Suspended technology small cap Mobecom (ASX:MBM) is reversing a crypto investment it made only eight months ago.

In May last year it bought 51 per cent of AirCrypto, a blockchain and cryptocurrency exchange platform where people could convert cryptocurrencies into its own currency – airBux.

But this morning, Mobecom said it was selling its shares in AirCrypto back to Lakeba Ventures.

airBux essentially worked like a redemption loyalty card. You could earn it from merchants and transfer it to a currency that could be redeemed using an app at any participating business.

But today’s announcement didn’t paint the sale as a move away from cryptocurrencies. Mobecom has stuck by its $6m investment in Paid By Coins (also bought from Lakeba), which lets you pay bills in crypto.

Instead, Mobecom said it was a move from business-to-consumer to business-to-business. It owns two rewards platforms in the latter space, Clique and Muulla, as well as two wellness-tech apps, Lifeiq and SeventeenHundred.

Mobecom also reiterated its goal of achieving breakeven on an earnings basis and said today’s move was another milestone towards achieving that.

Shares last traded at 4.2c but have been suspended since late July.

 

Read More:
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In other ASX tech news today:

IT services company Objective Corporation (ASX:OCL) gave a trading update this morning. It expects half yearly revenues of $33.2m and operating profit of $5.8m. These figures are 14 per cent and 24 per cent higher than the prior corresponding period.

Data transmission technology Elsight (ASX:ELS) has raised $2.88m in a private placement. The Hong-Kong based investors were already shareholders but topped up their holdings. While the capital raise was at a discount, shares actually rose slightly this morning — by 1.4 per cent.

New-York listed Consol Energy has bought a 25 per cent interest in the US subsidiary of CFOAM (ASX:CFO). CFOAM makes carbon foam products from coal. Consol President Jimmy Brock said it was his company’s first step in the coal to products area and the total addressable market was over $15 billion annually.

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