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MEDIA CORP PUTS EYECONOMY INTO ADMINISTRATION
19th December, 2012 at 08:51:27
Another failure for London-listed company
Media Corp plc, which earlier this year put subsidiary Purple Lounge Poker into liquidation, owing players money, has now placed its internet advertising subsidiary Eyeconomy Limited into administration with KRE Corporate Recovery LLP.
In a stock exchange advisory, Media Corp explained that Eyeconomy had posted news that it was likely to make a loss for the 15 month period ending 31 December 2012 due to tough trading conditions and softening revenues..
"Eyeconomy's considerable drop in sales, coupled with the growing negative net asset position of the business, has led the Board of the company to take the tough decision that as Eyeconomy is no longer an appropriate fit with the on-going strategic direction of the Group its resources are better focused on the pending launch of Intabet and associated sites," the Media Corp statement advised.
The group, which plans to rebrand itself as Inta plc, remains focused on the gambling industry, where it is developing the Intabet platform and other associated products.
In a statement earlier this year, the company conceded that the failure of Purple Lounge, and the attendant criticism and bad feeling in the player community, would not make the promotion of Intabet any easier (see previous reports).
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