Geocast Network Systems closes Geocast Network Systems closes (March 07, 2001)

Geocast Network Systems of Menlo Park announced March 1 that it has suspended business operations and is preparing to sell its assets.

Geocast designed and built a content delivery network that took advantage of the digital TV broadcasting infrastructure to transmit content to its subscribers.

"We needed additional funding," said Joseph Horowitz, chairman and CEO of Geocast. "The current market environment was simply not conducive to our efforts in this regard."

Geocast had developed agreements with the broadcast, satellite, programming, and consumer electronics industries.