Statmon Technologies market capitalisation down 42%

The chairman of Statmon Technologies has issued a response to the sharp decline in the company’s market capitalisation on 29 and 30 April and has stated there is no known business reason for the sudden decline.

Statmon Technologies is a leading provider of infrastructure management and control solutions for broadcasters and telecommunications providers, with installations in more than 17 countries.

Earlier in the year, Statmon converted approximately $4m of debt to equity at $1.00 per share and on March 5, 2008 the company closed a $1.5m round of two year debentures convertible at $0.9824 per share and 5 year warrants at $1.20 per share.

There is continued momentum in the firm’s core broadcast business unit as well as the new Telecomm unit and new vertical market unit. Sales at the company show strong and steady growth, with new sales opportunities worth more than $50m in the pipeline.