COLORADO INKJET COMPANY SHUTS DOWN

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COLORADO INKJET COMPANY SHUTS DOWN

 user 2009-11-03 at 11:34:55 am Views: 82
  • #22860

    http://www.bcbr.com/article.asp?id=102739
    COLORADO
    INKJET COMPANY SHUTS DOWN
     

    BOULDER – A Boulder-based inkjet printing technologies company
    has gone out of business after a legal dispute with one of its
    lenders.Imaging Technology International Corp., better known as iTi,
    shut its doors on Oct. 22 telling vendors in a letter that it had run
    out of cash.Founded in 1992, the company employed as many as 43 people
    in Boulder in 2008. It designed, developed and manufactured digital
    systems that incorporate inkjet technology for industrial printing
    applications.Earlier this year, Italy-based Durst Phototechnik AG filed a
    civil complaint against iTi in the U.S. District Court of Colorado
    accusing the Boulder-based company of deceiving it in financial matters.

    According to court documents, Durst
    invested and loaned $2 million to iTi in June 2007.In the Jan. 30, 2009
    complaint, Durst claimed that iTi knew, or should have known, that the
    company’s sales and revenue projections, which were used to secure the
    money from Durst, would never materialize.In its response, iTi denied
    the claims, saying Durst officials were well aware of iTi’s financial
    situation before and throughout the course of the loan. It went on to
    claim that Durst failed to fulfill its promises that induced iTi to
    change its product design by arbitrarily raising the prices on its
    electronics, eliminating favorable credit terms and modifying the
    currency in which Durst priced and sold its products to iTi.Settlement
    talks between the two parties broke down this summer, and the case was
    reopened in early September.In late September, Durst expanded its civil
    claims to include former iTi Chief Executive Bruce Morgan.On Oct. 26,
    Morgan and iTi filed a motion with the court to dismiss those claims
    against Morgan saying Durst “lacked any factual allegations that Morgan
    acted in his individual capacity.”Further disclosure and hearing
    deadlines for the case have been scheduled into 2010.