To our customers, investors, family, friends, partners, fans, and everyone else involved in the Inboard journey: it pains me to write this letter, yet we can't thank you enough for your support along the way.
On October 2, 2019, Inboard Technology’s Board voted to enter into an Assignment for the Benefit of Creditors (ABC) agreement with the firm Sherwood Partners. In this process Inboard’s Brand, Intellectual Property, and assets will be sold in a bidding process. As such, the Inboard Website, social media, and broader communication channels will be handled by them.
Inboard’s philosophy was always to be as transparent as possible. Internally we were always upfront and honest with our Team,and so we apologize for any delay in communication.
All businesses and markets go through challenges. The exploding market for lightweight electric vehicles has been more turbulent than most, with multi-billion dollar Startups as well as Public companies finding the market fraught with challenges.
That said, Inboard was able to deliver industry leading innovations to the market; like our PowerShirt Swappable Battery Pack, the Manta Drive Hub Motor, and package these innovations in the most elegant and streamlined design. We were a Team that had an early vision for the future of urban mobility, and we were thrilled to have an impact on the shape if this new and transformative market.
What Happened? Inboard had a very large order it was ready to fulfill to one of the largest european scooter operators, but in the time it took to bring the ruggedized version of the G1 to market, coupled with dynamic and changing vehicle regulations in Europe, our product development timeline outstretched our financial runway. Throughout this process we had received multiple assurances from our key investors that they would lead a bridge financing if we hit key goals. Inboard hit those goals, but in the end the investors decided they would rather seek the liquidation value of the company rather than take the risk on funding the bridge. Since we had a number of assurances over many months that the bridge would be funded, the Investors decision was a shock and left us no time and little options. Thus the Board of Directors choose to enter in the Assignment for the Benefit of Creditors process.
As part of the Assignment for the Benefit of Creditors, all customers, partners, vendors, and investors are being asked to file for any claims against the company that they may have. This simply allows anyone (mainly vendors) with an open invoice to file a claim to be paid out of any potential sale of the company’s assets. While this “Proof of Claim” email was sent to everyone with which Inboard had ever done business, the Proof of Claim is really oriented towards manufacturing partners and vendors. Again, this didn’t come from the Inboard Team but rather is part of the Assignment for the Benefit of Creditors process.
With regard to ongoing warranty and customer support for Inboard Customers, I cannot give any details at this time - as this would be dictated by the entity that acquires Inboard through the Assignment for the Benefit of Creditors process. Again, it pains me that my hands our tied, but we will update Customers as developments unfold.
I am incredibly proud of the groundbreaking work the Inboard team accomplished over the years. The Inboard Team remains strong believers in the future of lightweight electric vehicles and the transformative impact they will have on our societies freedom of mobility.
Former CEO of Inboard Technology, Inc