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Raises £12 million

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UK Internet group Bright Station plc has changed its name to Smartlogik Group plc, after securing £12 million to bail out the company.

In May the outfit warned that unless it received additional funding it would run out of cash by the end of the summer.

Then, it was losing £3 million a month and only had £4 million left in the coffers.

Five directors have resigned from the company. They'll be replaced by a new batch of Monday.

Stephen Hill, CEO of Smartlogik Group plc, said: "We are delighted that the shareholders have overwhelmingly supported the resolutions.

"Their investment in Smartlogik is a significant vote of confidence both in the strength of our solutions and the future of our company in the fast growing knowledge management sector.

"We can now proceed with the business of enabling them to unlock the value of their information, which will in turn deliver real value to our shareholders," he said. ®

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