Company behind world’s first smart basketball files for Bankruptcy
Running low on cash, InfoMotion Sports Technologies – a Massachusetts-based Company behind the award winning 94Fifty Smart Sensor Basketball has filed for Bankruptcy protection. In the papers, filed with court, Company’s Chief Executive Michael Crowley has said, the company is looking for bankruptcy loan as an assistance to stock up inventory before holiday season.
InfoMotion Sports Technologies’ 94Fifty Smart Sensor Basketball is world’s first smart basketball, which features six motion sensors to record a player’s dribble intensity and monitor ball backspin and shooting arc. The precise feedback is immediately sent to an iOS or Android phone via a dedicated app allowing players to better their performance with help of analysis on their phone screens.
Responding to the appeal, Bankruptcy Judge Joan N. Feeney has permitted InfoMotion Sports to spend restricted cash in the meantime.
According to Crowley filed documents, company’s poor financial condition is because of an investor group that promised up to $5 million in loan in 2013 but didn’t help. Crowley has asked the court to place the company in Chapter 11 protection, which should give the company a breathing space, and ease of the debt pressure.
94Fifty Smart Sensor Basketballs are still available for pre-order from the website at a discounted $159.95 price tag.