NeoMedia rethinking mobile strategy; Sponge not worthy

Wireless technologies developer NeoMedia is shaking up its mobile plans, selling Sponge Ltd., a mobile software maker the company acquired earlier this year, and instead focusing its energies on its qode direct-to-mobile web product platform. Per terms of the agreement, NeoMedia receives back from Sponge 33,097,135 shares of its own stock and $100,000 (net of attorney fees) in cash, with an additional $150,000 due by March 7, 2007. NeoMedia also retains a 7.5 percent interest in Sponge, which develops and implements mobile marketing campaigns and content delivery.

For more on the Sponge sale:
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