RealTime IT News

Liberty One Drops uBid

[Sydney, AUSTRALIA] LibertyOne has reached an agreement in principle to terminate its agreement with uBid. The agreement entitled LibertyOne to use uBid's technolgogy in Australia and Asia.

Earlier this month LibertyOne announced major changes to its operating structure and investments following a comprehensive review by the board and management aimed at cutting costs and rationalizing its interests. LibertyOne chairman, Nicholas Whitlam, said LibertyOne would retain a core business comprising its wholly-owned ZIVO Web-integration subsidiary and its interest in the Monet Asia Pacific joint venture, but would seek to exit all other investments by the end of the year.

LibertyOne will be released from all future royalty obligations with uBid in return for surrendering intellectual property and intangible assets.

LibertyOne's online auction businesses in Australia, New Zealand and Hong Kong will be scaled back Immediately and will close at the end of October.