Locked out from its offices last Thursday (CI No 3,192), Gandalf Technologies Inc now has been forced to outline just how bad things are at the company. It has been looking for three ways out of its current crisis; either by extending its credit with the Royal Bank of Canada, finding a strategic partner or arranging additional financing. Yesterday, it said that it was obliged to advise its shareholders that none of these strategies had been successful. Gandalf believes that the Bank’s decision is likely to be based on the company finding a strategic partner, but that although it has been actively seeking one since February the company has not received any formal offers in this regard. In addition, the company said it believes that the financial difficulties currently facing the company are affecting customers’ purchasing decisions, and are having and will continue to have a significant impact on revenue levels until such time as these financial uncertainties are resolved.
