Virtutone Networks Inc. (
TSX: V.VFX,
Stock Forum) share plunged 90% to $0.005 Monday after trading in the stock resumed Monday. On Friday, the company said one of its biggest clients in London, England, has not been able to make payments of US$13.8 million.
Virtutone said in a press release it has been left with no alternative but to reduce costs to a minimum, by laying off all staff, excluding CEO Jason Allen, and CFO William Woods. The company has suspended operations in order to allow it to concentrate all efforts on obtaining the payment.
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