Breast-sensor developer Scantek Medical of Ledgewood, NJ, has filed for Chapter 11 bankruptcy protection.
The company did not provide a reason for the filing, other than to note that it has shipped 35,000 units of its BreastCare/BreastAlert differential temperature sensor product to a medical equipment supplier in Brazil. The supplier has paid Scantek $100,000 to date, and will pay the balance of the purchase price 180 days after receiving the units.
The supplier's obligation to pay the balance of the purchase price is secured by a standby letter of credit, according to Scantek.
Related Reading
Scantek nets two Brazilian contracts, May 2, 2008
Scantek plans Brazilian partnership, December 9, 2003
Scantek plans European partnership, April 27, 2001
Scantek sells portion of Brazilian subsidiary, October 31, 2000
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