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October 7, 1998

HOW MULTIMEDIA BECAME A DIRTY WORD FOR INVESTORS

By CBR Staff Writer

Mention the word multimedia in the city of London, and even battle-hardened dealers develop a nervous twitch. They remember the sad saga of Omnimedia Plc, which lost a fortune before it ended as a shell which was acquired for a pittance by an IT recruitment and consultancy group. Now Multimedia Corp, which saw pre-tax losses of 2.7m pounds last year, is touting itself around as a shell opportunity – with the added advantage of over four million in accumulated tax losses. Whereas the company used to boast of its prowess in publishing CD Roms, it now promotes itself as having no full-time employees, no committed premises and virtually no fixed assets. With the shares languishing a 2.5 pence, it is a cheap way of getting a stock market listing.

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