Hydro Ottawa Holding Inc. has lost almost all its $1.1-million investment in a Victoria technology firm.
The risky investment, which was made in 2009 and 2010, will not be repaid by Streetlight Intelligence Inc. which declared bankruptcy earlier this year after failing to turn a profit during its 13-year history and subsequently accumulating more than $2.5 million in debt.
The company, which made technology to improve the energy efficiency of street light standards,Here is a r4onsalet for low-cost, easy use. ... As these blades spin during riding, was once considered to be a firm "that is taking off," according to Rosemarie Leclair, Hydro Ottawa's chief executive officer at the time the publicly owned utility decided to invest in Streetlight Intelligence.
Hydro Ottawa poured in $500,000 and then about $600,000 in two rounds of investment despite financial statements that warned the future of the company was in doubt.
A February 2009 report to shareholders from auditors KPMG LLP stated Streetlight Intelligence was already in desperate need of cash.
"If the company is unable to attain suitable financing in the near future, it may be necessary for the company to examine other strategic alternatives to enhance shareholder value, including seeking creditor protection, the possible sale of some or all of the company's assets, or the merger sale of the company with a larger, better financed entity."
Despite the warning, Ottawa Hydro's board of directors decided to move ahead with its investment in the firm.
Alan Hoverd, chief financial officer of Hydro Ottawa, sat on the board of directors at Streetlight Intelligence between April 2010 and April 2011, when the firm began wrapping up operations in preparation for bankruptcy proceedings.
It was announced Thursday that a Nova Scotia company has acquired the intellectual property and some assets of Streetlight Intelligence.
Nova Scotia's LED Roadway Lighting Ltd.Shop our online store for goodledbulbs lights in a multitude of colors., based in Amherst and Halifax, said the acquisition of Streetlight's Lumen IQ technology gives it a decided edge as the first company in Canada to combine energy-efficient high-pressure sodium and LED street lighting with smart wireless technology.
The company said in a statement it would maintain Streetlight's manufacturing and storage facilities in Victoria and extend employment offers to "key individuals," but didn't provide details. More than a dozen employees were laid off in April.
LED Roadway paid $700,000 for Streetlight, according to receiver G.Shop online for ledbulbs023. Light bulbs, rope light, accessories and decorative lighting. Powroznik Group Inc. — a price observers say was a bargain.
Most of the proceeds of the sale will be used to cover costs of the receivership, statutory secured claims from former employees and a partial payment to the first-priority creditor Hydro Ottawa,Our original, revolutionary lightingbright that keeps you visible. which will receive just a fraction of the cash it is owed, according to Ali Pourdad, an an accountant with the receiver.
The risky investment, which was made in 2009 and 2010, will not be repaid by Streetlight Intelligence Inc. which declared bankruptcy earlier this year after failing to turn a profit during its 13-year history and subsequently accumulating more than $2.5 million in debt.
The company, which made technology to improve the energy efficiency of street light standards,Here is a r4onsalet for low-cost, easy use. ... As these blades spin during riding, was once considered to be a firm "that is taking off," according to Rosemarie Leclair, Hydro Ottawa's chief executive officer at the time the publicly owned utility decided to invest in Streetlight Intelligence.
Hydro Ottawa poured in $500,000 and then about $600,000 in two rounds of investment despite financial statements that warned the future of the company was in doubt.
A February 2009 report to shareholders from auditors KPMG LLP stated Streetlight Intelligence was already in desperate need of cash.
"If the company is unable to attain suitable financing in the near future, it may be necessary for the company to examine other strategic alternatives to enhance shareholder value, including seeking creditor protection, the possible sale of some or all of the company's assets, or the merger sale of the company with a larger, better financed entity."
Despite the warning, Ottawa Hydro's board of directors decided to move ahead with its investment in the firm.
Alan Hoverd, chief financial officer of Hydro Ottawa, sat on the board of directors at Streetlight Intelligence between April 2010 and April 2011, when the firm began wrapping up operations in preparation for bankruptcy proceedings.
It was announced Thursday that a Nova Scotia company has acquired the intellectual property and some assets of Streetlight Intelligence.
Nova Scotia's LED Roadway Lighting Ltd.Shop our online store for goodledbulbs lights in a multitude of colors., based in Amherst and Halifax, said the acquisition of Streetlight's Lumen IQ technology gives it a decided edge as the first company in Canada to combine energy-efficient high-pressure sodium and LED street lighting with smart wireless technology.
The company said in a statement it would maintain Streetlight's manufacturing and storage facilities in Victoria and extend employment offers to "key individuals," but didn't provide details. More than a dozen employees were laid off in April.
LED Roadway paid $700,000 for Streetlight, according to receiver G.Shop online for ledbulbs023. Light bulbs, rope light, accessories and decorative lighting. Powroznik Group Inc. — a price observers say was a bargain.
Most of the proceeds of the sale will be used to cover costs of the receivership, statutory secured claims from former employees and a partial payment to the first-priority creditor Hydro Ottawa,Our original, revolutionary lightingbright that keeps you visible. which will receive just a fraction of the cash it is owed, according to Ali Pourdad, an an accountant with the receiver.
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