Technology, All Assets Up for Bid
FAIRFAX, Va., Aug. 16, 2006 - World-wide interest is expected in the liquidation of IPIX Corporation (Nasdaq: IPIX), a company whose patented 360-degree surveillance technology takes on heightened importance in an era of global terrorist attacks and security breaches.
The Reston, VA-based company filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code on July 31 in the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division (Case No. 06-10856). As a result of the filing, IPIX terminated all business activities after concluding it didn't have sufficient funding to remain solvent and was unsuccessful in securing the additional funding crucial for continued operation.
Donald F. King, an attorney with Odin Feldman and Pittleman, PC, in Fairfax, VA, is the court-appointed trustee, overseeing the orderly liquidation of all IPIX Corporation assets during the next few months.
The sales agent supporting the Trustee is Stephen Karbelk, executive vice president of Tranzon Fox, in Fairfax, VA.
IPIX earned an international reputation for the quality of its high-resolution digital 360-degree video cameras and immersive still photography business. Its patented technology has the ability to provide complete video coverage -- ideal for homeland security purposes -- including airport surveillance, U.S. border management and military operations.
A burgeoning commercial business complemented the military side, as industries used the technology to enhance their operations. Realtors, for example, installed the software and technology to offer virtual tours of properties and retailers bought IPIX products to bring added safety and anti- theft measures to store locations.
According to King, "We plan to identify qualified bidders for the IPIX assets and establish defined bidding procedures so all interested buyers will have the opportunity to bid on the assets."
IPIX assets will be divided into three categories: a 360-degree Digital Immersive Video business line, including the CommandView(TM) product line; the Still Photography business line, including the Host@IPIX self-service management for immersive image distribution; and the Gigapixel Camera patents, an experimental high-resolution camera developed through a federal government research project. Buyers will be able to bid on individual and multiple patents, trademarks, plus video equipment and accessories.
The brand name "IPIX" also is available for purchase. All sales are subject to U.S. Bankruptcy Court approval.
"We expect buyers of these assets will be able to maximize the full potential of IPIX's patented technologies as well as continue to grow the IPIX customer base. By offering the assets by business line, we give every buyer, regardless of their level of interest, the opportunity to make bids," says Karbelk, who expects buyer interest to come from around the world.
"This technology is needed by any person, any company, and any government that is concerned about security."
Interested bidders may contact Stephen Karbelk at Tranzon Fox at 703-912-3307 (office); 703-927-6838 (cell); or via email at firstname.lastname@example.org. For a complete listing of the available assets, log on to www.tranzon.com .
Tranzon Fox, headquartered in Virginia Beach, VA, is a full-service real estate auction company and a member company of Tranzon, L.L.C., which is based in Richmond, Va.
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