On May 13, Begbies-Traynor, one of the two joint liquidators handling the assets of Gizmondo Europe Ltd, issued a press release regarding Carl Freer and Gizmondo. On April 29, I reported its core content, i.e. that Carl Freer has been allowed to buy the Intellectual Property Rights from the defunct company in order to proceed with his plan to restore Gizmondo.
The press release from Begbies-Traynor states: “The joint liquidators of Gizmondo Europe Ltd (in liquidation) recently announced that, following extensive enquiries and negotiations, they have entered into an agreement with one of the ex-directors of the company, Mr Carl Freer.”
It continues: “The continued co-operation afforded us by Mr Freer will enable the liquidators to recover a substantial sum for the general body of creditors. Furthermore, Mr Freer’s continued assistance will reduce the overall indebtedness of the company,” said Paul Michael Davis, who is in charge of the Gizmondo Europe case att Begbies Traynor.
“We have considered the commerciality and viability of selling the IPR Assets to Mr Carl Freer and feel that in all the circumstances we have achieved the best possible outcome on behalf of the creditors,” he said according to the release, which adds that “Much work has been done by Mr Freer and the liquidators in finding ways to uncover value and repair the defunct operations of the company.”
Carl Freer is quoted as saying that “the shareholders of Tiger Telematics will now be able to prosper on the re-introduction of the Gizmondo into the market.” The release also states that “the terms of the agreement remain confidential”, but then adds that “we can advise that a substantial payment has already been made for the purchase by Mr. Carl Freer of the company’s IPR Assets.” Finally, Mr. Davis wishes “Mr Carl Freer every success with his plans to re-establish the Gizmondo in the augmented reality environment which will bring the power of television, the accuracy and accountability of direct mail and the interactivity of the Gizmondo to a global audience.”