Kirksville Company Misses Loan Payment to State

7 years 1 month 2 days ago Thursday, October 13 2011 Oct 13, 2011 Thursday, October 13, 2011 2:18:00 PM CDT October 13, 2011 in News
By: Meena May
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KIRKSVILLE - Wi-Fi Sensors, a high technology wireless sensors manufacturer, is under investigation for missing its first state loan payment.

The Senate Governmental Accountability Committee started an investigation of the company last week. Sen. Jim Lembke, R-St. Louis County, chairs the committee.  Lembke said Mamtek's default in Moberly brought attention to Wi-Fi Sensors Inc.

The CEO of the company, Peter Fuhr, refused to do an interview about the situation, citing "bad press." Fuhr did release a written statement that said the company is not closed, but currently at a standstill.  While the company is waiting to land a contract with the Department of Defense, it has sold a portion of its property to Hollister, Inc.

Fuhr's statement also said private investors have put an estimated $4 million into Wi-Fi Sensors.
The COO of the company, David Fuhr, also refused to be interviewed, said in his own written statement that he and his brother were planning on the Department of Defense contract to pay off the first loan, but they are still optimistic they'll land a contract will land from the DOD.

Lembke said it's not just the missed payment, but the promised jobs that haven't been provided yet, Kirksville citizens were projected 40 jobs from the company.

Lembke is unaware of how long the investigation will take.

However, Sen. Joseph Keaveny, D-St. Louis County, said he hopes the investigation isn't a long one.

"If there are a long drawn-out hearings with a lot of fingers pointing, the fact could be to deter these type of businesses from locating in the state of Missouri," said Keaveny.

Keaveny also said the poor economy is partially to blame for the failure of some small companies, and that investigations create a "chilling" effect for other investors.

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