Internet motoring portal Oxbridge Online`s lifeline has been pulled as negotiations with the Autris Internet automotive exchange have been terminated.
Oxbridge warned investors with the release of its year-end results on 31 October that its future depended on the successful conclusion of negotiations with Autris.
Oxbridge auditors, Meyer Wilson Marsh also qualified their report, saying the company`s ability to continue as a going concern was dependant on the successful conclusion of contracts under negotiation, the resumption of profitable operations and the continuation of existing levels of finance by its bankers and major trade creditors until the company was able to meet its obligations in the course of ordinary business.
In a brief statement, Autris advised the market that negotiations with Oxbridge as a content provider had been in progress, but discussions have been terminated.
Oxbridge said in its financial statement that it would be "fulfilling much of the B2C [business-to-consumer] technology requirement and service delivery" for the exchange.
Autris spokesman Keith McIvor says Autris was negotiating with Oxbridge for the use of the software Oxbridge had developed and is currently using on its Motorshow.co.za Web site. The software facilitates content analysis from databases.
McIvor adds that Autris had informed Oxbridge and its corporate advisors on 2 November about the termination of negotiations.
"Since Thursday (2 November), I have had no contact with either David Cattell or their auditors, and to my knowledge neither has anyone else at Autris," says McIvor.
Autris is, however, proceeding with its plans to set up the automotive exchange and McIvor says discussions with industry players are continuing to facilitate the launch of the common trading platform.
Oxbridge year-ends reflected a R6 million operating loss and 5.21c headline loss per share on a turnover of R467 000.
At time of publication, neither Oxbridge nor its auditors were available for comment, and the future of the beleaguered Internet company remains unclear.
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