LONDON (ShareCast) - IP based communications software Ametus said it could push for an early sale of the business if it can not raise finances.

The group said costs of developing an educational product coupled with lower sales in the past four months has resulted in continuing losses.

It is currently exploring ways of raising additional capital both to provide working capital and to fully exploit the educational product.

“The company is discussing with its major shareholder and deputy chairman the provision of immediate financial support for the Company which he has provided in the past,” said the group.

“Should Amteus be unsuccessful in raising the necessary finance then this will have a material adverse effect on the company's financial position and operations and it would be obliged to seek alternative financing solutions including an early sale of the business,” it added.

The group also said it will be taking legal proceedings against a placee who has failed to take up a placing of 666,000 shares at 15p each.

In order to raise the working capital this subscription would have generated, Amteus has given notice to draw down a standby facility of £100,000 form deputy chairman Jeffrey Morris.

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