SystemSoft Corp, the long-troubled PC card and BIOS software company has finally waved the white flag and declared bankruptcy. The Natick, Massachusetts-based company said Wednesday that it will file for protection under Chapter 11. The company says it will attempt to sell off its technology assets to interested parties for the benefit of creditors and shareholders.
Until it can find a buyer for the assets, it intends to operate at reduced staff levels to fulfill obligations under contracts to existing customers. SystemSoft has lost money the past four quarters as revenue all but collapsed in the face of increased competition. It had previously laid part of the blame on poor execution by its sales force. The company’s shares last traded on the Nasdaq OTC bulletin board at $0.09, down from a 52-week high of $4.4375.
