KarmaDownload.com out of business

After EDMDigital and seveal others, KarmaDownload.com is the latest digital download site to go out of business.

The London, UK based Karma Music Group issued the following statement:

"We regret to inform you that Karma Music Group Limited ceased trading yesterday. This is due to our nominated corporate advisers’ inability to obtain the requisite funding, we had instructed the advisors to make application for a listing on Offex and arrange the funding needed to further our business plans unfortunately the funding did not materialise and we are forced to cease trading. It is with great regret that the anticipated funding did not materialise.

The explanations given to the company was that due to the current volume of sales, competition in the market place and the fact that the proposed investors wished for a quick return on their investment, funds could not be raised. We are currently reviewing our financial status and will contact you within the next 14 days.

We at Karma wish to thank you for all your help and confidence within the management team and apologise for this hick up which is regrettable for all concerned and hopefully we will be able to work together in the future."

It's sad to see them go...