NeoMedia Sells Back Recently Acquired U.K. Firm

Authored by Mark Hefflinger on November 17, 2006 - 1:44pm.

Fort Myers, Fla. - NeoMedia Technologies, a diversified technology company, announced on Thursday that it has revised its mobile marketing strategy and sold back its recently acquired, U.K.-based subsidiary Sponge, a provider of mobile marketing services, to Sponge's founders.

Under the agreement, NeoMedia receives back from Sponge 33 million shares of its own stock and $100,000 in cash.

"NeoMedia’s plan and intent," said Charles Jensen, the company's CEO, "is to build shareholder value by focusing our development and marketing expertise on next-generation mobile applications and opportunities, especially for our qode direct-to-mobile-web cell phone technology."

Related Links:
http://biz.yahoo.com/bw/061116/20061116005448.html?.v=1
http://www.neom.com
http://spongegroup.com