PolyFuel fails to find buyer, to cease operations
LONDON- Californian fuel-cell technology company PolyFuel Inc said on Thursday it would cease operations immediately and seek shareholder approval to liquidate its assets after failing to secure a buyer.
“The board and its banker, KBC Peel Hunt have been unable to secure a satisfactory offer for the company on a going concern basis,” PolyFuel said in a statement.
Shares in London-listed PolyFuel were suspended in July when the company said it was struggling to secure new capital and warned it would have to wind down the business if it failed to find a buyer.
PolyFuel, which had been looking for funds to complete technology and product development, said last month that equity capital for development stage companies was proving “very difficult” to come by.
PolyFuel had developed a fuel cell power supply for the Lenovo ThinkPad notebook PC.
(Reporting by Lorraine Turner, editing by Paul Hoskins)
