TechMaine, a technology industry trade association founded in 1992, has announced it is closing.

A posting on the group’s Facebook page said the board of directors made the decision to shutter the group after “careful consideration of the association’s financial position and sustainability model.”

John Spritz, who was TechMaine’s executive director, confirmed the announcement in a telephone interview, saying that the group is “in the process of shutting down.”

Spritz, who referred to himself as a “former” employee, declined to discuss details and referred questions to TechMaine board President Stephen Hand.

Hand did not immediately return a call for comment.

The Facebook posting said that although Maine’s technology sector continues to prosper, the “value proposition for a member-funded association has not been sustainable.

“We are confident that other organizations and interested businesses and professionals will be able to support Maine’s technology sector moving forward,” the post said.

TechMaine was founded in 1992 as the Maine Software Developers Association. The group had more than 100 members by 1999 and more than 250 by 2003, according to TechMaine’s website.

TechMaine named Spritz executive director in June.  He succeeded former executive director Joe Kumiszcza.

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