Barbadian Internet television company Net2Vu has buckled under months of financial pressure.
The business, which is the subject of a bitter lawsuit involving former investor Harold Morley and its CEO Scott Weatherhead, suspended its subscription services today, blaming money woes.
Customers of the company based at Sheraton Centre, Sargeant’s Village, Christ Church received the news in an emailed notification from management. It was also communicated to the public in a posting on the organisation’s website.
“It is with sadness and regret that we write to inform you that effective today July 19 2012, Net2Vu is no longer able to continue offering subscription services to the public.
This comes as a result of our service providers disconnecting facilities provided to Net2Vu for financial reasons,” Net2Vu’s management disclosed.
“Over the last several months Net2Vu has tried very hard to raise badly needed capital in order to maintain the provision of subscription services to our customers.
“However, although we were very close to securing an investment deal to keep Net2Vu funded and providing services to our subscribers, we have simply run out of time with some of our creditors,” they added.
Officials said the result was that the company’s board of directors “has taken the decision to discontinue the provision of subscription services while we continue to seek an investor or acquisition for the company”.
“During this period, none of the live TV channels will be able to be provided to you, however all other features of the Net2Vu product will continue to function normally indefinitely,” the notice stated.
“The management and staff of Net2Vu regrets this eventuality and the loss of the service we have been providing to you, but we will continue to seek funding for the company over the next several weeks and months in the hope that we can resume normal service again.”
Net2Vu was launched a few years ago, promising to provide Barbadians with 150 premium live channels and revolutionising the provision of cable television services here. At its official launch Weatherhead said more than 700 customers had already signed up.
“The service doesn’t require anyone to run cable, install a satellite dish or an antenna. Customers can purchase the micro-computer kit at any retail outlet,” he said at the time. He said there were plans to expand the service from Barbados to other Caribbean islands. firstname.lastname@example.org