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Zultys Emerges from Bankruptcy under New Management
[November 10, 2006]

Zultys Emerges from Bankruptcy under New Management


TMCnet Executive Editor
 

Zultys Technologies (News - Alert) has emerged from bankruptcy as a newly reorganization company under new management following the $2.65 million auction of its assets, the company announced on Friday.



 

In a press release, Pivot VoIP (News - Alert), which was formed and supported by Israeli-based PBX manufacturer Telrad Connegy (News - Alert), announced that it has completed its acquisition of all key assets including intellectual property, online and offline brands; and will adopt the full identity of Zultys “to ensure smooth business continuity.”

 

As a result of the transaction, Pivot VoIP will subsequently cease to exist and move its Mountain View, Calif., headquarters to Zultys’ Sunnyvale, Calif. , operations. Telrad Connegy owner and Chairman Avi Weinrib will assume the role of President and CEO of the newly reorganized Zultys.

 

“We are very excited about the future of Zultys and its product line and have full faith in the engineering team and the technology. Our actions clearly give Zultys a fresh start. With over 50 years of traditional telecom experience, we will guide the next phase of evolution with the use of its modern IP technologies. Both Telrad Connegy and Zultys Technologies will coexist independently of each other serving parallel market niches,” Mr. Weinrib said in a prepared statement.

 

The transaction was approved by Judge Arthur S. Weissbrodt of U.S. Bankruptcy Court, Northern District of California, in San Jose . Under previous management led by founder Iain Milnes, the company filed for Chapter 11 bankruptcy protection on September 8 after abruptly shuttered its doors last summer at the height of its success, fired most of its employees and left much of its reseller community in disarray over a lack of funding.

 

During a recent phone interview, company officials told TMCnet that his immediate priorities are to rebuild confidence within the reseller community that Zultys has every intention to continue to support its existing product line.

 

“Because of all of the recent developments and the positive feedback that we have received from our resellers, we have a renewed vision to further improve the product to the needs of the customers,” said Vladimir Movshovich, VP of Technology, Zultys.

 

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Robert Liu is Executive Editor at TMCnet. Previously, he was Executive Editor at Jupitermedia and has also written for CNN, A&E, Dow Jones and Bloomberg. For more articles, please visit Robert Liu's columnist page.



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