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Apex Files Chapter 11

8/17/2010 04:35:35 PM Eastern

Walnut, Calif. -
Apex Digital, which made its name more than 10 years ago as one of a number of
Asian factory partnered upstarts that pushed down pricing on DVD players, filed
a voluntary petition for Chapter 11 bankruptcy protection Tuesday.

"We are fully
committed to supporting existing U.S. customers of televisions and other
products sold under the Apex Digital brand," the company said in a statement
announcing the move.

Apex said it will
pursue approval of a restructuring plan to modify the company's business model
to enable it to expand its consulting business by leveraging global business
connections and focusing on growing its green energy lighting products line.

Apex also said it
will "ensure that there will be no disruption to existing, or future, business
and any pending orders."

 The trademark "Apex Digital" is owned and
licensed by independent third parties not affected by the Chapter 11 petition.

To facilitate a
seamless transition for its customers and vendors, Apex is working with the new
licensee and intends to continue providing customer support and warranty
service for all Apex Digital products in the U.S. without interruption. The
company said that it has necessary working capital to operate its business
normally under the jurisdiction of the Bankruptcy Court.

"We are fully
committed to supporting existing U.S. customers of televisions and other
products sold under the Apex Digital brand," said David Ji, Apex Digital
president and CEO. "This restructuring plan allows Apex to grow its business in
a new direction capitalizing on the increasing demand for green energy. This is
an area where we have a proven track record and a number of new products under
development."

 

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