SAN RAMON, Calif.--(BUSINESS WIRE)-- Neonode, Inc. (NASDAQ:NEON), the mobile communication company that develops touch screen technologies and designs mobile handsets, announced that, on December 9, 2008, its Swedish subsidiary, Neonode AB, filed a petition for bankruptcy in compliance with the Swedish Bankruptcy Act (1987:672). Mr. Hans Öden of the Stockholm- based Ackordscentralen AB, a consultancy firm specialized in insolvency, was appointed by the district court of Stockholm to administrate the process.
Per Bystedt, CEO and Chairman of Neonode, Inc. comments, "For the past six months we have focused on turning the business around and solving the financial situation of Neonode AB. We continue to have great belief in our technology and believe we have a competitive product in the Neonode N2 but without sufficient funds we cannot continue operations."
Neonode AB has, together with its American parent company, Neonode Inc., taken a number of measures to attempt to restructure and refinance Neonode AB's operations. On October 22, 2008 Neonode AB filed for reconstruction in accordance with the Swedish reorganization act (1996:764).
"We have had a good dialogue with many of our creditors and tried a number of different solutions, but unfortunately we have been unable to reach a satisfactory solution for all parties," Per Bystedt, CEO and President of Neonode, Inc. continues.
Neonode AB is a wholly-owned subsidiary of Neonode Inc and has carried out business with focus on the development and sales of touch screen mobile phones such as the Neonode N2 since 2004.
Neonode Inc intends to continue to operate as a technology licensing company, focusing on developing and marketing the Company's patented touch screen technology, zForce(TM) to third parties. Neonode Inc. is currently working with its major stakeholders on a plan for a complete restructuring of the Company.
About Neonode Inc.
Neonode Inc specializes in optical finger based touch screen technology. Neonode's mission is to enhance user experience related to any consumer or industrial device that can benefit from a finger based touch screen solution. Neonode Inc. is a publicly traded company (NASDAQ: NEON) with offices in Stockholm, Sweden and San Ramon, USA. For more information, visit www.neonode.com.
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