Commenting on the placing Avi Vermus the CEO of PeerTV said: " We are very pleased with the outcome of the placing. The proceeds will help in providing the group with the working capital required for the continued relaunch of both our businesses. Importantly, it will also enable us to increase our production capacity at Digitek and to deliver our pipeline of orders and letters of intent, particularly from newly acquired mass production customers
PTV turnaround ?
well, lets go back to the beginning, in mid 2012 they had some complaints about their devices and as a result there was a recall/maintanance issue and this of course led to delays and cost, they then had to raise cash in 2012 and early 2013 and now again in June 2013, however there are tentative signs of a recovery 1) 3rd Dec 2012; The Company's subsidiary SM Digitek (1993) Limited ("Digitek") is carrying out the necessary repairs to the faulty set top boxes supplied to the client. b) The subcontractor which originally manufactured the set top boxes is reimbursing Digitek for the cost of carrying out the repairs and supplying replacement components. Importantly, the same client has issued a Letter of Intent to purchase up to 15,000 additional set top boxes in June 2013 subject to the first order being delivered in full by the end of March 2013 and a satisfactory level of sales. Supply of this possible order would result in sales revenues in excess of $1.3 million 2) 9th April 2013 In total the Company has issued approximately £1,659,000 under the Secured Loan Notes issuance program. It is intended that this facility will be used and rolled over until Digitek can replace it with more conventional banking facilities. ISO 9001/2008 and AS9100-C certification The Company is also pleased to announce that SM Digitek, the production subsidiary of Digitek, has received both ISO 9001-2008 and AS9100-C quality certification. The latter certification is to Aerospace standards and will allow Digitek to bid directly for Israeli defense contracts. Late in 2012 Digitek renewed its ISO 13485 certification for electronic assembly of products in the medical and biopharmaceutical industries. Avi Vermus, CEO commented: " these certifications place Digitek in a very small group of companies, with only seven SMT companies qualified with the AS0100-C certification to bid on Israeli defense work. This new certification will offer a significant strategic advantage for the development of the Company and will help to drive our sales in the future. The lead time to sales progress from the military market is expected to be approximately 3-4 months 3) 28th May 2013 completed the production and delivery of its first major order for the eTV Android based Set Top Box to its largest historic customer and has received a Letter of Intent and a framework order from that customer for the supply of a further 10,000 units to be confirmed in July 2013. Following recent exhibitions and other marketing activities PTVL is in contact with companies from several countries with plans to deploy over 400,000 STBs within the next 2/3 years. These represent a market opportunity worth over $30 million. The total includes a number of large potential projects worldwide. : 4) 17th June 2013 Commenting on the placing Avi Vermus the CEO of PeerTV said: " We are very pleased with the outcome of the placing. The proc
I guess it depends on the order value as well, but point 3 that you made about funding being small...if the order is $7M and they have only taken a small amount of funding, the margin could be significant.
It's the fact he mentioned commercial orders in placing RNS that made me sit back and take note
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