In an announcement that (as far as we can tell) brings them no closer to having an actual -- what's the word we're looking for? -- product, would-be MVNO Xero Mobile is saying that they've "entered into discussions" to be bought out by a management company. To refresh everyone's memory, Xero is that fabulous group of ex-Gizmondo employees looking to adapt the oh-so-successful Gizmondo business model to mobile phones, apparently with the goal of providing free phone service to college students. Xero CEO du jour Roger Davis says "We're excited about the opportunity to work with the new team," which we think is execu-speak for "We're excited to watch this press release marginally boost our share price, dump our holdings, and forget this whole thing ever happened," but we suppose we can't really be sure until that magic January 2007 date when Xero claims they'll be launching.

[Via Techdirt]

Update: RCR News indicates that the sale is now a done deal. A new operation going by "Advanced Mobile" has apparently completed a stock swap with Xero, though exact terms of the deal weren't disclosed. What's not immediately clear is whether Xero's existing executive team of ex-Gizmondo whiz kids will find their way to Advanced Mobile or whether the January '07 launch is still on, but we imagine we'll get hit up with some press releases from these folks before too long.

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Xero allegedly in talks to sell company