Sequiam Corp. filed for Chapter 11 bankruptcy protection, almost one month after founder and chief executive Nick VandenBrekel retired. The company, which specializes in biological identification security systems, said in a statement issued Thursday that it intends to continue conducting business as usual while it resolves its operational and liquidity problems. Sequiam also said it intends to develop a reorganization plan. Sequiam listed having between $1 million to $10 million in assets and debts between $10 million to $50 million in its March 15 bankruptcy petition with the U.S. Bankruptcy Court in Orlando, Fla. (This article also appears in Daily Bankruptcy Review--Small-Cap, a publication from Dow Jones & Co.) Sequiam is an Orlando-based company with offices in the U.S., China, Mexico, South Africa and Taiwan.

The company, which it believes that fingerprint identification is the most effective form of biometric ID, sells its products primarily to original equipment manufacturers, original design manufacturers or contract manufacturers such as Chamberlin, Black & Decker and Master Lock. The company operates through three subsidiaries: SBI, Sequiam East Inc. and Sequiam Biometrics Ltd.

Sequiam announced in late February that its founder, chief executive and chairman of the board, Nick VandenBrekel, was retiring. The board tapped Chris Barrow, who was the company's chief operating officer, to the chief executive position effective Feb. 22. James Stanley, who was serving on the board at the time, assumed the position of chairman.

Sequiam said that VandenBrekel would remain available as "chief scientist at large" to aid company development. He would also act as an ambassador when called
upon to present the company's technologies for potential market entrants and leading discussions between biometric companies to advance the industry.