5:57 PM PT -- It sounds like Woodstock is not dead yet ... because promoter Michael Lang's team just issued the following statement doubling down on their plans to make the festival happen and seek new investors.

"We are committed to ensuring that the 50th Anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture. Although our financial partner is withdrawing, we will of course be continuing with the planning of the festival and intend to bring on new partners."

"We would like to acknowledge the State of New York and Schuyler County for all of their hard work and support. The bottom line is, there is going to be a Woodstock 50th Anniversary Festival, as there must be, and it's going to be a blast.”

Woodstock 50 is officially scrapped ... at least according to the people putting up the money to produce the iconic music festival's anniversary.

Honchos at Dentsu Aegis Network -- the festival's main investor -- dropped the hammer Monday, saying, it doesn't "believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees."

Sounds like they were afraid Woodstock 50 would become Fyre Fest 2019.

Tickets for Woodstock 50 were supposed to go on sale last week, but never did. Organizers said they were trying to iron out logistics while waiting to hear back from the New York State Department of Health after applying for a mass gathering permit.

As we reported ... the massive music and arts event was supposed to feature huge names like Jay-Z, Chance the Rapper, Imagine Dragons, Carlos Santana, Dead & Company and Halsey. We know at least some of the artists have NOT been informed the show's off.

Worth noting ... the promoter, Michael Lang, does not agree Woodstock 50 is sunk. He tells us Dentsu's announcement was a "complete surprise," but adds ... they're not giving up on the festival yet.

Originally Published -- 9:43 AM PT