Most Home Corp. says the planned sale of its mobile phone property listings service, Kurio, to Yaletown Capital Corp. has fallen through, and that two of Most Home’s directors have stepped down from the company’s board.
When announced in November, the planned sale of Kurio to Yaletown Capital was valued at $1.96 million — $180,000 in cash and stock in Yaletown valued at $1.78 million.
Most Home and Yaletown are both based in Vancouver, B.C. The deal reportedly fell through because Most Home’s senior creditor did not sign off on the deal until Feb. 9, which Yaletown said didn’t leave enough time to finalize the deal before a deadline set by Canadian regulators, Most Home said in a press release.
Most Home Chairman David Woodcock and Director George Shahnazarian are leaving the company’s board because the company has been unable to acquire directors and officers liability insurance, the company said. Most Home CEO Ken Galpin will stay on as the sole sole director until Most Home holds a shareholder meeting and elects a new board.
Most Home Corp.’s subsidiary, Most Home Real Estate Services Inc., provides online customer service solutions for real estate and mortgage companies. Since 2001, Most Home claims to have processed more than 3 million Web, LiveChat, and toll-free phone inquiries.
Most Home has not filed a quarterly report since June 2008, when it reported cumulative net losses of $12.7 million through April 30 of that year.
In June 2009, the British Columbia Securities Commission ordered the company to cease all securities trading activity in the province, Most Home disclosed in a January filing with U.S. regulators.
Last year, Most Home announced that it had reached an agreement to sell the loan origination software platform and client base of another subsidiary, Netupdate Inc., to Mortgagebot LLC, to raise money and grow its Kurio mobile listings service (see story).
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