12/12/2012 : MEDIA CORP PLC TO RE-BRAND
Purple Lounge debacle continues to haunt management
Media Corp plc, a London-based public company that hit the headlines earlier this year when its subsidiary Purple Lounge Poker went to the wall owing players , is to rebrand.
In a press release and trading update Wednesday company management revealed that the firm is to be re-branded Inta plc and as such will launch two gambling-related products.
The update is the first since interim CEO Adam Fraser-Harris left the company, leaving his responsibilities in the hands of chairman Phil Jackson.
The two products Jackson plans to launch are Bet Comparer and Mobet, scheduled to be released on March 1 and April 15 respectively, when the offerings will be licensed directly and through joint venture partners. The company did not elaborate on the nature of the new products, which it promises to detail nearer the launch dates.
The board of directors also plans a full review of all non-core businesses within the group, including Eyeconomy, with a view to potential disposal. There will also be attempts to resolve "…all and any outstanding legacy issues pre the acquisition of Intabet," which presumably includes the Purple Lounge shambles.
Management concedes in the update that the Purple Lounge affair has "….posed a significant challenge when launching a new gaming brand from within the group. The management are working actively on ways to ensure that players and other creditors are treated fairly as the Purple Lounge liquidation process proceeds.
"However, in the absence of a conclusion of the liquidation it is easy to understand why effected Purple Lounge customers would, through the historical association, view an Intabet launch negatively."