New owners take over ATV
DALLAS - Once financially troubled Advanced Technology Video has come under new ownership in a little publicized transaction that transfers assets to a new company based here.
ATV, which sells digital video recorders, cameras and multiplexers, is now known as Video Advancement Inc. The companyÃ¢â‚¬â„¢s primary sales office in Bellevue, Wash., remains, but management is now based in Dallas.
Little is known about ATVÃ¢â‚¬â„¢s new owners or the reason behind its sale. Company official Keith Shaver declined to comment beyond a letter sent to distributors, manufacturer representatives and other business associates.
In the letter, it stated that product sales and order fulfillment were transferred to the new company for an interim period late last year, but the purchase agreement for ATV was signed at the end of January.
The sale agreement included product trademarks, distribution agreements, manufacturer representative agreements, customer lists and intellectual property relating to the companyÃ¢â‚¬â„¢s core line. ATVÃ¢â‚¬â„¢s products include the Falcon line of digital video recorders, Talon multiplexer series and Omni-View PTZ cameras.
Shelby Beard, the former owner of ATV and president and chief executive officer, could not be reached for comment. He is no longer with the company.
ATV hit financial troubles in 2002 when the company filed for Chapter 11 bankruptcy protection and plans to reorganize. The company defaulted on a line of credit in 2000 and financial problems escalated when it was unable to secure additional equity due to a pending lawsuit between Beard and two former shareholders.
Court documents showed that ATV owed money to the Internal Revenue Service, ASIS, Kalatel and Richardson Electronics. In all, documents listed about 115 creditors owed approximately $2 million.
But according to Beard in an earlier interview with Security Systems News, the company came out of bankruptcy proceedings in 2003 and the court approved its reorganization plans.
Those plans involved launching a new line of DVRs and multiplexers. At that time the company also reduced its headcount by about 20 percent and negotiated a less expensive lease with its landlord.
The new owners of ATV plan to move forward with the company. New products are expected to hit the market this fall at the ASIS Show, while additional enhancements will be made to the companyÃ¢â‚¬â„¢s existing product line.