Millennium Cell Inc. (NASDAQ: MCEL) (technically pink sheets) has approved a liquidation plan, and one that is going to bode poorly for shareholders. Its board of directors has approved a liquidation plan via the sale of its assets followed by the distribution of the proceeds to its creditors.
It states up front that at current estimated asset valuations, there is no expectation that the holders of the Company’s common stock will receive any proceeds through the liquidation.
This shouldn’t be a huge surprise as the company ceased operations in May. Its discussions for a reverse merger did not work and were terminated so this is essentially all that is left for an option.
The company had been a developing stage company for hydrogen batteries for use primarily in portable electronic devices for the military, medical, industrial, and consumer markets. Too bad, but not all alternative energy companies can survive. This was a $20+ stock back in 2001.
In short, Bye, bye!"
Jon C. Ogg
July 17, 2008
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