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Plastic Logic investor denies company for sale

A backer of the e-book reader maker says his comments to the Financial Times were taken out of context. Either way, the company needs to hurry and get its product to market.

An investor in Plastic Logic said he was misquoted in a recent report and the e-book reader company is not for sale.

Plastic Logic's Que ProReader Plastic Logic

The Financial Times suggests that Plastic Logic backer Hermann Hauser was interested in a buyer for the maker of the yet-to-hit-the-market Que ProReader, quoting Hauser as saying the company was "in very interesting negotiations." However, Hauser said Tuesday that his comments were misconstrued.

"My comments were taken out of context," Hauser said in a statement provided on Tuesday by Plastic Logic. "I was talking about partnerships we are working on, the value of Plastic Logic technology and its potential for the future--not a sale of the company. The company is not for sale."

Whatever the case, I'd argue that the company had better hurry up and get its product to market. The company, which was early to announce its product and show prototypes, now has plenty of formidable competitors, some of whom are on their third-generation product, not to mention a cheaper, full-color rival in Apple's iPad.

Plastic Logic said at CES that its Que would hit the market in April, starting at a pricey $649. However, the company has pushed that back further, saying last month that the product won't arrive until summer.