ART Advanced Research Technologies, Inc. (ART) announced that in view of the company's ongoing financial needs, its board of directors has initiated a process to explore strategic options available to the company. Concurrently with this strategic review, the company has implemented a downsizing of its workforce.
In connection with its strategic options review, the company has announced a downsizing affecting 35 employees, including 15 lay-offs, resignations or positions abolished, that will result in a 43 % reduction of its operating expenses.
The board has retained KPMG LLP as financial advisor to assist in examining strategic options available to the company which may include a recapitalization of the company, a sale of some or all of its assets, or a restructuring the company’s operations. As part of this strategic options review, the board has authorized the company to explore whether third parties would have interest in acquiring the company.
However, there can be no assurance that the review will result in any specific strategic or financial transactions. The company does not plan to make future comments about the status of the review of strategic options unless there are material developments.
The company’s Chairman & CEO, Sebastien Gignac, stated: “In light of the challenges involved in securing additional financing in the current economic context, and after careful consideration, the board of directors has determined that the company should undertake a process to explore its strategic options. The board has also concluded that the company must reorganize and eliminate certain positions in order to reduce our expenditures during this process.”
ART is a molecular imaging products company for the healthcare and pharmaceutical industries.