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PostPosted: Wed Jul 09, 2008 10:23 am 
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We said on June 9 to watch out.... that we did not recommend this company.

10 days later, the company's own auditors don't recommend it............

Reprinted courtesy of Hemscott

Mobestar FY pretax loss widens; shares tumble on outlook doubts

LONDON (Thomson Financial) - Mobestar Holdings Plc. said its full-year pretax loss widened, with doubts being raised by the company and its auditors about the group's ability to continue as a going concern.

The mobile community company warned that the take-up of its mDate product is still unproven, impacting its revenue projections of generating cash by mid-2009.

'There is a material uncertainty which could cast doubt on the ability of the company to continue as a going concern.'

The auditors said that 'the continued operational existence of the group is dependent upon the availability of further external funding'.

The AIM-listed company said it is confident additional external funding will be arranged, when required, in 2008.

Mobestar posted a pretax loss of 2.17 million pounds for the year ending December 31, compared to a loss of 1.94 million in 2006. Revenue increased from 18,000 pounds in 2006 to 63,000 pounds in 2007.

The group said that it has experienced a transitional year as the mobile community sector emerges from the states of being an experimental concept. However the take up of services has been slower than expected.

The sales pipeline for the group is expanding, Mobestar added, with the group continuing its international expansion.

Mobestar raised 550,000 pounds in April through the placing of 3.99 million shares.

By 8:22 a.m., shares plummeted 12.90 percent to 6-3/4 pence. lorraine.turner@thomsonreuters.com lht/ejp


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PostPosted: Sun Jul 20, 2008 3:38 am 
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Mobestar posts another Quarterly loss:

RTT News Release

436,000 GBP loss this quarter.... Ouch.

Marc Lesnick
Conference Organizer
Internet Dating Conference[


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PostPosted: Sun Oct 26, 2008 10:01 am 
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The below press release speaks for itself. The amount of calls and emails I have been getting on this company are something to be believed. Former officers, customers and investors have contacted me. As I said above, some of the former executives are trying to hide the fact that they ever were at the company.

I said back on June 9, 2008 that we did not recommend this company to anyone in the industry.

Marc Lesnick
Conference Organizer
iDate2008

Mobestar Holdings Plc (the "Company" or "Mobestar")
October 23, 2008

Appointment of Administrators and Resignation of Advisers

Appointment of Administrators

Further to the announcement made by the Company on 7 October 2008, the Board announces that Joint Administrators have been appointed to the Company.

The contact details for the Joint Administrators are set out below:-

Chris Latos : ( Corporate recovery & insolvency at PKF )
and
Stephen Holgate : ( Corporate recovery & insolvency at PKF )

PKF (UK) LLP Pannell House Park Street Guildford Surrey GU1 4HN Telephone: 01483 56 45 46 Resignation of Advisers

Dowgate Capital Advisers Limited, the Company's nominated adviser, and Midas Investment Management Limited, the Company's broker, announce their resignations with immediate effect.

Pursuant to AIM Rule 1, if an AIM company ceases to have a nominated adviser, the London Stock Exchange will suspend trading in its AIM securities. If within one month of that suspension the AIM company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.


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PostPosted: Sun Jan 18, 2009 6:21 am 
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PKF (the appointed administrators) send out a Letter about Mobestar's Insolvency on December 15. It contained a proposal on how to handle the company's insolvency going forward.

The full letter can be read HERE.

What is clear is the following:
Page 24 and page 25 illustrate who the company owed money to. Below is merely a partial list of companies that have not been paid by Mobestar.

The University of Surrey - not paid over 5400 GBP. To me, it is one level of low ethics to not be fiscally responsible to pay another business. But to swindle a University takes extremely low morals.
Penningtons Solicitors (a law firm) - not paid over 4000 GBP
Rackspace (their web hosting firm) - not paid over 18000 GBP
Martineau Johnson (a law firm) was not paid over 21000 GBP
Hemscott (a press release firm) - not paid over 2000 GBP
Business Wire (a press release firm) - not paid over 9000 GBP
BDO Stoy Hayward (an accounting firm) - not paid over 15000 GBP
Smith and Williamson (an accounting firm) - not paid over 5000 GBP


Not surprisingly, Suzanne Newes-Smith had a credit due of 0 GBP. None of the other Board Members, Directors or Senior officers listed had amounts due them.

There were several names listed as 'Potential Creditors' to the company. These include former executives.....(page 26)

(Names with links show their Linked-In Profiles)
Mr Peter Richards, now CEO of Venture Pilot (located in Kingston upon Thames, England)
Mr Stephen Doyle, now owner of Mobile Life (Mobile-Life.com)
Mr Gavin Edwards
Mr Colin Mead, now at Sun Microsystems (old Linked in Profile here / NEW ONE is HERE)
Mr Robert Simon Meeds, assumed now with Propath Consulting Services. (Site is propath.info (not working) )
Kelly Newell
Mrs Suzanne Newes-Smith
Mr Peter Skinner
Mr Prakash Sankaran, now with INCAT

FYI, the company's Chairman, Paul Robinson can be found on Linked-In here.

Mobestar now becomes one for the records. This is pretty much the aftermath. As I said in a previous post, now there is a record for someone doing a search to see who was involved and what happened. I hope that the research done here helps others in future making a prudent business decision on whether or not to deal with these individuals.

Marc Lesnick
Conference Organizer
Internet Dating Conference


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PostPosted: Wed Jun 10, 2009 8:16 am 
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In Q1 2009. Mobestar announced they were to "relaunch, reposition and relocate." They tried to make it sound as if the company was on a comeback.

My earlier posts on this thread along with their insolvency notices made such claims hard to swallow. I sat back and watched.

I am now the reciever of this insolvency document:

Report to Creditors Pursuant to Rule 2.47 of the U.K. Insolvency rules 1986
Issued on May 20, 2009, it shows where the company is now fiscally and where they are going. Its a good read....

Here are my highlights:

1) They sold their assets to Venture Pilot Limited for a mere £35,000 (net of VAT). (see page 2)

Who is Venture Pilot? That is the best part! From my earlier post. It is a company founded by ... Peter Richards ! ... Remember him????? He's Mobestar's Founder & former CEO.

So now, Venture Pilot has all the technology assets of Mobestar, leaving Mobestar with nothing, and is basically become a shell company.

2) The Administrators are bleeding the company dry with their "Charge Out Rates" see the last page of the document, and you will see what PKF charges to administer Mobestar at this stage. The lowest rate per hour is at:
£120 per hour
..
A supervisor charges Mobestar £120 - £197 per hour.
A manager: £182 - £328 per hour.
The Partners at PKF charge £282 - £477 per hour.
(...are they hiring?)


Rates like this, plus the fact that they are selling everything they have mean that they are simply bleeding the company to death. Whatever is left, it will be gone soon. Among all the creditors owed money by Mobestar, I can only make a safe guess that the University of Surrey were not paid the £5400 they were owed. As I said earlier, its a pretty low thing to do to rip of a school.


...
The news from Q1, followed by this report makes it apparent that Mobestar tried a 'pump and dump' of their company.

Former creditors or business partners should keep a sharp eye on Venture Pilot Limited (a company with NO website). [ more company info here] ] Peter Richards pretty much has what is left of Mobestar's assets. He appears to be the one to watch, and to warn others about.


Marc Lesnick
Conference Organizer
Internet Dating Conference


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PostPosted: Thu Jul 16, 2009 3:21 am 
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According to a June 25 article in the Financial Times Mobestar was a "clear example of a company that should never have been brought to AIM." In other words, it should not have been underwritten and made a public firm.

Also, according to a June 23 article in the Telegraph, it claims the company "went bust at the end of last year."

These are 2 reporters at 2 reputable financial tabloids, both basicly declaring the final fate of the firm.

The FT article discusses Mobestar as an example in its story on the London Stock Exchange's recent disciplining of other companies that use Nominated Advisers (Nomads).

For Mobestar to be mentioned in such a negative light within a week by BOTH the Financial Times and the Telegraph alone says alot about that firm and what it was up to. But it leads me to wonder....over and above the 2008 "bust" according to the Telegraph, Mobestar's Q1's actions, mentioned in the above posts, may further catch the eye of the LSE.

Marc Lesnick
Conference Organizer
Internet Dating Conference


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PostPosted: Fri Nov 26, 2010 9:57 am 
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Just did a check up on the status of this from a year ago. I had though the matter was dead, but I was wrong.

From my post above that in Q1 2009, Peter Richards (Founder and ex-CEO of Mobestar and CEO of Venture Pilot) bought all the "assets" of Mobestar for a mere 35,000 GBP (net of VAT), leaving all the creditors completely screwed with a shell company with no assets and revenue.

Assets purchased for the bargain price of 35,000 GBP included obviously the software and....more importantly....the domain name MOBESTAR.com .

Mobestar.com moves forward and has removed an 'inconvenience' (the prior investors and creditors), which most were left out in the cold.

So now they are acting as if everything is just fine and they are getting business from others.

A few words of warning to potential business customers of Mobestar.com:

A) It appears that they were trying to hide the Venture Pilot name by calling it "V P Technologies Limited". They copyright at the bottom of the page reads:
Quote:
"© 2009-2010 Copyright V P Technologies Limited..."

and the Terms and conditions reads:
Quote:
"Mobestar is the trading name of VP Technologies Ltd.
We are registered in England & Wales under registration number 06819801.
Our registered address is 1st Floor, 21 Victoria Road, Surbiton, Surrey KT6 4JZ."


B) "Mobestar" as a company is basically defunct. While it may appear a shell game that V P Technologies is now Mobestar.com, investors and creditors from Mobestar were not paid and defrauded alot of money. Please note Mobestar had ripped off the University of Surrey, among many other companies and individuals, all under Peter Richards executive position.

The same person who did this we believe is the same person at V P Technologies (a.k.a. Mobestar.com)

C) Please check the company's references and former contacts thoroughly. I believe you may find a littany of complaints.

Please fact-check and double-check the company history. You may drw the same conclusions as myself. Please beware of these people.

Marc Lesnick


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