Micro Technologies updates on sealing of Vashi premises

Micro Technologies India Ltd has announced that the Board of Directors of the Company at its meeting held on November 14, 2007, inter alia, has discussed the following:

1. The Board was informed of the Sealing action of the Vashi premises by NMMC and immediate actions taken in relocation of the staff in the other locations to ensure proper support to the clients. The sealing action is sequel to action taken by the Company in terminating the contract with Haware Engineers and Developers Pvt Ltd for not completing the construction of the building on the Plot bought by Micro Technologies with initial plinth and piling done by the Company in 2001. One of the terms of the contract was to obtain all permissions including Occupancy certificate. The contractor has obtained the Status—quo order front the court because of which further processing of OC could not be completed by the Company as the matter is sub judice. Now with the intervention of High Court this is being pursued for completion.

2. The Board has been intimated about the Micro technologies expansion program through alternate sites in other states where very good offers have been received.

3. The Board also informed of the Global award to be received in Hong Kong in the first week of Dec. because of the global technology contributions of the Company at large for its excellence and innovative Safely and Security products.

4. Micro Technologies is rolling out its expansion plans outside the country and has already started receiving lucrative offers from US, Europe, Middle East, and Japan.

Source : Equity Bulls

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