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Mr. Ponzetta concluded, “With the stroke of the pen, we have transformed our European business from a labor and cost intensive operation into a profitable SAAS business model. I have a lot of confidence in our partner, Pietro Coppola who worked with us to get us to this point and is ready, willing and able to take this to the next level. This allows both of our teams to. benefit from our efforts, and allows us to concentrate on our core businesses in the U.S.A. and Asia. By reducing the cash requirements to develop Europe and create a profitable business there, we further reduce our need for dilutive convertible debt, which we have relied upon in the past for working capital. Look for us to initiate similar cost savings in other areas of our business as we strive to achieve future profitability.“
