6th Aug 2019 17:04
(Alliance News) - Modern Water PLC on Tuesday said it is planning a restructure and has entered "advanced negotiations" for the sale of Modern Water Inc in the US.
Shares in membrane water treatment and advanced monitoring firm closed up 22% at 1.98 pence.
The restructure is intended to focus on Modern Water's membranes process technologies, with the assets of its US-based Modern Water Inc monitoring division sold off.
Morern Water Services Ltd and Cogent Environmental Ltd have opted to appoint liquidators.
Modern Water has chosen to keep control of Surrey Aquitechnology Ltd, which holds most of its patents, as part of its membrane process technology focus.
"We are working on overcoming our liquidity problems in order to retain a restructured business that can service our customers with world-leading innovative technologies," said Modern Water Chief Executive Simon Humphrey.
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