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Article: Kronos Announces Plan to Deregister Its Common Stock and Provides Update Regarding the Event of Default Under Its Secured Financing and Certain Personnel Matters.
- Article from:
- PR Newswire
- Article date:
- February 12, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BELMONT, Mass., Feb. 12 /PRNewswire/ -- Kronos Advanced Technologies, Inc. ("Kronos"), (BULLETIN BOARD: KNOS) announced today that, following extensive discussions with its secured lenders regarding the outstanding obligations under the AirWorks and Hilltop promissory notes, Kronos is in the process of transferring control of its assets to AirWorks and Hilltop in accordance with peaceful possession procedures. In addition, in light of Kronos' financial condition and the ongoing peaceful possession proceedings, Kronos will be voluntarily deregistering its common stock and ending its reporting obligations under the Securities Exchange Act of 1934. Kronos' obligation to ...
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