The bankrupt e-reader manufacturer iRex, a spin-off of Philips electronics, based in Eindhoven (The Netherlands) will restructure and be operational again from September 1. From September 1 the company will continue as IRX Innovations. Besides a new name the company will have a smaller scope. It will forego the consumer market and concentrate on the business market. Geographically the company will serve the European market. The company will also sell licenses to its technological solutions.
iRex Technologies went bankrupt after an adventure on the US market. The company attempted to conquer the consumer market in association with Barnes & Noble, but it could not deliver the electronic reading tablets in time. Besides the tablets were too expensive.
Part of the 10 million euro debt has been paid off. Mr Brons will remain the CEO and the 24 employees will be re-employed. Parts of the company will sold, most likely to an Asian company. IRX Innovations will take over the goods of iRex Technologies and will use the existing e-reader modls and technology to kick start the marketing in Europe.
In a radio interview Mr. Brons indicated that the European business market will be interesting and cost less than attempting to serve the US and EU and business and consumer markets all at once.
BPN 1426
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