E-Force awaits bank decision

Late last year E-Force closed its loss-making web portal and announced plans to restructure. It has been concentrating meantime on its international procurement business, PSI

The company has been in a cash-flow crunch from it head lease rentals in Christchurch, which it claims are significantly above market. The income from sub-leases have not been enough to cover the company's costs.

E-Force chief executive, Bill Farmer, says the company has been considering a number of restructuring options.

"At present the company's bank is considering its position in regard to the options that have been put before them by the company's board."

Two of the company's directors have today announced their resignation from the board.

Guy Cook is stepping down because of time constraints, while Warren Bird says he is resigning of possible conflicts in regard to options being investigated for the company that could form part of the restructuring proposal.

Bill Farmer says until any response has been received from the company's bank and E-Force makes a further announcement, trading in its shares should be considered speculative.

The company's stock has been trading around 3 cents per share.

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