Science & Technology
Science and Technology
Science and Technology
Wed, December 17, 2008
Tue, December 16, 2008 
BOULDER, Colo.--([ BUSINESS WIRE ])--Telemetrix, Inc. (Pink Sheets: TLXT) (the "Company") today announced that the Company and Convey Communications Inc., its wholly-owned subsidiary, filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Denver, Colorado.
The Company has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the Company, its creditors, stockholders and other interested parties in light of ongoing financial challenges and the inability to adequately fund operations and obligations. The Company is a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Court.
William W. Becker, Chief Executive Officer of Telemetrix, said, "Over the past six months, Telemetrix has significantly improved its expense management and streamlined its organizational structure. Unfortunately, the burden of Telemetrix's long-term indebtedness, coupled with the lack of refinancing options in today's constrained credit markets, have limited our ability to restructure using out-of-court vehicles, leaving Telemetrix with no alternative other than the actions announced today."
During the bankruptcy proceedings, Telemetrix expects to sell the Company and/or its key assets. Proceeds from any transactions will be distributed to the Company's stakeholders, including its creditors. Prior to the sale process, Telemetrix cannot forecast the amount of these proceeds or whether the combination of sale proceeds will exceed the Company's liabilities. Therefore, the Company cannot predict whether or not any proceeds will be distributed to shareholders.
Telemetrix has retained Weinman & Associates, P.C. as bankruptcy counsel
About Telemetrix, Inc.
Telemetrix is a wireless mobile telecommunications service provider and network operator, with headquarters in Boulder, Colorado. The Company is a provider of wireless voice, data and short-messaging services. The Company is marketing its services under Convey Wireless, a registered "doing business as" name.
Forward-Looking Statements
Statements in this news release that are not purely historical facts, including statements regarding our beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Additional information with respect to the factors and events that could cause differences between forward-looking statements and future actual results is contained in the company's Securities and Exchange Commission filings, including the company's Annual Report on Form 10-K for the year ended December 31, 2007. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
