[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.