Playwise shares suspended: An unwize investment
Today pretty much marks the end of Playwise and its 3D poker software. After transforming the company from one that made computer games (badly) to one the made a decent poker package (but could not market it) this final nail in the coffin was just a matter of time.
This suspension has been inevitable for many months and I suspect any investor with any sense has already seen the writing on the wall.
As any reporter would do I tested the software and even learnt my early poker on Pokerwise and it was excellent. I soon realised however that I was often the only player on the network using the 3D software which defeated the object (especially when compared to PKR). The affiliate scheme was also a total shambles to the extent that I pulled any advertising off this site.
It will be interesting to see where Foo pops up next. Some individuals have lost vast sums on this company and for that we are sorry.
Playwize shares suspended on AIM pending clarification of financial position [ADVFN]
LONDON (Thomson Financial) - Playwize Plc., a developer of software for the
entertainment industry, said its shares have been suspended on AIM at its
request, pending clarification of the company's current financial position.
Here is a copy of a post I wrote in December last year:
Playwise interim results 21/12/2007: DIRE [Netbetblog]
Playwize (PLW) (the 3D poker specialist) limp from one crisis to another. A dreadful set of results top off a dreadful year. It is hard to believe the management can get so many things so wrong. The Ladbrokes deal enabled them to raise another million pounds or so but with creditors owed so much they need to start signing licensing deals fast (and lots of them).
It is not clear from the results how much they will get from LAD or what the up front payment was. They appear not to be recorded but with revenues of £15,000 you can bet that (1) not many people are playing poker and (2) that not many people have bought the computer game.
In my opinion this share is not long for this world. Another AIM stock bites the dust.
Playwize Interim Results
Highlights:
* Turnover: £15,000 (2006: £46,000);
* Pre-tax losses: £657,000 (2006: £915,000);
* Net funds: £67,000 (2006 £342,000);
* Signing of agreement with Ladbrokes for licensing of technology.
Post Balance Sheet Update
* Ladbrokes launches Ladbrokes 3D Poker using Playwize technology.
* Placing raises £1.15 million for future development.
The board however still believe:
I would like to take this opportunity to thank our staff and shareholders for
their continued support during a difficult time for the Group in the past year
or so. The Board believes that the long-term business outlook remains positive.
Farewell PLW. If they come back from here I will be astonished.
