Portalplayer Seeks To Go Solo

PortalPlayer Private Limited, hitherto a wholly owned subsidiary of PortalPlayer Inc, has announced that it will become an independent entity under a new identity, Pinexe, that would provide highly skilled outsourced design and development services to the digital audio and embedded systems market.

The company entrusted the task of recommending a new capital structure to Ernst & Young which is expected to be completed by September end. In the new equity, the US promoter, employees of Pinex and one or two angel investors will hold stakes.