ring and online multiplayer technology.

In 1995 Jan Welter and a number of colleagues started a group with the aim of developing a technical platform for a three dimensional virtual world on the Internet.
After three years work it could be seen that the project was feasible and in 1999 the project was moved to a separate company, Mind Ark AB and the project was christened Project Entropia,(PE).

The company sought capital for the continued product development and offered shares to both private and institutional investors. Among the larger institutional investors be tween 1999-2000 were Skandia Liv, Banco fonder and Value Venture Capital AG.

When, at the beginning of 2003, the product was deemed ready for commercial launch one of the larger owners declined their commitment to continue financial support and the acute lack of capital that ensued forced the company¡¯s board to declare the company bankrupt.

The company¡¯s senior managers saw clear future business potential in the product PE and therefore in April 2003 chose to buy back the operation from the of official receiver. The purchase included the completed product, all rights to the product and technical equipment and software for running the operation. The key personnel in the company also chose to work in the new operation which was organised into a new company MindArk PE AB.