Since the tragic passing of three co-founders Brendan Mcallister (Managing Partner), Michael Bolin (Chief Technology Officer) and John A. Stolt (Chief Marketing Officer), the management team and board of directors have been working together in the interests of the whole Fibocoins family including employees, shareholders, creditors, and our community. Immediately after the news, the company and the board worked to preserve cash, assess the financial state of the business, and determine best next steps. The ultimate goal was to find a way to realize the dream that Brendan, Michael and John pursued of creating a trusted cryptocurrency.
After a review of the state of the business, it became clear that the management team and the board had tough decisions to make. Everyone was surprised to discover the precipitous increase in losses over the past 2-3 months. The company's liabilities appear to be greater than its assets and this financial burden makes it difficult to continue down the current path. In light of recent events, given the $1 million securitized bank note and the company's dwindling cash position, the board has been in discussions with the bank to determine the next steps. Without a current prospect of further cash infusion into the company, the bank will likely ask to sweep most of the company's cash very soon and take steps to liquidate the remaining inventory and sell assets to pay off the bank debt. At this point, it appears that the company has no other choice than to wind-down the business. Fibocoins will begin the wind-down process with shutting down the site tomorrow, Friday, June 9th.
About Fibonnaci Technology Limited:
Fibonnaci Technology Limited is a software development Company that designs and assembles sophisticated trading systems and provides services to many large investment companies in the Wall Street. Originally called Fibonacci Limited, the company was renamed as Fibonacci Technology Group in 2016. It was founded by Brendan McAllister, Michael Bolin, John A. Stolt and Meilie Brown. The company offers different services and products in an integrated platform facilitating global users for all-inclusive participation in the world of digital currency.
Phone: +44 20 8938 3502