OPW -- Mar 30 -- Mobestar, a UK company that launched in 2004, was known for developing
white label technology and content for the mobile entertainment
market, including social networking and online dating. What sounded
like a great way to hit a fast growing market may have actually been
marketed too soon with technology that was not quite ready. From the
beginning, the company was allegedly losing money and reported a loss
of nearly £2 million for 2006 and then again in 2007. By June 2008,
speculation about the company’s imminent demise began creeping across
the internet. While they were reportedly continuing to sign contracts
throughout 2008, the money was coming in much more slowly than
expected. In October they were suspended from trading on the AIM
market, and in December a proposal was issued by their newly appointed
Joint Administrators to sell the business and satisfy their
considerable list of creditors, if possible.
In what appears to have been a victorious sale, Mobestar is now back
on the market following what they are billing as a “successful”
relaunch of the company on February 1. Touting a new location in
Central London, because of unpaid rent at the previous location,
Managing Director Marcus Bennett said they have achieved their first
quarter goals to “relaunch, reposition and relocate.” Mobestar is also
promising the “unveiling [of] a diversified portfolio of new products
and customers in exciting new high growth markets”. According to their
website, the only customer they retained from their previous
incarnation, and their only current customer, is QSoft Consulting’s
Gaydar. The only two products being offered at the moment are mDate
and mSpace, neither of which is new or exciting. It will be
interesting to see what new customers and products are announced in
the coming months as it is difficult to place a lot of faith in
Mobestar’s future when their “relaunch” looks strangely similar to the
company that folded only three months ago. - by the Courtland Brooks
Team
This post also appears on SocialNetworkingWatch.
Recent Comments