The Readius mobile phone slash e-paper reader we first revealed back in January 2008 is the latest victim of the recession.

Polymer Vision, the company behind the futuristic design, has been closed down by its Dutch parent company for financial reasons, dashing hopes of the device launching soon, after several previous delays.

50 people that worked at Polymer Vision's facilities in the Millbrook Technology Campus in Southampton have lost their jobs.

The Readius was a fully-functioning 3G mobile phone with a 13cm fold-out black and white display for reading documents, newspaper, books, etc.

Administrators have been called in, so it is possible that another company may buy the Readius tech and bring it to market. We will keep you posted.