Phoslock Environmental Technologies Limited (AU:PET) has released an update.
Phoslock Environmental Technologies Limited experienced significant corporate restructuring after shareholders rejected a proposal to sell assets and cease operations, instead electing new directors to continue the business. Sales have been low, with the company facing accounting probes, stiff competition, and a lack of sales staff, leading to a cash deficit and suspended shares. Despite these challenges, there are potential projects that could boost revenue, but the company’s future remains uncertain.
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