LONDON — Mobile performance ad network Reporo has posted on its website a message saying the company is insolvent and that its assets will be liquidated.
“The directors of the company, having regard to its financial position, have decided to place the company into creditor’s voluntary liquidation,” the notice said on Reporo's homepage.
As part of the notice, Reporo also linked to a letter to creditors from BM Advisory partner Andrew Pear in regards to the liquidation of parent company, Mobilewebadz Ltd.
“The purpose of this decision is to seek the creditors’ ratification of the members’ nomination of a liquidator, and if the creditors so wish, the formation of a liquidation committee," Pear said. "Resolutions to be taken at the meeting may include a resolution specifying the basis on which the liquidators are to be renumerated and creditors may also be called upon to approve the costs of assisting in the preparation of the statement of affairs and facilitating the creditors’ decision procedure to wind up the company.”
The London-based Reporo mobile ad network started up in 2006 and primarily served advertising for products such as VOD, utility apps, gaming, men’s health, casino/sports betting and adult, with an aim of providing returns for advertisers and publishers across its banner, pop-under and remarketing network.
Just last year the company created an affiliate network, while officials said that they were attempting to strengthen partnerships with numerous key advertisers within the industry.
Check out Pear's full letter, here.