Steve's Digicams - Breaking News - Polaroid 01/08/2009 Press Release
Press Release - January 8, 2009
Polaroid Introduces the Polaroid PoGoTM Instant Digital Camera
Digital version of the company's iconic instant camera
"This is the digital version of our traditional instant camera, which consumers have loved since the 70s," says Jon Pollock, vice president and general manager, Digital Imaging. "With this product, Polaroid will bring the magic of instant photography to a whole new generation. It's what consumers have told us they want - a fun, easy way to use a digital camera to print photos and share their memories instantly."
The Polaroid PoGo Instant Digital Camera is the second product in the Polaroid PoGo family of products. Like the Polaroid PoGo Instant Mobile Printer, which hit store shelves in July 2008, the Polaroid PoGo Instant Digital Camera uses the same ZINK Photo Paper and ZINKTM Zero Ink Printing Technology from ZINK Imaging. ZINK Zero Ink is an ink-free printing technology which replaces ink cartridges or ribbons with ZINK Photo Paper - a composite material that has embedded, heat-activated dye crystals. Before printing, ZINK Photo Paper appears white like regular photo paper. Once the pictures are printed, they are immediately dry to the touch, durable and smudge and water resistant.
"Unlike traditional instant film, photos from the Polaroid PoGo Instant Digital Camera emerge fully developed," Pollock says. "While many of our most passionate customers tell us "shaking" a Polaroid photo is part of the fun, with any Polaroid photo, the "shake" is totally optional."
The Polaroid PoGo Instant Digital Camera will be available beginning in March 2009 at major retailers for a suggested retail price of . Ten-packs of ZINK Photo Paper, which can be used in both the Polaroid PoGo Instant Digital Camera and the Polaroid PoGoTM Instant Mobile Printer, retail for .99 and 30-packs for .99, and are widely available at national retailers everywhere.
Polaroid Corporation was founded in 1937 by Edwin H. Land. It is most famous for its instant film cameras, which reached the market in 1948, and continued to be the company's flagship product line until the February 2008 decision to cease all production in favor of digital photography products. The company's original dominant market was in polarized sunglasses, an outgrowth of Land's self-guided research in polarization after leaving Harvard University after his freshman year �" he later returned to Harvard to continue his research.
After Polaroid defeated Kodak in a patent battle, Kodak left the instant camera business on January 9, 1986.
Polaroid developed an instant movie system, Polavision, based on the Dufaycolor process. The product arrived on the market when videotape based systems were rapidly gaining popularity. As a result, Polavision was unsuccessful and most of the manufactured product was sold off as a job lot at immense cost to the company.
The company also was one of the early manufacturers of digital cameras, with the PDC-2000 in 1996, however they failed to capture a large marketshare in that segment.
On October 11, 2001, Polaroid Corporation filed for Chapter 11 bankruptcy protection. Almost all the company's assets (including the "Polaroid" name itself) were sold to a subsidiary of Bank One. They went on to form a new company, which also operates under the name "Polaroid Corporation". It stopped making Polaroid cameras in 2007 and will stop selling Polaroid film after 2009, to the consternation of some users.
The renamed "old" Polaroid now exists solely as an administrative shell. Its bankruptcy was widely believed to be the result of the failure of its senior management to anticipate the effect of digital cameras on its film business.
On December 18, 2008, the post-reorganization Polaroid Corp. filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Minnesota. The bankruptcy filing came shortly after the criminal investigation of its parent company, Petters Group Worldwide, and the parent company founder, Tom Petter.
The original Polaroid Corporation filed for federal bankruptcy protection on October 11, 2001. The outcome was that within ten months, most of the business (including the "Polaroid" name itself and non-bankrupt foreign subsidiaries) had been sold to Bank One's One Equity Partners (OEP). OEP Imaging Corporation then changed its name to Polaroid Holding Company (PHC). However, this new company operates using the name of its bankrupt predecessor, Polaroid Corporation.
. As part of the settlement, the original Polaroid Corporation changed its name to Primary PDC, Inc. Having sold its assets, it was now effectively nothing more than an administrative shell. Primary PDC received approximately 35 percent of the "new" Polaroid, which was to be distributed to its unsecured creditors (including bondholders.) As of late 2006[update], Primary PDC remains in existence under Chapter 11 protection, but conducts no commercial business and has no employees.
Significant criticism surrounded this "takeover" because the process left executives of the company with large bonuses, while stockholders, as well as current and retired employees, were left with nothing.
Since the bankruptcy, the Polaroid brand has been licensed for use on other products with the assistance of Skadden, Arps, Slate, Meagher & Flom. In September 2002, World Wide Licenses, a subsidiary of The Character Group plc, was granted the exclusive rights for three years to manufacture and sell digital cameras under the Polaroid brand for distribution internationally. Polaroid branded LCDs and plasma televisions and portable DVD players have also appeared on the market.
On April 27, 2005, Petters Group Worldwide announced its acquisition of PHC. Petters has in the past bought up failed companies with well-known names for the value of those names. The same year, Flextronics purchased Polaroid's manufacturing operations and the decision was made to send most of the manufacturing to China. The "new" Polaroid Corporation filed for Chapter 11 bankruptcy on December 18, 2008.
In summer of 2008, Polaroid released the PoGo, a credit-card-sized instant photo printer. It uses the ZINK ("zero ink") technology which is similar to dye sublimation but has the dye crystals embedded in the photo paper itself.