Wed, 19 Dec 2012 | ADMINISTRATION
Media Corporation has confirmed that it has placed its subsidiary, Eyeconomy Limited, into administration.
The firm is a wholly owned subsidiary of Media Corporation and operates as an internet advertising business.
KRE Corporate Recovery LLP are to handle the administration, following the announcement earlier this month (12 December) that the division is expected to make a loss over the 15 month period ending 31 December 2012 due to tough trading conditions and softer revenues.
A statement from Media Corporation read: “Eyeconomy's considerable drop in sales, coupled with the growing negative net asset position of the business, has led the Board of the Company to take the tough decision that as Eyeconomy is no longer an appropriate fit with the ongoing strategic direction of the Group, its resources are better focused on the pending launch of Intabet and associated sites.”
The rest of the group will “continue to trade as normal” with the focus firmly on the development of its new Intabet platform and complimentary technologies.
Media Corporation was founded in March 2000 with the aim of creating a “technology-focused internet media group” across advertising and gaming.
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