Media Corp ceases trading, shelves Intabet plans
Company confirms business lacks the funds to continue without material investment
Media Corporation has ceased trading and ended the development and operation of its Intabet egaming platform.
The company said in a statement costs relating to technology, hosting and operating charges were proving too much for its limited financial resources.
The rising costs, coupled with the inability of the company to obtain an appropriate gaming licence, meant launching the Intabet platform became increasingly hard. The company will now likely dispose of its interest in Intabet and its associated intellectual property.
Intabet was acquired by Media Corp in May 2012 with the intention of being launched in time for the European 2012-13 football season, however delays and operational failures meant it was never released.
“The Directors believe that continued development of Intabet would prove a drain on the company that it cannot sustain in the absence of meaningful revenues or investment,” the company said.
“Together with continued legacy issues facing the company taking up substantial amounts of management time detracting their attentions from the operating business, the directors have taken the difficult decision to cease development and operation of the Intabet platform and substantially all of the company’s trading business.”
The news means Media Corp will be unable to fulfil its deal with Boxing Channel Media signed in March which would have seen the Intabet platform integrated onto the BoxNation website.
The company also confirmed that since shares were suspended in April the company has been approached by a number of parties with proposals for that “might represent better prospects for the shareholders”.
“It is with this in mind, and one proposal in particular which would bring with it new directors and strategic investment, that the directors have taken this action,” the company said.
Media Corp’s shares were suspended from the Alternative Investment Market (AIM) earlier this year following a failure to meet the deadline for filing its accounts for 2012.
The former Purple Lounge operator, which liquidated its online poker subsidiary last year, had intended to change its accounting reference date from 30 September to 31 March, thereby changing the deadline for financial filings, however a statement today saw the company admit to its “failure to make the requisite filings at Companies House”.