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May 3rd, 2007
Oxonica PLC said it has taken immediate steps to reduce operating expenses pending talks with Petrol Ofisi on the planned termination of a supply deal and that it has therefore warned 13 of its 61 employees that their roles are at risk of redundancy.
The nanomaterials group, whose shares were suspended from trading on April 30, said it will make a further announcement once it has clarified its financial position based on the arrangements with Petrol Ofisi and the impact of the cost-cutting measures.
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