MicroHoldings CEO Offers Update Thursday March 8, 9:54 am ET
SAN DIEGO--(BUSINESS WIRE)--MicroHoldings US, Inc. (Pink Sheets:MHUS - News) today provided the following statement from Jeffrey Flannery, CEO of MicroHoldings: ADVERTISEMENT
"MicroHoldings US is going through some significant changes which I believe will redefine its future course as a public company. One of these developments is the diversification of the Company's holdings to include a company on the cutting edge of communications.
"During this time there has been a number of inquiries to our office as to whether we will reverse the value of MHUS common shares. Let me state that at this time we have no plans for a reverse split.
"We will continue to strive to bring solid, revenue producing businesses into MHUS, create an opportunity for good financing to support the company's growth and deliver shareholder value, and to eventually, I hope, bring MHUS to the Bulletin Board or another exchange.
"We can accomplish all of that and we are on track to do so. But this won't happen overnight. There is still debt in the company that needs to be addressed, although we have eliminated more than half of those liabilities. We still have a burn rate of about $50,000 a month which will continue until we turn the corner on profitability, a goal I hope to accomplish within six months http://biz.yahoo.com/bw/070308/20070308005612.html?.v=1
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