Six years after its launch, Boston-based nTAG Interactive Corp., an interactive nametag technology company, filed a voluntary petition for liquidation under Chapter 7 on Dec. 26, 2008, and released all 30 of its employees on Dec. 31.
Even as the company's website continued to function, a competitor, Chicago-based Spotme, broke the news of nTAG's demise to customers and potential clients by e-mail, and included the reassurance that "Spotme is available to service the event communication and networking needs of former nTAG customers."
Reached at his Boston home, Rick Borovoy, co-founder and former chief technology officer of nTAG, said he found Spotme's actions "unprofessional," especially since nTAG had not been given a chance to issue a statement of its own.
"I was reluctant to put out an announcement before we knew if the ball would be picked up by a buyer," said Borovoy, who noted that the company currently is in talks with several interested parties. He added that any official company statement must now come from a court-appointed bankruptcy trustee.
"This is a very capital-intensive business," Borovoy noted. "But that's what it takes to keep pushing the technology forward."
Since its inception, nTAG had raised $23 million in venture capital. Former event and meeting clients included AT&T, Bank of America, General Electric and IBM.