Metal-Tech: Results for the year ended 31 December 2011
May 11 -- Metal-Tech (LON:MTT) , the producer and recycler of speciality metals such as Tungsten and Molybdenum, announces results for the year ended 31 December 2011.
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Operational Summary:
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· The bankruptcy issue with the Company's Mongolian joint venture, Shim-Technology Co. Ltd. (Shim-Tech), is still under court process
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Update on Mongolian Operations
As stated on 28 June 2011, the Company was informed that thecourt in Erdenet has in May 2011 declared Shim-Tech, the Company's Mongolian subsidiary, bankrupt and ordered relevant authorities to freeze its accounts and seize its assets. As a result, the Company is no longer in control of Shim-Tech and therefore ceased to consolidate the financial statements of Shim-Tech. As previously stated, Metal-Tech is taking all necessary actions in Mongolia to attain a fair and just result for the Company, including the submission of its claims as creditor of Shim-Tech.
…
Operational Summary:
…
· The bankruptcy issue with the Company's Mongolian joint venture, Shim-Technology Co. Ltd. (Shim-Tech), is still under court process
…
Update on Mongolian Operations
As stated on 28 June 2011, the Company was informed that thecourt in Erdenet has in May 2011 declared Shim-Tech, the Company's Mongolian subsidiary, bankrupt and ordered relevant authorities to freeze its accounts and seize its assets. As a result, the Company is no longer in control of Shim-Tech and therefore ceased to consolidate the financial statements of Shim-Tech. As previously stated, Metal-Tech is taking all necessary actions in Mongolia to attain a fair and just result for the Company, including the submission of its claims as creditor of Shim-Tech.
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