Many times we have heard the story that the company will be EBITDA postive in Q1. Yet, we get the announement on the 19th that they want to raise more money via placements.
Fair enough $6mill for equipment upgrades, BUT why $5mill for working capital. Arnt we supposed to be cash flow positive. So why do we need to raise money for operational expenses????
Even more concerning is that you would think they would be calling a GM to vote on the FNT aquisition. Afterall, completion date is meant to be Sept 02, hence you would need to call the GM in Aug 02.
The mystery deepens.....
(1) More cash need for working capital purposes.
(2) No mention of resolutions Re: FNT in notice of GM
(3) If the company is debt free then why does the June 02 quarterly say they have 1.9m in financing facilities utilised?
(4) Why aquire FNT and give them almost control of the company when you could deal with them as an arms length wholesale traffic supplier and do a JV Re: China prepaids.
Many times we have heard the story that the company will be...
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