Posted by Charlie S (220.127.116.11) on July 17, 2001 at 18:13:32:
NEWSFLASH: Pantellic acquires PhotoPoint!
By Michael R. Tomkins, The Imaging Resource
(Tuesday, July 17, 2001 - 15:49 CST)
The story behind PhotoPoint's downtime is emerging as Pantellic announces its acquisition...
You read it here first - Pantellic Software Inc. has officially announced the acquisition of online photofinishing website PhotoPoint.com. The announcement states that Pantellic acquired the site from Sherwood Partners, a law firm which we'd heard rumored was liquidating PhotoPoint's assets. This suggests that the other detail we'd heard in these rumors is probably true - that PhotoPoint Corp. (USA) went into liquidation on June 26th, quite some time before the site went down, suggesting that Pantellic kept things running even after the site's parent company was pretty much dead.
Pantellic originally developed the PhotoPoint website before selling it to PhotoPoint Corp. in 1999; with today's announcement the site has come full circle and is back with its original creators. Pantellic plans to extend the site's features, and retain many of PhotoPoint Corp.'s partners. It will also retain some PhotoPoint Corp. employees, whilst now handling all business development, sales and marketing functions that PhotoPoint Corp. previously dealt with...
We believe that whilst Pantellic has now announced its acquisition of the PhotoPoint site, negotiations as to the terms of the acquisition may still be finishing up, so likely more news will be forthcoming on this story over time. Today's announcement does suggest that the company may have found its hands tied by negotiation processes whilst the site was down, preventing it from publically discussing the reasons for the downtime.
Source: Pantellic Software Inc.
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