Stefan Eriksson, whom Freer had met during a previous business visit, was brought into the company with Peter Uf and Johan Enander.

It counts amongst its exploits buying out model agency ISIS, and leasing a shop on Regent Street in London as its flagship showroom at a cost of £175,000 per annum.

In an attempt to promote the product, Eriksson competed at the 24 hours of Le Mans in the Gizmondo-sponsored Ferrari 360 Modena GTC in 2005, but retired in the morning with mechanical troubles.

In August 2004, the company announced it was buying Swedish games developer Indie Studios, which had already agreed to create two titles for the handheld.

Further, the trio's felonious history was revealed, such as Eriksson's 10-year prison sentences in 1993/94, for, among other things, conspiracy to pass counterfeit currency and attempted fraud, and the fact that Johan Enander was wanted by the Swedish police.

Swedish Ogilvy Group, MTV Europe, Christian and Timbers (landlord to their office), Handheld Gaming and Jordan Grand Prix all filed million dollar lawsuits against the company.

David Rubin & Partners was to deal with the sale of the company's assets, thought to amount to little more than the furniture in its Regent Street showroom and Begbies Traynor was asked to investigate exactly where Gizmondo's money had gone.

[11] In November 2007, Carl Freer stated in an interview with the Swedish-American journalist Hans Sandberg that he was interested in starting up production of the Gizmondo again.

The press release originated as a low quality copy of a letter purported to be from one of the accounting firms handling the insolvency, posted to a file sharing site.

[16] By December 2008, the console had still not appeared, and another announcement was made about a complete redesign as a Windows CE or Google Android powered smart phone.