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A former Ottawa technology star has dimmed after a series of business decisions failed to pan out.

Once an inspiration to other Ottawa-area software firms, Fuel Industries recently found itself insolvent and has now been acquired by one of its creditors, Chou Associates Management Inc.

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Founder Mike Burns is out as chief executive and chief creative officer and no longer has any involvement the company.

“The old company has become insolvent; however, much of the assets, expertise and staff are becoming something new,” said Tracy Chou, principal at Chou Associates Management and new chief executive at Fuel.

“We are structuring the business to suit the present market, while retaining as many jobs as possible. The new company has strong financial backing and a great outlook.”

Fuel now employs about 30 people and has moved out of its 20,000-square-foot warehouse into some extra space in bitHeads Inc. offices at the Westgate Mall.