Posted on 10-Dec-2008 19:35
| Filed under: News
Neonode, Inc. has announced that, on 9th December 2008, its Swedish subsidiary, Neonode AB, filed a petition for bankruptcy in compliance with the Swedish Bankruptcy Act.
Per Bystedt, CEO and Chairman of Neonode, Inc. comments, “For the past six months we have focused on turning the business around and solving the financial situation of Neonode AB. We continue to have great belief in our technology and believe we have a competitive product in the Neonode N2 but without sufficient funds we cannot continue operations.”
Neonode AB has, together with its American parent company, Neonode Inc., taken a number of measures to attempt to restructure and refinance Neonode AB’s operations. On 22nd October 2008 Neonode AB filed for reconstruction in accordance with the Swedish reorganization act (1996:764).
“We have had a good dialogue with many of our creditors and tried a number of different solutions, but unfortunately we have been unable to reach a satisfactory solution for all parties,” Per Bystedt, CEO and President of Neonode, Inc. continues.
Neonode AB is a wholly-owned subsidiary of Neonode Inc and has carried out business with focus on the development and sales of touch screen mobile phones such as the Neonode N2 since 2004.