Echolab forced into liquidation21 May 2010
Echolab’s own Nigel Spratling is reporting that the company was put into liquidation on Wednesday when, despite a healthy order book and bright prospects, its primary investor pulled the plug.
"Dear all ," he said in a statement. "It is with much sadness that I have to tell you that yesterday (May 19th) Echolab was put into liquidation. Our primary investor who had negotiated the recent agreement with Harris was no longer prepared to fund the company through the transition and decided that this was his only course of action; it was a great shock to us all.
"I am truly sorry that this action leaves many unemployed, suppliers with unpaid bills and customers with unsupported products. The recent introduction of an expanded Atem switcher family look set to take us into growth and profit as the market reception was excellent and our sales funnel had grown by $2M as a result. We had been sustaining a run rate of about $5M and the addition of Atem was set to double that.
"I truly believe that our small team had created the very best of breed in small and medium sized production switchers and at a price point that provided exceptional value and margin, facing the loss of these efforts is difficult for everyone involved.
"The liquidation company will be trying to sell the companies assets, product IP and inventory in order to pay creditors over the next few weeks. Hopefully they will be successful in their efforts.
"Naturally there are now some good people looking for jobs (including me), so if anyone is hiring please get in contact."