October 4, 2024 [crocon media – msc] Toronto, – ARHT Media Inc. (TSX-V: ART), a pioneer in live hologram technology, has filed for bankruptcy under Canada’s Bankruptcy and Insolvency Act (BIA). MNP Ltd. has been appointed as the Licensed Insolvency Trustee to oversee the process. The company has terminated all its employees and contractors, officially ending its operations today.
The bankruptcy will also affect ARHT’s international subsidiaries, including those in the U.S., UK, Singapore, and Hong Kong. Despite making significant strides in reducing operational costs, ARHT was unable to secure the additional financing needed to sustain operations and achieve widespread adoption of its holographic products.
With the filing, ARHT’s board of directors has resigned, and MNP Ltd. will handle the administrative aspects of the company’s insolvency. The trustee may request certain key employees to assist in winding down operations.
ARHT, founded in 2014, had positioned itself as a leader in the holographic technology space, enabling live hologram interactions for sectors such as entertainment, education, and business. However, the company’s financial struggles have ultimately led to this unfortunate outcome.
For more information, contact Sheldon Title, Senior Vice President of MNP Ltd., at 416-263-6945.
About ARHT: ARHT Media Inc. is known for its innovative holographic technology, allowing professionals to appear as holograms in real-time, anywhere around the globe. Although the company achieved significant technological milestones, it was unable to navigate the financial challenges required for long-term sustainability.
Read the press release : https://www.globenewswire.com/en/news-release/2024/10/04/2958334/0/en/ARHT-Media-Inc-Announces-Filing-for-Bankruptcy.html
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