interesting Q and A with CLDR ceo.... Looks like Big Apple is outta the picture
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Friday, October 22, 2010 9:34:42 AM
Re: None Post # of 3407
Q/A David Lovatt, CEO Cloud Centric Systems 10/22/10
1.Why the stop on Pinksheets? ETA on getting Current/Limited?
a. I have submitted the UK accounts to the Accountant here and these will go to the US accountant next week. That is the last step in getting current again. So, a couple of weeks max. I reluctantly let the stop sign occur whilst we flushed out Big Apple from their holding of shares.
2.Is B/A totally out of picture? Has CLDR been vindicated RE: B/A selling practices?
a. As it stands, they are out of shares. However, we are working closely with our attorney AND the SEC to ensure that a) we are vindicated and b) we do everything we can to get what is ours, back again.
b. To clarify – I have been absolutely upfront and open with the SEC and the investment community about what happened with Big Apple. This shows us to be a company that is absolutely open and honest and a better bet to buy than those who haven’t disclosed their IR relationships. I can see no issues / fall out from the Big Apple problem. We have excellent legal representation with relationships at the highest level of the SEC.
3. Investors need more information VizualMoble
a. Agreed! We have engaged a web design company and are working on the content for the website. As an aside, we have just produced new brochureware in the Cloud Centric Systems, Inc name (removing VClouds from the branding – we have changed VClouds name to Cloud Centric Systems to remove confusion).
b. VizualMobile has completed Phase I development and (as we put out in PR) there is serious interest in the software particularly from Asia. We aren’t in a position to deploy anything until Feb 2011. We need to invest around $100,000 to complete the software and to get it in a position to sell. This will prove massive value for money to the shareholder base though, as this is a red hot ticket item and the interest is greater than any other software project I have ever worked on.
4. Sale of Enable Software and Shareholder Value
a. You asked me before about shareholder value for Enable. We had a difficult choice here. Big Apple was draining us of cash and putting nothing back in. We needed to continue the investment in Enable to continue revenue coming into VClouds. So we handed back all of the preference shares that we had received for the acquisition of Enable Software and we sold it to MMUH, a company that I acquired a majority share in in June 2010. We did this as MMUH was in a position to raise investment and, at the time, CLDR was not. So Enable as able to continue investment into its product, which VClouds benefitted from as a customer of Enable. We sold Enable for preference shares in MMUH which, we can convert in 12 months and, if it is appropriate, can give shareholder value back.
5. Share Price of CLDR
a. I wanted to add a note here. I have an IR company that I am about to sign and this will get our share price back up to where it needs to be. Whilst we do need to continue to raise capital from share sale, we do not need to put too much pressure on CLDR. Moreover, the price will rise as we use our IR company to bring new investors on board, creating a pull in the market from new investors wanting to acquire shares, rather than Big Apple’s ‘selling’ habits!
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