According to two sources directly involved with the company, security products distributor GVI Security is out of business following a decision by the company’s investors to withdraw their resources.
In an email, GVI Security CEO Steve Walin said that the company struggled in its transition from Samsung to LG products.
"The wind down of GVI is disappointing, but not totally unexpected," he said. "GVI could not make the transition after the Samsung demise."
At ISC West earlier this year, GVI Security announced that it signed an agreement with LG to distribute the company’s products in North America. According to one insider source, while sales of LG products were fair, sales were not good enough to instill confidence in its investors.
Sources say the one of the banks that had loaned money against GVI’s inventory decided they wanted out of the business, which subsequently placed the company’s other investors in the position of having to come up with a large sum of money in a short of amount time which they were not willing to do.
The company’s last official day of business was Aug. 26, however, a few workers remain at their headquarters in Texas to deal with the company’s assets, according to one insider.
According to Walin, the company will be selling off its autoIP/razerbi video management system and network appliance combo to another product manufacturer. Walin noted that the technology could adapt to a variety of video management systems.