EQ - The initial contract with Centric Gateway was signed years ago. MEC negotiated a much stronger and more comprehensive Contract/License Agreement with Centric and announced it in an 8K mid-March. I recommended reading all of it. There's very important info regarding access to revenue.
Centric sub-licenses the Seergate Platform to banks in Africa. The first bank is rolling out their emailmoni product, which is powered by Seergate, this month.
Longs know the company holds much debt. We also know the revenue from Africa will help the company eliminate that debt. That's one of many reasons why Longs have held their positions for three years.
Regarding employees, we know the company has run lean this year due to the delays related to scope change, renewal of the License Agreement with Centric, and the upper management changes that occurred at the bank between March and July. Anyone who worked in Talent Acquisition knows that contractors are used in IT development, and that projects rely on more than one service provider to achieve project goals. If the product is rolling out, this means the bank was able to get the project completed with their staff and project partners. The number of full-time employees that work out of the MEC office is 100% irrelevant to this rollout.
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