Struggling wireless enterprise company GoAmerica Inc. said it will give up trying to sell its Go.Web business and assets and will instead retreat into the sanctuary of its Wynd Communications subsidiary. The company, however, held off concerns of a total collapse with news of $14.5 million in new financing.
GoAmerica’s stock was down almost 30 percent to about 34 cents per share following the news.
GoAmerica, once a notable contender in the wireless enterprise market, has for months been trying to unload its Go.Web wireless enterprise business. The company too has been close to the end of its finances, with money enough to fund operations through January.
Under its new business plan, GoAmerica said it will hang on to its Go.Web assets because they are still generating a small amount of revenues, and it will work to expand its Wynd business. GoAmerica’s Wynd subsidiary offers wireless and wireline communications services to the deaf and hard of hearing.
GoAmerica said it expects to post revenues for fiscal 2003 of $12 million. The company said it expects similar revenues in 2004 and to reach profitability by the end of 2004.
