FoneWorx provides the technology platforms for companies to run SMS competitions.
The company said the transaction between FoneWorx and the Value+Nettwork‚ founded by the Kirsh family‚ had been "terminated by mutual consent and all disputes between the company‚ Value+ and the Isaac and William Kirsh Family Trusts (Kirsh family) have been resolved".
The transaction comes a month after the Kirsh family called for the removal of FoneWorx executives.
The family accused the executives of failing to develop strategies that would enhance shareholder value‚ both strategically and financially.
The family said there was a "poor state of corporate governance" at FoneWorx.
In December‚ the companies announced plans to merge FoneWorx and Value+‚ to create a R478m entity‚ in which 10 areas of potential between the two entities had been identified by Value+ founder William Kirsh - who until 2009 served as Primedia's chief executive.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
