ALEXANDRIA, Va., April 11, 2014 /PRNewswire/ -- Expectations were high when epcSolutions developed its suite of data and mobile applications to allow retailers to deliver coupons directly to retail customers on their smartphones. The company had even passed pre-qualification for GS1 Source certification.
But time ran out on the company, and now the United States Bankruptcy Court for the Eastern District of Virginia is overseeing the sale of its assets. The Trustee is seeking additional offers on EPC's Data Aggregator software and related assets, including applications for IOS and Android operating systems.
"EPC had developed a great system and already had contracts in place with three GS1 countries before entering bankruptcy. The Trustee is inviting upset bids in advance of a courtroom auction scheduled for May 6, but those seeking to buy these systems must act quickly due to the schedule proposed to the court," said Stephen Karbelk, of Auction Markets, which has been employed by the court to solicit offers and conduct the auction. The deadline to submit a competing bid is 5 p.m. Eastern on May 1, 2014.
"The current stalking horse bid on these assets is $250,000, which is a fraction of the investment EPC had made in the software," said Karbelk.
EPC's business plan had anticipated subscription revenues from GS1 countries for building and hosting the aggregator database, as well as transaction-based fees for using the systems to scan a product page with a featured coupon at the point of sale, using no paper. Assets included an app to provide certified nutritional value of food products, a mobile scanning app, a native Apple app to deliver coupons, and others.
"The software is still relevant to the current marketplace and really has not lost its value, as the Trustee has allowed the customers to continue to use the software until it is sold. We feel this presents other software companies or entrepreneurs a rare opportunity to obtain a group of programs at a fraction of the development cost and integrate them with other offerings or resume development and marketing with better capitalization," said Karbelk.
The current stalking horse bid submitted is from Qliktag Software Inc., a Delaware corporation.
In addition to the Data Aggregator software, the court is also seeking offers on other EPC assets, including RFID asset management software programs.
Detailed due diligence information, including a copy of the Sales Motion and Asset Purchase Agreement pending before the US Bankruptcy Court, is available to those interested in purchasing those and other assets. Contact Stephen Karbelk, of Auction Markets, 571-481-1037, [email protected].
For more information:
Carl Carter, 205-823-3273
SOURCE Auction Markets, LLC