Terion has filed for Chapter 11 bankruptcy protection.
The company says it “has received commitments for exit funding that management believes will carry the company forward to profitability.”
Last August, Terion discontinued its mobile cab communications product and focus its efforts exclusively on the trailer-tracking marketplace with its FleetView trailer monitoring system. (See "Terion Bows Out of Driver Communications," 8/21/2001.) Terion says it will use the Chapter 11 process to restructure its business operations and finances for this focus.
In a letter on its web site, President Kenneth J. Cranston assured customers that the company intends to continue operations without interruption.
“Please understand that filing for Chapter 11 does not mean we are going out of business,” Cranston said. “It does mean, however, that Terion management will gain the necessary time to reorganize and stabilize our financial situation under the supervision of the U.S. Bankruptcy Court. Terion management has developed a business plan that focuses on increasing revenues, reducing costs, and maximizing cash flow associated with our FleetView product. We are also focused on ensuring that you continue to receive quality FleetView service throughout this process.”
According to the company, Terion has approximately 70,000 devices sold and more than 44,000 devices activated in the field.
Cranston also noted that with increased interest in security, the trailer-tracking market is expected to increase. In addition, he said, the company has strong alliances with companies such as XTRA Lease, which has assured Terion of its continuing commitment.
More information about Terion’s restructuring can be found on its website at www.terion.com.
The company says it “has received commitments for exit funding that management believes will carry the company forward to profitability.”
Last August, Terion discontinued its mobile cab communications product and focus its efforts exclusively on the trailer-tracking marketplace with its FleetView trailer monitoring system. (See "Terion Bows Out of Driver Communications," 8/21/2001.) Terion says it will use the Chapter 11 process to restructure its business operations and finances for this focus.
In a letter on its web site, President Kenneth J. Cranston assured customers that the company intends to continue operations without interruption.
“Please understand that filing for Chapter 11 does not mean we are going out of business,” Cranston said. “It does mean, however, that Terion management will gain the necessary time to reorganize and stabilize our financial situation under the supervision of the U.S. Bankruptcy Court. Terion management has developed a business plan that focuses on increasing revenues, reducing costs, and maximizing cash flow associated with our FleetView product. We are also focused on ensuring that you continue to receive quality FleetView service throughout this process.”
According to the company, Terion has approximately 70,000 devices sold and more than 44,000 devices activated in the field.
Cranston also noted that with increased interest in security, the trailer-tracking market is expected to increase. In addition, he said, the company has strong alliances with companies such as XTRA Lease, which has assured Terion of its continuing commitment.
More information about Terion’s restructuring can be found on its website at www.terion.com.
media brand
0 Comments
See all comments