BlueScout Technologies has announced that it has filed a voluntary petition under Chapter 7 of the United States Bankruptcy Code.
As previously announced on January 3, 2013, the Company's viability and ability to continue as a going concern was dependent on securing additional capital. The Company had been actively seeking to raise additional capital through debt, equity or other capital raising efforts while also considering other strategic alternatives. The Company was unsuccessful in raising such additional capital or completing a strategic transaction, in large part due to ongoing legal matters. To date, even though the Company has not paid out any damages relative to legal disputes, the increasing cost of defending against multiple legal actions by Philip Rogers and Alisa Rogers, the former founders (and, in the case of Mr. Rogers, the former CEO) of the Company and their related entities, Optical Air Data Systems LLC and Falcon Fifty LLC, has severely impacted the Company's cash flow and operations. The Company also announces that Susan Nickey, Martin Crotty and David Garman have resigned as directors of the Company, and John Green has resigned as the Chief Financial Officer of the Company.
As previously announced on January 3, 2013, the Company's viability and ability to continue as a going concern was dependent on securing additional capital. The Company had been actively seeking to raise additional capital through debt, equity or other capital raising efforts while also considering other strategic alternatives. The Company was unsuccessful in raising such additional capital or completing a strategic transaction, in large part due to ongoing legal matters. To date, even though the Company has not paid out any damages relative to legal disputes, the increasing cost of defending against multiple legal actions by Philip Rogers and Alisa Rogers, the former founders (and, in the case of Mr. Rogers, the former CEO) of the Company and their related entities, Optical Air Data Systems LLC and Falcon Fifty LLC, has severely impacted the Company's cash flow and operations. The Company also announces that Susan Nickey, Martin Crotty and David Garman have resigned as directors of the Company, and John Green has resigned as the Chief Financial Officer of the Company.
