Quadtel in administration

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Marketing Results and Quadtel International, subsidiaries of ASX listed distributor Quadtel Limited have been placed in voluntary administration, after the board resolved to provide no further funding to the companies.

In an ASX announcement on Wednesday morning, Quadtel said Giles Woodgate of Woodgate and Co has been appointed the administrator of both companies.

The board of Quadtel, however, are attempting to keep the company afloat and are currently in "discussions with a number of potential financiers regarding future and current funding requirements for Quadtel Limited," a statement said.

Quadtel Limited holds a 7.5 percent equity in Hong Kong's Dragon Industries which in turn owns 100 percent of GWT Bo Lang.

GWT Bo Lang has a contract to rollout broadband wireless services in Ningbo, China. "It is important to note that this investment and supply contract are not part of the subsidiary companies' activities and are now the sole activity of Quadtel Limited," the statement said.

The majority of Quadtel's revenues however, were driven out of Marketing Results and Quadtel Limited.

Since early last year, the market has been unsteady about the company's future viability. Last year, it ended distribution deals with the likes of Symantec, Network Associates and D-Link, subsequently turning to a software republishing model with European antivirus software developer Panda.

Company CEO Bruce Ind told iTnews in February that the software republishing model would help drive the company back to profitability.

The company reported a $20,000 profit for February, two months after quarterly figures showed the company as $2.8 million in the red.

Quadtel has begun selling its republished products to the corporate market through its reseller channel. It is still not known exactly why the companies have been placed in administration. Ind was not available for comment at press time.

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