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Friday, May 24, 2024 1:09:34 PM
"I understand what binding agreements mean. In most cases binding agreements are for two purposes. 1. Avoid one party for shopping for other deals. 2. Punitive damages if a deal doesn't close. In this case both parties are working close together to move the relationship forward while working on components of the transaction and will take significant more time to resolve. Just as in this case, MTAG Composites clients are fortune 1000 companies and have N60-90 payment terms. And with a production build cycle of 30-90 days an enormous amount of working capital is required. As such the company relied on invoice factoring, which is fine. Our goal will be to eliminate that feature. Short term challenge is that TDRK being an American company, some of the covenants if the factoring company couldn't be resolved in short order. Needless to say, it was MTAG that recommended the global sales arm of which all client relationships would be transferred allowing tdrk and mtag to consummate phase 1 of a working relationship effectively transferring revenues to tiderock with MTAG composites being the outsourced manufacturer. The primary owner of MTAG is now becoming a board member of TDRK.
I hope this provides some clarity.
William Waldrop
CFO
Tiderock Companies
617-786-5777"
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