A company working on behalf of the court-appointed receiver for action-camera maker Contour Inc. said today that it’s accepting solicitations from potential buyers of Contour’s assets, tentatively setting an auction for early October but saying that the Contour brand could still survive.
The announcement was made by D.A. Davidson & Co., which has been tapped by receiver Inverness Group LLC to handle the bidding process. GeekWire reported about the appointment of the receiver last week, based on court documents, but this is the first official announcement from the receiver.
Contour, which struggled to compete against market leader GoPro, grew to almost $30 million in annual revenue, according to the news release. The company closed its doors last month, surprising employees.
Here’s the full text of the release with additional details on Contour’s assets and business operations.
Contour, Inc. Enters into Receivership to Preserve Value and to Complete the Sale of All Business Assets
Seattle, WA – Contour, Inc., formerly a leading provider of POV cameras and accessories, has entered into receivership under approval by the Superior Court of Washington for King County. Inverness Group, LLC, by and through its Managing Partner, John Davidson, has been appointed as Receiver. D.A. Davidson & Co has been engaged by the Receiver to help enable the sale of Contour assets through a competitive bid process within sale procedures to be established in the case. Nathan Pund, Managing Director at D.A. Davidson, commented, “We look forward to facilitating a successful transaction in the best interests of Contour’s creditors and potentially enabling a future for the Contour brand.”
Founded in 2004, Contour grew to be one of the largest companies in its field with almost $30 million in annual revenue.
Contour abruptly shut its doors on August 2, 2013 after protracted negotiations with investors failed to produce a viable funding solution. Remaining assets at the Company include an IP portfolio, customer lists and contracts, supplier contracts, accounts receivable and inventories, trademarks, and other assets. The assets will be sold “as is” free and clear of all liens and encumbrances, and the sale will be subject to an agreed Asset Purchase Agreement and final approval by the Court.
D.A. Davidson is currently accepting solicitations from interested parties, with a final competitive bid process at an auction tentatively set for early October. Interested parties should contact Nathan Pund at [email protected] or (206) 903–8693.