Edmonton 3-D optics developer Tetratel Inc. says it no longer intends to make a takeover offer for VisuaLabs.
The company says it is withdrawing its bid due to recent publicly disclosed material changes in the affairs of embattled Calgary firm VisuaLabs, which also specializes in three-dimensional technology. Tetratel provided no further specifics.
The company announced in late August that it intended to make an unsolicited takeover offer for all of the issued shares of VisuaLabs. Following Tetratel's announcement of the takeover bid, the Canadian Venture Exchange issued a trading halt on the company’s shares and requested detailed information regarding Tetratel and its affairs.
The Alberta Securities Commission has a cease-trading order against VisuaLabs’ founder and former chairman, Sheldon Zelitt, and his wife Joy, a former vice-chair of the company. Zelitt was dismissed from VisuaLabs last month under accusations of “serious misrepresentations” of the company’s technology.
Among the allegations is that Zelitt tried to pass off a purchased TV set as his high-tech innovation during an annual meeting with shareholders this summer.
