I got the help from Ereader-store.eu to restore my device.
Quoted " you can recover your device using MFG tool:
https://dl.dropboxusercontent.com/u/...50_UPDATER.rar "
This is the life saver. After installing the new firmware, press reset on the back and press power. Then the device will boot to a black screen. Press power again. Then you get your device back.