October 17, 2008--According to publicly available information from the Securities and Exchange Commision (SEC), laser diode manufacturer QPC Lasers (Sylmar, CA) was unsuccessful in its previously announced efforts to raise the additional funds necessary to continue operations. As a result, effective as of October 12, 2008, the Company suspended most of its operations and terminated a majority of its employees.
The SEC documentation says that while management is continuing to explore certain options that might enable QPC Lasers to survive and continue operations, unless significant funding is secured in the next few days, QPC anticipates it will file for protection under Chapter 7 of the federal bankruptcy laws.
Also, effective as of October 13, 2008, Blima Tuller resigned as VP of finance and chief accounting officer of QPC Lasers. Tuller will remain as an employee to assist QPC with accounting and finance matters as necessary.
QPC Lasers' common stock is quoted on the Over-the-Counter Bulletin Board, commonly known as the OTC Bulletin Board, under the symbol "QPCI." On October 10, 2008, the closing sale price of its common stock was $0.035.
Just last month, QPC Lasers successfully completed a Department of Defense (DoD) contract to develop and deliver high-power eye-safe surface-emitting diode pumps for directed-energy weapons applications (see www.laserfocusworld.com/articles/339365).
For more information, visit www.qpclasers.com.