Frisby still without needed financing to survive
Frisby Technologies (ComforTemp) has not yet been successful in securing the additional capital required for the company to continue its current operating plan
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Frisby Technologies (ComforTemp) has not yet been successful in securing the additional capital required for the company to continue its current operating plan through the end of 2002. While Frisby reports that the company has received a proposal from an investor to provide up to $1 million in financing, the proposed financing has so many conditions it is not likely to be acceptable. In addition, the financing would not be available until January 2003, requiring Frisby to obtain a bridge loan to see the company through December. Another alternative is the possibility of a merger or the potential sale of some or all of its assets. The company has informed investors that if it cannot find financing or complete a merger or sale of some of its assets, the company may seek voluntary bankruptcy protection. Any further updates on the company’s financial condition will be filed with the SEC on or before Nov. 14.