The Ottawa operations of Aimtronics Technologies Co. were cut to a handful of people this week after a buyer stepped forward to acquire the assets of the struggling contract electronics manufacturer.
Last Friday, the company closed its operation in Brockville and drastically reduced its local worforce in Kanata.
Ansen Corp., a company headed up by former Aimtronics president Mel Gould, has acquired the assets under its own name and set up its head office at Aimtronic's operations in Odgensburg, NY.
According to a source close to Aimtronics, Ansen is affiliated with Valtek Capital Corp., the private U.S. merchant bank that acquired Aimtronics' debt earlier in the year.
Ansen made the purchase for $12 million, much of which will be used to settle accounts with Valtek.
Kanata's workforce, already whittled down to around 35 from about 200 a year ago, was given termination notices Friday.
About 20 staff will be kept on for the winter to complete outstanding orders, the source said. Eventually the operation, located on Schneider Road, will be reduced to a design and development team of six.
Neither Gould nor John Mathurin, director of engineering in Ottawa, could be reached for comment.
The news comes only five months after Aimtronics sold off its core operations in Delta, B.C. and relocated its head office to Kanata.
The company had been struggling for almost two years with the meltdown in the telecom sector. Aggravating the situation was a protracted contract dispute with Calgary-based Cell-Loc Corp., which ended up in the courts with a $46 million lawsuit.
The final blow came early last month when secured lender Valtec said it would no longer fund the company's restructuring and applied for the appointment of an interim receiver.
Valtec's decision came in response to efforts by Giga-tron Associates Ltd., one of Aimtronics' trade creditors, to petition the company into bankruptcy in the Ontario Superior Court of Justice.
Toronto-based Richter & Partners Inc. was named interim receiver. AimGlobal's board did not to oppose the process and resigned en masse.
Last Friday, the company closed its operation in Brockville and drastically reduced its local worforce in Kanata.
Ansen Corp., a company headed up by former Aimtronics president Mel Gould, has acquired the assets under its own name and set up its head office at Aimtronic's operations in Odgensburg, NY.
According to a source close to Aimtronics, Ansen is affiliated with Valtek Capital Corp., the private U.S. merchant bank that acquired Aimtronics' debt earlier in the year.
Ansen made the purchase for $12 million, much of which will be used to settle accounts with Valtek.
Kanata's workforce, already whittled down to around 35 from about 200 a year ago, was given termination notices Friday.
About 20 staff will be kept on for the winter to complete outstanding orders, the source said. Eventually the operation, located on Schneider Road, will be reduced to a design and development team of six.
Neither Gould nor John Mathurin, director of engineering in Ottawa, could be reached for comment.
The news comes only five months after Aimtronics sold off its core operations in Delta, B.C. and relocated its head office to Kanata.
The company had been struggling for almost two years with the meltdown in the telecom sector. Aggravating the situation was a protracted contract dispute with Calgary-based Cell-Loc Corp., which ended up in the courts with a $46 million lawsuit.
The final blow came early last month when secured lender Valtec said it would no longer fund the company's restructuring and applied for the appointment of an interim receiver.
Valtec's decision came in response to efforts by Giga-tron Associates Ltd., one of Aimtronics' trade creditors, to petition the company into bankruptcy in the Ontario Superior Court of Justice.
Toronto-based Richter & Partners Inc. was named interim receiver. AimGlobal's board did not to oppose the process and resigned en masse.
