Health-care software provider MedcomSoft Inc. has succumbed to its financial miseries, proceeding into bankruptcy after failing to reach an agreement with it's creditors.
MedcomSoft, which filed in November to seek a resolution under the Bankruptcy and Insolvency Act, said Monday it "has been unable to conclude a transaction that would allow for the continuation of its operations."
It now is in trusteeship.
"Although a number of prospective investors expressed an interest in acquiring some or all of the assets of the company, I regret that a satisfactory transaction could not be concluded in the time that was available to us," stated Robert Wilson, who has resigned as interim CEO.
MedcomSoft, whose stock last traded at half a cent before being suspended on trading on the TSX following the November filing, lost $794,000 in its latest reported quarter, as operating expenses of $1.1 million overwhelmed revenue of $308,000.
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