U.K. children's television producer Coolabi Productions is just starting reverse takeover discussions, according to multiple news outlets.
KIDSCREEN reports that shares were suspended on the AIM Index in London after the announcement was made. Revenue for the last six months of 2008 was down to $776,000, from $1.3 million in the same 2007 period. Their licensing revenue has seen a 40 percent increase in the last year, thanks to demand for PURPLE RONNIE and SCARLETT & CRIMSON products.
Coolabi's gross profit increased slightly as well, to $588,462, up from $583,312.