Moko.Mobi turns down investment offer

Mobile services company no longer pursuing a "significant corporate transaction"

Mobile services company, MOKO.mobi Limited (ASX:MKB), has flagged that it is no longer pursuing “a particularly significant corporate transaction.”

In ASX statement today, MOKO.mobi managing director, Ian Rodwell, said that company remained focused on increasing the revenue derived from existing contracts and on gaining new carrier contracts.

“The company is focused on making significant advances in this regard in 2010,” the statement reads. “Whilst the priority is to grow revenue, the company will always consider opportunities for acquisitions and other corporate transactions that will enable it to leverage its existing base.”

The company had said in a December 2009 ASX-statement that, in the course of considering various corporate alternatives, it had ceased further investigation into the transaction.

“The ultimate completion of this transaction is uncertain at this stage and is dependent on a number of factors, some outside the control of the Company,” the statement read. “Any transaction contemplated would be subject to shareholder approval. More details will be provided as they become available.”

At the time the company also received applications relating to a private placement to sophisticated and professional investors raising in excess of $1.0 million at a price of $0.10 per share.

In December the company also announced it had signed a deal with Telefonica SA to launch its services in Spain.

In November it announced a similar deal with Verizon Wireless in the US.

MOKO.mobi technology allows users to chat in real-time, upload photos, music and video, and share links between each other.

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