DIN survives Infiniti liquidation

Johannesburg, 24 Jan 2000

Pin-Point Networking has emerged from the ashes of the Infiniti Group as Dynamic Information Networks (DIN). The reborn company is privately held and headed by Brian Little, former head of Pin-Point Networking.

"We weren`t prepared to sit back and watch a viable networking company collapse," says Little. Infiniti is undergoing liquidation after Standard Bank finally lowered the boom on the company in mid-December. After announcing in May that its earnings had dropped by more than 50%, the group was restructured. Several profitable businesses were sold or underwent management buy-outs.

Little says Pin-Point Networking management exercised an option to buy the company before the liquidation became official, but that it was later necessary to enter negotiations with the liquidators to obtain the equipment necessary to continue business. But he says everything is now in place for the new company to start operations.

DIN retained a staff complement of 32 people after the dust settled. "These people are taking quite a risk," Little says. "They are very dedicated and have been doing tremendous work keeping the company going." The company says it has retained the majority of its existing client base and will soon be operating nationally. When ITWeb spoke to Little last week, he was travelling around the country finalising alliances in other major centres. "We are dealing with what used to be our branches," he said. "Sort of what survived from Infiniti."

According to Little, the company`s financial backers are content to let management run the business as they see fit. Although not named, the backers are identified as companies and individuals with a wide spectrum of business interests.

The company says it has maintained direct relationships with vendors that include SCO, Microsoft, Cisco and Oracle.

Infiniti successfully listed on the JSE in February 1998. During 1999 the share price declined steadily as analysts cited a lack of focus for the group`s poor performance. Infiniti management maintained that the company was undergoing temporary problems and would return to profitability.