Mayan Calls a Time-Out
The move essentially freezes development of the company in its current form, and it's unclear whether employees will be asked back. A skeleton crew will be left on at Mayan, and development of its optical networking product, the Unifier SMX, has stopped, according to company officials. The product was designed to aggregate, groom, switch, and provision voice and data traffic over metropolitan access and transport networks.
White says that the market viability of Mayan's SMX product will be evaluated during the hiatus and that if the company feels there is still a market for the product, employees will be asked back. The product is in various customer trials at the moment, according to Mayan officials.
"We would like to recall some, if not all, of the employees," says White.
It seems unlikely that the company will continue in its original form. Sources close to the company said Mayan officials were forced to close the doors because of a high burn rate and a lack of funding to finish the product.
The company recently took the rare step of completing a reverse merger with public company Ariel Corp., which at the time was trading with a market capitalization of $18 million (see Mayan Buys Ticker Symbol). Ariel stock is now trading at 78 cents, giving the company a market value of $10 million.
At that time, the company was restructured as Mayan Networks Inc., with a new board and CEO. Esmond Goei, the founder and chairman of Mayan, and also the vice chairman of Ariel's board, became CEO of the new company, replacing Ariel CEO Dennis Schneider.
— R. Scott Raynovich, Executive Editor, Light Reading