Online gaming firm Media Corporation is appointing resellers to help commercialise its Intabet software and operate its gaming platform on behalf of betting operators.
This will enable Intabet to generate revenues more quickly. The first reseller product will be Goal Millions, where there is a weekly jackpot of £1m for a £1 stake. This should launch on the 30 March.
The BetComparer bet comparison site should be live on 22 April - one week later than previously indicated. This will include football, racing, and tennis with further sports to be added.
The board had discovered a potential liability for unpaid National Insurance prior to 2010.
A new convertible loan agreement has been made and Media Corp will have instant access to the £250,000 loan with the potential for up to £500,000 to be made available. The interest rate is 5.25% a year. The loan notes are convertible at 75% of the previous day’s share price close. Alternative finance is being investigated.
Media Corp managed to raise £75,000 from the sale of TV listings website www.onthe box.com.
Online advertising sales business Eyeconomy was placed in administration at the end of 2012 and its boss Mark Butt resigned from the holding company board early in February.
The share price rose 10% to 0.13p, which values Media Corp at £1.19m.
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