Apparently Rich Tehrani was able to get a hold of Iain Milnes, who tells Rich that the work stoppage at Zutys is --hopefully -- temporary. At least until theyget some funding.
Here's what Rich wrote:
Update:
I just spoke with Iain Milnes the founder of the company and he said they are ceasing operations and terminating employees temporarily -- until they get financing. They feel they have a great product portfolio and a great channel – I agree. They are looking for investors who see this value. Contact [email protected] for details.
Hello,
Any update about Zultys and Iain Milnes?
Verna Do (are you related to Van Do, wife of Iain Milnes?), the only update is that Zultys owes its employees and vendors millions of dollars which it can not pay.
Of course she is. She is Van's sister and former wife of Patrick Ferriter, VP of marketing and director who has now left Zultys and joined Polycom. Must be very lonely in the factory now. Might even be quiet enough to hear someone on a ZIP2!
Here's your update... Zultys is BANKRUPT. We received a claim form from the US Bankruptcy Court for the Northern District of CA today. So, regardless of the bravado of Iain Milnes in the press, Zultys is OUT OF BUSINESS.
Funny.. Somebody tell the office in India that they are out of business. And then maybe we'll stop getting those crappy Zultys web blasts (SPAM).