Results deadlines expose internet skeletons

The day is proving to be pretty horrendous for the technology and internet sector, kicking off with news in the FT that internet caf operator EasyEverything, part of the Easy Group of companies headed by Stelios Haji-Ioannou, had to turn to its founder for emergency funding in order to continue operating.

For its part bizzbuild.com said that its directors continued to investigate “options available to them for the possible disposal of Import Marques” and that it did not expect the grant of an administration order “to have any material effect on bizzbuild”.

Earlier in September bizzbuild effectively put itself up for sale after reporting a further deterioration in its working capital, blaming “below management forecast” trading at Carbusters.com.

The Durlacher-backed e-commerce management business, which was the first company to IPO on nothing-ventured.com, Durlacher's online offerings platform, disposed of Value Direct, its core investment, earlier this month in a desperate attempt to reduce its cash-burn.

The catalyst to today's announcement appears to be the company's need to release interim results for the six months to 30 June 2001. Bizbuild said that the results would be released “later today” at which time a full statement will be given “on the remaining assets of the company and the directors' future plans”.

The picture appears to be more complex at earthport, where the company said that “negotiations to address the company's funding requirements are progressing positively”, despite the resignation of CEO Jonathan Baile and three independent non-executive directors. Executive chairman David Vanrenen said that the company was confident that the present negotiations would solve the company's funding problems, but that any deal concluded would “inevitably involve a further restructuring of the board”.

Earthport said that Baile “resigned for personal reasons”. The three independent non-executive directors that have also left the company were Carlisle Procter, Philip Lynch, and the Earl of Shrewsbury and Talbot.

Vanrenen added that earthport “has a number of potential commercial contracts that are in advanced stages and nearing or ready for completion” and that the board had received clear indications that it will be possible for these to conclude “once the current financial uncertainty is resolved.” The company had been working on the development of an e-wallet for online bank Egg.