Monday 23 November 2015

Zano Mini-Drone Project Shut Down by Torquing


Zano Mini-Drone Shut Down

The Zano mini-drone project, one of Europe’s most successful Kickstarter has been shut down by the company. Torquing Group had released a report to supporters of the project stating that it had decided to pursue a `creditors’ voluntary liquidation. The said project is said to be in distress inspite of raising over £2m. According to a message sent by Torquing, the creditors would be contacted by abankruptcyexpert.

The message states that on exploring all options known and after seeking professional advice, they have made the difficult decision to pursue a creditor’s voluntary liquidation. They have been greatly disappointed with the result of the Zano project and would like to take the opportunity of thanking all who supported them during the difficult period, particularly the loyal employees, whose commitment had exceeded all expectations.

Thousands of individuals who had invested in the project through Kickstarter would not be receiving the device for which they had paid to support.According to a comment left on a Zano forum, Ivan Reedman, chief executive of Torquing had resigned recently owing to personal health issues and conflicting differences. This was followed by another hitch in June when Torquing had missed a deadline in distributing drones to supporters waiting for the product.

Europe’s Most Successful Kickstarter Campaign Collapse

Zano drones were in production already and were created to be controlled through a smartphone app. Moreover, the device would also be capable of following users as they moved around outdoors but the function was not working completely when BBC had visited Torquing in August.

One of the supporters had informed BBC that he had invested around £164 in November 2014, in Zano and till a few weeks ago they had been receiving emails stating that the first 7,000 Zanos were almost ready to be dispatched.

He further commented that it was unfortunate to see Europe’s most successful Kickstarter campaign collapse so dramatically, especially when it was nearing shipping. Sandro Ruch another supporter informed that he had invested a couple of hundred dollars and was disappointed with Torquing’s communication with supporters of the project in recent months. He informed BBC that it was the main thing and the main point which was upsetting was that it was a question of investor expectation management.

Social Networks – New Met with Dismay by Supporters

The news was met with dismay by the supporters on social networks and one supporter had written on the Zano Facebook page that he wanted his money back. User on the Kickstarter page for the project had added that being furious seems to be an understatement.

 It was expected to arrive in June and it is now almost six months later that the decision has come up. In one of the statement, Kickstarter had stated that creators on Kickstarter have a remarkable track record though there are no guarantees that a project would work out.

If a developer is unable to complete a project as pledged, their contract with supporters need them to bring the project to the best possible conclusion as mentioned in the Terms of Use. Torquing refrained from responding to request for their comment.

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