iPad bloodbath: Plastic Logic abandons its long-delayed e-reader because of rising [unsustainable — Ed.] competition on the market.

The Que, an A4-sized device [“A4” should have been the processor, not size — Ed.], was shown last January at the Consumer Electronics Show, with a price tag of $649 and a label of e-reader for business users.

Few weeks later Apple announced the iPad, priced starting from $499 and 200k-something apps ready for it. Go figure.

Richard Archuleta, Plastic Logic chief executive officer, said in a statement that they canned the Que and are rethinking the whole project, to build a new generation reader, without specifications and without a certain timetable.

Well, it didn’t say exactly so, but he meant this. Good luck, folks.

[via Financial Times]