The dumping of the technology by several companies including Mitsubishi, who on Friday also got out of the LCD TV Business in favour of rear projection TVs, is a further embarrassment for ASX listed company, Arasor International, who three years ago used the concept of Laser TV technology, to spruik their listing on the Australian stock exchange with false claims that they held patents for the technology and were working with Mitsubishi to launch the technology globally.

See our laser dead story here from 2009.

Several journalists from Fairfax Media, News Ltd and the ABC ran stories on the company without checking the credentials or whether Mitsubishi was actually partnering with Arasor.

The Adelaide based Arasor, which has seen its shares crash are now struggling under a mountain of debt, and is close to being placed into administration with only $70,000 left as cash flow for the company. Former chief executive William Mackenzie said the board would put the company into administration once reserves had dwindled to about $40,000 if no other option was available.

The company has already been forced to offload their broadband asset to Sydney University for $1 in an effort to reduce the company's 'burn rate.'

When Arasor launched in Australia using Professional Public Relations to spruik their case, they convinced journalists with the exception of SmartHouse that the relationship with Mitsubishi was genuine and the company had a "big future" due to their laser TV patents.

At the time we checked with Mitsubishi Australia who "emphatically" denied any involvement with Arasor. 

On Friday, Mitsubishi who had developed their own laser TV technology, is set to concentrate on  micro display rear and front-projection systems measuring 73 inches and larger as opposed to laser TV systems for the home.