Linktone sells ring tones, virtual pets and other forms of wireless content over mobile phones.

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Sulger remains a director at Linktone but spends most of his time developing SmartPay.

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Linktone sends a text message back, confirming the purchase and attaching the content.

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Sulger says Linktone was barely affected by this change and that smaller providers, with less reliable billing systems, suffered the most.

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"Linktone is trading low because people say it's yesterday's technology, " says Jason Brueschke, an analyst at Pacific Growth Equities in San Francisco.

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Linktone, which does all the back-office work, initially developed all content in-house.

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Today there are hundreds of companies with services similar to Linktone's.

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Linktone's premise is simple enough: Users send the company a text message, ordering anything from the song "Tong Hua" ("Fairy Tale") to the daily installment of a romance novel.

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Linktone also suffered from regulatory backlash.

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