Shark Shield innovator Ocean Guardian collapses into liquidation
Ocean Guardian, the Australian company behind the popular shark-repelling technology Shark Shield, has collapsed into liquidation.
Ocean Guardian, the Australian company behind the popular shark-repelling technology Shark Shield, has collapsed into liquidation.
Documents listed by the Australian Securities and Investments Commission (ASIC) on Friday show Ocean Guardian Holdings Limited, and its retailer-facing operation Shark Shield Pty Ltd, will be voluntarily wound up.
The decision marks the end of a venture that has manufactured electronically-powered shark deterrents, worn by surfers and ocean divers across the world, for more than 20 years.
Shark Shield says its technology emits electronic pulses that irritate the sensitive glands found in shark snouts, discouraging the ocean predators from approaching wearers.
Its products, including ankle straps and surfboard attachments, are sold both in Australia and abroad.
Select Ocean Guardian devices are eligible for $200 rebates from the Western Australian government as part of its shark deterrent strategy.
Originally developed by a trio of South African inventors in the 1990s, the technology was licensed in the early 2000s to South Australian company Sea Change.
The venture relocated to New South Wales, renamed its product line Shark Shield, and operated under the banner of Ocean Guardian.
After two attempts to IPO, in 2018 and 2022, Ocean Guardian entered receivership in late May.
Olga Litosh of Quartz Advisory was subsequently appointed as voluntary administrator on May 24.
Reports prepared by Litosh, and obtained by The Australian, show the venture devoted considerable resources to its IPO attempts and the promise of a shark barrier system that could be used across larger areas.
But the company was strapped of working capital, limiting its ability to fund its core boating and diving inventory, which hurt its sales figures.
Litosh was unable to trade the business during the administration due to its receivership, but endeavoured to find a buyer for the business and its assets.
SmartCompany has contacted Quartz Advisory for comment.
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