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Mobile equipment developer Mobilisys' vision of becoming a new Nokia or Ericsson has come to nothing. Together with other investors, the main backer, Swedish display manufacturer Multi Q, has decided to declare the company bankrupt.
Mobilisys was set up at company nursery Ideon in Lund as a spin-off from display manufacturer Multi Q. The idea was to develop mobile terminals employing GPRS technology for Internet communication. Ambitious targets were set, attracting external investors.
Now, a year later, the money spent and GPRS networks still on hold, the company has not been able to persuade investors to give further support to the venture. Development of the prototype GPRS terminals has so far cost SEK70m (approx. $7m) and Mobilisys MD Helge Tiainen estimates that a further SEK100m would be needed to complete the development.
Helge Tiainen does not agree with the owners' opinion that further capital cannot be raised and he is hoping that a buyer will come forward.
Now, a year later, the money spent and GPRS networks still on hold, the company has not been able to persuade investors to give further support to the venture. Development of the prototype GPRS terminals has so far cost SEK70m (approx. $7m) and Mobilisys MD Helge Tiainen estimates that a further SEK100m would be needed to complete the development.
Helge Tiainen does not agree with the owners' opinion that further capital cannot be raised and he is hoping that a buyer will come forward.
Gittan Cedervall
