Ugobe, the maker of Pleo, the robotic dinosaur (pictured), has filed for Chapter 7 bankruptcy. Yes, Chapter 7, not Chapter 11, so unless someone decides to buy the company's assets, Pleo is doomed to extinction.
Ugobe's CEO, Caleb Chung, also created the Furby, which when launched in 1998 became the "must have" toy of the holiday season.
According to the company, it managed to sell 100,000 Pleos last year, for revenue of $20 million. Yet that wasn't enough to keep the company alive.
The Pleo was able to realistically mimic a pet. It cost $350 when it was introduced, and now retails for $245 on Amazon.
Ugobe life-forms, and that's what they called them, life forms, all conform to "three laws of Ugobe life-forms."
First, all life-forms must feel and convey emotions.
Second, all life-forms must be aware of themselves and their environment.
Third, all life-forms must evolve over time.
Watch a video of the Pleo in action, before it goes extinct.