Echolab, a provider of video production switchers and tools for production and distribution of digital media, is closing its doors, and has begun a liquidation process. The company has lost funding from its primary investor and can no longer continue operating. In operation in Massachussetts since 1974, Echolab had last month made a deal for Harris Corporation to exclusively resell its Atem family of production switchers.
Below is the email Echolab President and CEO Nigel Spratling sent to company partners and customers on Thursday afternoon.
For more information on the company, go to http://www.echolab.com — the website is still up.
It is with much sadness that I have to tell you that yesterday (May 19th) Echolab was put into liquidation. Our primary investor who had negotiated the recent agreement with Harris had decided that he was no longer prepared to fund the company through the transition.
I am truly sorry that this action leaves many unemployed, suppliers with unpaid bills and customers with unsupported products. The recent introduction of and expanded Atem switcher family look set to take us into growth and profit as the market reception was excellent and our sales funnel was sized at $2M as a result.
I truly believe that our small team had created the very best of breed in small and medium sized production switchers and at a price point that provided exceptional value with good margins, facing the loss of these efforts is difficult for everyone involved.
The liquidation company will be trying to sell the companies assets and product IP and inventory in order to pay creditors over the next few weeks. Hopefully they will be successful in their efforts.
If you have any questions please feel free to contact me.
President & CEO