PaperX Unable to Secure 2nd Round Funding, Will Close Up
Press release from the issuing company
3/3/01 - (WhatTheyThink) - According to the company’s web site, PaperX blames market conditions and slow adoption as reasons they will go into receivership. The following was posted on their web site:
“Despite all the best efforts by the team at PaperX, it has not been possible to raise second round financing. Stagnant market conditions and a slow take-up of e-commerce in the paper industry have created conditions in which securing further funding for PaperX to continue became impossible.
We would like to thank all the employees for their hard work and terrific contribution in the last 18 months. We are also grateful for all the support we have received from our partners, suppliers and members.”
Also posted on their site was a release from Lars-Ake Helgesson, CEO and Lex Douze and Bjarne Lie, Co-founders.
London, 1 March 2001
PaperX, the e-business solutions provider for the European Paper Industry, today announced that a receiver has been appointed by the company's Board of Directors.
Despite tremendous efforts by management and constructive talks with leading industry players, it has not been possible to raise a second round financing for PaperX in the time available.
The technology platform developed by PaperX is highly regarded within the paper industry, and a number of parties have expressed an interest in acquiring the assets. It is anticipated that a reduced technology team will be retained to maintain the software.
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