Not long after news that Alan and John Meckler’s , Robotics, and Technology Fund would undergo liquidation, it has been announced that Mecklermedia Inc. (OTC: MECK), responsible for the Inside and RoboUniverse trade shows, will also be shutting down. Upon stockholder approval, Mecklermedia will dissolve, as it liquidates its assets and reduces its work force.
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In a press release, it is stated that the company anticipates that all of its proceeds from the sale of assets will be used to pay creditors, including its secured creditor, and to wind down as a business. As a result, they do not believe that there will be any proceeds left for any recovery by stockholders. The release also notes that this occurs after many months of an attempt to raise funds and/or sell the company. Finally, health challenges of the company’s CEO and founder, Alan Meckler, have also affected this decision.
Meckler comments, “We are extremely disappointed to suspend operations but the market for our trade shows has not developed as fast as we expected it would. At this time, the Company continues to work with its financial and legal advisers and is considering various methods of liquidation, all in an effort to maximize the value of Company assets.”
For those with inquiries about the company’s decision, or those wishing to purchase the company’s assets, contact Scott Markowitz at c/o Tarter Krinsky & Drogin LLP, 1350 Broadway, New York, NY 10018, 212-216-8000.
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