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Credit crunch hits hi-tech firm Credit crunch hits hi-tech firm
(about 3 hours later)
A hi-tech company which announced expansion plans a few months ago is to call in administrators.A hi-tech company which announced expansion plans a few months ago is to call in administrators.
DeepStream Technologies, based at Bangor, Gwynedd, announced last October that it was set to almost double its workforce from 80 to 150 by 2010.DeepStream Technologies, based at Bangor, Gwynedd, announced last October that it was set to almost double its workforce from 80 to 150 by 2010.
The firm makes sensors. Chief executive Mark Crosier confirmed the administrators were called in by its secured creditors.The firm makes sensors. Chief executive Mark Crosier confirmed the administrators were called in by its secured creditors.
He said it was "very difficult to raise money in the current climate".He said it was "very difficult to raise money in the current climate".
The firm makes sensors to monitor energy use and has developed a three-dimensional electrical circuit that can be fitted into existing switches.The firm makes sensors to monitor energy use and has developed a three-dimensional electrical circuit that can be fitted into existing switches.
Engineering firmEngineering firm
Deputy First Minister Ieuan Wyn Jones officially open its production facility at Parc Menai Technology Park.Deputy First Minister Ieuan Wyn Jones officially open its production facility at Parc Menai Technology Park.
The engineering firm, founded five years ago, was also due to announce plans for a purpose-built new facility on the technology park alongside its existing plant.The engineering firm, founded five years ago, was also due to announce plans for a purpose-built new facility on the technology park alongside its existing plant.
In April last year, the firm announced it had landed a four-year $16m (£10m) deal to supply an American industrial components company.In April last year, the firm announced it had landed a four-year $16m (£10m) deal to supply an American industrial components company.
DeepStream's sensors can be fitted into industry-standard componentsDeepStream's sensors can be fitted into industry-standard components
It was also quoted in two UK-based listings for "clean technology" companies, which aims to help reduce the carbon use of products or services.It was also quoted in two UK-based listings for "clean technology" companies, which aims to help reduce the carbon use of products or services.
On Wednesday however the company's chief executive confirmed administrators had been called.On Wednesday however the company's chief executive confirmed administrators had been called.
Mark Crosier said they were called in by the company's secured creditors.Mark Crosier said they were called in by the company's secured creditors.
He said the credit crunch was one of the problems facing the company, adding it was "very difficult to raise money in the current climate".He said the credit crunch was one of the problems facing the company, adding it was "very difficult to raise money in the current climate".
The Welsh Assembly Government said officials would be seeking a meeting with the administrators as soon as they were appointed to find out if there is anything at all it could do to help find a buyer.The Welsh Assembly Government said officials would be seeking a meeting with the administrators as soon as they were appointed to find out if there is anything at all it could do to help find a buyer.
It said its aim would be to encourage and to explore means of supporting any proposal which would retain the company's technology and its skilled staff in north Wales.It said its aim would be to encourage and to explore means of supporting any proposal which would retain the company's technology and its skilled staff in north Wales.