Xenonics Files Chapter 7 Bankruptcy

CARLSBAD, Calif.--(BUSINESS WIRE)-- After 19 years of providing high-intensity illumination and night vision systems to the U.S. military and law enforcement, Xenonics Holdings, Inc. (OTCQB: XNNH) announced today that it has filed a petition for Chapter 7 Bankruptcy.

Xenonics was severely impacted by the reductions in the U.S. Defense budget and by delays in obtaining highly anticipated and significant international purchase orders. For the last seven months the Company’s officers worked diligently without compensation to obtain purchase orders while barely being able to maintain minimal operations. Without these purchase orders, the Company does not have enough working capital to continue operations.

However, Xenonics’ officers and directors are pleased that the Company’s products saved many lives in Iraq and Afghanistan and made such a valuable contribution to the men and women serving our country. The testimonials the Company received were heartwarming.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160311005802/en/

Xenonics Holdings, Inc.
Alan Magerman, 760-477-8900
Chairman
[email protected]

Source: Xenonics Holdings, Inc.

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