CEO Francois Swart is meanwhile set to depart the company he has been in charge of since the departure of Alan Knott-Craig Jr in 2012.
In its statement, the company also confirmed that while its app will still be available for download, the majority of its 30 or so remaining staff would be transferred to Reach - its charitable arm.
The statement confirms what Memeburn's sources have been telling it for some time now...
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