In a deal announced exclusively in The Recycler earlier this week the heavily indebted Photizo Group assets were repossessed by Photizo’s primary secured creditor Meritus Ventures (Meritus), a US based venture capital fund that was owed in excess of $4 million.
The sale of the assets has now been executed and as a result of this action, Virtulytix expects to be able to leverage the significant investment and intellectual property development that Photizo Group Inc. made into predictive analytics including the patent pending model for dramatically reducing wasted toner due to early replacement in managed imaging fleets.
The Virtulytix management team includes former Photizo Group employees including Scott Hornbuckle (President), Mario Diaz (VP Consulting), and Ron Iversen (VP Market Intelligence Services).
Virtulytix expects to continue to support Photizo Group’s imaging industry clients with consulting and market intelligence services specifically for the imaging industry and expects to make the transition as seamless as possible for Photizo Group clients.
No details were released about junior secured and unsecured creditors including the owners of Lyra Research and former employees who stand to loose in excess of $2 million.
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