The lights have dimmed for Big Picture Technologies of Calgary after its board voted to place the e-business software developer in receivership after failing to complete it latest financing round.
The board of directors resigned en masse, with the appointment of a receiver-manger from Arthur Andersen Inc. Other staff in Calgary and Victoria had already been laid off, and Big Pictures CEO Michael Anthony has also resigned from the boards of Salasan Associates Inc., a unit of Big Pictures, and BP Acquisitions Inc.
The company is in voluntary receivership at the direction of Network Capital Inc., the holder of a secured debenture for $2.4 million entered into with Big Pictures last December and which is currently in default.
Big Picture announced late last month that the BDC would not complete its previously-announced financing of $3 million to $6 million due to policy changes related to investments in public companies.
“The termination of this financing has serious and far reaching implications for Big Picture,” Anthony said at the time, adding the financing was critical to implementing the company’s customer acquisition strategy.
Big Picture Technologies had its IPO in 1998 and earlier this year was named the Number One Fastest Growing Company in Alberta Venture’s 2001 Fastest Growing Company Competition, and third in the 2000 Canadian Technology Fast 50 Shooting Star Awards by Deloitte & Touche.
Web Watch:
www.bigpic.com
