May 28, 2009 (FinancialWire) — Particle Drilling Technologies, Inc. (OTC: PDRT) (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.

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