Procast Media Denies Bankruptcy
Adrian J Cotterill, Editor-in-Chief
Sweden’s Procast Media AB may have been ranked as the fastest growing technology company in Sweden back in November but rumour to kick start the new year is that it may have recently gone Tango Uniform (or should we say Tore Urban?).
Not so, says Member of the Board Richard Bernström. In a comment here he tells us “No Adrian, Procast has definitely not gone TU (Toes Up or Tits Up). We are definitely alive and kicking”
That’s not what we have heard however. Before Christmas several of their board members were out actively (and quickly) looking for a financial partner.
Company documents in Sweden show that the company ‘filed for reconstruction’ (i.e administration) which was granted on 22nd December. Their website has suddenly changed from procast to procastmedia.se and several folks have been in contact with us saying that they are owed money going back 4 or 5 months.
Sounds to us, very much like one company disappearing to avoid creditors and rising elsewhere under a new name. Are we wrong?
January 3rd, 2011 at 14:42 @654
No Adrian, Procast has definitely not gone TU (Toes Up or Tits Up).
We are definitely alive and kicking.
If facts are more interesting than rumours all the facts will be announced second half of January.
Kind regards
Richard Bernström
Member of the Board
January 4th, 2011 at 14:43 @655
Well rumours are intriguing, aren´t they?
Facts however are:
– Yes, we have filed for, and been granted, administration. A very good move!
– Yes, we were looking for a financial partner before Christmas. So?
– Yes, we have changed our web site address from Procast to Procastmedia. We have not changed the company name, only the web address.
This only reflects our new status and focus as an important channel for advertising with app. 20.000.000 contacts/viewers per year. By far the biggest Digital Signage network in Scandinavia.
As I said earlier, it will all be announced in time for those who want the facts, not the rumours.
Kind regards
Richard
January 4th, 2011 at 14:45 @656
Adrian seldom finds ‘facts’ as interesting as rumours ………. 🙂 Happy New year to all…..
Peter
January 4th, 2011 at 15:59 @707
So Richard, was putting the company into administration a way to run away from those that the company owed money to? Will money owed be paid? Is this yet another company that has had poor financial controls, runs up debts and simply renames itself to run away from said debts?
No doubt the company’s officers and directors are okay but the suppliers?