ISE Limited
TSX : ISE

ISE Limited

March 08, 2011 17:58 ET

ISE Assets Sold in Court-Approved Bankruptcy Sale

SAN DIEGO, CALIFORNIA--(Marketwire - March 8, 2011) - ISE Limited (TSX:ISE) announced today that substantially all of the assets of its principal operating subsidiary, ISE Corporation (a California corporation), were recently sold to a group of purchasers unaffiliated with and unrelated to ISE or any of its directors, officers or stockholders, following a public auction and competitive bidding process overseen by the bankruptcy court presiding over ISE Corporation's previously-disclosed bankruptcy case. The aggregate gross proceeds received by ISE Corporation pursuant to the winning auction bid were US$3,721,000. The bankruptcy court has approved the sale. Proceeds of the sale will be distributed pursuant to the priority scheme of the bankruptcy laws, subject to any further orders of the bankruptcy court. Generally, proceeds are applied first against bankruptcy administrative and priority expenses and then against the outstanding general unsecured claims of creditors as dictated by the United States Bankruptcy Code. At this time, ISE does not believe that any proceeds from the sale transaction or otherwise will be available thereafter for distribution to the stockholders of ISE Limited. 

As a result of its financial position, ISE does not have the available resources or capacity to have its auditors conduct a review engagement of its financial statements or to prepare management-prepared financial statements, nor does it believe that management-prepared financial statements would be appropriate in the circumstances. Accordingly, ISE will be unable to meet its periodic filing obligations under applicable securities regulatory authority rules for the foreseeable future.

Directors Gerd-Dieter A. Goette, Michael E. Sears and Richard J. Sander have resigned from the board of directors of ISE since the consummation of the above-described sale transaction. 

Following the distribution of all available proceeds against bankruptcy administrative and priority expenses and the outstanding claims of creditors as dictated by the United States Bankruptcy Code, ISE intends to commence the formal dissolution of ISE Limited and ISE Corporation.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements.

Although ISE believes that the expectations reflected in the forward-looking statements are reasonable, ISE cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, ISE does not intend to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

Contact Information

  • ISE Limited
    David Morash
    Chief Financial Officer
    +1 858-413-1720