Cube8.com PLC
22 December 2000
TaoTalk Limited ceases trading
TaoTalk Limited ('TaoTalk'), a Cube8 incubatee that offers a free downloadable
software application that allows users to send voice messages over the
internet, ceased trading as of 3.30pm Thursday 21 December 2000. The
Directors of TaoTalk are actively seeking buyers for the business. TaoTalk
Limited is 50% owned by OFEX listed Ashpool Telecom plc with the remaining
shares owned by Cube8 (15%) and Gothem Limited (35%).
Cube8 announces that it was making provisions against investments of £1.3m in
total, including full provision against TaoTalk Limited.
Tim Dean-Smith, Chairman of Cube8.com plc commented: 'Cube8 regularly monitors
its investments and the Board's policy is to be decisive in cases where return
of any further investment is unlikely. The Company's investment portfolio
contains a number of investments, in various sectors and includes several
established businesses. The Board believes the portfolio will provide
significant returns in the future. Cube8 is working hard to find a buyer for
TaoTalk and its technology.'
For further information please look at the investor relations website at
www.cube8.com or please contact:
Cube8.com plc Tel: 020 7243 2000
Tim Dean-Smith, Chairman
E-mail: brian@cube8.com
Issued by:
Bankside Consultants Limited Tel: 020 7220 7477
Henry Harrison-Topham / Julian Bosdet
E-mail: henry@bankside.co.uk / julian@bankside.co.uk
Note to editors:
Cube8 is a Technology, Media and Telecoms investment and incubation company
that provides financial and intellectual capital to accelerate start-up and
early-stage internet businesses.
The Company's operations have 3 main areas of focus, these being:
(i) Investment
(ii) Consultancy and Agency Services
(iii) Networking and Fundraising
The Company's shares started trading on the Alternative Investment Market of
the London Stock Exchange ('AIM') on 28th February 2000.