They came, they bragged and like so many Companies in the technology market they failed. After some years of bleeding cash, ASX-listed voice over IP and calling card operator Freshtel says it will finally get out of the telecoms business and go tin mining instead.
They came, they bragged and like so many Companies in the technology market they failed. After some years of bleeding cash, ASX-listed voice over IP and calling card operator Freshtel says it will finally get out of the telecoms business and go tin mining instead.
Freshtel has made a series of losses in recent years and in 2009 cut its headcount by half. But the red ink has continued to flow: the company recorded a loss of $226,403 for the six months to December 31 – which at least was a $1.7 million improvement on the loss in the same period of 2009.
Total revenue for the six months was just $136,000, a decrease of 81 percent, reflecting sale of a UK business which at one stage supplied calling cards to the UK retail giant Tesco.
Freshtel yesterday told the Australian Securities Exchange that it intended to sell its main technology undertaking for $150,000 and payout remaining debt. Its half-yearly report had said it would lease the VoIP business to Vixtel Pty Ltd for 12 months from December 2010 for a monthly payment of $2500.
Meanwhile the company has moved to acquire Australian Tin Resources, which operates the Ardlethan tin mine located between Wagga Wagga and Griffith in NSW. Freshtel will change its name to Australian Tin Resources.
