Clover Refutes Report That It’s Been Sold

Following weeks of speculation based on a disclosure that it had lost two key customers, and the downgrading of its debt, Clover Technologies, one of the world’s largest remanufacturers of toner and ink cartridges, denied speculation that it had been sold.

Clover stated that it has “substantial liquidity” and  a “healthy sales pipeline.” It didn’t however appear to rule out a possible sale in the future. The company issued the following statement yesterday:

“Clover is operating in the ordinary course of business and its number one priority remains serving its customers. Clover is confident in the strength of its platform and market leadership position due to its healthy sales pipeline and continued efforts to identify key strategic investments that enable the Company to capitalize on long-term growth opportunities. With respect to its financial position, the Company has substantial liquidity, including a significant amount of cash on its balance sheet, which will allow Clover to continue to meet the needs of its business and customers.

We also wish to address certain speculative reports disseminated in an industry trade publication. Contrary to a report regarding a transfer of ownership to a new strategic investor and provision of additional capital, Clover has not executed any such transaction at this time and cannot provide any assurances as to whether any such transaction will occur in the future.

Clover, in close coordination with its advisors, is evaluating strategic options to address its existing capital structure.”

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