WorldGate Communications Inc. said its stockholders voted at a meeting
Tuesday by a 30-1 margin to approve a proposal to sell its interactive-TV
business to the MSO-backed TVGateway LLC interactive-program-guide company, but
it adjourned the vote until Sept. 30 to allow for continued voting.
WorldGate said its shareholders also approved a plan that would result in a
one-for-20 reverse stock split of WorldGate’s common stock.
In August, WorldGate, which was strapped for cash, announced that it was
pulling out of the interactive-TV business and that it would sell its assets to
TVGateway, which is backed by Comcast Corp., Cox Communications Inc., Charter
Communications Inc. and Adelphia Communications Corp.
WorldGate said it hopes to remain in business by developing a new videophone
that it plans to pitch to cable operators.