Formulab Neoronetics Corp, the Sydney, Australia-based firm, called in an Administrator earlier this month, following a suspension of trading on Nasdaq in March. Formulab caused a stir back in 1996 when it began talking about its Richter Paradigm distributed parallel computer technology, which was expected to be implemented as a PCI bus board plugged into a PC. But the company failed to substantiate its extravagant technical claims, and the product never materialized.
By 1998, the company had changed tack in 1998 and launched its logic and reasoning decision support software tool, MindWizard, as a retail product, costing around $150. But shortly afterwards, Robert Lee, executive director, president and CEO of the company, who had focused on the development of MindWizard and other retail software reasoning technologies, resigned. Formulab said it would concentrate instead on its VoiceNet voicemail PBX product lines. In November, Forumlab acquired the 50% interest in VoiceNet held by its joint development partner on the product, Goldtron Ltd.
Nasdaq halted trading of Formulab shares on March 17 this year, requesting additional informationfrom the company. On April 9, Ross Norgard of the firm Norgard Clohessy of West Perth, was appointed as external administrator. Yesterday, the company said it planned to begin trading on the Nasdaq Smallcap system under a different symbol, FNCYQ, rather than FNCLY.
