EATONTOWN, N.J., July 17, 2008 (PRIME NEWSWIRE) -- Millennium Cell Inc. (Nasdaq:MCEL), announced today that its Board of Directors has approved a plan to liquidate the Company through the sale of its assets and the distribution of the proceeds to its creditors. 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.
To assist it in implementing the liquidation plan, Millennium Cell has engaged the services of a company formed by Adam Briggs, former President of the Company, to market and make recommendations to the Board with respect to the asset sales and other matters for the winding up of the Company. Interested bidders for the Company's assets should contact Mr. Briggs at this time at: 1-732-544-5732 or HOD.Sales@gmail.com. The liquidation plan contemplates that Millennium Cell will file for Bankruptcy within the next 30 to 45 days.
Millennium Cell had previously announced during May 2008, at the time that it ceased operations, that it was engaged in discussions with a corporation that had expressed interest in entering into a reverse merger with it, which transaction would have contemplated the provision of short term liquidity for the Company pending its completion. As discussions for that transaction did not proceed as expected and were terminated by the Company, the Company's Board of Directors determined that it had no further options other than to pursue the liquidation plan/Bankruptcy, as had also been contemplated in that May press release if the reverse merger transaction did not proceed.