I just received a letter from Agloco which goes like this:

We would like to update you on the status of AGLOCO’s operations. We continue to believe in the AGLOCO concept, but our revenue is currently not sufficient to give Members a meaningful distribution. And though there are increases in membership, the resulting revenue is not enough to support operating costs. As a development team we are unable to continue to use our savings to fund the operations. If any Member would like to pursue continuing the operations of AGLOCO, you may contact us at agloco1@live.com .

We would like to thank every Member for supporting our effort to bring a piece of the Internet directly to the user. We hope that we can find a way to keep the operations going.

AGLOCO Development Team

Now to me this reads like they are NOT going to pay the dividends or shares or whatever they promised earlier on. John Chow also got this letter and he posted his referral stats. He wrote this post called Agloco joins the Dead Pool and basically told them goodbye.

While I am disappointed in what happened it was not such a blow to me as it was to John Chow because I only had one referral. I thought it was too much trouble to surf each time using their toolbar when I saw the huge numbers of referrals that John had so I just stopped using the service. I gave up because I felt that John had the market cornered on referrals and since I am not a full time blogger who spends hours online every day then it would just not work for me.

So although the service was supposed to be a part of my goal to make money online it did not work out and I am glad I did not put much effort into it.

I am glad I did not lose too many hours of using the service and I say better luck next time to any upcoming startups of this nature.