New York-based ChoiceSeat, a provider of in-venue interactive entertainment systems, filed for Chapter 11 protection on May 18 and cut 75% of its staff on May 31.
Although it had raised more than $22 million since 1999 from such companies as Axalon Internet Group, Intel, Microsoft and Williams Communications, the money has apparently run out, and CEO Mary Frost is seeking additional funding. There's talk of the company's being acquired, according to Dave Levine, senior vice president of finance and administration.
A reorganization will be completed by the end of July. Frost will remain with the "new" company.
ChoiceSeat provides instant access to sports information via an interactive LCD touch-screen mounted on the backs of seats in major sports venues, including Fleet Center in Boston; Madison Square Garden in New York; and Tropicana Field in Tampa Bay, Fla. Interactive options offered include real-time and replay action on-demand from multiple camera angles and the means to order concessions, tickets and merchandise.
