Feb. 20, 2004 — PHS MEMS, a Grenoble, France-based MEMS designer and manufacturer, has made a “crash landing,” in the words of a news release issued today after the company closed its operations and began dismissing its 95 employees.
“Our technology is ahead of the market, but unfortunately our cash reserve was not sufficient to support cash outlay operations until volume orders could be delivered and paid. I regret leaving many valuable customers by the side of the road,” Thierry Touchais, PHS MEMS president and chief executive officer, said in a prepared statement.
The release said that the company’s liquidation was declared today by the Commercial Court of Grenoble, and that PHS MEMS’ intellectual property and other assets “will be sold with the primary aim of consolidating technology packages related with specific applications.”
PHS MEMS developed and manufactured MEMS-based passive optical and wireless RF (radio frequency) devices for the mobile handset market.