"We continue to design and introduce cutting-edge products and technologies and release to the market other innovative technologies," said S.K. Lee, CEO and Founder of Pixelplus. "For this purpose, we continue to develop our core strategic business for automobile, security and surveillance applications, and positively collaborate with medical endoscope manufacturers in South Korea as well as key distributors and manufacturers in China, Hong Kong, Taiwan, and Japan. In parallel, we continue to vigorously pursue cost-control measures and are encouraged that we continue to effectively manage our operating expenses on a reliable and consistent basis."
PR Newswire: Pixelplus announces that it will terminate its American Depositary Receipts (ADR) Program. The company's ADRs will continue to trade over the counter (OTC) in the US until the date of termination of the Deposit Agreement on February 29, 2012.
"We are inclined to terminate the Deposit Agreement and ADR Program as we do not envision the ADR Program as positively enabling, effectuating, or contributing to our short-term and long-term business goals and strategies now and into the foreseeable future," said S.K. Lee. "In addition, the Company's financial costs and expenses incurred in connection with sustaining the ADR Program poses an undue and unnecessary economic burden which we would like to eliminate in moving forward. For these reasons, we have no choice but to terminate the Deposit Agreement and ADR Program in a timely and effective manner."
Pixelplus expects to become a part of the "Free Board" in South Korea in due course, which is South Korea's equivalent of the OTC in the US.
