Adrian J Cotterill, Editor-in-Chief
ARHT Media Inc. (TSX-V:ART), (OTCQB:ARHTF) has announced that it has filed for bankruptcy under the Bankruptcy and Insolvency Act and for anyone who has worked with them, or tried to work with them you’ll probably understand how useless they often were and how little chance they ever had of scaling this technology and the use of the technology to make any serious money.
MNP Ltd. has been appointed as the Licensed Insolvency Trustee and sadly (we always feel for the employees however bad the management), the company has laid off its employees and contractors, and its operations ended last week.
The bankruptcy process will also impact the Company’s subsidiaries – ARHT Media USA, Inc. (a California company), Be There Networks Inc. (a California company), ARHT Media UK Limited (a UK company), ARHT Media Singapore Pte Ltd. (a Singapore company) and ARHT Asia Limited (a Hong-Kong company).
ARHT said it was unable to secure the additional financing required to fund the operations until such time as it achieves large scale rollouts of its holographic products. Subsequent to the filing of the assignment into bankruptcy, the Licensed Insolvency Trustee may request certain key employees to provide assistance with its administration. Contemporaneously with the filing the board of directors of ARHT has resigned.
For further information contact:
Sheldon Title
Senior Vice President
MNP Ltd
416 263 6945
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