A Canterbury-based research and development company — spun out of Lincoln Agritech — has been placed in liquidation owing an estimated $940,000.
Incorporated in 2015, CertusBio was attempting to develop real-time monitoring for the food-processing industry to reduce product loss and improve efficiency and environmental sustainability.
In his first report, liquidator Robin Crimp said the company was placed in liquidation on December 17 following shareholder agreement.
The company had borrowed funds from various research and development funders to attempt to bring a commercial product to market.
When it was unable to secure sufficient prospective sales in a timely manner, the shareholders determined they were unwilling to invest…