Flyclear provided regular passengers with a one time security check and a pass to move through the security lines without waiting in line and without any further checks.

When appointed to my company’s professional services advisory board I often heard other consultants request for reimbursement for applying for this facility ($200). But now it is to no avail.

Apparently the firms’ investors such as Lockheed Martin and Spark Capital decided not to further pursue the venture after investing close to $54 million on the company. Valued at about $90 million it seemed apparent that the venture will not bring in the requisite subscribers (250,000 to date).

It seems the closure of this company signals another victim of this wretched economy.

News Source: PEHUB and GigaOm