Dublin’s free Wi-Fi provider enters into receivership
Jenaro García Martín, chairman and CEO of Spanish technological company Gowex, has resigned after admitting that the entity is not able to honour its short term liabilities and that entering into receivership is its only option. This has been communicated to the [Spanish] Alternative Stock Market authorities early this morning.
The beginning of the end started when Gotham City Research, a due diligence company, issued a detailed 93 page report stating that Gowex shares had a €0 value and that the 90% of its sales were inexistent, apart from other issues in relation to the company business model which were very unclear. This information was firstly denied by Gowex but it was finally confirmed by Mr García Martín who, in addition, admitted that the financial statements for the last 4 years did not give a true and fair view of the company's affairs.
Gowex has been providing free Wi-Fi in Dublin City Centre in partnership with the city council since the end of January 2013. During the service launching it was announced that the 48 hotspots would be available 24/7 with a 512kbps speed although according to the Gotham City Research report this is not the case due to technology failures.
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