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GigaBeam has scheduled a plan for re-structuring. We believe we will emerge from re-structuring as a private company prior to the end of this year. At that time, GigaBeam will be unencumbered with legacy debts, legal liabilities, and other toxic factors that have hampered the forward progress and stability of the Company. Because of the financial support offered by senior investors as well as ongoing revenue, GigaBeam believes it will have cash on hand sufficient to operate the Company through the initial stages of re-emergence.
At its inception, GigaBeam’s prior leadership elected to enter the scene as a public company. In 2008, GigaBeam voluntarily de-listed from the NASDAQ and following that later in 2008 further de-listed to the pink sheets. Upon evaluation of the cost of remaining a public entity, GigaBeam has determined that the burden of remaining public is financially unsustainable given the size of our existing near term market. Therefore, GigaBeam has requested of the court that we re-emerge from Chapter 11, as a private entity.
We believe that a new GigaBeam Corporation, private, unencumbered by toxic legacy debt and liabilities, and properly supported by its investors will represent a marquis high tech communications and solutions business. Given the engagement level with our client base and our proven ability to deliver communications solutions, the Company believes it will be able to be the first in its space with a product in the upper millimeter wave spectrum to achieve profitable operations. As we move through the restructuring process we will update this section to keep our customers and suppliers apprised of our progress for re-emergence.
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