PHOENIX — A Phoenix-based holding company with several technology-related subsidiaries is shuttering and its top executive is resigning in the face of financial challenges.
Alpine 4 Holdings Inc. CEO Kent Wilson said in a Feb. 11 letter to shareholders that the company plans to cease operations after it reorganizes or sells its subsidiaries, some of which include Indianapolis-based ElecJet Corp. and Quality Circuit Assembly, an electronics contract manufacturer headquartered in California.
Wilson added that he’s resigning from Alpine 4 Holdings effective Feb. 12. He will remain on the holding company’s board of directors until the shutdown process is complete, he said.
“This decision has been incredibly difficult to make, but it is the most prudent course of action as we navigate this challenging transition,” Wilson wrote. “While I will be stepping down from my role, I remain fully committed to ensuring that the closure of the company is handled with the utmost care and diligence. I will continue to work closely with our legal counsel and advisors to oversee the shutdown and liquidation process, with the goal of making it as smooth and orderly as possible.”
Alpine 4 Holdings is currently engaging with Quality Circuit Assembly's banking partners to explore financing arrangements that could include an in-court reorganization or sale to one of the company's largest customers, potentially saving up to 75 jobs, Wilson added.
