MediaCorp changes name to Inta Plc
Operator admits "challenge" around Intabet launch - will unveil new sites Bet Comparer and Mobet in H1 2013.
Media Corporation has changed its name to Inta Plc as it prepares for a “transitional” first half of 2013, the former parent company of defunct egaming operator Purple Lounge has announced.
The move sees the business reflect its egaming site Intabet, which failed to get off the ground in 2012 but whose technology will be used for the launch of two new sites in 2013.
Egaming comparison site betcomparer.com is scheduled to go live on 1 March, with a second site, Mobet, to follow on 15 April.
Explaining the struggles around Intabet, which was acquired in May with the intention of being launched in time for the European 2012-13 football season, MediaCorp revealed the 31 May decision to liquidate Purple Lounge made the planned launch (also preceded by an agreement with Betfred brand Totepool) problematic.
It revealed: “The proposed synergies between the Intabet platform and the Purple Lounge division of the company seemed a logical fit, based on what was reported to be in situ, including a leading licensed poker site, casino and payment platform along with many thousands of registered and active players.
“The accurate position was somewhat different; long term operational failures led the previous management to surrender Purple Lounge’s gaming licence to the Maltese Regulators [and later make the decision to liquidate the subsidiary],” it added.
Phil Jackson and Adam Fraser-Harris “ two members of the Intabet management team “ joined MediaCorp following the acquisition. However Fraser-Harris resigned from his role as interim group CEO last month despite Jackson describing him as having been “Instrumental in resolving a number of legacy issues and problems facing the company when we joined the board in May of this year.”
MediaCorp today explained: “The management are working actively on ways to ensure that players and other creditors are treated fairly as the Purple Lounge liquidation process proceeds. However, in the absence of a conclusion of the liquidation it is easy to understand why effected Purple Lounge customers would, through the historical association, view an Intabet launch negatively.”
In addition to the launch of betcomparer and Mobet being scheduled for the new year, MediaCorp has admitted there may also be opportunities to licence the technology which it has developed following the Intabet acquisition.
In the meantime it has pledged to conduct “A full review of all non-core businesses within the Group, including Eyeconomy, with a view to potential disposal.”
Eyeconomy – MediaCorp’s advertising arm “ recently announced a strategic alliance agreement with BLAC Agency, which counts among its clients the Hippodrome Casino in London.
The Hippodrome is itself poised to launch online casino and poker offerings next year with Microgaming and PokerStars respectively “ appointing George Constantinou as director of online operations “ after a previous agreement with MediaCorp’s egaming side fell through upon the liquidation of Purple Lounge.
MediaCorp explained in its trading update today: “Moving forward, a number of scenarios are being assessed for Eyeconomy, including how Eyeconomy now fits within the new strategic direction of the Group and further updates will be provided if and when appropriate.”
Chairman Jackson, who has also held the role of interim CEO since Fraser-Harris’ departure, has pledged to add additional “experienced” board members to the business before the end of Q1 2013.
“Whilst it has been an undoubtedly turbulent period for the Group, I feel we are finally in a position to look forward and as we assess new and exciting applications for our existing technologies.” he said.
“I am hopeful for 2013 and look forward to announcing new appointments and the formal launches of new products and sites throughout the next year and setting out the full plan for the Group in our report and accounts due to be published by 31 March 2013.”