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Compositech Ltd. Reports Second Quarter Results

  • Friday, 18th August 2000
  • Reading time: about 2 minutes

Compositech Ltd., a developer of high tech laminates for the printed circuit board industry, reported results for the second quarter ended June 30, 2000. Because of the Company’s decision to suspend manufacturing operations in December 1999 and refocus its resources on locating suitable licensees, joint venture partners or purchasers for its patented technology, the Company did not record any sales, manufacturing or research and development expense in the second quarter of 2000. Net loss for the three months ended June 30, 2000 was $537,676 compared with $2,094,514 for the same 1999 period. Net loss for the six months ended June 30, 2000 was $1,438,606 compared with $3,732,536 for the same period in 1999. “The current year’s results reflect the reduction of overhead resulting from the Company’s business plan to license its technology rather than continue the high cost manufacturing that was done in 1999,” said Samuel S. Gross, Compositech’s Chief Financial Officer. “Further reductions will result from the Company’s recent move to smaller quarters, which are more appropriate for licensing and the development of new products. We expect our operating cash requirement to be well below $100,000 a month,” he added. Mr. Gross also announced, “Our negotiations for the acquisition of The Aeon Group, Inc. have been terminated. Jonas Medney, Chairman and Chief Executive Officer, reported, “We are involved with licensing discussions at several levels: suppliers to the industry, laminate manufacturers and recently an influential Original Equipment Manufacturer which would recommend a license to its supplier.” “We are also expecting a visit from a delegation from mainland China for consideration of their building a plant for our laminate in China. We anticipate further announcements before the end of the year,” he concluded. Compositech Ltd. has developed innovative and superior copper-clad and fiberglass epoxy laminates used to make printed circuit boards, which are essential components of personal computers, workstations, data communications, Internet servers and telecommunications equipment.

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