Broad Investments offloads Shiftreload

Stuart Corner
Monday, 25 September 2006 14:06

IT Industry - Deals

On 21 September Broad Investments revealed, belatedly to the ASX that it had issued 17.5 million shares on 11 August, worth all of $122,500, ironically this issue as "a sign-on fee for procuring a team for development of telephony and data products and for the introduction of the company to acquisitions."

• Announcements

Broad Investments' failed attempts at VoIP have left others with, at best, egg on their face. A month prior to giving up on VoIP Broad Investments had announced a partnership with Uecomm under which Uecomm was to provide data networking services for its VoIP service.

Uecomm's director of strategy, Brendan Park was quoted in the announcement saying: "We are excited by the prospect of working with BroadIP. The VoIP market is growing rapidly and will continue to grow and mature over the next two to three years. We are looking forward to a relationship with BroadIP that will bring mutual rewards.” That excitement would have been very short-lived.