A light shines brightly for Kerry entrepreneur: Jerry Kennelly, who sold Stockbyte to Getty Images 2 years ago for $135m, is preparing to launch a major new online venture backed by a multimillion euro investment. Kennelly has hired 15 staff, about half of whom are former Stockbyte employees, currently conducting market research and expecting to unveil the venture in the second half of 2009. He declined to unveil details yesterday. UKpreneur.co.uk.
Simultaneously with the first decline of quarterly revenues from Q2/2008 ($8.52 million) to Q3/2008 ($8.166 million), Alamy´s present Q3/2008 financial statement misses to show important information which appeared in the statement in previous quarters, like:
new RF/RM images from photographers/agencies
photographers/agencies submitting RF/RM images
Alamy explains: "Please note that we have had to withdraw some parts of this statement that refer to contributor image submission volumes. This is due to a technical problem which has affected the way those figures have been reported, resulting in a misrepresentation of numbers in some instances."
Gardner Davis, the attorney representing a21 in its
Chapter 11 case, said it was the nation’s credit crunch that forced a21
into bankruptcy. A21 has been looking for a buyer, but
potential purchasers had difficulty getting financing. “In a less chilling economic environment, this company would have never filed for bankruptcy.”
A21 has lost money every
year since acquiring SuperStock, with a net loss of $2.6 million in the
first nine months of the year. The company´s stock has been below $1 a share since 2004 and has been
listed at less than a penny per share recently. SuperStock operated at a net loss of about $16,000 on revenue of $5.9
million in the first nine months of the year, and ArtSelect had a loss
of $324,000 on revenue of $7 million. But corporate expenses made a21´s
overall net loss higher.