Polymer Vision, a Millbrook-based company that pioneered innovative screens that can roll-up like a paper, has folded at the expense of around 50 jobs in Southampton, according to the reports from This Is Hampshire.
Prominently known for its e-paper display Readius, Polymer Vision has reportedly filed for protection under Chapter 11 bankruptcy and shut down its offices at the Millbrook Technology Campus near Southampton.
The company was all set to come up with the world’s first ever commercially available flexible screen until its Dutch parent company grappled by the ongoing recessionary trend.
The portable media device-cum-e-reader, the Readius was a cutting edge device in that it employed a flexible E-Ink display that enabled the device to be folded up to become smaller and portable.
The Readius has been displayed as a working prototype form back in 2007, and it grabbed the eyeballs of gadget enthusiasts in Mobile World Congress in 2008, with its release was due in fall of 2008.
The company’s chief exec Karl McGoldrick asserted back in April that supply chain for the product had been put in place, but the product launch had been on hold since 2008 because of financial constraints.
Besides, McGoldrick confirmed that the firm has filed for bankruptcy, but asserted that it wouldn’t ditch the product. Citing the same, he quoted in an email to CNet news; “We're working hard to find new investors to take over and re-start and get our technology and product into the market, where it should be”.
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The law of the jungle strikes again and the battle for the survival of the fittest continues. Readius's demise happens as demand for e-reader is on the rise thanks to devices like Sony's Ebook reader or Amazon's Kindle. Still, it looks as if it was too early to launch such a product even if it was a potentially viable one.
(This Is Hampshire)