Harvest Road goes into administration

Perth software developer Guilford Investments Ltd (formerly Harvest Road Ltd) has gone into adminisration after running down its cash balances and failing to reach an agreement with BAE Systems on development of its main product.

Guilford has appointed Mr Richard J Cauchi and Mr Peter Gountzos, of CJL Partners, to the role of joint and several administrators of the company.

The board has taken this decision due to its current and forecast cash position and the failure to come to satisfactory agreement with BAE Systems for the final acceptance, augmentation and ongoing development of the tCMS project.

This follows the sale of its Hive intellectual property rights to Giunti Labs for $3.4 million.