(MENAFN- ProactiveInvestors - UK) Mobile marketing firm CDialogues has been forced to conduct a review of its business, after its only client said it will terminate all of its contracts with the group.
The four contracts with Numbase Limited generate all of CDialogue''s revenues.
Under the agreements, CDialogues provides mobile marketing and campaign services to four companies in Lebanon and Kuwait.
The marketing firm said it was in discussions with Numbases to try and ''seek alternative outcomes'' but it doesn''t expect to engage in any new deals until market conditions improve.
It adds that, should Numbase proceed with the termination, the four contracts will be terminated by September at the latest.
At the end of its last financial year, CDialogues had 3.61mln in net cash and it says it has maintained a ''strong cash position'' throughout 2016 and has no debt.
''The board will consider all options to seek to mitigate losses, sustain the Group''s cash balances to the greatest extent possible and preserve shareholder value,'' it said at the end of today''s statement.
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