Display IT faces further upheaval

Display IT, the troubled on-line information company, hit further problems yesterday when it issued a statement saying another director had resigned, the auditors had quit and a previous announcement about a contract was untrue, writes Nigel Cope.

The Ofex-quoted company, which had dealings in its shares suspended earlier this month, issued a statement yesterday saying that Gerald Giombetti, a non-executive director, had resigned, as had the auditors, Deloitte & Touche.

The statement added: "On 2 June the company announced that its wholly- owned subsidiary, Display IT, had entered into a contract to supply 920,000 workstation licences to Alsina, a selling organisation.

"On 4 and 5 July, the company said that in accordance with the contract Display IT had received approximately pounds 5.7m from Alsina.

"Contrary to these announcements, the money has not, in fact, been received by the company or its subsidiary."

Peter Levin, Display IT's chief executive, last night refused to comment further.