Fluorotechnics

By a GenomeWeb staff reporter
NEW YORK (GenomeWeb News) – Fluorotechnics has reported that its preliminary fiscal-year 2011 revenues fell 67 percent from FY2010, as it continues to reorganize its business in a bid to stay afloat.

As the Australian firm continues on its turnaround bid, it continues to sell remaining operations and assets and is reviewing new investment opportunities.

As the Australian firm tries to stay afloat, first-quarter revenues plummeted nearly nine-fold from A$1.8 million a year ago.

The Australian gel and protein detection firm sold its US subsidiary and its flagship technology in recent months and is now targeting acquisitions moving ahead.

As it sells off parts of its business in a restructuring effort, the company also announced four of its directors have stepped down.

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Peter Bergquist, John Fletcher, Lars Utterman, David Weber, Jeff Howbert

The company cited "disappointing revenues ... due to the global financial crisis" as the reason for the sale and added that it "is continuing to review other opportunities for the orderly sale of the remaining operations and assets."

The Australian firm intends to use the proceeds primarily for sales and marketing efforts.

Fluorotechnics Raises $1.06M

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The firm raised A$1.035 million through a rights issue and A$200,000 through a share placement.

The company will issue up to 3.7 million new shares to raise funds for corporate purposes.

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