UK-based PhoneLink has asked shareholders for £7 million to support marketing of its Tel-Me service, while revealing that it lost £3.7 million in the year to 31 March. It says that said cash flows are not yet sufficient to cover the expenditure to promote and further develop the service as it would wish. Launched in May 1994, having cost £4.8 million to create, Tel-Me has 86 corporate and 1350 individual customers at this stage.
Across the Atlantic, meanwhile, real-time news specialist Desktop Data is to launch on the US Stock Exchange with an initial public offering of two million shares aimed to raise around $18 million.
The Waltham, Maryland-based company recently reported its first ever profit: $603000 on turnover of $9.8m for the six months to 30 June. During the last calendar year it lost $287000 on revenue of $12.9 million.
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