Home > Computing > Carl Freer Buys the IPR Assets of Gizmondo Europe Ltd in Liquidation

Carl Freer Buys the IPR Assets of Gizmondo Europe Ltd in Liquidation

Added: (Mon May 12 2008)

Pressbox (Press Release) -

An agreement has been reached between the joint liquidators of Gizmondo
Europe Ltd in Liquidation and one of the company's ex Directors, Mr
Carl Freer.

Carl Freer
(photo by Hans Sandberg)

London: The
joint liquidators of Gizmondo Europe Ltd (in liquidation) recently
announced that, following extensive enquiries and negotiations, they
have entered into an agreement with one of the ex-directors of the
company, Mr Carl Freer.

The handheld Gizmondo

time and effort has been spent on finding a resolution in relation to
Mr Carl Freer and the IPR Assets of Gizmondo Europe Ltd – in

"The continued co-operation afforded us by Mr Freer
will enable the liquidators to recover a substantial sum for the
general body of creditors. Furthermore, Mr Freer’s continued assistance
will reduce the overall indebtedness of the company.

"We have
considered the commerciality and viability of selling the IPR Assets to
Mr Carl Freer and feel that in all the circumstances we have achieved
the best possible outcome on behalf of the creditors," said PM Davis of
Begbies Traynor, one of the Joint Liquidators.

Much work has
been done by Mr Freer and the liquidators in finding ways to uncover
value and repair the defunct operations of the company. According to Mr
Freer “the shareholders of Tiger Telematics will now be able to prosper
on the re-introduction of the Gizmondo into the market."

terms of the agreement remain confidential; however, we can advise that
a substantial payment has already been made for the purchase by Mr.
Carl Freer of the company’s IPR Assets.

"We wish Mr Carl Freer
every success with his plans to re-establish the Gizmondo in the
augmented reality environment which will bring the power of television,
the accuracy and accountability of direct mail and the interactivity of
the Gizmondo to a global audience," continued Davis.

A copy of PM Davis’s letter, dated 7 April 2008, can be seen here: http://www.sharenow.com/base/content/9171/

Gizmondo Europe is a handheld gaming console company that went into liquidation in February 2006.

About Begbies Traynor
Traynor is the UK’s leading independent business rescue, recovery and
restructuring specialist, providing a partner-led service to
stakeholders in troubled businesses.

For further information, please contact:

Paul Davis
Begbies Traynor
32 Cornhill

0207 398 3800

finance, gaming industry, handheld gaming console, liquidation, bankruptcy, IPR, gizmondo

Submitted by:Paul Davis
Disclaimer: Pressbox disclaims any inaccuracies in the content contained in these releases. If you would like a release removed please send an email to remove@pressbox.co.uk together with the url of the release.