Three Tech PR Companies Facing Problems As BlueFreeway Freefalls
By David Richards | Monday | 03/03/2008
The Company that owns Spin Communications, Max Australia and Spectrum Communications all PR Companies that handle major technology clients has reported a $4 million dollar loss with directors now admitting that the Company Bluefreeway is up for sale.
Shares in the Holding Company have crashed over 40% on news the group recorded losses of $4.048 million in the first half of the current financial year. Currently suspended the Company that has Greg Daniels the former CEO of Clemenger on their board is desperately looking for a white knight. Blufreeway claims that it has entered into exclusive due diligence with a potential suitor. It has also been revealed that the Company is looking to sell off recently acquired assets. Among the technology PR clients who could be affected if Bluefreeway does engage in a fire sale of assets are Telstra Bigpond, Acer, Blackberry, iBurst, Gizmo, Intel, pba (Personal Broadband Australia), MessageLabs, Orbi, and Blur-ray Disc. According to ADNews A spokesperson for Bluefreeway confirmed "a number of parties" had expressed interest in acquiring the company over the past few weeks, with shares in Bluefreeway languishing well below its listing price despite the group more than doubling in size over the past 16 months.
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