Media Corporation has decided to close down its online gaming operations and turn itself into a shell.
The current business is not viable without significant investment, according to the review undertaken by the company. Higher hosting and technology charges and the inability to gain an appropriate gaming licence in its own right make it difficult to launch the Intabet platform. Legacy issues continue to take up management time.
The proposed betting platform for Box Nation will not happen. A sportsbook and casino games were going to be provided under the Box Nation name. Goal Millions will continue trading under licence through Vamagaming but there will be no promotion and revenues are likely to be negligible. Media Corp will sell its interest in Intabet and its other intellectual property.
There is one proposal that could bring new directors and strategic investment. A general meeting will be held on 16 September to agree a new investing policy focused on oil and gas and to change the company’s name to Leopard Oil.
Management is hopeful of releasing the figures for the year to September 2012 and the six months to March 2013 before the general meeting.
The shares were suspended at 0.1p each on 30 April, valuing Media Corp at £1.31m.
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