No money seems to be the key to NTEK's problems.
Too funny, how can you get a line of credit with 10's of pending judgments against the company?
Update:
Funding is the key element to move forward, and has been for the last year. Earlier this year we had discussions with 2 funds, closing in April. One dropped off and the other is still active. The other is still interested, however not pulling the trigger. Looking at other funding now...
Signed deals with 2 private investors, and working with merchant banks for working lines of credit. Looking for a $10M line. The hope is to clean up legal issues and settlements.
Skull and cross bones - we need to pay some fees etc. Completed the leg work just need to pay for it.
We want to use funds to close deals with movie houses and also launch new products.
Share buybacks and targeted acquisitions pushed until further notice.
Hoping to close a large funding deal in December, but will at least hope to close a line of credit in the next 10 days.
Current portfolio - Ultraflix is the primary item - currently in a holding pattern until funding is taken care of.
Iron Dragon TV - waiting on funding
4k Studios - hoping to move mastering work to 10K instead of 4K. Everything going forward will be in HDR too. 1400 movies in the library, looking to recolor them for HDR streaming quality. Hoping to see Ultraflix 3.0 released next year.
Push TV - faith based movie channel launching
Once we have funding we will market. Currently would be a waste of marketing dollars until new releases are ready to go. Plan is to do target 35-45 year old males. Major podcasts and retail channels.
Acquisitions - 3 tech companies identified that will help the portfolios. As the funds become available we will deal with this.
Moving out of CA since they have a new law requiring equal gender. Moving to NV to focus on the company instead of meeting a bogus law.
Staffing - holding pattern on hiring new people until we have funding.
Responses to shareholder questions:
NTEK has not done any share buyback
Revenue and User growth projections are the same...all depending on funding
3.0 is tied up with funding. Need some money for servers and networking
RevTV is being worked on but tied up due to funding
Relationship with BlackMagic is ongoing
No releasing into international markets until we have the capital to pay for the licensing
2 new directors are still on board and ready to jump in as needed
Revenues and financials are being looked at by funding partners. Hoping to post in Mid-January on the website
We are not seeking a merger or acquisition. It would not provide any benefit it would be a fire sale. We need funding to complete our plan.
David believes we are still a market leader in 4K. Our image quality is better than everyone else.
No plans right now for live streaming. Not really a profit driver right now.
No current plans to change course. We are on the right path currently so we will not deviate.
In closing:
There will be an update before 12/31
Will post financials by mid January
Will send out notices in the next couple of weeks.
AI
