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IMC rebounds from cash crunch

News | 10/18/2000 4:00 am EDT

Troubled Internet Multimedia Corp (IMC), which was to have moved operations to Toronto, has turned its fortunes around with the acquisition of an Italian new media company. IMC, the future of which was seriously in doubt at the end of March, has purchased Italian-based Oasis Technology S.r.l, and reported positive financial results in the third quarter ending Sept. 30. Its plan to move operations to Toronto, announced July 5, has been shelved, though company CEO Remo Calabrigo will continue to be based in Hogtown.

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