Turing Robotics files for bankruptcy, CEO Steve Chao says company is not going out of business
Turing Robotic Industries (TRI), the American-held company headquartered in Salo, Finland, has filed for bankruptcy in its home country.
For those unaware, TRI, which is famous for its completely secured products, had announced its Android based phone, Turing in 2015 with security features like end-to-end encryption, as well as metal-clad body that was tougher than titanium. The company was supposed to start shipping the device in December 2015, which has not happened till date.
Apparently, TRI is facing major financial troubles that is causing the delay in bringing the device to the market. The company’s latest public financial year records for 2016 showed a loss of some €557,000 (around RM2.7mil), reports Finnish publication Salon Seudun Sanomat. Also, where TRI rented a warehouse, creditors have filed a claim with the company in 2017 and all movable property belonging to the company has already been seized, reveals reports.
The company has yet to comment if its US operations will be shut down as well.
In order to reduce the damage and guarantee customers that they will finally get their devices, TRI’s CEO, Steve Y.L. Chao in a post on Facebook said:
“A recent news about TRI’s Salo company filing for bankruptcy may have sent an uneasy feeling to some of you. We want you to know that this filing was initiated to temporarily suspend our manufacturing intentions in Salo, however, it doesn’t mean that TRI is bankrupt. We will be posting the latest developments concerning the future of TRI in the coming weeks.”
Currently, it’s unclear what will happen to customers who had pre-ordered the device back in 2015 but have not yet received it. When the device was first announced, pre-orders for the Turing Phone started at $610, however, the second iteration of the same called the Appassionato was set to retail for $1099, with a luxury edition that cost $1,599.
The Turing Phone will feature a 5.5-inch Quad HD display, powered by a Snapdragon 835, 8GB RAM, 128GB internal storage, 3000mAh battery and dual rear camera setup. It also has a USB Type-C port and headphone jack, as well as a microSD card slot. The phone is also expected to ship with Android rather than Sailfish OS. Whether or not will the Turing Phone make it to the market, only time will tell….
In a recent news coming from Finnish publication Salon Seudun Sanomat on TRI, Chao claimed that he has no debt. Chao also revealed that he is starting a new company in Salo, Finland, called Turing Robotics Industries Kepler with his old partners and all the work related to the new company will be completed in March.