Source: Earthport
As part of the review of the business announced on 2nd June 2005, the Board of earthport is pleased to announce that negotiations with several major creditors have been concluded, with agreement for the reduction of £4.0 million of debt down to £1.25 million of debt.
On completion therefore, total net liabilities will have fallen by £2.75 million. For comparison, reported net liabilities as at 31st December 2004 were £9.2 million.
Executive Chairman, Mike Harrison said, "These steps will significantly improve earthport's balance sheet and provide a much firmer base from which to continue developing the business."