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May 28, 2009 (FinancialWire) -- Particle Drilling Technologies, Inc. (OTC: PDRT | Quote | Chart | News | PowerRating) (Current Market Cap: US$4.39 Mil.) said that it will terminate eight employees and initiate an unpaid furlough for its remaining employees. The company said it expects to file for bankruptcy early next week "absent a suitable alternative." Particle Drilling's board has formed an executive committee, comprised of two independent directors and one non-independent director, to explore its strategic alternatives. Houston-based Particle Drilling Technologies is a development-stage oilfield service and technology company owning several patents and pending patents related to its particle impact drilling technology. The company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments. FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net. Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279). http://www.financialwire.net For full details for PDRT click here.
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