There's light at the end of the tunnel for embattled logistics...

There's light at the end of the tunnel for embattled logistics software provider GetSwift, at least according to its incoming chairman Michael Fricklas.
Mr Fricklas, who took over from now-CEO Bane Hunter as GetSwift chairman in April, told an extraordinary general meeting today that he’s excited by the company’s potential, despite its current challenges.
GetSwift (GSW) is facing potential class actions and an ASIC investigation after allegations it breached its continuous disclosure obligations.
“There is no denying GetSwift is facing a number of challenges as it matures as a company,” Mr Fricklas told shareholders.
“The company’s growth requires a build-out of its infrastructure and human resources, while the legal challenges of class action lawsuits and an ASIC investigation are requiring management attention that we would rather focus on the underlying business.
“As you know — I joined the company after these challenges were well underway and after I did my own review. I joined because I’m confident in the character and ability of the company’s leadership, and management is completely supportive of the governance we need to earn your trust.
“I’m impressed by the team’s focus and determination and I’m confident we will come out of these challenges stronger and even more determined to succeed.”
GetSwift told ASIC in February it would comply with its investigation, but has said it “categorically denies” claims outlined in multiple class actions.
Mr Fricklas serves as chief legal officer of media firm Advance Publications, and was previously general counsel for Viacom, where Bane Hunter was chief project officer.
The company today posted a net loss of $12.123 million for the financial year ending June 30, 2018, compared to a net loss of $1.921 million a year earlier.
It posted total revenue and other income of $1.477 million — up 175 per cent — and said it had $96.721 million worth of cash, cash equivalents and bank term deposits.
“The group continues to seek the most capital efficient manner to gain market share, increase transactions, and grow revenue,” it said in a statement to the market. “The group will continue to assess capital allocation by weighing options that include online sales, outbound sales, partnerships and potential acquisitions.”
It said some of those options carry a high degree of risk.
“Further, the group has incurred and expects to continue to incur significant legal expense associated with shareholder class actions and an investigation by ASIC and cannot predict with any certainty what the ultimate costs of these matters will be,” it said.
“Consequently the group cannot forecast when it will achieve profitability.”