Chairman and Founder Ron Sonntag, however, will continue discussions with potential buyers of ASI. Employees have been encouraged to consider returning to ASI in the event that a buyer steps forward over the next few weeks.
ASI had experienced rapid growth in 1999 and 2000, building complex websites and other software for both dotcoms and brick & mortar clients.
Financial difficulties for their dotcom customers led to several uncollectable accounts and contract terminations. ASI had been seeking additional equity investment to provide working capital, but the same weak financial market that led to ASI's losses hampered its ability to gain sufficient capital.