A Canterbury-based research and development company — spun out of Lincoln Agritech — has been placed in liquidation owing an estimated $940,000.
Incorporated in 2015, CertusBio was attempting to develop real-time monitoring for the food-processing industry to reduce product loss and improve efficiency and environmental sustainability.
In his first report, liquidator Robin Crimp said the company was placed in liquidation on December 17 following shareholder agreement.
The company had borrowed funds from various research and development funders to attempt to bring a commercial product to market.
When it was unable to secure sufficient prospective sales in a timely manner, the shareholders determined they were unwilling to invest more in the company and that it should be liquidated.
The majority shareholders are Lincoln Agritech, Powerhouse Ventures, Harvey Investment Fund, Pacific Channel Nominees, Edward Parker and Otago’s Barry Richardson.
Mr Parker and Mr Richardson, a former chief executive of Dunedin-headquartered Blis Technologies, were the two directors of the company.
Creditors listed include Lincoln University (which owns Lincoln Agritech), Pacific Channel Nominees, Paragon Solutions, the MBIE and Inland Revenue.
In 2021, CertusBio secured a $4.6 million investment — led by Asia-Pacific funds management firm Pacific Channel — to accelerate plans for growth in New Zealand and globally.
At that time, the company’s then chief executive Matthew Jones said it was a very exciting time for CertusBio, and plans included appointing a US-based executive to establish a presence and drive global sales of the patented technology.
Mr Crimp said the company had a small number of industry-specific assets awaiting auction. It was too early to indicate the likely funds available for unsecured creditors.
