MANCHESTER, U.K. -- Power X Networks announced today that it has initiated a financial restructuring activity as part of the funding round the parent company is presently sponsoring. Included as part of the restructuring is registering the company with the English court for financial administration that would coincide with and be part of the funding round activity, as well as other measures to improve the financial position of the company.“Due to a matter of closure timing for our recent funding round, our management team and investors have chosen to incorporate certain legal protective measures into our financial restructuring plan,” said Phil Mercer, Power X CEO. “We reiterate our long-term commitment to our customers and industry partners, and are confident that we will complete a number of successful financial restructuring measures for our business in the near term. Our objective remains maintaining our competitive product advantage and design win momentum, and these activities can only improve our market position.”The company also reiterated that the financial restructuring activity will not impact delivery and customer support of the in-production Star Family Switch Fabric Products, nor the development and rollout activity of the next generation Tera Family Switch Fabric Products.Power X Networks Inc.