I get that everyone is frustrated, I am as well, but we know everything at this point. Scott Terry isn't going to release a statement every week when there's nothing to report. TMPS is in a holding pattern until we get word on the Navy contract. If you don't hear from Scott or nothing has been filed with the SEC, then there's nothing to report. Here's what we know:
-They submitted their proposal (bid) for the new 5 year contract on 25 June along with Omega Air. The new contract will be awarded later this year. The period of performance for the new contract will be March 2019 through Sep 2024. The current contractor (Omega) had the previous five year contract that expires on 30 Sep 2018. In order for the Navy to have time to evaluate the proposals for the new contract and give the potential new contractor time to get the airplanes in place, the Navy must extend the current contract and the current contractor for six months – which is the maximum allowed by law. The contract modification or six month extension only allows for six months more flying. If TMPS wins the new 5 year contract, they will have until 31 March 2019 to get ready and start flying. If TMPS loses and Omega wins again, the six month extension will be canceled and the new five year contract will be awarded to Omega immediately.
-The secondary objective for the aircraft is hauling cargo with the three aircraft that have cargo doors. Those same three aircraft are also the ones that they would use for the Navy. It does not make financial sense to take out the refueling equipment so they can start flying cargo if they have to put it back a couple of months later for the Navy contract.
-Johan has been very generous and continues to support the company where appropriate.
-The delayed financial reporting is due to their lack of working capital. The issue is simply cash flow. Auditors, SEC lawyers, accountants, etc… all have to be paid and they are doing that as cash flow allows. That is the single biggest holdup because the bills for these parties – due to the huge complexity of the transactions – far exceed the normal cost of a public company this size.
Sometimes no news is GOOD news!
AI
