YOU ARE HERE: LAT HomeCollections


Layoffs, Move Are Announced by ColorMax

April 24, 2001

ColorMax Technologies Inc., a Tustin developer of soft contact lenses to treat colorblindness, said Monday it has made additional layoffs and vacated its manufacturing facility because it can't pay back rent.

The small company, which is trying to operate under Bankruptcy Court protection, did not disclose the number of employees it dismissed. In February, it cut its staff from 15 to six.

ColorMax also said in a news release that its stock symbol was changed by Nasdaq to CXTEE, with the extra 'E' at the end indicating that it is not in compliance with regulations for filing financial statements. It has been unable to pay its auditors to complete the necessary filings, the company said.

The company, which also is the target of an investigation by the Securities and Exchange Commission, has been trying to lift an Orange County Superior Court order that has frozen more than $427,000 in operating funds over a legal dispute involving dissident shareholders.

For the Record
Los Angeles Times Thursday April 26, 2001 Orange County Edition Business Part C Page 4 Financial Desk 1 inches; 21 words Type of Material: Correction
ColorMax--ColorMax Technologies Inc. has not filed a bankruptcy petition. An item Tuesday incorrectly described the status of the Tustin company.

Los Angeles Times Articles