Agree! I just re-read the most recent PR from Shane.
The last 18 months have been a tale of two countries. In Ireland we have added 13,955 registered customers, generated turnover revenue of $11,580,888 and gross profit of $781,000. (in US dollars).
In the United States we have endured a painful delay in our US parent company filing of an annual audit. This delay has limited our ability to get credit on favorable terms and secure investment to grow our business faster. In fact the failure to file has put us in technical default of our US credit facilities.
In Ireland we have seen our business grow month after month and quarter after quarter. 2014 turnover is up 600% over 2013 with 3 months still left in the year.
In the United States we have seen our stock decline 90% during the same period.
We have complied with every request from our US auditors and even flew in their representatives at the end of June to participate and oversee the audit of our European partners. We have pushed aggressively for the filing to take place and I do fully expect the 10-k and the 10-q to be filed any day now.
We have reached agreement in principal for up to $5 million in financing on terms that give the company complete control of the timing and draw down of funds preventing the type of dilution we saw in the past few months but cannot finalize those agreements until our audit is complete for obvious reasons. We believe with access to capital we can accelerate our already strong growth in Ireland.
We have reach agreement in principal on a joint venture with a substantial US based group that we think has the potential to drive large European customers to our platform but again we have not been able to finalize these agreement without our filings being current.
While there is not assurance that either of these agreements will be finalized we will push to complete them rapidly after our filing of the 10-k and 10-qs.
We will continue to work aggressively to build shareholder value in the weeks and months ahead and I look forward to more updates in the days ahead.
Shane O'Driscoll
