Feeds

Geoworks flees UK

Death by a thousand cuts

  • alert
  • submit to reddit

Top three mobile application threats

Geoworks, the moribund wireless software designer, is ceasing operations in the UK with immediate effect.

Teleca Ltd, the Swedish company which had offered to buy the UK business for approx. $1.8m last year, is taking on all Geowork UK staff and will do business with Geowork's customers. It is paying $500,000 for this right. It is also taking on the lease on Geoworks UK's offices, a liability estimated at $700,000.

So it's a better deal for Teleca, but why on earth couldn't Geoworks complete?

In a short statement released yesterday Tim Toppin, CFO said:

"Our efforts to get required shareholder approval failed because we were unable to obtain a quorum for the special shareholders meeting, despite an extensive proxy solicitation process and an 8 to 1 favorable shareholder vote."

Following the failure to gain a quorum for a meeting scheduled for January 8 to vote for liquidation as well as the sale of the UK arm, Geoworks said the company "must now rapidly assess its alternatives, including seeking bankruptcy protection".

Under the circumstances, the revised agreement with Teleca was probably the best that Geoworks could achieve. The alternative was going tits up in the UK. ®

Related story

Geoworks throws in towel and puts GEOS up for sale

Combat fraud and increase customer satisfaction

More from The Register

next story
Virgin Media so, so SORRY for turning spam fire-hose on its punters
Hundreds of emails flood inboxes thanks to gaffe
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
AT&T threatens to pull out of FCC wireless auctions over purchase limits
Company wants ability to buy more spectrum space in auction
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
Facebook splats in-app chat, whacks brats into crack yakety-yak app
Jibber-jabbering addicts turfed out just as Zuck warned
Google looks to LTE and Wi-Fi to help it lube YouTube tubes
Bandwidth hogger needs tube embiggenment if it's to succeed
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.