CORETX Holdings has agreed to sell its subsidiary, CORETX Media Ltd, to chief technology officer Matt Hawkins who is stepping down with immediate effect as a director of the company in order to focus on developing the CML business.
CML was acquired by the Company for no additional consideration as part of its acquisition of C4L Group Holdings Limited in February and was established by Hawkins to deliver network and other related services.
Hawkins has a proven track record as a successful entrepreneur and is stepping down from his role as CTO of CORETX in order to focus full time on building a business within CML.
In light of the nature of CML's business operations and commercial activity to date, its disposal is being effected for £1, in conjunction with which CORETX will provide CML with fibre, network connectivity and other related services.
Furthermore, having overseen the integration of C4L into the CORETX group, chief operating officer Simon Mewett is now stepping down with immediate effect.
Following the acquisition of C4L, an operating board has been established within the Company to focus on technical, operational and marketing activities in the context of the overall strategy of creating the new CORETX Cloud and Connectivity services platform.
A number of key, new internal appointments have been made to this board, as a result of which the company continues to make good progress in the execution of this overall strategy.
The company expects to release its interim results for the 6 months to 30 June 2016 on 21 September.
Chief executive Andy Ross said: "We wish Matt every success and are excited that CORETX can continue to support him going forwards, helping to develop CML by providing a range of value-add network related services.
"Furthermore, we also wish Simon all the best with his future endeavours and thank them both for their contribution to the CORETX business."