Amedia Networks Inc (fka AANI)

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This is really interestingAmedia Networks ceases operations
Feb 19, 2008 11:09 AM, By Ed Gubbins
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Gateway vendor Amedia closes shop

Amedia Networks ceased all operations last week, the company has disclosed in regulatory filings.

The broadband access equipment vendor closed its doors after a lengthy but unsuccessful search for additional financing, as short-term loans it accrued in 2006 came due. Its last remaining employees, Chief Executive Officer Frank Galuppo and Chief Financial Officer J.D. Gardner, resigned on February 12, 2008.

“All of the company’s assets, including its intellectual property, are subject to a security interest in favor of holders of the company’s debentures in the aggregate principal amount of approximately $9.9 million,” the company said.

Last September, after paring down its staff to just Galuppo and Gardner, the company was evicted from its headquarters in Eatontown, New Jersey, for failing to pay its rent.

Launched in 1994, Amedia entered the broadband access space in 2004. One of Amedia’s last major business transactions was a deal struck in April 2006, wherein it agreed to jointly develop IP home gateways for Motorola in exchange for $1.9 million. Last year, Motorola took over development of that gear, promising to pay Amedia $5 for every unit it made. Last summer, Motorola paid Amedia $200,000 as an advance on the first 40,000 gateways.

For the first nine months of last year, Amedia reported $234,500 in revenue and a net loss of more than $9.3 million. At that time it reported less than $1.7 million in total assets and nearly $16 million in total liabilities.