ISE Ltd. 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, according to the company. 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.
The company'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, according to the company.