We really, really need the money...
By Ian Jones
Published: 29 November 2001 10:11 GMT
British speech recognition software firm Vocalis is to offer investors almost 50 million new shares at 5p per share in an effort to raise £4.1m and stave off going into administration.
The company has admitted that its cash reserves will disappear on 21 December if it doesn't get the money.
The Cambridge-based firm has been burning cash at £400,000 per month, according to the Financial Times. It's shares were once worth £10.57 each.
For related news, se:
Vocalis joins BT for call centre software
http://www.silicon.com/a38184
Vocalis let Web users have their say
http://www.silicon.com/a36901
IDC warns of software market slowdown
http://www.silicon.com/a49477
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