Well this management team is blowing more smoke signals than Chief Sitting Bull ever could.
We set out clear strategic priorities to: 1. Demonstrate operational and financial discipline; 2. Launch our next-generation software platform; 3. Strengthen our distribution channels; and 4. Secure our entry into the US market. I am pleased to say we made significant progress against all 4.
Looks like the USA Tier 1 Bank deal is very close at hand. They put it as a strategic priority, so it's going to be a BIG deal....
"I understand that shareholders will be particularly eager to see confirmation the companies entry intothe US market. We announced a collaboration agreement with Visa in March and have continued to work closely with Visa since then. We also continue in discussion with a major US bank - this has been the biggest market development activity over the year, and I can confirm that talks continue to progress well and we hope to be able to confirm commitment in the near future."
August is looking good for that BIG announcement!
"To the U.S. whilst today I can't make the announcement I would like to make, I can clearly reinforce our most recent statements about the nature of our discussions with a Tier 1 US bank, that being - we are in the final stage."
Looks like the new V2 platform launch is the key to these new Bank deals in the pipeline! 9Spokes is adapting rapidly to reality of 21st Century banking and business needs as they become more tech savvy to compete.
"To give some colour, our V2 platform has been conceived in no small part on meeting market requirements that will enable us to enter and compete effectively in the US. Granted, it has been a long road, however I look forward to being able to provide positive evidence of all our hard work in this area shortly."
He keeps saying that announcement is coming....
I'm also expecting to see further updates regarding the Microsoft co-selling arrangement and VISA USA.
"At the MICROSOFT annual Inspire conference held two weeks ago in Las Vegas, it was exciting for our company to be mentioned as company who is doing cool things with the Microsoft Teams platform" and Icannot wait to get this to market." "At a co-sell level, Microsoft has been pivotal in our sales process with banks in our pipeline to the extent that now we can demonstrate joint success."
"Earlier in the year we announced that we had signed a Collaboration Framework Agreement with Visa. At this time, we cannot offer further statements other than to acknowledge that the agreement remains live."
This Company is just one big chimney billowing massive smoke signals left, right and centre!
Quarterly report due out Wednesday, should give us a better idea of cash burn and funds left in the kitty. But management has confirmed reduction of quarterly net loss of $1.1 to $1.3 Million now, and focus is shifting to increasing revenue. Best way to do that is get those big Tier 1 Banks on board and boost revenue 10 fold.
"When you look at these numbers on a rolling quarterly basis, progress is even more dramatic given that today our quarterly net loss is now tracking between $1.1m and $1.3m."
"Finally, our 4th priority is to broaden our overall pipeline of opportunity and to execute on our US market entry and conclude the long period of business development we have undertaken to secure a large anchor customer in this important market."
"I am confident that once V2 is launched, and you see increasing evidence of our business and partnership development efforts, our ability to deliver against our stated objectives will be clearly demonstrated."
Looks like a Company poised to kick some serious goals in coming months!
