Israel-based IIS Intelligent Information Systems has announced that it has been informed that a creditor of its sole wholly-owned direct subsidiary, Witech Communications, has filed an ex parte application for the liquidation of Witech.
Witech has not yet received a copy of the application. IIS and Witech have succeeded in raising only approximately $3.6 million of the approximately $6 million required to sustain Witech’s operations and are insolvent. All employees of Witech have been terminated and it is unable to continue its operations, IIS said.
Witech’s wholly-owned Delaware subsidiary which is still active will likely be sold-off by the liquidator of Witech to pay its debts and the debts of Witech. In light of this situation, the entire board of directors of IIS has resigned.
IIS, through Witech, which it acquired in January 2008, is engaged in the field of video transmission using wireless communications technology. Witech, together with its wholly-owned Delaware subsidiary, develops, manufactures, installs, operates and supports on-ride video systems for use on thrill rides and other attractions in amusement parks.