11:43 AM EDT, 10/29/2024 (MT Newswires) -- Clear Blue Technologies International ( CBUTF ) late on Monday said it is having cash flow difficulties and may be unable to meet payments obligations on time.

The company said it is looking for alternative funding sources and will try to restructure to improve its cash position, but that it might not be able to continue as a going concern.

Clear Blue ( CBUTF ), which invests in research and development and receives payment in the form of grants and interest-free loans, said it has been advised that a large grant payment due for receipt will be delayed, with no certainty about the payment date. The delay is impacting the company's ability to raise additional financing in the short term.

Steve Parry and Jane Kearns have resigned from the board of directors, the company said, adding that Miriam Tuerk, Mark Windrow and John Tuerk will continue to serve on board.

Clear Blue ( CBUTF ) shares were last seen down $0.02 to $0.025 on the TSX Venture Exchange.

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