Photizo Acquired by Virtulytix, as Kentucky Commonwealth Files Lawsuit on Behalf of Unpaid Employees
In a deal announced earlier this week, Photizo Group’s assets were repossessed by primary secured creditor Meritus Ventures, a U.S.-based venture-capital firm that Photizo of Lexington, Kentucky, owed over $4 million in loans to.
Virtulytix – a new “advanced analytics firm” also based in Lexington, Kentucky, and staffed by several former Photizo employees – also announced that it had acquired Photizo.
Wirth Consulting also received a copy of a complaint filed on August 16th in the Fayette Circuit Court by the Commonwealth of Kentucky’s Labor Cabinet on behalf of employees with unpaid salaries and wages that combined, total almost $100,000.
Overall, the owners of Lyra Research are said to be set to lose $1.3 million. (Photizo acquired U.S.-based Lyra Research In 2012; Lyra Researcher published the well-known Hardcopy Observer, which covered the print and digital-imaging industry.)