DiamondTech Inc (AIM: DTEC) said it still has not received the funding due to it from Beryl Capital (UK) Ltd and been unable to reach agreement with Automotive Components (Pty) Ltd about funds owed to DiamondTech and has therefore decided to put its South African subsidiary, Primus Special Projects (Pty) Ltd, into provisional liquidation.
Shares in the group have been suspended since June 23, when it announced that Beryl Capital had not paid the funds pursuant to the legally binding placing agreement entered into between the company and Beryl in May 2009. It had said it needed the money to continue trading.
The liquidation application to wind up PSP was filed at the High Court today, July 21, and the directors expect that a liquidation order will be later today.
DiamondTech is offering mining operators what it calls a more secure, lucrative and efficient diamond mining and sorting process termed the LRU (Laser Recovery Unit).
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