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SouthWest NanoTechnologies has filed for bankruptcy protection

In court documents submitted SouthWest estimated it had about US$5 million in assets and US$11.7 million in debts

25 Nov 2015 | Editor

According to a news article on the Oklahoman's newspaper website the single-wall carbon nanotube company SouthWest NanoTechnologies has filed for Chapter 7 bankruptcy, meaning the company's assets will be liquidated to satisfy its debts.

In court documents, SouthWest estimated it had about US$5 million in assets and US$11.7 million in debts. Among the company's assets listed in court documents are several U.S. patents, including one described as "a method of producing carbon nanotubes."

The company was founded by University of Oklahoma professor Daniel E. Resasco, who developed the catalytic process used by SouthWest NanoTechnologies to produce nanotubes.

According to the news article SouthWest NanoTechnologies' Norman office phone number has been disconnected and attempts to reach an attorney for the company, or SouthWest CEO David Arthur were unsuccessful.

SouthWest opened an 18,000-square-foot manufacturing and research and development centre on an eight-acre site in Norman in 2008.

In December 2014, SouthWest announced it had signed a memorandum of understanding with an Azerbaijani company to develop a major carbon nanotube production plant near the capital city of Baku. Financial terms of the deal were not disclosed. The plant was projected to be able produce about 1,000 tons of nanotubes a year, beginning in 2016.

According to SouthWest's bankruptcy filing, SouthWest owes US$89,000 to the Norman Economic Development Coalition, which has a second charge on some of the company's assets.

SouthWest also lists the University of Oklahoma as a creditor in its bankruptcy filing, listing a $326,250 debt for a 10 percent convertible note and another $183,645 on a note payable.

Also see The Oklahoman's newsroom - http://newsok.com/article/5462649

www.swentnano.com   


About SouthWest NanoTechnologies

SouthWest NanoTechnologies was founded in 2001 to commercialize a groundbreaking technology (CoMoCAT), developed by Professor Daniel Resasco from the University of Oklahoma, for synthesizing single-wall carbon nanotubes (CNTs) with controlled optoelectronic properties. Since then, we've expanded our operations to become the world's leading supplier of high-purity single-wall, few-wall, and multi-wall carbon nanotubes, serving the needs of over 1,000 materials developers worldwide in industries ranging from consumer electronics to energy storage and composite manufacturing.

Source: SouthWest NanoTechnologies


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