THE PUBLICLY-QUOTED marketing company Adwalker has been placed in provisional liquidation after failing to raise additional funding to remain in business.

Adwalker, which developed digital sandwich boards for advertising at entertainment venues and events, raised €1 million when it was floated on London’s Alternative Investment Market in 2003.

The company raised a further £4 million in 2005 and €1.2 million in early 2008, but was unable to continue trading after it failed to secure a vital contract this year and was unable to source further external funding.

Trading in the company’s shares was suspended last month, and accountant Kieran Wallace of KPMG was appointed provisional liquidator to the firm yesterday.

The Dublin-based firm was established in 2003 by chief executive Simon Crisp and Irish businessman Keith Jordan, who have personally guaranteed borrowings of €250,000 from AIB and are owed €60,000 as creditors.

Enterprise Ireland paid €250,000 for a 4.7 per cent stake in February 2008 in a deal that valued the firm at €5.3 million.

The company used the digital sandwich board, known as “a wearable computer”, as a marketing tool, and held a large contract with drinks manufacturer Diageo.

It opened offices in New York, London and Hong Kong in 2006.

The firm reported a net loss of €2.4 million for the year to the end of February 2008, when it had retained losses of €11.6 million. It had a deficit of €550,000 last February, and failed to raise funds from investors in recent months.

The company said its shares would remain suspended until its financial position was clarified, and if a nominal adviser was not appointed by August 17th, trading in its shares would be cancelled.

If the suspension of its shares is not lifted by January 8th, 2010, the firm’s shares will be cancelled.