Three years ago these folks in Cambridge, England had a red hot product on their hands (ITrans) but corporate ineptitude and wanton waste of investors’ money surely did for them.
Even a nice OEM deal with a reputable far east OEM such as LiteMax wasn’t enough to save them – though perhaps someone like a LiteMax may want to step in and buy any of the IP that may still be in the business.
Chris Williams and Andrew McTear of McTear Williams and Wood were appointed joint administrators of Screen Technology Limited on 19 May 2009 and of Screen Technology Group plc on 20 May, in both cases by the directors filing a notice of appointment in Court.
The Joint administrators’ are working to find a buyer for the business and assets and anyone interested should contact Chris McKay on +44 1223 903021.
As is often the case it is the small investor who gets screwed – in the event that a (new) Nominated Adviser is not appointed on or before 7.00 am on 22 June 2009 then in accordance with Rule 1 of the AIM Rules for Companies, the admission of the Company’s ordinary shares to trading on AIM will be cancelled.
As we said about Screen Technology in our post ‘HOT or NOT – The Companies We Told You To Watch In 2008‘ back in December 2008…
We thought there was a chance that this Cambridgeshire based company could be turned around. Initially burning through almost UK PDS 10 million of investors money and with nothing at the end to show for it of note – they entered voluntary administration to seek protection from their creditors, raised a little bit of money from some Russians to get out of that but have struggled again since. What was once an exciting piece of technology now looks expensive for what it as well as being old and tired.
They think it’s all over – it is now!!