As reported by The Performance Marketing Insider, COPEAC has officially shut their doors.
COPEAC and IMMI Interactive (fka Intermark Media) have begun the process of shutting closing their business. According to several insiders, they have been unable to pay debts to affiliatesand publishers for some time after facing significant financial issues. Rumors had been surrounding for the last few months that this was going to eventually happen.
COPEAC has been a major CPA network in the affiliate industry, gaining vast support by affiliates since its inception in 2005. Reviews of COPEAC until this year, were almost universally amazing, with affiliates loving their affiliate support and relationship with the founders. Intermark Media, which last year became IMMI was founded in 1999 and had become one of the most recognized companies in the industry. The founder, Mike Krongel had been one of the most recognized members of the industry.
However, in May 2011, the Federal Trade Commission announced a significant action against Intermark Media and COPEAC, claiming that they were behind a plethora of fake news sites that promoted diet and weight loss products. This, combined with revelations that the company was affiliated with Tim McCallan, already a questionable figure didn’t fare well for the company.
Unfortunately for the company, while dealing with the enormous legal bills of having to defend itself from an FTC lawsuit, it was alos hit with a patent lawsuit by infamous patent trolls, Essociate. Recent rumor on message boards pointed to the company being virtual bankrupt and unable to pay bills or affiliates. It seemed to many that the company was headed for an inevitable downfall.
It sure didn’t take them long to shut the site down…
