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News | 03/18/2003 5:00 am EST

Zucotto Wireless shuts doors, soon to reopen in U.S.
One-time promising wireless startup Zucotto Wireless has officially shut its doors and laid off all of its employees without severance. The company, which was based in Ottawa, also had an office in San Jose. Several conflicting reports have surfaced detailing the reasons why the company failed to become viable. Some have pointed the fingers at a management team that heaped gifts on staff and took lavish trips. Others say the venture capitalists backing the company wanted too much control over the firm. Ultimately, Zucotto failed to convince device manufacturers that its Java-based chips would be key to providing multimedia content over wireless handsets. It is still unclear what will happen in the near future, but reports indicate the company will reopen under a different name in the U.S.

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