Peerialism, the company set to provide the revolutionary P2P technology behind the new Pirate Bay, has announced that it is doubtful that it will do any business with Global Gaming Factory. GGF are supposed to buy Peerialism, but CEO Johan Ljungberg said that's doubtful since the company has no money.

In addition to having little to no money to buy The Pirate Bay for 60 million kronor ($7.8m), GGF also has to find 100 million Swedish kronor to buy Peerialism, the company under agreement to provide the core technology behind the project.

However, Peerialism CEO Johan Ljungberg said today that he thinks there will be no business done between the two companies.

“The [shareholders] meeting gave us no direct answer at all, but based on declarations by GGF before and after the meeting, and the reporting that has taken place in recent days, we conclude that GGF will not succeed in obtaining any financing,” Ljungberg told di.se.

The agreement between the companies says that the full purchase price must be paid by 30th September, something which Ljungberg says is unlikely. He also notes that the identities of potential investors are still unknown.

“The mechanism that GGF presented – a pledge of shares as collateral for financing – will be difficult if the stock is trading halted. And if I understand AktieTorget rules, the suspension will remain for a couple of weeks. This makes the plan difficult to implement within the time frame of our contract,” he said

So far, Peerialism has seen no money from GGF.