Torridon calls in liquidators
Memory Corp nearly a corpse
Torridon plc, the technology business formerly known as Memory Corp, has been put into liquidation. Backers of the business wouldn't put more funds into the operation, and the company's directors have failed to come up with any fresh investment.
The Glasgow office of Kroll, Buchler, Phillips was appointed provisional liquidators on 30 July.
The company had been concentrating focus on technology development and licensing after selling off its Memory Plus memory distribution subsidiary for £800,000 in March. It sells MP3 players and jukeboxes and the FlashMailer which 'sends images to the Internet without using a PC'.
The company had been valued at £100 million at the height of the technology stock boom but the Glasgow Herald has said its market value is now less than £200,000.
Torridon employs 22 people.
Fraser Gray, a partner in Kroll, Buchler, Phillips, said: "We are seeking a sale of the assets of the business and due to the nature of the intellectual property, it is likely that a short-term closing date will be set for interested parties."