Pixman Implodes
Adrian J Cotterill, Editor-in-Chief
Some gossip in Montreal whilst here this week about Pixman. Back on 4th February it announced “Pixman Nomadic Media Restructures and Seeks Buyers for its Activities” and that was less than 3 weeks after they had brought in Bruno Leclaire as Interim President and CEO to try and restructure the business.
MONTREAL, February 4, 2010 – Pixman Nomadic Media Inc. (TSXV : « PMN.V ») and its wholly-owned subsidiary, Pixman Corporation Inc. ( “Pixman” or “the Companies”) announced that they have filed on February 2, 2010 a notice of intention to make a proposal to creditors under the Bankruptcy and Insolvency Act. As such, they have retained the services of PriceWaterhouseCoopers Inc.to oversee the reorganization process and assist the Companies in their search for prospective purchasers.
Due to the unsuccessful efforts to find additional financing, this step was unavoidable. Similarly, the Companies announce the resignation of all Board of Directors members as well as the resignation of the interim President and CEO.
What a classic failure bringing PIXMAN and PIXNET together has been. At one point, with good execs based in Spain PIXMAN seemed to have a plan, lots of VARs and more importantly brands interested in using them.
We never quite figured out what fixed digital signage software vendor PIXNET ever brought to the party (their software was okay but nothing out of the ordinary and once they lost NEO as a customer years ago their was little hope for them).
Not sure if they have any assets worth acquiring. Shame.
April 2nd, 2010 at 10:52 @494
it was actually the VAR arrangement that was flawed completely, combined with a flawed gimmick model with Pixnet!
Watch this space Adrian, the Uk turned more in Pixman Sales than all the territories put together in 2008 and we will be releasing some details to you very shortly that will demonstrate that the UK and Kommando understand the future of wearable media and the current landscape of plug and play technologies that drive measurement and effectiveness where it matters most.
m