The Internet Gaming Corporation, whose share was suspended in August after failing to appoint a sponsor and not submitting its financial results by the JSE`s deadline, has appointed a sponsor.
Kenneth Metcalf, who took over the reigns when CEO Stephen Lumb resigned at the end of August, says a sponsor has been appointed, and the company is "getting back on track".
The company is not yet ready to announce who the sponsor is, as talks with the JSE are still underway.
"Hopefully there will be some news next week," he says. "We are taking things very slowly and I have been working very hard putting it all together."
At the end of August Igaming announced the resignations of Lumb, chairman Carlo Colombotti, and non-executive director Richard Purvis.
Metcalf says that in getting a sponsor certain preconditions were laid down, one of them being that "certain people had to resign, which resulted in the spate of friendly resignations".
In September the company announced its results for the year to end February 2001, which showed a headline loss of 3.81c a share and an attributable loss of R3.05 million.
At the same time, it called off a deal in terms of which cash shells Oxbridge Online and Essential Beverage Holdings would have housed its non-core interests.
Metcalf says the Rivonia offices have been closed down to cut overheads. "I won`t say to zero, but to very low levels." However, the company is still operating, and its developers are continuing with their work.
He says the company has been misunderstood from the beginning, and has been a victim of malicious press. Some negative coverage led to the cancellation of a major deal, he adds.
The results for the period to end-June are being audited.
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