Ventax Robot Inc. has filed a notice under Canada's Bankruptcy Act, blaming weak equipment markets and a strong Canadian dollar.
Deloitte & Touche Inc. of Toronto was assigned its trustee in early May. Ventax has a month to come up with a creditors' plan unless an extension is granted. As of press time, no list of assets and liabilities was available.
``We're determined to emerge from this, but it won't be easy,'' Ventax Chief Financial Officer Rick Delogu said in an interview. ``We have good technology that is worth preserving.''
Ayr, Ontario-based Ventax introduced its Viper robots a few years ago. Their chief advantage is a very small footprint, Delogu said. The company recently made its initial sales of the machines, but the sales came too late to save the company, he added.
Ventax's owners have been advancing money to keep it afloat. No bank is listed as a creditor, said an official with Deloitte & Touche who did not want to be identified.
Among Ventax's 100 or so creditors is independent sales representative Greg Bertke of Centalia, Ill. Bertke launched a lawsuit against Ventax to recover an undisclosed amount of commission fees he said Ventax owes him from 2½ years ago. Bertke declined to provide details of his claim. Delogu said Ventax filed a defense in the suit, but the suit has been stayed because of the bankruptcy filing.