(Reuters) - Medis Technologies Ltd, a developer of fuel cell technology, said it could not complete talks with an undisclosed original equipment manufacturer to market a power pack before a key trade event.
The New York-based company, whose shares dipped nearly 16 percent in afternoon trade, had expected to complete contractual talks in time for the Consumer Electronic Show to be held in Las Vegas this month.
The OEM had earlier advised Medis of its intent to introduce the power pack as a product bearing its name at the show.
Medis added that negotiations with the OEM were well advanced and that it hopes to arrive at an agreement in the near future.
According to Medis’ Web site, the 24/7 power pack is a portable power system for handheld electronic devices such as mobile handsets and smartphones.
Medis Technologies shares were trading down $2.35 at $12.51 in afternoon trade on the Nasdaq.
Reporting by Nachiket Kelkar in Bangalore; Editing by Himani Sarkar