A reading of the Notice of EGM released on the 21 August 2009 pretty much explains everything. In short:
- Mooter have an agreement with Yahoo that they were having trouble commercially exploiting.
- Because of this, Mooter acquired the company Project Search whose expertise is seen to allow them to better exploit the Yahoo agreement.
- After acquisition, in addition to better exploiting this Yahoo agreement another of their key objectives to was to sign an commercial agreement with a "tier 1" search engine.
"By combining their traffic and connections through Project Search, the partners' immediate objective was to obtain a "Tier 1" group (Google - Yahoo - Microsoft) relationship in the US and the UK. Although both companies have a number of exclusive agreements with major global search engine enterprises, including Yahoo, neither has fully operational agreements with the "Tier 1" group in those specific regions.
By including Mooter in the alliance, that objective can be significantly advanced and expanded and will potentially bring into play both Mooters' Mooter adVantage Platform and its global relationship with Yahoo! Search Marketing."
Since this acquisition, the share price and volume has continued to climb with various other major shareholders buying in. So I suppose we wait and hope....
MMZ Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
