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Friday, August 11, 2006 1:21:20 PM
Per the 10Q, Neom needed $25MM to complete the financing of the acquisition companies (and that was at a pps of .165). Every .01 drop in pps is going to make it more difficult to strike a palatable deal with the acquisition companies. The owners / management of the acquisition companies are now committed to Neomedia whether they like it or not. They will "sink or swim" together IMO. They need to strike an agreement whereby the Company will continue to survive until mobile marketing becomes more mainstream in the marketplace.
NMPR is not generating the cash to fund the Neomedia Mobile business unit as originally planned. While I was impressed with their operation and people in Ft. Myers during the SHM, the bottom line is it is taking too long for this business unit to generate positive cash flow. I have no doubt that this will eventually be a profitable business unit, but I am concerned that the reason Neom invested in NMPR is not materializing as fast as it should. And, I have always been concerned that it distracts or dilutes Management's focus from the Mobile Marketing core competency.
As I view Neom's liquidity issues at a crisis stage, perhaps Neomedia should quickly sell NMPR to DuPont or PPG to raise cash that could fund the acquisitions.
IMO, Neom should be working fast to strike a deal with a News Corp, Microsoft, Nokia or P&G type company to get some significant cash infused into the business...even if it means giving up some control of running the business.
The bottom line is we shareholders need to see a plan for how the company is going to fund the acquisitions and sustain business operations without massive undesirable dilution by Cornell.
All JMHO.
SS9173
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