Seattle, Washington-based Virtual Vision Inc has also filed for Chapter 11 bankruptcy protection. As a result of excess inventory and low sales in 1993, it has accumulated substantial debt with vendors, it explained and Chapter 11 would give it time to work out a repayment plan. The privately held firm’s flagship product enables users to view what appears to be a large screen video image via a pair of glasses that beam the image through a prism directly into the viewer’s eye. The product can be used by doctors performing microsurgery and could be adapted to eliminate the need for a screen in personal computers, it said. The firm raised around $10m from private investors last year and Microsoft Corp co-founder Paul Allen became the its second-largest investor with an unspecified investment through his Vulcan Ventures group. The firm ultimately expects to go public with a stock offering.
