They just put out the press release:
Converging on its core business strength, Foxit Corporation, a leader in PDF software solutions, today announced that it will license its industry-leading PDF and ePub technology to key players in the eBook market to help enhance digital rights management, content management, content distribution and viewing technology in the space. The company will cease development of the eSlick™ Reader, its own electronic reading device, to focus on providing platform-independent PDF technology and multi-device support to leading eBook providers.
I’m not at all surprised. Foxit was using a stock Netronix ereader (same basic hardware as the Kobo ereader) with their own software. That meant that you couldn’t read most commercial ebooks on the eSlick. The only option left for Foxit was price competition, and once the Kobo ereader came out for $149, they lost that as well.