ELI Eco Logic ceasing operations, terminating employees, selling assets
www.canada.com (Canadian Press)
ROCKWOOD, Ont. (CP) - ELI Eco Logic Inc. announced Thursday it is ceasing operations, laying off its employees and selling its assets after deciding prospects for selling the troubled company or forming a joint venture looked bleak.
Saturday, August 28, 2004
The waste treatment firm will try to sell its technology after laying off all employees, except the chief financial officer, and search for a reverse-takeover candidate.
The company had a loss of $1.2 million last year after selling its international subsidiary to Bennett Environmental for $1.25 million.
ELI Eco Logic licensed and supported commercial applications of a patented process for the safe destruction of toxic materials. It had 15 employees at the end of December 2003.
Shares in ELI Eco Logic (TSX:ELI), which announced the end of its operations after the end of the trading day, closed up 1.5 cents at nine cents on the Toronto stock market Thursday.