It still does'nt tell us at what price the placement was done at........+++++++++++++++++++++++++does anyone know please? RESPONSE TO ASX QUERY
Medical Monitors Limited (the "Company") responds to the various questions raised in your letter of 1 May 2002, with reference to the Company's Quarterly Report to 31 March 2002, in the form of Appendix 4C.
1. The Company's cash position at the end of the quarter was within expectation for the quarter, as this included payments for the manufacture of new stock that will contribute to future sales revenue. In addition, we confirm that the monies raised from the placement and from the anticipated sale of mining assets, as previously stated, will provide sufficient working capital to fund the Company's operations. The Company is aware of its cash flow commitments and will be able to meet those commitments.
2. The Company expects to have negative operating cash flows for the next quarter, but anticipates that it will have a positive cash flow in the third quarter of 2002. The Company expects increasing revenues from the business in the USA and the UK, with the added benefit of reduced per unit production costs as increased sales drive up production numbers.
These factors, and the cash flow contributions from matters referred to in points 1 and 3, will provide the Company with sufficient funds to continue its operations.
3. It should be noted that a number of anticipated sales were only booked late in the quarter, with the resultant delay in actual cash received falling into the next quarter. The normal expenses, as set out in the Appendix 4C, were in line with expectation for the quarter.
4. The Company confirms its continuing compliance with the ASX Listing Rules and, in particular, Listing Rule 3.1.
5. The Company considers that its financial position (including operating results) continues to satisfy Listing Rule 12.2.
A Shell MANAGING DIRECTOR
MORE TO FOLLOW......................................................
MDM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held