AorTech widens H1 operating loss, continues litigation
AorTech has posted an H1 operating loss of $310,000, from a loss of $193,000, as it continues to pursue litigation linked to its former chief executive after a failed attempt at mediation last week.
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Revenue was $240,000, from $380,000.
It was now three years since former chief executive Frank Maguire resigned on short notice.
"AorTech commenced litigation against Mr. Maguire in March 2014 and later extended it to include other parties," the company said.
"A court-ordered mediation process was undertaken last week, but no agreement was reached," AorTech said in a statement.
"AorTech is disappointed that the mediation process was not successful, as proceeding to trial will result in a period of continued uncertainty for all parties.
"AorTech intends to continue pursuit of the litigation but remains open to a negotiated resolution."
At about 14:58 GMT, shares in AIM-quoted AorTech were down 25.53% to 17.5p.