Yesterday, MV3 Innovations officially started operations here and several former Kineta programmers have already been contacted, retained, or rehired, says Patrick Gaughan, management consultant, attorney and owner of ManagementHelp LLC.
Earlier this year, Kineta
ran into significant cash-flow difficulties and was forced to close its operation.Subsequently, a combination of qualified investors, with support from Kent State University
and National City Bank
, enabled the formation of MV3 Innovations
was launched out of Kent State University
says.The University Regional Development Corp.
, a nonprofit Kent State beneficial foundation, held a 40% ownership of the company.But due to various circumstances, including significant outstanding receivables, Kineta
was unable to continue in any viable manner.In late spring, Kineta's sole secured creditor, National City Bank
, was notified of the company's impending demise.In July, Kineta Chief Executive Officer Dr. Lyle Barton met with Gaughan, who reviewed the company's products and history of operations and saw great promise.
...During August, Gaughan met with David Creamer, vice president of administration for KeSU.
Likewise, National City Bank's
Small Business Division agreed to cooperate as MV3 was established, Gaughan
says. Visit MV3 Innovations LLC
Visit the Youngstown Business Incubator: http://www.ybi.org/Visit ManagementHelp LLC