AdultShop.com subsidiary Loop Wireless has appointed former Ninemsn chief executive Martin Hoffman as CEO and managing direcor ahead of its initial public offer next year.
The full text of a company announcement is pasted below
Loop Wireless today announced the appointment of Martin Hoffman as CEO and Managing Director in the lead-up to its proposed IPO on the ASX early in 2007.
Mr Hoffman was CEO of Ninemsn from 2003 to July 2006. In this role he consolidated its position as Australia's leading new media company, while also rapidly growing revenue and profit.
Mr Hoffman has a strong background in Australia's new media industry. He previously held senior roles at Fairfax Business Magazines and Fairfax Digital between 1999 and 2002, including starting and building the online auction business SOLD.com.au before its sale to Yahoo! in early 2001 for $24m cash.
Loop Wireless is a leading global provider of social networking services on 3G mobile networks. Mr Hoffman said he was attracted to the role by the innovation and international potential of Loop Wireless. "I am tremendously excited by the challenge to build a global service based on Australian technology and smarts. Loop is well positioned to capitalise on both the worldwide growth in 3G mobile
networks, and people's desire to express themselves in new ways."
Loop Wireless is a wholly owned subsidiary of AdultShop.com Ltd. On 13 December, AdultShop announced to the ASX its intention to spin-off Loop, subject to shareholder and regulatory approvals. Loop will be seeking to raise up to $5m.
Loop Wireless founder and Director of Technology and Product, Mr Ian Rodwell, welcomed Mr Hoffman's leadership in preparation for the potential IPO. "The whole Loop team is thrilled to have Martin join us. His experience and achievements in new media, including at Ninemsn will give us a huge boost," said Mr Rodwell.
Loop's flagship service, Kink Kommunity, operates on Hutchison 3, in both Australia and the UK as an integrated community. Loop is in advanced discussions for the rollout of its services with other carriers in Australasia, USA, Canada, Europe, and Scandinavia.
Mr Hoffman will commence his position at Loop Wireless effective 15 January.
