Fairfax, VA - September 28, 2006 – The U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division approved the Bidding Procedures and the bid deadline date of Monday, October 23 at 4:00 p.m. (EST) for receipt of sealed-bid submissions in the liquidation of IPIX Corporation, a public company whose patented 360-degree surveillance technology takes on heightened importance in an era of global terrorist attacks and security breaches.
Additionally, the Court entered an Order that IPIX may resume limited operations and reactivate its website for IPIX customers, according to the court-appointed trustee, Donald F. King, an attorney with Odin Feldman and Pittleman, PC, in Fairfax, VA.
The Reston, VA based company filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code on July 31 (Case No. 06-10856) and ceased all operations until the new bankruptcy court ruling came down, allowing IPIX to generate revenue again from sources including ipixstore.com. Certain ex-IPIX employees have been temporarily rehired by the Trustee to assist with these efforts.
Another new development in the liquidation of IPIX is the uncovering of additional assets since the initial bankruptcy filing, according to Stephen Karbelk, sales agent for the trustee and the auction process. Based in Fairfax, VA, Karbelk is the Regional President for Tranzon Fox, an affiliate of the national auction organization, Tranzon, LLC.
"Assets really span the spectrum, from the simple to the complex, which really widens the base of potential bidders. Interested parties may submit bids for individual patents or trademarks, including the IPIX brand, or pursue a much higher investment level and pursue entire business units, such as the Digital Still Photography business, or the entire company" says Karbelk.
"There are approximately 38 U.S. patents owned by IPIX in addition to other patents registered with the European Union and other nations. IPIX's core technology – as well as seven different trademarks and the IPIX name and logo – are all available for purchase."
A burgeoning commercial business complemented the military side, as industries used the technology to enhance their operations. Realtors, for example, installed the software and technology to offer virtual tours of properties and retailers bought IPIX products to bring added safety and anti-theft measures to store locations. The 360° Digital Immersive Video business is ideally suited for retail store surveillance. Prior to the bankruptcy, IPIX successfully completed a pilot program with three Fortune 50 retail companies.
The asset list includes IPIX assets such as the 360° Digital Immersive Video business line, including the CommandView™ product line; the Still Photography business line, including the Host@IPIX self-service management for immersive image distribution; and the Gigapixel Camera patents, an experimental high-resolution camera developed through a federal government research project. Additional patents that were not part of IPIX's core business, including the Omniview Motionless Camera Endoscopy System – as well as a host of others – also are included in the list.
IPIX earned an international reputation for the quality of its high-resolution digital 360° video cameras and immersive still photography business. Its patented technology has the ability to provide complete video coverage -- ideal for homeland security purposes -- including airport surveillance, U.S. border management and military operations.
"We expect buyers of these assets will be able to maximize the full potential of IPIX's patented technologies as well as continue to grow the IPIX customer base. By offering the assets by business line, we give every buyer, regardless of their level of interest, the opportunity to make bids," says Karbelk.
Bidders are required to sign the Confidentiality Agreement (CA) prior to receiving the detailed Asset Information Package CD's, which will include copies of file wraps from the patent and trade offices of U.S. as well as foreign governments, plus other due diligence documentation. In total, there are over 17,000 pages of information in the Asset Information Package.
King believes the final sales tally will exceed IPIX's $5 million secured lien and expects to identify the highest bidders within a week of the October 23 deadline date, completing the sales and transferring the assets by the end of November of beginning of December.
All sales are subject to U.S. Bankruptcy Court approval.
Interested bidders may contact Stephen Karbelk or Meg Vavrick at Tranzon Fox at 703-539-8622 (office) or via email at [email protected] or [email protected]. For a complete listing of the available assets, the Bidding Procedures and a Confidentiality Agreement, log on to www.tranzon.com.
