Yes it is true.
Seattle sports camera maker Contour apparently has closed, laying off around 60 employees.
Contour was a homegrown startup that emerged from a University of Washington business competition in 2004. Founders Marc Barros and Jason Green are avid skiers who developed helmet-mounted cameras used for capturing and sharing action-sports videos.
By 2011 the company had annual sales of $15 million and was named one of the most promising companies in the country by Forbes magazine. But it struggled to compete against category-leader GoPro and other companies such as Sony that offered similar, wearable cameras.
I guess my hopes of future firmware updates to fix all the buggy software have died as well.
Anyway, my unit still works, and I still like it better than GoPro. Maybe I better get some more batteries.