ELI Eco Logic ceasing operations, terminating employees, selling assets

www.canada.com (Canadian Press)
Saturday, August 28, 2004

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.

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.