Technology news and Jobs 
VIRTUALISATION NewSat finances improve, but survival questioned
VIRTUALISATION NewSat finances improve, but survival questioned | NewSat finances improve, but survival questioned |
|
| by Stuart Corner | |
| Tuesday, 24 February 2009 | |
  
Featured Whitepaper
5 Best Practices for Smartphone Support
The continuing global recession will impact the mining and resources sectors in the near term, both key markets for NewSat, and the company says it will "continue to focus on high end solutions for high end customers and reduce the gestation period for closure as we work to build on the achievements of the past six months." NewSat said it had "significantly increased its annuity revenue streams during the half year period" and was "working hard in a difficult economic climate to achieve a strong second six month of operations for the 2009 financial year." The company's auditor, Ernst & Young, said: "there is significant uncertainty whether the company and the consolidated entity will continue as a going concern." Notwithstanding this statement, the directors said they believed that "budgeted sales, profits and forecast positive cash flows of the company's operating entities will be achieved in the expected timeframes, and based on the existence of the equity line of credit agreement with YA Global Investments LP ( formerly Cornell Capital Partners), that the company will be able to raise adequate capital if necessary within the next 12 months to meet its debts as and when they fall due."
This article first appeared in ExchangeDaily, iTWire's daily newsletter for telecommunications professionals. Register here for your free trial.
 |
Tags
| < Next story in category | Previous story in the category > |
|---|
