See below response to my e-mail regarding AGM discussions
Major issues discussed:
1. China update by David Ramsay - mainly that although the project is taking longer than initially anticipated, the operation is up and running and is now back on track. A quadtel employee is on site in China to look after the company's interests and an official company update on this project will follow by the end of the year. 2. Profitability projections were not discussed although operating cost reduction procedures were elaborated on. Namely, the company aims to reduce these costs by 30% within the next couple of months through employee and salary cuts. Vendor contracts are also being reviewed with the aim of retaining only high margin generators. The company hopes to be in a position to announce a couple of major new vendor contracts within the next few weeks. 3. David Ramsay gave the shareholders a general business update and advised of his ongoing role in the company - corporate governance, special deals, liasing with London Partners, broker visits, China and new products. 4. An issue which still needs to be resolved from the meeting is whether Quadtel are obligated by the ASX to announce a $2.0m facility from London Partners. This is currently being confirmed.
I think that was pretty much it.
Please do not hesitate to contact me with any further queries.
Best Regards Billy
QTL Price at posting:
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