Astrocom Corp is a manufacturer and distributor of telecommunications product went bankrupt in 2003. More details about the proceedings are given below. Recently the company has changed its name to Ecessa Corporation.
Astrocom Corporation Announcement Business Wire, August 4, 2003 Business Editors/High-Tech Writers
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 4, 2003 Astrocom Corporation (OTCBB:ATCC) today announced that due to continuing financial difficulties it has become reasonably likely that a Chapter 11 bankruptcy filing will be made by the Company later this week. Astrocom Corporation Files Voluntary Petition Under Chapter 11 of the United States Bankruptcy Code Business Wire, August 7, 2003 Business Editors/High-Tech Writers MINNEAPOLIS--(BUSINESS WIRE)--Aug. 7, 2003 Astrocom Corporation (OTCBB:ATCC) today announced that it has filed a voluntary petition under Chapter 11 of the federal Bankruptcy Code in the United States Bankruptcy Court in Minneapolis, Minnesota. Given the corporation's inability to develop a sustainable revenue base that would support its operational needs, and its inability to obtain alternative sources of capital, the corporation filed for bankruptcy while it had sufficient funds to explore reorganization. Four of the corporation's nine employees have been or will be laid off. Ronald B. Thomas, CEO and President, will serve as Astrocom's responsible individual during the corporation's reorganization process. This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including the ability of Astrocom to have sufficient funds to reorganize and other risks cited in Astrocom's securities filings with the Commission. These forward-looking statements speak only as of the date hereof. Astrocom disclaims any intent or obligation to update these forward-looking statements. |