Friday, June 19, 2009

RadioScape exits Administration

RadioScape Ltd, the developer of equipment and systems for the Eureka 147 (DAB / DAB+ / T-DMB) Digital Broadcasting Industry, has received major new financial investment, releasing it from Administration by Price Waterhouse Coppers to concentrate on its core activities in the field of Professional Broadcast Technology.

New management is being brought in but the new company says "Through the period of Administration, RadioScape remained fully operational with its customer facing technical and commercial teams remaining totally unchanged, supporting both the Administrators goal and the existing global client base."

The Company representative said "It is anticipated that the entire team will remain at the core of RadioScape's future business and will be augmented where necessary to meet the expected growing requirements of Eureka 147 Broadcasters as those demands are made,"

It adds all existing commercial and technical commitments will be respected and that "pending customer expectations will be adhered to where possible."

In October 2008, RadioScape announced that it would be scaling down its operations in the domestic DAB module market and closing these activities by the year end because of pricing pressures and volume declines in the modules market in the Far Eastern markets.

The company said at the time that with the increasing availability of highly integrated, low cost, radio receiver chipsets from the Far East, DAB radio manufacturers and brands were increasingly able to develop new products without the need for using a traditional module solution. At the same time, RadioScape was investigating ways to refinance its Broadcast business, and had lined up a prospective buyer, with heads of terms of agreement signed early this year.

However, the company failed to raise the finance needed for the acquisition and in order to stabilise the situation, RadioScape appointed Price Waterhouse Coopers as Administrators on May 30th 2009. The commitment of full Broadcast Team during the short period of Administration and the confidence shown by its large existing client base and prospective customers was able to ensure the on going security of the company, the products and the brand. The entire team is still in place as the company moves and has the customer facing technical and commercial teams remaining totally unchanged.

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