Earlier this week, eMerge Interactive filed the necessary papers with federal bankruptcy court for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code.
As a result of this process, eMerge Interactive will eventually be dissolved; however, both business units of eMerge Interactive — CattleLog and VerifEYE — will be sold to new owners within the next 45 days. The company is working to ensure continued availability of all existing CattleLog products and services with no interruptions in service expected.
The company also announced that it and PRIME BioSolutions LLC mutually agreed to terminate the previously announced merger agreement between the two because adequate financing on acceptable terms was not available.
eMerge will continue to operate in the normal course of business during its Chapter 11 case and will continue payments of its employees' wages and benefits and meeting its customer-related obligations.
If you are a customer with questions or concerns, contact your CattleLog regional sales manager or CattleLog customer service at 866-239-2665.
To read a press release with more details of this change, please go to: http://phx.corporate-ir.net/phoenix.zhtml?c=68037&;p=irol-newsArticle_Print&;ID=963135&;highlight=