News

i-mate continues to weaken, de-listing expected

17 October 2008 08:50:00

The chief executive of mobile software developer i-mate said the business continues to weaken in the current tough climate, adding that he expects the company will become private within 60 days.

"'It was made quite clear at the time of our preliminary results last month that the economics and business benefits of being a quoted Company were becoming increasing unclear. Our business and indeed the market continue to weaken as global consumer confidence slides. I fully expect i-mate to be a private company within 60 days," he said.

Sales for the six-month to September are estimated at $20.6m compared to $46.2m for the same time last year. Operating loss of $10.8m though is less than the $29.4m loss last year.

The group will request for a resolution to de-list the company at the AGM on 10 November 2008

If the resolution is passed, non-executive chairman Bernard Cragg and non-executive director Bill Gorjance will resign and Jim Morrison will take on the role of chairman and chief executive officer.

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