Cambridge-based Screen Technology Group and its subsidiary Screen Technology Limited, which specialise in high-resolution display systems for the digital advertising and signage markets, have called in the administrators.
The administrators are working with the directors to sell the business as a going concern and any interested parties or investors should contact the joint administrators immediately.
Chris McKay of East Anglian business rescue and insolvency specialist McTear Williams and Wood, joint administrators, said: ‘We became involved after the company hit cashflow problems when a deal to provide working capital to take the business through to profitability fell through due to the credit crunch.’
Screen Technology, which was established in 1996 as a Cambridge University spin-out, has developed patent-protected technology that allows the building of very large, high-resolution videowalls for the digital advertising and signage markets.
To date, around £20m has been invested in the business, which was listed on the London Stock Exchange AIM market in 2005.
Screen Technology’s shares were suspended on 29 April 2009 pending clarification of the company’s financial position.