business, the company's president revealed yesterday.

Calling the decision "very disappointing'', Mr. Rick Morbey said Five Rings had sought around $1 million from the Bank of Bermuda and individual investors to help make the company a global player in the interactive computer technology market.

"Everyone on our board thinks this is tragic,'' he said.

Shareholders voted for liquidation on Wednesday afternoon while creditors had endorsed voluntary winding up April 18.

Mr. Morbey, a Bermudian, is a major shareholder in the company incorporated December 11, 1986.

Retired Conyers Dill & Pearman partner, Mr. James Pearman is the other major shareholders and has been a board member for about five years, said Mr.

Morbey.

Several other smaller shareholders will also be affected by the liquidation.

As well as Mr. Morbey, Five Rings employed three full-time people and one part-time worker.

"The company and its employees have been in limbo since the first decision earlier this year. There are a great deal of skills built up, I am sure they will not go to waste,'' said Mr. Morbey.

The official receiver in the matter is Registrar of Companies Mr. Kymn Astwood.

He could not comment on the assets of the company. The biggest investment, said Mr. Morbey, has been "time''.

Ten years ago, Mr. Morbey, who believed there was an opportunity for Bermuda to be a global competitor in interactive technology, compiled a research paper which noted the company would aim to be a global player in CD ROM and CD-Interactive; audio/visual uses of digital data and technology.

Mr. Morbey, who before founding Five Rings operated video production company Pirouette, has since written several papers on the migration of data to the digital world.

But the multi-media idea did not catch on in the greater Bermuda business sector where technology is more finance-centred, he said.

Interactive technology is big business in the entertainment industry.

Five Rings was looking at an opportunity to work with M3 Group, Inc., a silicon valley firm, on a computer game.

M3 was interested in marketing the game and even sent a partner to Bermuda to help with presentations.

"I think Bermuda is filled with video, graphic arts and photographic talent, what is missing is the capital and time,'' said Mr. Morbey. "The difficult thing for people to grasp is that intellectual property is the game. As the company closes the intellectual property leaves but it does not end, it gets redistributed elsewhere.'' Mr. Morbey said he has made no firm decisions on future plans but noted the company has formed many contacts around the world.

Mr. Rick Morbey