Vancouver, Canada, August 27, 2009 --(PR.com
)-- The Board of Directors of the Silver Recycling Company Inc. has concluded that the Company’s financial condition no longer makes it a viable going concern and has determined to cease all business operations effective immediately.
The company’s inability to meet its financial commitments for the purchase of Pyropure, Inc. and Sun Valley Film Wash Inc. resulted in a write off of almost all of the Company’s assets as of December 31, 2008. In addition, operating losses for the nine month ending March 31, 2009 were in excess of $522,000.
The breaking of the proposed acquisition left the company with no assets. As a consequence, the Company’s new management team, which took over in January, 2009, has been unable to secure sufficient funding to implement its revised business plan and to continue operations.
Concurrent with issue of this press release, the Company has filed on Sedar its unaudited consolidated interim financial statements for the 6 month period ended December 31, 2009 and the 9 month period ended March 31, 2009. Hereafter, the Company will discontinue further public disclosures and regulatory filings.
Mr. Lenard Grenier and Mr. Sidney Stern have resigned as directors of the Company effective August 19, 2009. In addition Mr. Stern has resigned as Interim President, also effective this date.