PixelOptics files for Chapter 7
Monday, November 4 2013 | 00 h 00 min | News
The company which pioneered electronic focusing eyewear emPower has just announced it is filing for Chapter 7. According to information publicly disclosed, PixelOptics ran into severe financial difficulties several weeks ago and burdened with significant debt, has exhausted all of its options to remain viable.
The Canadian company Aspex Eyewear was a partner of PixelOptics in this endeavour both as a manufacturer and exclusive distributor of the eyewear which was never distributed in Canada.
The first-ever electronic focusing eyewear emPower attracted worldwide attention when it was launched in the US in 2011. However, in mid-2012, problems with robustness of the first-generation emPower were encountered and the company stopped distributing them last March after having sold, it seems, approximately 1 000 pairs. The company developed a second generation, but was unable to commercialize it due to its financial situation.
A number of key employees left the company in the past few weeks including Brett Craig, a former president of Transitions Optical.
The company closed its doors last Friday. The court will appoint an executor who will oversee liquidation of the company’s assets, most notably an intellectual property portfolio of over 400 patents and patent applications, many of which involve electronic focusing eyewear.