The founder of crashed virtual reality pioneer, Virtuality Group PLC, has successfully led a management buyout of the company (CI No 3,154). Jon Waldern, former chief executive at Virtuality, is now heading up a new company, Retinal Displays Inc in Silicon Valley and has bought the principal assets, head mounted display technology and consumer business of Virtuality, which has been in administration under Arthur Andersen since February (CI No 3,099). The sale to Retinal Displays of the intellectual property, trademarks and assets of the consumer headset business was made with institutional funding for an undisclosed sum. The headsets are for use with products such as games consoles, personal computers and video recorders. The administrators are continuing discussions with potential purchasers of Virtuality’s professional headsets business and the sale is expected to take place later this year.
