From the Wires
BlueScout Technologies Reduces Headcount to Conserve Capital
By: PR Newswire
Jan. 3, 2013 07:13 PM
- Continuing to Pursue Financing Alternatives -
CHANTILLY, VA, Jan. 3, 2013 /CNW/ - BlueScout Technologies TSXV: SCT, providers of the BlueScout OCS-210 for optimized wind energy generation, announced today a reduction in headcount of 9 employees resulting in the reduction of normal day-to-day operations to conserve cash. To date, even though the Company has not paid out any damages relative to legal disputes, the increasing cost of defending against multiple legal actions by the former founder/CEO and his wife, Phil and Alisa Rogers, and their company Optical Air Data Systems LLC ("OADS") has severely impacted the cash flow and operations of the Company.
BlueScout's viability and ability to continue as a going concern is dependent on securing additional capital. BlueScout continues to actively seek to raise additional capital through debt, equity or other capital raising efforts while also considering other strategic alternatives. There can be no assurance that BlueScout will be able to successfully obtain financing or that any sale of assets or other strategic transactions can be successfully consummated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE BlueScout Technologies
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