For a few months now, rumors have circulated amongst the Eurosport tuning community about the current state of STaSIS Engineering. For those of you that don’t know, STaSIS has been plagued with these rumors for a while now, and the company’s future is not clear to say the least. In April, STaSIS was placed in “administrative management holding pattern” according to a West Virginia paper on Tuesday. The link to the article can be found below. The article goes on to discuss the WV’s state venture capital fund 1.25 million dollar investment in STaSIS, which accounts for about 11 percent of STaSIS stock. STaSIS also has another 3 million in loans and aid from WV Capital Access Fund, and the Economic Development Authority. Ted Rozsa, STaSIS’s chairman, was quoted saying he had no plans for filling for bankruptcy, but is actively looking for a buyer for STaSIS. Currently STaSIS has fired all but a skeleton crew to keep the company in a holding pattern. According to the article, he would not comment on the number of employees laid off, but at one point STaSIS employed 50 people. This is not the first time STaSIS has found itself in trouble, in 2012 the “West Virginia Securities Commission started investigating a complaint that STaSIS executives misappropriated $10 million in shareholder and taxpayer investments, using the proceeds for “lavish lifestyles, large homes on golf course, expensive sports cars and large salaries,” according to the complaint.” According to the Charleston Gazette, Rozsa responded about the investigation, blaming a former employee for the “smear campaign” It is worth noting the investigation was closed after “Securities Commission concluded that there wasn’t sufficient substantiation of violations” according to the article. Revo has also parted ways with STaSIS, although the deal was never fully completed according to STaSIS. Needless to say the future of STaSIS is unclear at the moment, however it does not appear to be a good one for the embattled company. The original article, as well as a newsletter from REVO can be found below. CA would also like to note that the information below was provided by Crew, a member of an online forum.
Eric Eyre, Jefferson County Company halts most operations, Charleston Gazette, 2104 – Web