Internal management issues have been a huge problem, but hopefully the quality of the product will prevail. The immediate future of the company will be assured with the UK Gov't in my opinion.
But just to demonstrate the management point.
The one previous deal TT brought up in the tele-conference was with the Australian Government for $1m in 2010. This has not been replicated since and the government sales lead at the time, who closed the deal, was fired fairly shortly afterwards if you look at the reports from the time. From what I understand this was because he disagreed with Chuck when he was put at the helm.
As far as I can tell, in the time Chuck was in charge, nothing was achieved. That's not to say his contacts are not invaluable, there has just not been any communicated value from these contacts or the huge amounts of money paid to him as CEO and then when he was moved on from this role to the board. In the interim they have lost the one person who completed the one successful deal, with demonstrated cash flow (above the money currently demonstrated in qtrly) the company has achieved in six years.
Internal politics and management issues have caused what should have been a huge success in FY12/13/14/15/16 to be pushed into FY17.
This stock will be successful, however it will be because of the technology and the hard work in the engine room, not because of C level management direction. I have huge belief in Covata and its technology and future with Cisco & Barmer, but the excuses put forward on not being in control of its own destiny (Barmer e.g.) are down to poor management contracts and direction in my opinion.
CVT Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
(20min delay)