''1. This started some months ago with the lack of explanation about the earn-out being calculated on the maximum Track forecast, but within months they were advising the market that Track was now in line with the minimum forecast.''
28th January 2016
''Track earn-out payment As part of the consideration for the Track acquisition, Crowd Mobile agreed to an earn-out payment to the Track vendors based on the financial performance for the 2015 calendar year.
The earn-out has been agreed at €4.5 million (c$7.0 million AUD), reflecting performance at the upper end by Track for the 2015 calendar year.
The payment terms for the earn-out are as follows: €2.0 million (c$3.1 million AUD) in January 2016 €2.5 million (c$3.9 million AUD) in June 2016 The January 2016 earn out payment will be funded from existing operating cash flows. Commenting on the Track earn out payment, Crowd Mobile CEO Mr Domenic Carosa said:
“The earn-out payment agreed is at the top end of the capped earn-out which is reflective of Track profit performance. This is a very positive outcome for Crowd Mobile and provides strong profitability and cash flow momentum for 2016.”
Announcement in early April 2016 around 70 days after above announcement
''Revenue and EBITDA from Track (Subscription division) is consistent with the lower end of our original modelling forecasts as the Company ramps up its investment to build a more sustainable business. Crowd Mobile has already hired an experienced CEO for it’s Subscription business and has recruited the right talent across sales, business development, marketing and technology.''
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