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|ISE Reduces Headcount to Conserve Capital|
SAN DIEGO, CA, Jul 13, 2010 (MARKETWIRE via COMTEX) -- ISE Limited (TSX: ISE) announced it has implemented a reduction in force of 45 employees across all functional areas to lower costs and conserve capital while the company actively seeks additional financing. ISE believes that, despite these reductions, it can continue the regular day-to-day operation of its business.
ISE's viability and ability to continue as a going concern is dependent on securing additional capital. Accordingly, ISE is actively seeking to raise additional capital through debt or equity or other capital raising efforts, which may include a sale of assets. ISE is also considering other strategic alternatives. There can be no assurance that ISE will be able to successfully obtain financing on commercially reasonable terms or at all, or that any sale of assets or other strategic transaction can be successfully consummated. ISE's existing cash and cash equivalents will not be sufficient to meet ISE's anticipated cash needs beyond July 2010 unless such additional financing is obtained or such other capital raising transaction is consummated.
About ISE Limited
Established in 1995, ISE is headquartered in San Diego, California. ISE's history of innovation and technological leadership has resulted in the design and development of systems and components that deliver superior operating performance. For more information visit www.isecorp.com.
Caution Regarding Forward-Looking Statements This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Some of these factors are described in greater detail in the "Risk Factors" section of ISE's Prospectus dated February 11, 2010 filed on SEDAR, ISE's Annual Information Form for the year ended December 31, 2009 filed on SEDAR, and ISE's other filings with the Canadian securities regulatory authorities. These risks and uncertainties include, among others, risks associated with ISE's long and unpredictable sales cycle; risks associated with product liability and warranty claims and the safety of ISE's products; risks relating to ISE's need for additional capital; risks associated with variations in the size, type and timing of customer orders for ISE's products; risks associated with market acceptance and reliability of ISE's products; risks associated with entering into long-term contracts and contracts with governmental agencies; risks associated with the availability, level and terms of government subsidies and incentives; risks associated with customer concentration and ISE's dependence on a small number of suppliers and original equipment manufacturers ("OEMs"); risks associated with ISE's strategic relationships; risks associated with executing ISE's growth strategy in the United States and internationally and scaling up our manufacturing capacity; risks relating to the retention and recruitment of qualified personnel; risks resulting from competition with larger businesses with greater resources; risks associated with technological advancements in ISE's industry; and risks relating to the protection of ISE's intellectual property.
Although ISE believes that the expectations reflected in the forward-looking statements are reasonable, ISE cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, ISE does not intend to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
ISE, the ISE logo and Ultra-E are trademarks of ISE Limited. Other brand or product names are trademarks of their respective holders. Copyright Copyright 2010 ISE Limited. All rights reserved.
SOURCE: ISE Limited