RealTime IT News

LibertyOne Halts Merger Plans, CEO Leaves

LibertyOne announced that it has ceased merger discussions with an unknown company believed to be China.com, in addition to the resignation of its chief executive officer, Warren Lee.

On October 6, LibertyOne announced to the ASX in response to changes in share prices, that it had entered into negotiations with another company in regards to a merger. Since that time, detailed negotiations have continued according to LibertyOne however, the company has not been able to satisfactorily resolve a number of material commercial issues.

"I believe the decision was made in the best interests of LibertyOne's shareholders," said Graham Bristow, who will replace Lee as CEO. "The goal of the Board of Directors has always been the accretion of shareholder value -- that has been our underlying principle in all of our strategic acquisitions and alliances, and in our plans for a NASDAQ listing, now scheduled for next year."

Jack Surdoval has also joined the company as chief financial officer.