Petards is for sale
GATESHEAD, U.K.--Petards, a developer of IP surveillance systems based here, with offices in Baltimore, Md., has announced it is considering a number of options, including sale of the business, sale of a portion of the business, or third-party refinancing.
The Petards Board issued a statement to this effect earlier this week, but cautioned "that the approaches and resulting discussions are at varying stages of advancement and there can be no certainty that any of the approaches will lead to an offer being made for the company or the acquisition of any of its divisions."
According to reports by Bloomberg news agency and others, Petards has posted losses for the past eight years, and its liabilities currently outstrip its assets, leaving it with no working capital, despite the company's recent report that, "In the six months ended 28 February 2008, the Group received orders for its continuing business (excluding UK Government and Commercial software [which was sold to BAE last year]) totaling [$24.7 million]."
Inquiries to Petards were referred to the board's statement.