Online gaming and advertising services provider Media Corporation is looking for a new chief executive following a board room shake up.
Jason Drummond and Stephen Pettman have resigned from the board even though they were originally up for re-election at the AGM. Justin Drummond becomes executive chairman and will continue to run the business until a new chief executive is appointed.
The board thinks that the business needs new leadership.
So far this year, Eyeconomy has launched Forexspace.com in order to tap forex-related advertising, while the online gaming side has secured a partnership with West End-based Hippodrome Casino to supply gaming products to www.hippodromecasino.com. The Hippodrome deal is on a revenue share basis. Cash deposits for the first year are expected to be £12m.
In January, a placing raised £356,000 at 1.1p a share.
Media Corp is also the subject of litigation by CD Casino.com, which is claiming more than £300,000. This relates to an agreement in February 2007.
At 1.2p a share, Media Corp is valued at £4.28m.
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