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Orlando, Fla.-based original equipment manufacturer (OEM) Sequiam has filed for bankruptcy reorganization in the U.S. Bankruptcy Court for the Middle District of Florida, according to the Orlando Business Journal.
The company recently received a licensing agreement with Black & Decker to provide biometric door locks for the company’s Kwikset division. Still, the manufacturer’s stock dwindled to around 2 cents per share recently.
The company said it accumulated $30 million in debt over the past six years on research and development, according to the report. It also said that an investor failed to honor a March 2007 agreement to advance the company $800,000.
Company founder and CEO Nick VandenBrekel recently resigned for personal reasons.
The company said it will continue to conduct business while the filing and reorganization takes place.