What the?...

What the?

http://www.theage.com.au/business/longerlasting-net-to-quoin-a-phrase-20110315-1bvyo.html


Longer-lasting net, to Quoin a phrase Scott Rochfort
March 16, 2011

Share Price, Financials, News ASX Profile & Company Info



The former three-star Papua New Guinean hotel company Quoin Limited treated the market to a barrage of social media-inspired gobbledegook yesterday when it announced plans to raise $5 million as part of its attempt to replicate the success of Facebook and Twitter.

''The company is commercialising the development of a globose layer 2 social networking platform for the internet, which when implemented will result in a higher 'total relevance of information' and extend participation longevity for users of social networking sites,'' it said.

The company has been suspended from trading on the ASX since April 2001. Quoin said it plans to lodge its audited accounts for the past three years by late May; launch its ''web platform'', codenamed RingBuzzer, in June, and resume trading later in the year.

Advertisement: Story continues below ''The platform will have the capacity to ensphere what is currently a fraternity of users who will be able to elect to opt-in for participation in compass cliques.

''Through ongoing normal social networking activity users will self migrate to a virtual vortex of relevance which results in the user participating in more of specifically what they target, thereby yielding a greater opportunity and capacity to monetise social networking sites and simultaneously making the sites more useful,'' the company explained.

DOTTY COM

CBD tried to get hold of Quoin's chairman in Melbourne, Moishe Gordon, but his voicemail said ''there was no more room to leave a message''. The company, whose name is derived from the architectural term given to a cornerstone of a brick or stone wall, jumped aboard the dot-com boom bandwagon more than a decade ago (just before the bust).

In its 2000 annual report, issued in 2002, Quoin said: ''Our mission is to commercialise and manage information technology businesses, providing high-yield returns to our investors and shareholders, whilst retaining excellent bricks and mortar assets for future tangible security.''

The fairly upbeat 2000 annual report was lodged with the ASX after administrators and receivers were appointed to Quoin's technology business and the hotels sold.

By the end of 2007 (the last period Quoin has filed its accounts up to), the company had racked up 43.5 million PNG kina ($16.7 million) of losses.