Plantic Technologies, the biodegradeable plastics innovation company, decided to clarify the standing of its substantial cash reserves after fellow Australian technology company, Ceramic Fuel Cells, reported substantial write-downs on its investments this week.
Plantic confirmed that it had the majority of its cash reserves of A$26.8 million in an account with National Australia Bank, which was guaranteed under recent legislation by the Australian Federal Government to increase confidence in the national banking system.
Mr. Brendan Morris, Chief Executive Officer, commented:
"Plantic has a strong balance sheet with A$26.8 million cash at the end of September, which is on deposit and fully guaranteed. In light of the uncertain economic environment and the recent world banking crisis, it is comforting to be in such a healthy financial position."