Ipix folds, ceases operations
RESTON, Va.--A little more than a month after securing $5 million in funding, and fresh off a first quarter that saw nearly 200 percent growth in revenues, Ipix announced July 31 it has filed for bankruptcy protection and "has ceased all business activity and operations." The company, which made cameras featuring "immersive technology" and offering 360-degree views, reported $3.8 million in losses for first quarter 2006, and $22.4 million in losses for 2005.
This also comes less than two years after Ipix sold off other portions of its business to focus on security surveillance exclusively, under the leadership of chief executive officer Clara Conti, who came to the company from ObjectVideo.
According to a bankruptcy court filing, the decision to file for Chapter 7 bankruptcy was made by the board of directors at a July 24 meeting where four of those directors resigned. Ipix reported $7.87 million in debts against only $7.67 million in total assets. Creditors will be paid according to a tiered system, with secured claims taking precedence over unsecured claims and Ipix shareholders holding the least status.
No one at Ipix was available for comment.
Barry Walker, chief executive officer at CoVi, which just secured $15 million in funding in July, said he