My conversation with Ramsey Sweis....
Regarding Argentina Revenues....Ramsey said that there are no 'third party services' revenues any longer (not sure what that meant). He said that he spent six months in Argentina getting ready to rollout service and that he would hate to see WLGS not meet the government deadline of 120 days.
As Chirur has stated it is clear that there remains a drastic need for further funding and Ramsey eluded that they were diligently continuing to pursue that.
We discussed today's approval by the SEC for the sale of shares regarding the Equity Funding via Union Atlantic.
Ramsey clarified that any drawdowns taken on this funding would first have to have the debenture holders' approval that the drawdown can be used for other purposes than to pay down the bonds.
If the bondholders allow, the funds then need to be used to pay the backlog of 'Corporate Money Burn' first, apparently (to me) making it difficult to have any money available for rollout in Argentina, India, Thailand, etc.
We spoke of India and Thailand and he clarified that those countries are still anxious to rollout and they are just as frustrated as we as investors are.
I asked about the rumored merger potential to which he said he could not comment.
He sounded upbeat, focused and confident, which to me is a good sign.
Sadly, yet clearly, the financial woes are not over after all. All that we can hope for is that investors become willing to bid the price higher so that any drawdowns on the equity funding will be more beneficial to us all.
Perhaps we shall see a sale of preferred shares in the near future. (my speculation)
I wanted to ask about progress in Peru, but Ramsey had another call coming in. He welcomed me to call him anytime. I will likely call him again in the near future.
