trucking industry grows, we believe that a strategic step that enables Odyne to scale production and further commercialize our systems is critical at this time.
—Alan Tannenbaum, CEO of Odyne Corp.
Odyne stock closed yesterday at $0.20 per share; its high had been $2.85 in November 2006.
October 20, 2008 in Brief | Permalink | Comments (1) | TrackBack (0)
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Posted by: Henry Gibson | October 20, 2008 at 06:09 PM
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The current economic market robbed companies like this of actual capital to fatten the wallets of financial speculators. The entire operation of stock selling and buying must be revamped or even eliminated for a new mode of operation that gets away from speculative uninformed buys and sales and prevents the massive disappearance of wealth from the markets.
This company is involved in a government mandate and subsidy supported program as are solar cells and windturbines. Whilst the products produced by this company may actually produce a payoff, the high initial costs may be prohibitive. ..HG..