Business rating site ceases operation

Summary:ValueStar, an online company that rated customer satisfaction for businesses, said it has ceased operations, citing a lack of funding. Late last month, the Oakland, Calif.

ValueStar, an online company that rated customer satisfaction for businesses, said it has ceased operations, citing a lack of funding. Late last month, the Oakland, Calif.-based company placed its entire 66-person staff on temporary leave while it searched for new funding, according to a Securities and Exchange Commission filing.

ValueStar was unable to pay $115,000 in payroll and other costs, according to the filing. The company had funded operations with money from New York investors, who after the Sept. 11 terrorist attacks said they were "reevaluating their investments," the company said in the filing. ValueStar said it plans to retain a small number of employees for a short time to evaluate alternatives that may arise or help close up operations.

Topics: Tech Industry

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