Watch out: Xero merges, now a publicly traded company

by Ryan Block posted Apr 11th 2006 at 10:31PM

Well wouldn't you know it, the same people behind Gizmondo who're now behind Xero Mobile (those that aren't in jail, anyway) have found a way to bypass an IPO in getting Xero as a publicly traded company. Basically they merged with Desi TV, a publicly traded company (that couldn't dig up even a little info on), swapped the ticker symbol to XRMB, and started trading on the Over-The-Counter Bulletin Board securities market. Oh, did we mention the first thing they did with their stock was split it 25-to-1? 25 to freaking 1, man! Peter Lilley, CEO of Xero Mobile (and former head of Gizmondo's Smart Adds division) seemed pretty stoked about "implementing [their] ground-breaking business plan." Uh, would that be the same business plan that sunk his former game company and lost a half a billion dollars? Right, dude. Investors beware; remember those who learned a hard lesson about that fateful UK-based game company that seemed eager to cash in on VCs and work a pump n' dump stock scam on all y'all.

Filed under: MVNOs

Tags: desi tv, DesiTv, gizmondo, mvno, scam, stock scam, StockScam, xero, xero mobile, XeroMobile, xrmb

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Reader Comments (Page 1 of 1)

Neutral

Jon Gales @ Apr 11th 2006 11:08PM

Reverse mergers are pretty common because they are a lot easier than going the IPO route, but that doesn't make Xero a good investment. Especially when their business model is to join a super crowded MVNO market and give away service.

A little background on what they did:

http://en.wikipedia.org/wiki/Reverse_merger

As is common in reverse mergers, Desi TV was a shell company. That's why there isn't any real info about it.

Neutral

Donald @ Apr 12th 2006 1:18AM

ATTN: Anyone who actually wants to invest in this company

Send me the money, it'll be put to a better use.

Neutral

Shoaib @ Apr 12th 2006 9:10AM

Desi: Someone/thing from the asian sub-continent

Neutral

Pony99CA @ Apr 12th 2006 5:18PM

OK, Donald (#2), give me your address so I can mail the check....

Neutral

Swedish Mafia LA @ Apr 23rd 2006 3:00PM

The whole Xero venture is another attempt to bilk investors out of millions for Carl Freer's, Stefan Ericksson's, and Peter Uf's personal gain. They are the actual puppetmasters behind this venture. Invest in legitimate companies, not these criminals.

Neutral

Larkoi Singh @ Apr 25th 2006 5:14PM

The media plays a key role in creating people's opinions. What you guys dont realize is that Xero Mobile is a new idea that no one has ever offered. Despite it's ties, do not doubt this company. They will offer some of the best services around the nation. Look at the future, not the past. Please get away from posting media-opinionated comments.

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