Cyberhost is technically insolvent, after the deal to acquire Ex-Teq Realtime Systems collapsed and the company`s major asset was attached.
The Cyberhost share has been suspended at the request of the company.
Cyberhost announced this morning that directors Anthony Lavine, Istvan Banhegyi, and David Bird have resigned.
Cyberhost narrowly avoided ceasing its operations last year when it acquired 100% of Ex-Teq Realtime Systems, resulting in a change of control.
The directors resolved, as part of the process of reorganising and restructuring the affairs of Cyberhost and in anticipation of the acquisition, to consolidate the share capital on a one-for-ten basis.
However, it says the acquisition, change of control, share capital consolidation and an issue of shares for cash have all lapsed, and the agreement has been formally cancelled.
In addition, Cyberhost`s database, its major asset, "was attached in accordance with a court order two weeks ago by the Namibian Trust introduced by the Cape Town director to fund Cyberhost on a secured basis which leaves Cyberhost with very little business or assets".
The bank account held in Cape Town has also been closed.
The company says a further announcement will be made in due course.
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