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Hollywood (May 1, 2003)--Just weeks after the mid-March announcement that Fairlight ESP in Australia had gone into administration following the withdrawal of the company's underlying venture capital and its consequent inability to meet ongoing financial obligations, news has emerged that the company is back in business.

Rumors abounded in early April that John Lancken, Fairlight's former senior vice president of worldwide sales and a 10-year company veteran, was working to resurrect the company. News has now emerged that Lancken and his new business partner, an Australian studio owner, have purchased the essential assets of the company and acquired the intellectual property rights--the brand, trademarks, patents and software--in an agreement signed April 11.

The new company plans to hit the ground running, according to Lancken, who left Fairlight in December 2001. In Australia, business premises have been secured in Sydney and key R&D, manufacturing, administration, and sales and marketing staff retained from the old company.

"We plan to be operational and manufacturing by the second week of May, and we'll be able to build equipment very quickly," Lancken told Pro Sound News in an exclusive interview. "Our subcontractors have a considerable amount of work in progress, so we can buy parts that are fully assembled and make new machines." Lancken estimates that subcontractors currently hold a 6-month parts supply.

There is already a backlog of 20 orders for Fairlight's DREAM Console, Lancken reports. The DREAM series will be the new venture's core product. The new company will also launch with new software, originally planned for release at the recent AES and NAB shows, for new and legacy products.