Terion files for bankruptcy protection

MELBOURNE, Fla. (Jan. 23, 2002) — Wireless communications provider Terion Inc. yesterday filed from protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.

Terion, which produces a cellular-based trailer tracking product called FleetView, said it will restructure its business operations and finances as it tries to return to profitability.

Terion said it has sold approximately 70,000 devices and more than 44,000 devices activated in the field. In a letter on its web site, president Kenneth J. Cranston told customers service would continue without interruption.

“Please understand that filing for Chapter 11 does not mean we are going out of business,” Cranston said. “It does mean, however, that Terion management will gain the necessary time to reorganize and stabilize our financial situation.”