Laser TV Company Forced To Sell Assets To Sydney Uni for $1

Written by David Richards     03/12/2009 | 05:42 | Category: INDUSTRY

ASX-listed Arasor International, the company that 3 years ago told the world that it was set to launch Laser TV in partnership with Mitsubishi, is today offloading a broadband asset to Sydney University for $1 in an effort to reduce the company's 'burn rate'. It has also failed to lodge any financial reports for the last financial year.

Nor has it explained what has happened to its so-called Laser TV technology, which seems to have evaporated into thin air shortly after the company was floated.

Arasor executives spin doctor their Laser TV claims in 2006

In 2006, Arasor engaged Sydney-based public relations Company Professional Public Relations to pull off what was later described as a "giant con". At a packed press conference, executives from Arasor told journalists that the company was set to launch Laser TV in conjunction with several partners, including Mitsubishi. It even demonstrated a modified 52-inch Mitsubishi WD-52627 using Arasor's so-called optical chips and lasers to drive the display.

Called days before the Company was due to float, Arasor executives said that Laser TV would replace both plasma and LCD TV technology because it delivered a superior picture and was cheaper to manufacture. Arasor hailed the technology  as "the next revolution in visual technology—a laser television that will make plasma screens obsolete".

Journalists at the timed gushed over the technology, with CNet reporting that the technology would be in shops by Xmas 2007 with a 60" model costing $2500.

Mitsubishi Australia denied any knowledge of the technology or a relationship with Arasor.

At the time, SmartHouse was the only technology website to question the technology and the claims of the company who at the time was unable to answer any legitimate questions about its operation or its technology.

At the time, PR executives from PPR went out of their way to hinder our investigations and deny us access to executives. 

See below for the SmartHouse stories that exposed the Arasor Laser TV Con.

In an announcement to the ASX, Arasor has announced that it has recently sold an entity called the Bandwidth Factory to the University of Sydney for $1. The University also gets $500,000 worth of liabilities as part of the deal.

William Mackenzie, CEO of Arasor International, said that the transaction further reduces the company's "burn rate" and allows the company to focus on other joint ventures.

The company has also admitted that it has yet to lodge its latest financial returns with the ASX.

Founded in 2002, the Bandwidth Foundry is a photonics manufacturing technology development centre located in Sydney. In a statement on its website, the company claims that Australian researchers have a strong track record in developing photonics technologies, and the Bandwidth Foundry provides world-class facilities and expertise to enable photonics innovation.

Arasor also claims that the Bandwidth Foundry is currently part of the NCRIS Program, which aims to advance Australia's capability in science, engineering and technology.