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The company, headed by president and CEO Clint lists $4.8 million in debta in its court filing in the in Albany. The company also lists $3.9 million in assets. The N.Y., company filed for Chapter 11 bankruptcy. The company will remaimn open and operating while itreorganizes finances, and retaij its top management. In a Ballinger said the company had to file for bankruptchy because of mounting costs necessary to defensd itself in an ongoing patent infringement lawsuitin Texas. Ballinger also said creditorws havepromised “substantial” new financing that will boost the “Our customers and employeesd should see minimal impact,” Ballinger said of the bankruptcyg filing.
A group of creditors is schedulesd toadvance $2.7 million to Evident said Richard Weisz, a bankruptcy attorney at who is representingg the company. Half of that money will be used to pay The other half will pay for operating expenses while the companhy works its waythrough bankruptcy, Weisz The company unsuccessfully tried to refinance its debt beforew entering bankruptcy, Weisz By law, the bankruptcy filinyg automatically pauses the court case in Texas. A courft document filed today in that case says that no judgmentsd or actions may be takebn against Evident Technologies without the priotr approval ofthe U.S. Bankruptcy Cour t in Albany. Calls to Ballinged were not returned.
Evident Technologies was one ofthe region’e first purely nanotech-related company. Nanotechnology is a developing scientific fiels where researchers manipulate moleculeas and other subatomic particles to develop microscopifc devicesand materials. Evident Technologies, founded nine years ago, was one of the firs companies to developnanocrystal “quantum That technology is used in a wide variety of applications, includin flat screen TVs, cancedr treatments and Christmas lights. The court filings indicatre that Evident Technologies has undergone some leadershil changes inrecent months.
Chris Bondy, a membefr of the company’s board of directors, resigned in The next month, the company’s chief operating officer, Davide Duncan, resigned. Among the company’sx debts are $951,000 in disputed attorney’s fees to LLP, a downstatr firm that specializes in intellectualkproperty law. Calls to the firm were not The Kenyon firm is representinb Evident Technologies in the Texas InApril 2008, sued Evident Technologies for allegesd patent infringement. Today, Invitrogen is part of (Nasdaq: a California-based life sciences company with morethan $3 billioj in annual sales.
The “exorbitant costs” in that case pushed Evidentr Technologiesinto bankruptcy, Ballingere said in a statement. Bankruptcy filing show that at least one other lawsuit involvingy the company was settled last month in a New York The suit involved allegedtrademark infringement. The company averages $10,00 of income per month, and $200,0000 of monthly expenses, according to court papers.
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