Internet motoring portal Oxbridge Online finds itself on the wrong side of JSE listing requirements after it was warned and annotated on the JET (JSE Electronic Trading) system for late submission of its financial statements.
This is the latest in a spate blows for the company, which saw negotiations with possible partner Autris terminated in November.
Both Oxbridge and its auditors, Meyer Wilson Marsh, admitted its future depended on successful negotiations between the two companies.
Meyer Wilson Marsh qualified their report in the preliminary financial results, 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.
Oxbridge was to have provided business-to-business technology for Autris, a motoring exchange web portal.
In December Oxbridge announced the resignation of director Peter Nelson from the company.
Oxbridge`s preliminary year-end results reflect a R6 million operating loss and 5.21c headline loss per share on a turnover of R467 000.
After twelve month highs of 70c per share, Oxbridge has been trading of late at 1c, placing its price to earnings ratio at -0.19.
Calls to Oxbridge`s offices were not answered.
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