Turing Robotic Industries (TRI), the company behind security focused smartphone Turing Phone, has filed for bankruptcy in Finland.
The American-held company headquartered in Salo, Finland announced the news following heavy financial losses.
According to Finnish newspaper Salon Seudun Sanomat, the company’s latest public financial year records for 2016 showed a loss of some €557,000 (around RM2.7mil).
In a post on TRI’s Facebook, its CEO Steve Y.L. Chao said that the filing for bankruptcy of their operations in Salo did not mean the company itself was going under.
TRI had set up in the town where Nokia’s smartphone production was based before going bust, with the new company even hiring the former Nokia engineers, marketers and other staff.
“Recent news about TRI’s Salo company filing for bankruptcy may have sent an uneasy feeling to some of you. We want you to know that this filing was initiated to temporarily suspend our manufacturing intentions in Salo, however it doesn’t mean that TRI is bankrupt,” he said.
Chao added that developments concerning the company’s future would be posted in the coming weeks.
It is currently not clear if the US operations will be shut down as well as the company has yet to comment.
The Turing Phone was marketed as a more secure smartphone as the encryption was done entirely on the phone’s hardware, compared to other mobile-encryption services which relied on transmitting data to and from third-party services.