KISTA, Sweden-European location-services company CellPoint Inc. announced it filed for Chapter 11 bankruptcy in the U.S. bankruptcy court in Nevada.
The company said the move will allow it to continue operations while management develops a formal reorganization plan and business model.
The move is not necessarily surprising. CellPoint reported revenues for its second quarter of $84,706 and a net loss of $2.4 million. The company offers software and technology for location-based services for wireless phone users.
