The flaming death spiral of mobile game console company Gizmondo has been profiled in many places, including in this blog, but apparently not even the recent soap opera-worthy Ferrari crash saga (great SF Chronicle article here) is enough to keep these "enterprising" executives down. Yes, the children of Gizmondo have already returned, and are up to their old Reverse-Merger tricks, last week going public by reversing a "company" into a public shell called Desi Tv to create a new mobile advertising firm called Xero Mobile, trading under XRMB.PK.
The general concept is to offer free mobile minutes to users who listen to ads, a concept quite similar to the Smart Adds unit of Gizmondo, which one of the Xero executives used to directly operate. The Financial Times has an article (subscription only) with some truly ridiculous claims in it (will take only $100M in investment to create $1.8B in revenue in 3 years), but there are no public SEC filings yet, so it's hard to understand what the overall plan theoretically is. I was slow on this one and it has been given a pretty thorough take down by a variety of other blogs such as Om Malik and Moco News, but I have no doubts that it will provide enough humor for all of us this year.