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Shell comapny Mungo Trading was formed after Timestrip sold its smart label technology business for up to £225,000 in June 2010. Mungo is looking for engineering or industrial businesses to acquire. Timestrip reversed into shell company Internet Music & Media on 28 February 2005. The £6.4m reversal and a £3m placing were done at a price of 4p a share. Prior to this IMM had gone through a company voluntary arrangement because the internet music business had not succeeded. There was a 50-for-one consolidation at the time. Shell company Chandra acquired Groovetech to form IMM in April 2000. A 72% stake in Groovetech cost £8.8m in shares and £2.41m was raised from a placing and open offer at 158p a share - 7900p post-consolidation. In August 2001, IMM raised £1.85m at 12p a share - 600p post-consolidation. Chandra joined Aim in October 1999 at 25p a share – equivalent to 750p a share post-consolidation.
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