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U.K. Internet News Site netimperative.com Reports Own Demise

[May 22] In a brave demonstration of professionalism, U.K. Internet news site netimperative.com at 11:47 GMT Monday reported its own demise.

Having been in operation for just six months with backing of nearly £1 million ($1.5 million) seed capital, netimperative.com has become the latest casualty in what is being called "dotcom fallout."

The Net Imperative Limited, the company that runs netimperative.com, says it has called in Kroll Buchler Phillips as provisional liquidators to look at the company's books and assess the situation fully.

Operating out of Shoreditch, close to the City of London, netimperative.com had the benefit of first-class Web site design and construction. Built by Mazware.com, the site was styled by award-winning designers arehaus partners.

Founded by Felicia Jackson, Davina Lines and Bryan Smith, netimperative.com had planned to roll out its services overseas, establishing an international network of localized information and community service providers.

However, the money ran out, as it threatens to do with at least twenty-five per cent of Internet start-ups in Europe, according to experts. The industry is still reeling from the collapse of fashion megasite boo.com, which was afflicted with a similar cash shortage.

The demise of netimperative.com is unwelcome to the industry -- although technically a rival to internet.com and other news providers -- because it fulfilled its promise to deliver up-to-the-minute Internet news in the U.K.

With so much information being freely available on the Internet, netimperative.com could not find a sufficient number of members to pay £49 ($73) per year for added-value services that included closed discussion groups, browser-based email and priority booking for industry events.